According to the Energy Information Administration’s (EIA) latest Short-Term Energy Outlook, crude oil production growth in the U.S. will begin to slow down in 2015. While it is estimated that production grew by 1 million barrels per day (bpd) in 2013 and is forecast to grow by that same amount this year, the U.S. is expected to add only 750,000 bpd of production next year. Nevertheless, the 9.3 million bpd of production forecast for 2015 represents the highest annual output since 1972.
EIA also announced that carbon dioxide emissions from fossil fuels rose by 2.1% year-over-year in 2013, primarily attributed to an uptick in coal use for electricity generation. The agency expects coal emissions to drop 2.5% in 2015 amid the onset of new EPA air quality standards that will drive some coal-fired power plants into retirement.