|January 23, 2012|
America's Oil Production Grew Faster Than Any Country in Last Three Years
|Federal forecasters are expected to confirm on Monday what the energy industry already knows: Oil production is surging in the U.S.|
The U.S. Energy Information Administration is likely to raise by a substantial amount its existing estimate that U.S. oil production will grow by 550,000 barrels per day by 2020, to just over six million barrels daily.
The forecast will include new production data from developing oil fields, including the Bakken shale area in North Dakota, which could hold as much of 4.3 billion barrels of recoverable oil. North Dakota's output of oil and related liquids topped 500,000 barrels per day in November, meaning that the state pumped more oil than Ecuador.
In fact, U.S. oil production grew faster than in any other country over the last three years and will continue to surge as drillers move away from natural gas due to a growing gas glut, experts say. The glut has sent natural-gas prices to a 10-year low.
The three oil giants will post billions more in profits than they did in the fourth quarter of 2010, thanks to higher oil prices.