US crude oil production expected to hit records this year and next

U.S. oil production is anticipated to break records in the next two years — and prices are primed to increase slightly, according to an energy study released Tuesday.

The Energy Information Administration (EIA) said Tuesday that crude oil production is expected to rise to an average of 12.4 million barrels a day in 2019 and 13.2 million barrels per day in 2020. That’s up from January’s average of 12 million barrels a day, an increase of 90,000 barrels a day from December.

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The expected increases will come from the Permian region of Texas and New Mexico, according to EIA.

The U.S. last September surpassed Russia and Saudi Arabia as the top crude oil producer.

The report additionally found that the oil prices are expected to increase from January’s average of $59 per barrel to an average of $61 a barrel in 2019 and $62 a barrel in 2020.

This January’s oil prices had increased $2 a barrel from the previous month but were still $10 a barrel less than last January’s average.

The Trump administration has hailed U.S. crude oil production as a necessary component of America’s fight for energy independence. In his State of The Union address last week, he said the U.S. had “unleashed a revolution in American energy,” that has led to historic energy export highs and economic growth.

The focus has increasingly been on oil and natural gas production as coal and nuclear plants in the U.S. continue to shutter at a rapid pace.