November 2014 Industry News Update
There is plenty of news about the price of oil these days and much of it is good for our Joint Ventures in Colorado and Oklahoma. Just consider these very positive points from the U.S. Energy Information Agency:
- Niobrara production is forecast at 403 barrels a day per rig in November, a 2% increase over October.
- Production of crude oil from seven key shale plays is forecast to grow to a record 5 million barrels a day in November – a 118,186-barrel-a-day increase from October.
- Oklahoma is set to surpass Alaska as the country’s fourth-largest oil producer early next year.
- Chart A from the EIA domonstrates the increases for oil and gas.
Citi recently published a report titled, “Energy 2020: Out of America – The rapid rise of the United States as a Global Energy Superpower” in which it concluded.
“When it comes to crude oil and other hydrocarbons, the US is bursting at the seams. This situation is unlikely to stop even if the prevailing prices for oil fall significantly.”