Jan 10, 2018

The growing U.S. clout in oil markets

Ben Geman, author of Generate

A large fracking operation in Loveland, Colorado. Photo: Helen H. Richardson/The Denver Post via Getty Images

U.S. crude oil production is expected to surpass 11 million barrels per day late next year, the Energy Information Administration says in its short-term energy outlook.

Why it matters: The forecast, while consistent with rising U.S. output thanks to the shale boom, nonetheless highlights how the U.S. has again become a powerful force in global crude oil markets and a major challenge to big petro-states.

  • As CNBC points out here, the projection that U.S. oil production will average 10.8 million barrels per day next year would put the country's output on par with Russia and Saudi Arabia.

Go deeper: EIA's latest monthly outlook also boosted its 2018 U.S. production forecast to 10.3 million daily barrels. Last month EIA had projected a 2018 average of 9.9 million. Under either case, it would smash the prior annual average record of 9.6 million set in 1970.

  • EIA said most of the projected growth in coming years will come from surging shale production.
  • They see the Permian basin region in Texas and New Mexico accounting for around three quarters of the 1.2 million barrels per day of U.S. growth they see by the end of 2019.
  • Most of the rest comes from the Gulf of Mexico, where a slew of projects are coming online.

Go deeper

Updated 35 mins ago - Politics & Policy

U.S. enters 6th day of nationwide protests over George Floyd's killing

A protest in Philadelphia on May 31. Photo: Mark Makela/Getty Images

Cleveland police informed media outlets on Sunday that they are included in the city's downtown curfew, which began at noon and runs until 8 a.m. on Monday, police said. Cleveland police tweeted earlier that curfew violators are subject to arrest.

The big picture: Protests have continued across the country for six days, as demonstrators call for justice in response to the deaths of George Floyd and other other black Americans who have died in police custody or who have been killed in racist attacks.

Updated 40 mins ago - Politics & Policy

Journalists get caught in the crosshairs as protests unfold

A man waves a Black Lives Matter flag atop the CNN logo outside the CNN Center during a protest in response to the police killing of George Floyd, Atlanta, Georgia, May 29. Photo: Elijah Nouvelage/Getty Images

Dozens of journalists across the country tweeted videos Saturday night of themselves and their crews getting arrested, being shot at by police with rubber bullets, targeted with tear gas by authorities or assaulted by protesters.

Driving the news: The violence got so bad over the weekend that on Sunday the Cleveland police said the media was not allowed downtown unless "they are inside their place of business" — drawing ire from news outlets around the country, who argued that such access is a critical part of adequately covering protests.

Tanker truck plows into Minneapolis protesters

The tanker after plowing into protesters on the shut-down bridge in Minneapolis on Sunday evening. Authorities said it appeared protesters escaped injury. Photo: Jeff Wheeler/Star Tribune via Getty Images

Minnesota authorities said in a statement they're investigating as a criminal matter what happened with a truck that "drove into demonstrators" on a Minneapolis bridge Sunday evening while the eight-lane road was closed for a protest.

What they're saying: Minnesota Department of Public Safety tweeted, "Very disturbing actions by a truck driver on I-35W, inciting a crowd of peaceful demonstrators. The truck driver was injured & taken to a hospital with non-life threatening injuries. He is under arrest. It doesn't appear any protesters were hit by the truck."