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EIA: US oil and natural gas production to continue surge

4:54 PM MST | December 16, 2013 | Clay Boswell

According to a new forecast from the US Energy Information Administration (EIA), domestic production of both crude oil and natural gas will continue to grow, with oil nearing historic highs by 2016. But whereas oil production will begin to decline in 2020, natural gas production will increase by 56% during 2012-2040. The expanding supply will lower prices, providing a powerful boost to gas-intensive industries, driving greater exports of natural gas, and allowing natural gas to displace coal as the nation’s largest source of electric power generation, says EIA....

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