The middle projection is for the US to reach 15 million barrels per day of oil production. This would be more than Saudi Arabia and Iraq combined.
The high projection for oil and natural gas liquids would be 24 million barrels per day by 2025. If the technology goes right the US could produce 28 million barrels per day by 2035-2045.
This is all coming from the shale oil boom. Real-time data updates guide drilling so there are no dry wells. Exxon Mobil by itself is scaling up Permian (Texas) operations to 1 million barrels per day by 2024. This will be about double current production.
This will be a massive economic boost to the US economy.
It will also mean that there will be no green climate change economic shift with trillions of dollars per year to be made by big oil and natural gas.
The world will have to offset CO2 and fossil fuel use with ocean technology. Creating massive algae blooms using iron can sink tens of billions of tons of CO2 every year.
500 algae blooms per year that are each 3 to 30 million tons in mass would offset all of the industrial and transportation activity. Create a new industry instead of wrecking the current economy.
SOURCES – EIA
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.