Advertisement

US Expects Record Domestic Oil Production in 2019, 2020

U.S. oil production is expected to reach a new record high this year. U.S. oil production is expected to reach a new record high this year. |  Photo: Jon Ellis/WDIO-TV, file

Created: February 12, 2019 12:12 PM

The U.S. says domestic oil production levels will reach new heights this year and next, and that prices will be lower than they were in 2018.

Advertisement – Content Continues Below

The U.S. Energy Information Administration said Tuesday that it expects the United States to pump 12.4 million barrels of crude a day in 2019 and 13.2 million barrels a day in 2020. The January average was 12 million barrels a day, up 90,000 from December.

Most of the increase is expected to come from Texas and New Mexico.

The energy agency expects U.S. benchmark crude to cost less than $55 a barrel this year and $58 next year, down from $65 in 2018. It expects internationally traded oil to be $61 this year and $62 next year, down from $71 in 2018.

Copyright 2019 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Family Reunited with Dog Tag After More than 80 Years

Benefit to be Held for Grand Lake Firefighter Battling Cancer

Interim Fire Chief Shawn Krizaj Recommended for Permanent Job

Tree Dedicated in Friendship Garden With Japanese Delegation

Warren Opposes Mining Near Boundary Waters

Chicago Man Charged in August 13 Drug Bust

Advertisement