Archive | November 2014

Predictions of Oil Production

From its home base in Texas, Aschere Energy discovers and acts on high-potential oil field opportunities. Aschere Energy is an active participant in the current surge of oil and natural gas production in the United States.

According to the U.S. Energy Information Administration (EIA), crude oil production has risen significantly in the past year and is expected to continue to do so into the coming year. Whereas 2013 production averaged 7.4 million barrels per day (bbl/d), current 2014 predictions stand at 8.4 million bb/d. The EIA expects that the United States will produce 9.5 million bbl/d in 2015, which is close to the historic high of 9.6 million bb/d in 1970.

Experts attribute this increase in production to the practice of hydraulic fracturing, which allows drilling companies to access previously unavailable deposits of crude oil. These practices have boosted U.S. production so dramatically, in fact, that the United States has become the world’s largest natural gas and oil source.