Dec. 16 - American oil production will hit 9.5 million barrels per day, a near record, by 2016, according to an official forecast. Conway G. Gittens reports.
America is moving closer towards a goal of energy independence than earlier predicted. The U.S. is expected to pump out a near record 9.5 million barrels of oil per day by 2016, according to a new forecast by the Energy Information Administration. Faster-than-expected growth in emerging shale oil production is behind the higher forecast, which is 2 million higher than it was just a year ago. While output is likely to taper after 2016, oil production is expected stay above the 9 million daily mark by 2025 and above 7 million by the year 2040. The shale oil boom helped U.S. output top 8 million barrels per day in November - a rate not seen in over 2 decades.