Prior to the recent surge in oil and gas production, U.S. energy consumers were facing all-time high prices for petroleum-based products and natural gas. EIA forecasts continued to suggest that energy prices would likely climb even higher going forward. Instead,…
The U.S. Department of Energy’s latest adjustment to its U.S. crude oil outlook reflects the confounding set of conditions driving the oil markets. Domestic oil production is now expected to fall steadily through
The latest outlook on domestic crude production from the U.S. Department of Energy is not encouraging. Domestic oil production is not expected to bottom until September 2016.
Oklahoma’s crude oil producers are expected to experience a 38.1% drop in revenue from crude oil production in 2015. In dollar terms, this reflects a $4.35 billion swing from the record $11.4 billion in crude oil revenue produced in 2014. Our pic of the week illustrates both the amount and value of crude oil produced annually in Oklahoma since 1981.
The ongoing drop in the number of drilling rigs searching for crude oil now exceeds the collapse in natural gas rigs suffered back in the 2008-2009 period. Our pic of the week illustrates the similarity in size and pace between the respective oil and gas drilling collapses. Crude rigs are off