Since mid-2014, crude oil prices have declined significantly. Many producing countries have large portions of their resource base uneconomic at the time of writing. However, after the fundamental imbalance between supply and demand is fixed, high storage levels are worked off, and demand for petroleum products continues to grow, the prices for crude oil will need to rise to incentivize production growth around the world. The United States has unlocked, through the shale revolution, a very economic resource base. Although current prices are not sustainable and increased prices will have to materialize to grow production volumes around the world, the required price does not need to be anywhere near the $100/Bbl levels previously observed. This is due to the amount of production that the United States can bring to the market at price levels below that. This paper provides insight into the amount of production that could be brought online in the United States at different crude oil price levels. It also studies the effects of cost efficiencies and natural gas prices on the volumes of crude oil that can be produced economically at different prices. The results show that the United States can grow production at a sufficient rate to track with demand growth at $65/Bbl WTI.

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