Home > Enviroment, General > U.S. Oil Production Projected to Surge 4 years to come.

U.S. Oil Production Projected to Surge 4 years to come.

December 18, 2013 Leave a comment Go to comments

Today, American dependence on imported oil is declining month by month because of the expanded domestic production. And its exports, which are sent mostly to Canada, have increased substantially over the last two years, though they remain small.

Domestic oil production will continue to soar for years to come, the U.S. Energy Department predicted on Monday, scaling to levels not seen in nearly half a century by 2016.

The annual outlook by the department’s Energy Information Agency was cited by experts as confirmation that the United States was well on its way — far faster than anticipated even a year ago — to achieving virtual energy independence.

Projections in the Annual Energy Outlook 2014 (AEO2014) Reference case focus on the factors that shape U.S. energy markets through 2040, under the assumption that current laws and regulations remain generally unchanged throughout the projection period.

The report projects increased exports of natural…

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