Preview from a Forthcoming EPRINC Report
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Rising production of domestic unconventional oil and gas production, alongside steadily growing Canadian oil sands shipments to American refiners, provides the U.S. economy with the potential for a sustained renaissance in the production of refined petroleum products. As early as 2016, U.S. and Canadian combined oil production, largely from technological advances in developing new unconventional resources, are likely to raise North American liquids output by 3 million barrels/day (b/d) above 2011 levels. Water borne crude oil imports into the North American continent likely will fall to 4 million b/d by 2016.