Posted September 16, 2014
Steve LeVine (Quartz): Oil prices continue to plunge today despite the beheading of another western hostage by the Islamic State, tensions between Russia and the West, and mayhem in Libya. As Quartz has reported, one of the main reasons is surging US oil production, which has made up for supply disruption almost barrel for barrel—and is also a bad sign for the leaders of petrostates.
Now we have an estimate of where oil prices might have been absent the American oil boom—a sobering $150 a barrel, former BP CEO Tony Hayward told the Financial Times (paywall).
That’s 55% higher than the current benchmark price of $96.27 that was trading in Asia this morning. If Hayward’s number is right, it means that the US boom is saving the global economy about $4.9 billion a day in oil spending.
Posted August 20, 2014
North Carolina is about to join America’s energy revolution. This week the state’s Mining and Energy Commissions (MEC) conducted the first of four scheduled public hearings on proposed hydraulic fracturing regulations, the final adoption of which could allow fracking as early as next spring.
The MEC hearings mark the close of a two-year process to lift a 2012 moratorium on hydraulic fracturing in North Carolina. The presence of vast shale reserves and the marriage of safe, responsible hydraulic fracturing and horizontal drilling launched the U.S. energy revolution – with stunning results. The U.S. is now the world’s leading natural gas producer and could become No. 1 in oil output next year, according to the International Energy Agency – generating thousands of new jobs and boosting the national economy.
While North Carolina doesn’t have energy-bearing shale deposits as large as those in Texas, North Dakota, Pennsylvania and other states, it has enough to create jobs and help its economy.
Posted June 19, 2014
Check out a new photo essay from Weld County, Colo., that just went up on the Energy From Shale website, showing some of the scenes and workers involved in oil and natural gas development in that state. Click on the link and scroll down until you find the photo gallery.
The collection illustrates some of the significant energy development going on in Colorado, a state with a long history of oil and natural gas production. The first well in the Denver-Julesburg basin was drilled in 1881.
Weld County is where a good deal of today’s production is going on – and along with it job creation, economic growth and opportunity for people who live there and beyond.
Posted June 6, 2014
America has a clear choice on energy. An historic American energy revolution is in progress -- thanks to vast shale reserves safely developed with advanced drilling technologies, industry innovation and leadership. This revolution is creating jobs, strengthening our economy and making our country more secure and muscular in the world. With the right energy choices the revolution can continue and grow.
Yet, somehow, Washington is conflicted. While the Obama administration embraces the shale revolution as integral to its all-of-the-above energy strategy, it advances policies fraught with the potential to needlessly hinder it. Instead of taking actions to enhance America’s energy renaissance, the administration is engaged in a regulatory march that quite likely could diminish it. Sustaining this energy revolution should be a no-brainer – not the brain-bender the administration is fostering with muddled vision and contradictory statements.
During a conference call with reporters this week, API President and CEO Jack Gerard discussed inconsistencies between what top administration officials say about U.S. energy development and what the agencies under them are doing to U.S. energy development.
Posted June 5, 2014
A new study details the way America’s unconventional energy revolution – oil and natural gas safely developed from shale and other tight-rock formations with advanced hydraulic fracturing and horizontal drilling – is benefiting Americans where they live.
The new analysis by IHS shows that electricity and natural gas cost savings from shale energy is, in turn, saving billions of dollars for the nation’s school districts and state and local governments.
Posted May 16, 2014
Bloomberg: Dominion Resources (D) Inc.’s plan to export liquefied natural gas cleared a U.S. environmental review, a key step toward final approval as supporters in Congress seek to expedite overseas shipments of the fuel.
U.S. Federal Energy Regulatory Commission approval of Dominion’s proposed Cove Point project on Maryland’s Chesapeake Bay would have “no significant impact” on the environment, as long as proper measures are taken, the staff said today in an environmental assessment.
The full commission is scheduled to issue a final decision on Cove Point by Aug. 13. Cheniere Energy Inc. (LNG)’s Sabine Pass is the only U.S. project so far to win approval from the FERC and Energy Department.
Posted January 30, 2014
President Obama, during his State of the Union address to Congress this week:
“… one of the biggest factors in bringing more jobs back is our commitment to American energy. The ‘all the above’ energy strategy I announced a few years ago is working … “
Yes, “all of the above” is working. It refers to embracing all energy sources – oil, natural gas, coal, nuclear, wind, solar, hydro, renewables and others. That the approach is working is seen in the United States’ increasing energy self-sufficiency. And America is more energy self-sufficient because we’re less reliant on others – chiefly thanks to surging domestic oil and natural gas production.
Posted January 7, 2014
API President and CEO Jack Gerard’s annual State of American Energy address put surging U.S. oil and natural gas production into context, saying that it has created a generational opportunity to secure this country’s energy future – an opportunity that would have been unimaginable just a few years ago. Gerard:
“Our future is ultimately of our own design. … We will decide if America continues its march toward global energy leadership – a once-in-a-generation choice – or remains content to play a supporting role in the global energy market. We can erase what for decades has been America’s greatest economic vulnerability – our dependence on energy sources from other continents, particularly from less stable and friendly nations – and fundamentally alter the geopolitical landscape for decades to come, all while providing a much needed boost to our economy. But only if we get our energy policy right.”
Posted December 26, 2013
U.S. crude oil production on track to surpass imports for first time since 1995
EIA Today in Energy: Monthly crude oil production in the United States is expected to exceed the amount of U.S. crude oil imports later this year for the first time since February 1995. The gap between monthly U.S. crude oil production and imports is projected to be almost 2 million barrels per day (bbl/d) by the end of next year—according to EIA's March 2013 Short-Term Energy Outlook.
According to EIA's projections:
- Monthly crude oil production could surpass net crude oil imports later this year.
- Monthly crude oil production is forecast to top 8 million bbl/d in the fourth quarter of 2014, which would be the highest level since 1988.
- Net crude oil imports are expected to fall below 7 million bbl/d in the fourth quarter of 2014 for the first time since 1995.
Posted December 19, 2013
More from the U.S. Energy Information Administration’s preview of its 2014 Annual Energy Outlook, released this week. EIA’s projections depict a United States gaining more control of its energy security with increased domestic oil and natural gas production. Let’s zero in on some of the things EIA says about natural gas.
First, domestic natural gas production is skyrocketing, thanks to output from shale.