The government’s forecasting U.S. petroleum and other liquid fuels production will only grow in the coming decades.
The U.S. Energy Information Administration predicts the production will grow from 14.8 million barrels a day in 2015 to 18.6 million barrels a day by 2040. The prediction comes in the EIA’s Annual energy Outlook 2016.
And what does the government think will happen regarding prices? It claims that by 2030 the Brent crude oil spot price will average $49 a barrel in the Low Oil Price Case, $104 a barrel in what it calls the Reference case and $207 a barrel in the High Oil Price case.