Report: US oil production to remain steady despite sagging prices - USA TODAY
oil production to remain steady despite sagging prices By Rick Jervis USA TODAY Oil production in the USA will continue to grow despite falling oil prices, according to federal estimates. The EIA expects monthly average gasoline prices to decline the rest of the year, averaging $2. 43 a gallon during the second half of 2015, down from $2. 72 a gallon in May. Though gas prices may spike this summer, as they typically do, overall pump prices will be down from last year, said Skip York, vice president of integrated energy at consultants Wood Mackenzie. oil production since mid-2014 has been more resilient to lower crude prices than many had expected," the agency's administrator, Adam Sieminski, said in a statement. "Despite the large decline in crude oil prices since June 2014, this May's estimated oil output in the United States is the highest for any month since 1972, but production still is expected to decline in the second half of this year. The price for a barrel of West Texas Intermediate crude has ricocheted from more than $100 last summer to $40 in January to $60 this week. The lower prices have led producers to scale back production and shut down rigs, leading to nearly 100,000 lost energy-related jobs. Despite the drop in prices and shuttered rigs, U. S. producers have maintained high flow levels. Source: www.usatoday.com
