High oil and gas prices, an open playing field in an energy-hungry Europe and promises of increased capital spending all seem to be setting the scene for another period of aggressive growth in the US oil sector, yet oil and gas production has not yet increased at the rate that many had anticipated.
The latest outlook from the US Energy Information Administration suggests that domestic crude oil production will average 11.9 million barrels per day in 2022, up just 700,000 bpd from 2021.
