The EIA reported some good news last week: increased energy efficiency + increased domestic production of oil, natural gas and renewables will reduce U.S. dependency on imported energy resources.
This should not come as a surprise as onshore US domestic production is steadily increasing year after year; one simply has to look at the staggering growth from the Bakken play in North Dakota and the Eagle Ford play in Texas. Domestic oil production is expected to hit 6.7M bopd by 2020, a level not seen since 1994.
The best part of it is that thanks to the boom in shale gas production the U.S. expected to become a net exporter of liquefied natural gas (LNG) in 2016. The trade balance will definitely be improving in the next 4 years…
Drilling forecast lowered
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Hope you’re having a great weekened!