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.

Energy Cost Trends for Winter 2014-2015

Aschere Energy, an oil and gas company in Texas, participates in both the drilling and supply aspects of energy production and distribution. Aschere Energy strives continuously to remain current with local trends and to build value-driven partnerships with government organizations, related companies, and the community.

According to the U.S. Energy Information Administration (EIA), energy prices are likely to remain relatively stable, with some even dropping for the coming winter. The Administration expects natural gas to cost $1.12 per therm, or $11.52 for every 1,000 cubic feet. Heating oil will likely average $3.68 per gallon and electricity may cost up to 12.31 to 12.5 cents per kilowatt-hour.

The EIA expects electricity energy production to rise approximately 1.1 percent from the previous year and prices to rise 2.8 percent over the same period. Prices may decrease on the West Coast, while New England prices may rise by up to 8.5 percent. Authorities expect crude oil prices to remain relatively similar to the beginning of winter in 2013-2014, although predictions are susceptible to dramatic changes based on demand. Natural gas prices were likely to remain flat before rising again due to winter demand, according to current predictions. Futures for delivery stood at $3.96 per million British thermal units for November deliveries as compared with the previous year’s futures level of $3.58.