NEW YORK, NY -- (Marketwire) -- 01/27/12 -- Oil stocks have performed well this month as stable oil prices and surging domestic production has boosted investor confidence in the industry. The SPDR S&P Oil & Gas Exploration & Production ETF -- which seeks to replicate as closely as possible the total return performance of the S&P Oil & Gas Exploration & Production Select Industry Index -- is up over seven percent this month. The Paragon Report examines investing opportunities in the Oil & Gas Sector and provides equity research on Magnum Hunter Resources Corporation (NYSE: MHR) and Triangle Petroleum Corporation (NYSE Amex: TPLM). Access to the full company reports can be found at:
www.paragonreport.com/TPLM
www.paragonreport.com/MHR
Earlier this month, the U.S. Energy Information Administration (EIA) predicted domestic crude oil production would grow more than 20 percent during the next decade. Growing shale production as well as Gulf of Mexico development will boost U.S. crude oil production to 6.7 million barrels per day in 2020 from 5.5 million bpd in 2010, the EIA said in its annual domestic energy outlook.
Shale oil production made up 21 percent of output in the lower 48 states in 2010. By 2035, such production will account for 31 percent of that output. The EIA said it expects the United States will produce 7 percent more natural gas between 2010 and 2035 than previously projected.
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The EIA report claims that U.S. oil imports are expected to drop to 36 percent of total consumption by 2035 from 49 percent in 2010 as production rises. "The big loser will likely be West Africa, who will find their light sweet barrels they export to the U.S. replaced by shale," said Sarah Emerson of Energy Security Analysis, Inc. "Eventually even Persian Gulf crude could take a hit, but it'll take a while -- at least 5 years," Emerson added.
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