Why Oil Prices Will Remain High Despite the U.S. Oil Boom

Why Oil Prices Will Remain High Despite the U.S. Oil Boom

The U.S. is experiencing a boom in the production of oil. Only since the beginning of 2011, oil production in the U.S. has gone up by 30%, from 5.5 million barrels per day (mbd) to 7.2 mbd. Just this week, the U.S. Geological Survey announced that the amount of technically recoverable oil in North Dakota was tripled from a previous estimate – so this boom is unlikely to fall away in the short term

26 by Andrew Holland / 3d http://www.energytrendsinsider.com/2013/05/02/why-oil-prices-will-remain-high-despite-the-u-s-oil-boom/?utm_source=feedly