Other analysts see more longevity in the fields, however.
Justin Jenkins, research associate at Raymond James, said, "Our views on technological advancements continue to bolster our thoughts that U.S. production will continue to grow throughout the decade. As we approach the end of the decade, the growth rates will decline, but our models don't show any major declines."
The production boom discussion comes as concerns about supply seem almost nonexistent. In the last three months alone, the U.S. benchmark crude price, West Texas Intermediate, has fallen more than 12 percent, from just under $108 a barrel to slightly less than $94 now.
The slide is good news for consumers, as gas prices have been dropping nationwide. They are down 38 cents from a month ago, with the national average for a gallon of regular at $3.19 and even dipping below $3.00 in parts of the country.
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What's even more noteworthy about the WTI price is its recent resistance to influence by geopolitical news, specifically headlines out of the Middle East. Domestic crude prices hardly reacted last week when Iran failed to negotiate a deal with the international community on shutting down its nuclear weapons program, while they would have been volatile on similar news a year ago.
But regardless of what's happening at this moment, the IEA report indicates that U.S. oil prices are unlikely to be free of OPEC's influence.