Last week, US crude oil production reached a record 12.5 million barrels per day. Other liquids like natural gas liquids, ethanol and condensate reached 7.1 million barrels per day.
The combined numbers are the all liquids production which is now 19.6 million barrels per day.
There was a 2012 report from Harvard Professor Maugeri.
At the time, peak oil websites freaked out that Maugeri predicted the success of US shale oil production. Maugeri predicted that with 3.5 million barrels per day more from shale oil and an oil price of over US$70 per barrel that the US would produce 11.2 barrels per day of crude oil and natural gas liquids.
Maugeri had predicted 11.6 Mb/d for production (crude oil and natural gas liquids) in the US by 2020. He forecasted US liquids capacity for 2020 at 13 Mb/d, adding biofuels without including refinery gains, which for the US was 1 Mb/d in 2010. Refinery gains are a kind of Gas to Liquids product.
Here is a link to the old peak oil site, the Oil Drum, trying to indicate why they thought Maugeri was insanely optimistic.
US production is now at 17.3 million barrels per day of crude oil and natural gas liquids and it is heading higher in 2020.
This is 6.3 million barrels per day higher than the Maugeri prediction.
Maugeri’s underestimation of the shale oil revolution still indicated the US and Canada would become the most important global oil powers.
Nextbigfuture has tracked the increase in US oil production over the years.
SOURCES- EIA, Maugeri – Oil: The Next Revolution and What it Means for the World, Oil Drum
Written By Brian Wang, Nextbigfuture.com
Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of nextbigfuture.com
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