“Crude oil production increased by 790,000 barrels per day (bbl/d) between 2011 and 2012, the largest increase in annual output since the beginning of U.S. commercial crude oil production in 1859. The U.S. Energy Information Administration (EIA) expects U.S. crude oil production to continue rising over the next two years represented in the Short‐Term Energy Outlook (STEO). U.S. crude oil output is forecast to rise 815,000 bbl/d this year to 7.25 million barrels per day, according to the February 2013 STEO. U.S. daily oil production is expected to rise by another 570,000 bbl/d in 2014 to 7.82 million barrels per day, the highest annual average level since 1988. Most of the U.S. production growth over the next two years will come from drilling in tight rock formations located in North Dakota and Texas. This paper explains the underpinnings of EIAs short‐term forecast for crude oil production.”
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