Posted February 27, 2014
Four Charts Show How Impressive the Shale Energy Boom Is
U.S. Chamber Blog: How important has the shale energy boom been to jobs and the economy? Very important. Mark Mills of the Manhattan Institute writes in a new report that the oil and natural gas sector has “provided a greater single boost to the U.S. economy than any other sector.” He adds:
The $300–$400 billion overall annual economic gain from the oil & gas boom has been greater than the average annual GDP growth of $200–$300 billion in recent years—in other words, the economy would have continued in recession if it were not for the unplanned expansion of the oil & gas sector.
On jobs, Mills found impressive growth nationwide as well as in states experiencing the shale boom up close and personal.
These four charts from Mills’ report show how the shale energy boom has been the job creation story of our economic recovery.
Posted February 24, 2014
Energy Trade is a Key Part of Overall U.S. Trade Flows
EIA Energy Today: Energy trade has long been a key component of overall U.S. trade flows. Recent developments in U.S. energy production, notably the rapid growth of tight oil and shale gas output, are leading to significant changes in the nation's energy trade flows. Another important factor is consumption trends, which reflect both increased efficiency of vehicles and other energy-using equipment, and structural changes in the economy. This article, which focuses on current energy trade in the context of overall trade flows, will be followed by several others in the coming days that consider the evolution of trade flows in major energy fuel categories since 2002.
As shown in the figure above, overall U.S. trade includes both goods and services but is dominated by goods. In 2013, as in other recent years, the United States was a net importer of goods and a net exporter of services. Energy accounted for 15% of gross U.S. goods imports in 2013, while energy exports, which have grown significantly in recent years, accounted for 7% of overall U.S. goods exports. Focusing on the net U.S. trade position, shown by the black line in the chart above, net energy imports account for nearly half of the total U.S. trade deficit in goods and services.
Posted November 8, 2013
Fred Siegel: Fracking, Poverty and the New Liberal Gentry
Wall Street Journal: The transformation of American liberalism over the past half-century is nowhere more apparent than in the disputes now roiling a relatively obscure section of upstate New York. In 1965, as part of his "war on poverty," President Lyndon Johnson created the Appalachian Regional Commission. Among the areas to be served by the commission were the Southern Tier counties of New York state, including Broome, Tioga and Chemung. The commission's central aim was to "Increase job opportunities and per capita income in Appalachia to reach parity with the nation."
Like so many Great Society antipoverty programs, the effort largely failed. The Southern Tier counties remain much as they appeared in the 1960s, pocked by deserted farms and abandoned businesses, largely untouched by the prosperity that blessed much of America over the past five decades.
Beginning about a dozen years ago, remarkable improvements in natural-gas drilling by means of hydraulic fracturing, or fracking, seemed to promise a way out of poverty. The massive Marcellus Shale Formation under New York and Pennsylvania has proved to be "the most lucrative natural gas play in the U.S.," Business Week recently noted, because the shale produces high-quality gas and is easily shipped to New York and Philadelphia.
In Pennsylvania, a state long familiar with carbon production through oil drilling and coal mining, Democratic Gov. Ed Rendell backed fracking during his tenure from 2003-11, and the state has experienced a boom in jobs and income. Between 2007 and 2011, in Pennsylvania counties with more than 200 fracking wells, per capita income rose 19%, compared with an 8% increase in counties with no wells, as petroleum analyst Gregg Laskoski wrote for U.S. News & World Report in August.
Read more: http://on.wsj.com/1hrdrUJ
Posted September 19, 2013
Eagle Ford Oil Expected to Surpass 1 Million Barrels Per Day Next Year
Fuel Fix Blog: SAN ANTONIO, Texas — Eagle Ford Shale oil production is expected to reach 1 million barrels per day next summer — and keep growing as operators add tens of thousands of more wells to the giant South Texas field.
“This is a huge oil producer,” said Subash Chandra, a managing director and at the investment banking firm Jefferies & Co. He spoke Wednesday to more than 4,000 people attending Hart Energy’s third annual DUG Eagle Ford Conference at the Convention Center.
More than 11,100 wells have been permitted in the Eagle Ford since 2008, but the research firm DrillingInfo estimates there are at least another 85,000 wells left to drill in the field.
Read more: http://bit.ly/1a7zh8l
Jane Van Ryan
Posted January 6, 2010