- EIA projects that crude oil prices will remain high enough to drive U.S. crude oil production to record-high levels in 2023
- The agency observed that crude oil prices have generally increased since April 2020
- Laredo has historically leased 23,739 mineral acres in the Western Williston Basin of Montana
- The company recently purchased 2,361 additional mineral acres, bringing the total Montana leased acres to 26,100
The U.S. Energy Information Agency (“EIA”) is looking for domestic crude oil production to reach record-high levels in the next two years, according to its February 2022 Short-Term Energy Outlook (https://ibn.fm/ZKHa3). Oil and gas exploration and production company Laredo Oil (OTC: LRDC), is in a strong position to benefit from that projected growth as it focuses on acquiring, developing and operating undervalued conventional oil and gas properties in the United States.
“In our February 2022 Short-Term Energy Outlook (‘STEO’), we forecast that crude oil prices will remain high enough to drive U.S. crude oil production to record-high levels in 2023, reaching a forecast 12.6 million barrels per day (b/d),” the EIA reported. “In the February STEO, we forecast that…
NOTE TO INVESTORS: The latest news and updates relating to LRDC are available in the company’s newsroom at https://ibn.fm/LRDC
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