Huge Increase In Oil Drilling Expected By Energy Department
New forecasts from the U.S. Energy Information are for American oil products to jump in 2025 and 2026. Based on a slowing of the growth of green energy and rise in global energy consumption, the information comes as no surprise.
*Oil Prices And OPEC
In its “Short Term Energy Outlook” the agency reports, “After reaching an annual record of 13.2 million b/d in 2024, we forecast U.S. crude oil production will increase to 13.5 million b/d this year. We expect crude oil production to grow less than 1% in 2026, averaging 13.6 million b/d as operators slow activity due to price pressures.” Slowing is a relative matter.
The agency also expects that OPEC+ production to rise over the same period.
Additionally, Brent crude prices are expected to average $74 this year, and $66 in 2026. Such a drop would decrease income to OPEC+ nations considerably.
Gas Prices Drop
U.S. gas prices are expected to average $3.20 this year. In 2026, that number will go to a $3.00 average.
Coal use, unfortunately for the environment, is expected to continue at current levels “Generation from coal-fired power plants falls by 1% in 2025 and then rises slightly in 2026, as coal generators become more competitive with natural gas generators, which are expected to face rising fuel costs.”
There are very few trends forecast that are good for the environment.
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