Oil prices will inform the trajectory of U.S. oil and natural gas production moving forward, but supply is on track to maintain record levels through 2050, according to the Energy Information Administration’s (EIA) latest long-term projections.

gas production

Under the baseline reference case in the agency’s Annual Energy Outlook 2021 (AEO2021), published Wednesday, U.S. oil and natural gas production would remain at record-high levels from 2023 through 2050.

“The United States continues to be an integral part of the global oil and natural gas markets and a significant source of global supply,” researchers said.

Domestic crude oil production is forecast to return to pre-pandemic levels by 2023, continuing to grow thereafter before “generally plateauing in the later years of the...