US SHALE OIL-GAS PRODUCTION POTENTIAL—3 (Conclusion): US shale oil output likely to offset decline from conventional fields

Richard S. Bishop Rick A. Baggot Wayne L. Kelley Robert E. Fargo RSK (UK) Ltd. Houston This is the third of three parts on the potential of domestic unconventional shale oil and gas production to displace oil imports to the US. Assumption: satisfactory oil price Through much of the age of oil, production capacity has exceeded demand. Consequently, demand determined production rate. Domestic nonconventional oil production rates are more a function of global oil price than resource size. In contrast to gas development which requires market growth and long term supply, the US market will consume all domestic oil that is produced. US oil is high cost oil,1 2 and if US production increased to ...

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