article thumbnail

EIA: US crude oil production will increase to new records in 2023 and 2024

Green Car Congress

In its January 2023 Short-Term Energy Outlook , the US Energy Information Administration (EIA) forecasts that crude oil production in the United States will average 12.4 In 2022, US crude oil production averaged an estimated 11.9 In 2022, US crude oil production averaged an estimated 11.9 million b/d set in 2019.

Oil 468
article thumbnail

US EIA: US crude oil production fell by 8% in 2020, the largest annual decrease on record

Green Car Congress

US crude oil production averaged 11.3 million b/d in 2019, according to the US Energy Information Administration (EIA). The production decline resulted from reduced drilling activity related to low oil prices in 2020. In January 2020, US crude oil production reached a peak of 12.8 million b/d. million b/d in 2020.

Oil 418
article thumbnail

EIA: US crude oil exports reached record levels in 2020 and remain high in 2021

Green Car Congress

Despite volatility in global oil markets, US crude oil exports reached a record high in 2020, according to the US Energy Information Administration (EIA). As of 9 July 2021, US crude oil exports have averaged 3.00 The most recent four-week rolling average of US crude oil exports reached 3.51

Oil 418
article thumbnail

US Shale Is Immune To An Oil Price Crash In 2017

Green Car Congress

shale in particular—is effectively capping the oil price gains from that agreement. Four months after the OPEC/NOPEC deal took effect, oil prices dropped to the levels preceding the agreement, amid concerns over still stubbornly high inventories and rising U.S.

article thumbnail

Oil price collapse hurting some more than others

Green Car Congress

US oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oil prices are forcing drillers to pare back operations and slash spending. That pushed companies to focus on wet gas and oil.

article thumbnail

BP approves revamped $9B Mad Dog Phase 2 project in the deepwater Gulf of Mexico; down from original $20B cost

Green Car Congress

BP has sanctioned the $9-billion Mad Dog Phase 2 project in the United States, despite the current low oil price environment. Today, the leaner $9-billion project, which also includes capacity for water injection, is projected to be profitable at or below current oil prices.

Mexico 150
article thumbnail

US offshore oil and gas leasing plan for 2017-2022 focuses on Gulf of Mexico, excludes Arctic

Green Car Congress

US Secretary of the Interior Sally Jewell and Bureau of Ocean Energy Management (BOEM) Director Abigail Hopper released the final plan to guide future energy development for the Nation’s Outer Continental Shelf (OCS) for 2017-2022. The vast majority of US offshore oil production occurs in the Gulf of Mexico.

Mexico 150