U.S. oil producers could get $63 billion boost from high crude prices, analysis shows
CBSN
Soaring energy prices due to the Iran war could provide a massive windfall for U.S. oil companies. Edited by Alain Sherter In:
Soaring energy prices due to the Iran war could provide a massive windfall for U.S. oil companies.
Rystad Energy, a market research firm, estimates that shale oil producers in the U.S. could earn an additional $63 billion in sales as prices soar past $100 a barrel.
If oil prices averaged $70 a barrel — their approximate level before the outbreak of hostilities in the Middle East last month — U.S. producers would generate generate $99 billion in free cash flow for the year. At an average of $100 a barrel, that figure would jump to $162 billion, according to the firm. Among the companies poised to benefit: BP, Chevron, ConocoPhillips, ExxonMobil and Shell.
Brent crude, the international oil benchmark most directly linked to the price of gas in the U.S., topped $119 on Thursday after signs of escalating violence in the region, before ending the day at $108.65.
The U.S. is the world's largest crude producer, with an output of 13 million barrels per day, according to the Energy Information Administration (EIA). It exports roughly 11 million barrels of oil daily, and imports 8 million, making the U.S. a net oil exporter.
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