U.S. Oil Production Is 23 Years Ahead of Schedule::

A year ago, the U.S. government saw American crude production averaging 11.95 million barrels a day in 2042. Shale drillers are set to exceed that this year.

The Energy Information Administration now estimates output will top out at 14.53 million barrels a day in 2031, according to its Annual Energy Outlook released Thursday.

Why such a big difference? Near-term prices are higher than what the agency assumed last year, boosting the baseline production, according to the EIA.

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