Shale Oil will Play an Important Role in Increasing the Domestic Crude Oil Production in the US
Oil production in the US has decreased by 17.2% in the past two decades. Whereas, the country’s crude oil consumption has increased by 14.6%, resulting in an increasing supply-deficit of crude oil in the US. As a result, the US has been experiencing increased dependence on oil imports. In 2010, the US imported about 62.2% of its annual crude oil consumption.
To check increasing dependence on crude oil imports, the US has begun to develop its abundant shale oil resources. The move was enabled by recent sustained high crude oil prices. It is expected that unconventional oil (primarily shale oil) will play an important role in increasing the domestic crude oil production in the US, as the country succeeds in developing its shale oil potential in the future.
- The report provides information on increasing supply-deficit of crude oil in the US and hence increasing import dependence of the US for crude oil
- It also presents key shale oil reserves located in the US and current status of oil production at these reserves
- The viewpoint highlightes increasing importance of shale oil in the US domestic crude oil production
Reasons to buy
- Stay informed about the shale oil potential in the US
- Develop business strategy based on the current developments and production scenario in shale oil reserves in the US