The federal Energy Information Agency put out its annual energy outlook on Wednesday, predicting a sharp increase in U.S. oil production and a smaller-than-expected rise in gasoline use. Here's a look at some of the report's key findings:
U.S. crude oil production will rise to 7.5 million barrels per day in 2019, up from less than 6 million barrels per day in 2011.
It predicted that U.S. natural gas production will rise 24 percent by 2025.
Consumption will be lower than previously estimated because of higher fuel efficiency standards for cars. Growth in diesel consumption will be curbed by increased use of natural gas in trucks, the report predicted.
Net imports of energy decline to 9 percent of all U.S. energy consumption in 2040, down from 19 percent last year.
The EIA says the decline is because of higher domestic production of oil and natural gas, increased use of biofuels, and lower demand because of more fuel-efficient vehicles.
The U.S. will become a net exporter of liquefied natural gas in 2016 and of all natural gas by 2020. This is earlier than expected just a year ago, because quickly rising production is outpacing consumption faster than expected, the EIA said.
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