US crude oil production is expected to approach the historical high achieved in 1970 of 9.6 million b/d through 2016, the US Energy Information Administration said in an early release of its Annual Energy Outlook 2014 . However, crude oil production is expected to level off and then slowly decline after 2020 while natural gas production grows steadily, showing a 56% increase from 2012-40 when gas production reaches 37.6 tcf. EIA projects low gas prices will enable gas-fired electric power generation to overtake generation formerly supplied by coal and nuclear plants in some areas, with gas accounting for 35% of total power generation and coal accounting for 32%. US exports of gas via pipeline and as LNG are expected to increase to 3.5 tcf in 2029 and remain at that level through 2040, EIA said. Increased production of oil and gas will enable the US to sharply reduce its […]