Posted May 1, 2014
Miley, Bieber and Changing Global Oil Dynamics
Fuelfix Blog (Matt Smith): Let’s go a little controversial here. The US oil boom is such a headline-grabbing topic at the moment that I cannot help but draw comparisons betwixt it and its pop culture equivalent, Miley Cyrus. And while on that tangent, the oil cartel OPEC reminds me of…Justin Bieber: just as US oil production is surging in stature, OPEC’s dominance appears to be waning.
Miley’s career is experiencing a second bout of success in a very different form to her initial rise to stardom (um, Hannah Montana). In a similar vein, US oil production has experienced varying periods of prosperity over the years, from the first commercial oil well drilled in Titusville, Pennsylvania in 1859, to the outright production record of 9.6 million barrels a day achieved in 1970.
But from this pinnacle in the 70′s, oil production then swooned like a teenage fan over the next 38 years to average a mere 5 million barrels a day in 2008. This in itself was the lowest level since 1946 (and a full 15 years before the birth of Billy Ray Cyrus…and his achy breaky heart).
But since that low point just half a decade ago, oil production has incredulously increased by nigh on 70% to near 8.4 million barrels a day. And the reason for this improbable turnaround can be summed up in two simple words: hydraulic fracturing. Yet this game-changing technique has caused more controversy than a twerking Miley Cyrus.
Read more: http://bit.ly/R6ZZd3
More industry news:
Domestic Crude Makes up Half of U.S. East Coast Refinery Receipts in January 2014: http://1.usa.gov/1iBm9wp
Op-Ed: Fracking is as American as Apple Pie: http://onforb.es/1mirChL
Pennsylvania Farmer: New York Has ‘Nothing to Fear’ about Fracking: http://bit.ly/R6SUt1
Core Jobs in Utica Shale Play up 79 Percent from 2011: http://bit.ly/R6UGdS
Column: Biofuel Mandates – A Farce EPA Can No Longer Ignore: http://onforb.es/1fTAfqR
DOE’s Smith: U.S. Takes International Approach to Arctic, Offshore Energy: http://bit.ly/1i2sr5R
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.