Oil prices plummeted 60 percent since last summer, yet American crude output will reach a record this year according to the Energy Information Administration's Fall Short-Term Energy Outlook. Gas prices will drop about 35 cents this year.
"Total U.S. crude oil production is expected to average 9.4 million barrels a day this year and 9.3 million barrels a day for 2016, the EIA report said," writes Rick Jervis of USA Today on the outlook. "Those are higher estimates than the EIA released last month."
What's remarkable about the record output—"highest for any month since 1972", is that it is occurring after a huge drop in oil prices.
The price for a barrel of West Texas Intermediate crude has ricocheted from more than $100 last summer to $40 in January to $60 this week [and forecasted] to average $55 a barrel this year and $62 a barrel in 2016, according to the report.
"The numbers run counter to conventional thinking that lower oil prices would severely drive down U.S. production," writes Jervis. In fact, energy companies are reducing drilling - fewer rigs are in service, but they've become more efficient and productive with the remaining ones.
One result of the record crude production is that gasoline prices will remain relatively low through 2016. "The EIA expects monthly average gasoline prices to decline the rest of the year, averaging $2.43 a gallon during the second half of 2015," writes Jervis. According to the AAA, gas prices average $2.78 on June 12.
FULL STORY: Report: U.S. oil production to remain steady despite sagging prices
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Coming Soon to Ohio: The Largest Agrivoltaic Farm in the US
The ambitious 6,000-acre project will combine an 800-watt solar farm with crop and livestock production.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
How Freeway Projects Impact Climate Resilience
In addition to displacement and public health impacts, highway expansions can also make communities less resilient to flooding and other climate-related disasters.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.