EIA study names U.S. top producer of petroleum and natural gas hydrocarbon
The Energy Information Association (EIA) announced on Monday that the U.S. ranked number one in the world for petroleum and natural gas hydrocarbon production
The U.S. has been the top petroleum producer since 2011 and the top natural gas hydrocarbon production since 2013.
According to the EIA, the U.S. produces relatively equal amounts of petroleum and natural gas. Total petroleum figures include production of liquid fuels, crude oil, lease condensate, tight oil, extra-heavy oil and bitumen, while natural gas hydrocarbon production encompasses natural gas plant liquids (NGPL), refinery processing gain, biofuels and other liquid fuels.
Crude oil and lease condensate accounted for the majority of petroleum hydrocarbon production at 60 percent and natural gas plant liquids accounted for an additional 20 percent, while crude oil in the U.S. maintained low prices that continue to decrease. The spot price for crude oil at the West Texas Intermediate oil refinery decreased from $47 per barrel in January 2015 to $37 in December 2015.
The petroleum supply increased by one million barrels per day last year, while U.S. natural gas production increased by 3.7 billion cubic feet per day. This growth was concentrated in the eastern United States. The EIA estimated that the increases were due to increased supply from tight oil and shale gas formations.
