US energy independence tempered by oil-price volatility

The EIA forecasts total US crude production will reach 13.1 million barrels per day by 2019

Soaring output of unconventional oil and gas has transformed the US into an energy producing powerhouse. This year, the US is expected to overtake Russia and Saudi Arabia as the world's largest petroleum and natural gas producer, says the Energy Information Administration (EIA). Talk of energy independence has gripped Washington DC. The EIA forecasts total US crude production will reach 13.1 million barrels per day (b/d) by 2019, largely on the back of a ramp up in unconventional oil production. This would mark a 25% rise from 10.4m b/d in 2011. US tight oil production was 2.4m b/d in March, according to the EIA, up 46% year-on-year. By 2020 the EIA expects domestic shale oil production wi