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AEO2014 Early Release Overview
Executive summary
Projections in the Annual Energy Outlook 2014 (AEO2014) Reference case focus on the factors that shape U.S. energy markets through 2040, under the assumption that current laws and regulations remain generally unchanged throughout the projection period. The early release provides a basis for the examination and discussion of energy market trends and serves as a starting point for analysis of potential changes in U.S. energy policies, rules, or regulations or possible technology breakthroughs. Readers are encouraged to review the full range of cases that will be presented when the complete AEO2014 is released in 2014, exploring key uncertainties in the Reference case.
Major highlights of the AEO2014 Reference case include:
Growing domestic production of natural gas and crude oil continues to reshape the U.S. energy economy, with crude oil production approaching the historical high achieved in 1970 of 9.6 million barrels per day
Ongoing improvements in advanced technologies for crude oil and natural gas production continue to lift domestic supply and reshape the U.S. energy economy. Domestic production of crude oil (including lease condensate) increases sharply in the AEO2014
Reference case, with annual growth averaging 0.8 million barrels per day (MMbbl/d) through 2016, when it totals 9.5 MMbbl/d
(Figure 1). While domestic crude oil production is expected to level off and then slowly decline after 2020 in the Reference case, natural gas production grows steadily, with a 56% increase between 2012 and 2040, when production reaches 37.6 trillion cubic feet (Tcf).The full AEO2014 will include cases that represent alternative oil and natural gas resource and technology assumptions.
Low natural gas prices boost natural gas-intensive industries
Industrial shipments grow at a 3.0% annual rate over the first 10 years of the projection and then slow to 1.6% annual growth for the rest of the projection. Bulk

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