Posted October 4, 2016
Like a number of states, Utah’s oil production has seen significant growth recently, doubling over the past decade while tying an all-time high in 2014. The state’s marketed natural gas production has grown about 60 percent since 2002. Meanwhile, the state also is home to vast deposits of oil shale – kerogen-rich rock that releases oil when heated – that could be the largest in the world.
Posted August 26, 2015
Our series highlighting the economic and jobs impact of energy in each of the 50 states continues today with Utah. We started the series with Virginia and Colorado earlier this summer and reviewed Kentucky and Tennessee to begin this week. All information covered in this series can be found online here, arranged on an interactive map of the United States. State-specific information across the country will be populated on this map as the series continues.
As we can see with Utah, the energy impacts of the states individually combine to form energy’s national economic and jobs picture: 9.8 million jobs supported and $1.2 trillion in value added.
Posted December 2, 2014
U.S. News (Lamont Colucci): OPEC met on Nov. 27, and openly recognized that the United States' oil technological revolution – driven by enhanced oil recovery methods including hydraulic fracturing (known as fracking) and horizontal drilling – has undermined the cartel's economic and political power. This constitutes one of the major geopolitical and economic shifts of the 21st century in America’s favor. This meeting has been characterized as OPEC abandoning its role as a “swing producer” or simply the arbiter of oil supply and demand. Some are now suggesting that the new swing producer will be the United States.
Enhanced oil recovery technology was consistently denigrated as unworkable and unprofitable, and there will be many more articles restating this as the old wine in a new bottle. These technologies have made the U.S. the world's number one oil producer, surpassing Saudi Arabia and Russia. OPEC’s strategy of allowing the market to decide oil prices is designed to hurt American enhanced oil recovery activities, with the assumption that American producers need a higher profit margin per barrel than it does. This may be a horrible miscalculation on OPEC's part due to continual advances in technology and innovation.
According to a 2013 report, hydraulic fracking and horizontal drilling have the potential to increase the global reserve of oil from 1.6 billion barrels to 10.2 billion barrels. Domestically, we are already witnessing the 21st century oil boom generate prosperity for states like Colorado, Oklahoma, North Dakota, Texas, West Virginia and Wyoming. Current estimates indicate that by 2020 the United States will be the dominant worldwide producer of both natural gas and oil and achieve energy independence.
However, this energy issue has been dominated by the wrong people: economists, businessmen, engineers and environmentalists. They all have their required expertise, but all of this is really an issue of foreign policy and national security. There are four ways that this new situation can be welcomed by conservatives, liberals, realists and environmentalists.
Posted September 5, 2014
Ultimately, America’s energy revolution is what we choose to make of it – through the policy strategies and actions taken by our leaders and governments. Thanks to hydraulic fracturing and horizontal drilling, the United States is enjoying an energy boom – the harnessing of vast reserves of oil and natural gas that power our economy and enable modern lifestyles. Will that revolution be sustained and expanded? That’s America’s energy choice.
On energy, policy matters. During a speech on the impacts of federal energy policy at this week’s Uintah Basin Energy Summit in Salt Lake City, API President and CEO Jack Gerard said America’s energy renaissance is revitalizing some parts of the country while others are being made to wait for energy benefits because of “backward and shortsighted” policy from Washington.
Posted July 2, 2014
Oil and Gas Journal: Crude oil production in the US during April totaled 8.4 million b/d, with Texas and North Dakota accounting for 4 million b/d, according to data from the US Energy Information Administration's Petroleum Supply Monthly Report.
Texas production reached 3 million b/d for the first time since the late 1970s, more than doubling production in the past 3 years. North Dakota production, meanwhile, surpassed 1 million b/d for the first time in the state’s history, almost tripling its production over the same period.
Crude production volumes in North Dakota and Texas from April 2010 to April 2014 increased at average rates of 37%/year and 28%/year, respectively, compared with 2%/year average growth in the rest of the country.
During that period, North Dakota’s and Texas’s combined share of total US crude production rose to 48% from 26%, as the Gulf of Mexico’s crude production share declined to 17% from 27%.
Posted February 2, 2012
Jane Van Ryan
Posted March 30, 2010
Posted January 6, 2010
Posted June 24, 2009