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US to move towards energy independence

According to the US Department of Energy, the United States will make a big leap toward energy independence over the next couple of years as US oil production continues to increase.

The US is by far the world’s biggest oil consumer, so despite being a big producer for much of the time, the US has been a net importer of oil since the mid-20th century. This may change in 2020, though, as an extra two million barrels per day (bpd) are added to the already record-breaking levels of production.

According to data from the US Energy Information Administration (EIA), US-based oil producers like ExxonMobil, the maker of high-quality lubricants for Mobil UK stockists, produced on average 10.9m bpd in 2018, exceeding the previous record set in the 1970s. The EIA currently expects average production to reach 12.1m bpd this year, rising further to 12.9m bpd the following year. At this point, the EIA expects the country will be exporting more fuel and crude than it imports.

In a statement, Linda Capuano, the EIA’s Administrator, said:

“According to the January outlook, the Permian region of Texas and New Mexico will continue to push U.S. production into record territory over the next 24 months, approaching 13 million barrels per day some time in 2020.”

Natural gas production is also expected to increase, although the country is already a net exporter thanks to production from such shale fields as the Permian Basin. Renewables are also expected to play a bigger role in the energy mix.

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