U.S. expects record oil production in 2019, 2020, may be good sign for Louisiana oil sector

The United States expects domestic oil production to reach new heights this year and next, and that prices — for both crude and gasoline — will be lower than they were in 2018. Government forecasters also are sticking to their forecast that the United States — already the world’s biggest oil producer — will become a net exporter of crude and petroleum products in 2020. Most of the increase is expected to come from the Permian Basin in Texas and New Mexico, where production has been booming for several years as operators use hydraulic fracturing and other techniques to squeeze more oil and gas from shale formations. Baton Rouge Advocate

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Author: Matthew Randle