UPDATE 3-US shale production to push oil, gas output higher-EIA

Reuters ^ | December 5, 2012 | Ayesha Rascoe

[2ndDivisionVet]

* US crude production forecast to reach 7.5 mbd by 2019 * Imports as share of energy production seen sliding * US seen as net LNG exporter by 2016

U.S. oil and gas production over the next two decades will be higher than previously expected, the government said on Wednesday, underscoring the push toward greater energy self-sufficiency and more exports of natural gas.

In its annual outlook, including the first forecasts through 2040, the U.S. Energy Information Administration said imports as a share of total U.S. energy production, including oil, gas and renewables, would be 9 percent by 2040 against 19 percent in 2011 and 29 percent as recently as 2007.

For crude oil specifically imports were forecast at 34 percent of U.S. liquid fuels consumption by 2019 from 45 percent in 2011.

The agency said that U.S. crude oil production would hit a peak of 7.5 million barrels per day in 2019 before falling to 6.1 million bpd in 2040. It had previously forecast a peak of 6.7 million bpd in 2020...

[blam]

GOLDMAN: The Shale Oil Revolution Is Real, And It Will Have A Massive Impact On The Global Economy

[re_nortex]

I can only imagine how much farther along America would be on the path toward energy independence without the oppressive regulations imposed by the Obama regime.

[txrefugee]

Harvard’s Communist students are pushing to have their 35 billion dollar endowment fund divest holdings in all fossil fuels stock. Some of the stupidest kids in the world go to Harvard. They couldn’t have their iPhones without plastic made from petroleum. They would be a mite cold this winter without the heat for their rooms and classrooms. No electricity, if it is produced by coal or natural gas. And of course, they might have to start bicycling their way home for Christmas starting now or they’ll arrive late, since autos and jet planes would be out.

Petroleum provides approximately 2000 by-products that we depend on for our standard of living. Perhaps, TX, LA, and OK should cut off the pipelines heading north to make that point to the clueless citizens brainwashed in our Ivy League indoctrination centers.

[PennsylvaniaMom]

One of the most positive things a President Romney would have done was to be LEAVING the individual states oversee their own environmental issues. I vividly remember Paul Ryan saying that the regulation of fracking here in PA should be determined AT THE STATE LEVEL because what works for us here would not work (geology wise) in the Dakotas and vice versa. Yet, the one size CEASES AND DESISTS policies of the Feds is what we will get with Dear Leader’s draconian EPA. Look what they have done to coal!

[CPOSharky]

* US crude production forecast to reach 7.5 mbd by 2019 *

Just how much is 7.5 millibarrels? /S

[thackney]

[SunkenCiv]

Thanks 2ndDivisionVet.