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Report: U.S. Crude Oil Output Will Climb Toward Record by 2016

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Bloomberg
December 16, 2013

U.S. crude oil production will approach a record by 2016, climbing to the highest level in 46 years as rising output from shale formations lifts domestic supplies, reducing the nation’s need for foreign oil.

Domestic output will grow annually by 0.8 million barrels a day to 9.5 million in 2016, nearing the record level of 1970, according to the U.S. Energy Information Administration’s Annual Energy Outlook for 2014. Natural gas production will grow 56% to 37.6 trillion cubic feet by 2040, boosting liquefied natural gas exports to 3.5 trillion, EIA ...


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