EIA predicts sharp rise in U.S. oil production by 2040

06/16/2013 | Rigzone

The Energy Information Administration anticipates domestic oil production to reach about 10 million barrels per day between 2020 and 2040. "This increased production results from assumed greater technically recoverable tight oil resources, as well as undiscovered oil resources in Alaska and the offshore Lower 48 states," EIA said. Net imports of oil are expected to fall to 7% or less of total demand -- compared to 40% in 2012 -- as a result of increased domestic output, the agency said.

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