U.S. crude oil production has risen over 10% in the past two years. We expect this growth will continue with booming oil plays like the Eagle Ford Shale in Texas and the Bakken Shale in North Dakota. Add the Niobrara Shale, the Avalon Shale, Wolfberry, and Bone Spring in West Texas, with the Mississippian oil Play and Oklahoma and we're set to see domestic crude coming to market.
"Between 2008 and the end of 2010, domestic crude oil production rose more than 11% and production of natural gas liquids (NGLs) grew by more than 12%. The increase in US production made up for about half of the decline in petroleum imports (1.7 million barrels per day) over this time period. Of this production, about 94% was delivered not by Big Oil, but by many independent oil and gas producers (such as Energen, Linn Energy, NGAS Resources, and Questar)."
"In 2010 domestically produced oil and NGLs hit 7.5 million barrels per day, the highest output in eight years. The increase in production led to a reduction of net imports of crude oil and NGLs to 9.4 million barrels per day, the lowest figure in 13 years."
"A report by Credit Suisse analysts in March forecasted that the US will be producing an additional 2.5 million barrels per day by 2016, based on the development of new onshore fields (such as the Bakken shale in North Dakota and the Eagle Ford shale in Texas) and deepwater projects in the Gulf of Mexico."
Read the full news release at bizmology.com