The shale-oil revolution carries on in the United States as production levels continue to post record highs.
On Wednesday, the Energy Information Administration (EIA) forecast that domestic crude output will reach 12 million barrels per day (bpd) by the fourth quarter of 2019. Right now, the U.S. is producing 10.33 million bpd, topping that of Saudi Arabia and sitting just behind Russia.
The U.S. government did revise its demand projections slightly lower from 20.70 million bpd to 20.64 million bpd late next year.
Many oil firms are taking advantage of crude prices, which have surged to their best levels since 2014. At the same time, higher oil prices will apply pressure to gas prices over the next little while – a gallon of gas is approaching $3.
After decades of U.S. administrations promising to make America energy independent, the free market has finally made that a reality.
So, what happened to all those warnings about peak oil?
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