The Sunday Times as well as a report by Goldman Sachs predicted that the US will become the largest oil producer by the year 2017. This drastic overhaul would only be possible by a complete change in the definition of oil and also increasing the productions of shale that is rich in liquid. The leading news paper made this prediction based on the fact that US would increase its daily oil production from 8.3 to 10.9 million barrels a day. This increase will however take another 5 years to be achieved.
The US would in this process surpass current leaders like Russia and Saudi Arabia, as reported by the press. These reports were further backed by the fact that Russia would by no means increase its production of 10.7 million barrels a day, a figure at which it is at presently. Thus an accession by about 100,000 barrels a day seems rather an impossible thing to do.
The reports include natural gas liquid, and liquefied refinery gases, and also some bio fuels possibly, thereby leading to a figure of 8.3 million barrels a day. The EIA however reported the daily US production of oil to be 5.6 million barrels a day as reported in June 2011.
This accrued production can be mainly attributed to the drilling from the Bakken Shale in North Dakota and Montanna and also from the West Texas and New Mexico Permian basins. Nevertheless this increased production does not mean that US will no longer have to import oil from the world. It will still have to import as much oil as it does it presently, taking the current trend of consumption in consideration. It will neither lead to a fall in prices though. The drilling from numerous wells will produce less oil in the initial years, and thus the prices will be higher than expected.
For more information visit http://www.ventrumenergy.com/
For more information visit http://www.ventrumenergy.com/
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