Washington’s Energy Outlook Year of Forecast Projects High Oil Production Oil producers have been encouraged by the high prices they’re getting for oil these days.
Energy Secretary Rick Perry has stated that he wants “a lot more oil and gas development” in the U.S.
One of the first actions taken by Trump’s Interior Department was to take a first step towards opening Alaska to more drilling. In the Delaware Basin of Texas, Eagle Ford, Haynesville and Niobrara shale formations are also contributing to the supply of shale oil.
Marcellus shale gas is finding increasing markets, and the Energy Information Administration estimates that gas production could reach a new record in 2021.
The Atikokan and Manistique gas fields in Michigan are now the largest conventional gas producing field in the United States.
In 2021, the Energy Information Administration predicts that oil and gas production will rise to 10.9 million barrels of oil per day. More than 10 million barrels per day is comparable to Iraq’s total oil production.
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How many barrels of oil will be consumed in the U.S. in 2021?
More than 36 million, according to the Energy Information Administration’s projections. The average annual increase in oil consumption over the last decade has been 5 million barrels per year.
In 2021, the estimated amount of oil that the U.S. will consume per capita is 4,074 gallons, compared to 3,310 gallons in 2016, according to the EIA’s projections.
The amount of gasoline consumed in the U.S. is expected to reach 101 million gallons per day in 2021, up from 86.9 million gallons in 2016.