U.S. Oil Production Could Reach 14MM Barrels per Day

Posted August 8, 2014 at 5:00am

Fuel Fix reports that “technological improvements will allow energy companies to scrape more crude out of the ground and drive U.S. oil production higher, even as producers seek new overseas markets for the fossil fuels, executives said Wednesday.”  

“Although government forecasters expect U.S. oil production to peak around 9.5 million barrels per day in 2016, Scott Sheffield, CEO of Irving, Texas-based Pioneer Natural Resources told an energy conference here the real pinnacle could be 14 million barrels daily.”  

“’The only thing that can stop it is oil prices,’ Sheffield said, warning that a price collapse for domestic West Texas Intermediate crude would cause ‘a tremendous turndown.’”