U.S. Oil Production Remains At Historically High Volumes

President Biden’s campaign promise of ending the use of fossil fuels will not be fulfilled for at least a decade, according to his recent State of the Union address.

However, a new report from the Energy Information Administration (EIA) projects that the US will rely on oil for much longer than that. The report states that US oil production may even increase until 2050, despite the rise in clean energy sources such as wind and solar power. The EIA predicts that US demand for oil and gas will remain steady for decades, resulting in historically high volumes of production and exports of finished products. The report suggests that the US will continue to be a net exporter of petroleum products and natural gas until 2050.

The report’s findings are expected to be criticized by Republican lawmakers who have accused the Biden administration of downplaying the future of oil and gas companies. However, the report also predicts significant growth in clean energy and clean electricity, leading to a fall in CO2 levels, driven by a decline in coal production and an increase in renewable energy production across the US.

Share This Article

 

About the Author

U.S. Oil Production Remains At Historically High Volumes

Prism MarketView