US energy production is 23 years ahead of schedule
A year ago, the U.S. government saw American crude production averaging 11.95 million barrels a day in 2042. Shale drillers are set to exceed that this year.There has been a consistent underestimation of the energy potential and production schedules. There is a lot of pent up production waiting for the infrastructure to get it to market. The US could out produce the now 2031 estimate as early as next year. Besides getting the pipelines in place to get the oil to the Texas Gulf Coast, there are myriad projects along the coast for export terminals to feed a supertanker fleet.
The Energy Information Administration now estimates output will top out at 14.53 million barrels a day in 2031, according to its Annual Energy Outlook released Thursday.
The U.S. will be a net exporter of petroleum -- and energy in general -- next year, years sooner than previous annual estimates, something the EIA flagged in its short-term outlook earlier this month. That’s due to the faster increases in crude and natural gas liquids production, combined with slower demand growth, according to EIA Administrator Linda Capuano.