One week after reporting on Marathon Oil's decision to refocus efforts in the U.S., the domestic oil industry received more promising news, coming from the U.S. Energy Information Administration. The agency has released its Short-Term Energy Outlook (STEO) report, showing that U.S. crude oil production in 2015 is expected to reach its highest level since 1972.
According to Investing.com, America produced enough energy in 2013 to meet 84 percent of the country's demand. Domestic natural gas, coal, oil and other fossil fuels contributed 82 percent of the energy consumed.
U.S. production of crude oil averaged 7.4 million b/d, and is expected to climb to 8.4 million in 2014 before finally reaching 9.3 million in 2015, the highest level in 43 years, the report shows.
The International Business Times notes that domestic production has been on the rise since 2005, when production hit a low of 65 percent. Advances in technology and drilling techniques have driven the increase, as the industry continues to innovate in order to meet demand.
The U.S. Energy Information Administration report also forecasted a lower risk to production from the upcoming hurricane season, which in the past has developed storms and severe weather that slowed efforts in the Gulf and Atlantic regions. The National Oceanic and Atmospheric Association is predicting 8 to 13 named storms, slightly lower than the 14 that arrived last year.
With any changes in a company's process, including increased production and demand, change management consulting should be sought to ensure that operations continue smoothly and without incident. At Xbig6, we provide leading-edge thinking for operational efficiencies tailored to the industry. Our extensive expertise in the energy industry allows us to provide skills training and organization alignment necessary to successfully react to changes in the market.