Preface U.S. oil production has grown rapidly in recent years. U.S. Energy Information Administration (EIA) data, which reflect combined production of crude oil and lease condensate, show a rise from 5.6 million barrels per day (bbl/d) in 2011 to 8.7 million bbl/d in 2014. Increasing production of light crude oil from low-porosity, or tight, resource formations in regions like the Bakken, Permian Basin, and Eagle Ford, often referred to as light tight oil (LTO), accounts for nearly all the net growth in U.S. crude oil production. EIA’s March 2015 Short-Term Energy Outlook (STEO) forecasts U.S. crude oil production averaging 9.3 million bbl/d in 2015 and 9.5 million bbl/d in 2016, well above the 2014 average level but only moderately above production during December 2014. EIA’s Annual Energy Outlook (AEO) projects further production growth, but its pace and duration remain uncertain, as shown by the significant differences in both the […]