US crude production to reach highest level in 20 years

11 December 2012 20:26  [Source: ICIS news]

HOUSTON (ICIS)--US production of crude oil in 2012 is expected to reach its highest level since 1992, a US government agency said on Tuesday.

US crude oil production should average 6.4m bbl/day in 2012, an increase of 800,000 bbl/day from 2011. Furthermore, the US Energy Information Administration (EIA) said in its Short Term Energy Outlook that domestic crude oil production will increase again in 2013, to 7.1m bbl/day, 200,000 bbl/day higher than projected in November’s outlook. Retail gasoline prices are expected to average $3.63/gal for 2012 and $3.43/gal in 2013, compared with $3.53/gal in 2011, the EIA said.

EIA expects the Henry Hub natural gas spot price, which averaged $4/MMBtu in 2011, will average $2.78/MMBtu in 2012 and $3.68/MMBtu in 2013.

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By: Anna Matherne

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