U.S. Oil Production Growth’s Path Is Clear
How much will U.S. oil production grow this year—this is the question on a lot of minds, both in the United States itself, and across the world.
After proving it could become a game-changer for the global oil market a decade ago, the U.S. shale patch is once again the focus of attention but this time because it is not growing the way it used to. Instead, U.S. shale drillers are being cautious for the first time since the shale boom began.
Forecasts about U.S. oil production, then, have been largely cautious, too, when analysts saw that shale producers really have no plans to return to growth-at-all-costs mode, no matter the price of oil. Except when they come from the EIA.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.