Posted October 23, 2013
Marcellus Shale Gas Growing Faster than Expected
Wall Street Journal: PITTSBURGH — Natural gas production from the Marcellus Shale region is growing faster than expected, according to a new federal report issued Tuesday.
Marcellus production has now reached 12 billion cubic feet a day, the Energy Information Administration report found. That's the energy equivalent of about 2 million barrels of oil a day, and more than six times the 2009 production rate.
For perspective, if the Marcellus Shale region were a country, its natural gas production would rank eighth in the world. The Marcellus now produces more natural gas than Saudi Arabia, and that glut has led to wholesale prices here that are about one-quarter of those in Japan, for example.
Read more: http://on.wsj.com/1cedUYl
Posted October 22, 2013
Domestic oil and natural gas development is a key driver of America’s economy and global energy security, API’s director of upstream and industry operations Erik Milito told reporters yesterday. Access to offshore resources currently off-limits in the Atlantic, Pacific and Eastern Gulf of Mexico could supply even more of the energy and jobs Americans need. Milito:
“Americans are eager to put more of our offshore energy resources to work. If exploration and development is allowed to safely expand to new areas, domestic oil and natural gas could provide more energy, jobs and government revenue than ever before.”
Posted October 22, 2013
Working in Washington D.C. big numbers (trillions and trillions) are thrown around casually, which can sometimes distort what these numbers actually mean in the real world. An example from yesterday’s Washington Post:
The shale-gas boom will provide a modest boost to the U.S. economy. On average, the models in the Stanford study predicted that the natural-gas boom would raise GDP by about $70 billion per year over the next several decades (in current dollars).
$70 billion a year! While, as the article notes, it is not an overwhelming percentage of GDP, ours is a big economy and $70 billion a year is nothing to be modest about. There is a great breadth of industries contributing to our great economy so for comparison let’s pick one, and since I’m a big movie fan, let’s look at motion pictures.
Posted October 15, 2013
Fuel Fix.com has an article about a new report showing the U.S. oil and natural gas industry is simply booming in terms of job creation:
The U.S. oil and gas industry added new jobs faster than the total private sector during the year that ended in June, jumping 2.6 percent over the previous year and pushing the industry’s roster past 1 million jobs nationwide, according to a new report.
Posted October 14, 2013
Central Europe is a Ready market for U.S. Natural Gas
Washington Post: The global economy is still struggling to overcome the effects of the recession sparked by the 2008 financial crisis. But energy — in particular, shale gas exploration — has become one of the strongest engines for the U.S. economy.
U.S. natural gas production has increased by one-fourth in the past five years, according to the Energy Information Administration; it has created 600,000 jobs since 2009 and helped drive down gas prices for millions of Americans. Moreover, the United States is now in a position to export gas. This surplus creates opportunities for the United States to again be a geopolitical player in Europe.
While U.S. officials ponder their approach to Syria, the larger Middle East and Central Asia, they need look no farther than Central Europe and the “Visegrád Four” (Hungary, Poland, the Czech Republic and Slovakia) to find some of the United States’ most passionate allies.Read more: http://wapo.st/17039Xv
Posted October 10, 2013
U.S. Poised to Pass Russia as World’s Largest Petroleum Producer – and the Bakken is Helping Make That Happen
Dickinson Press: The U.S. is poised to pass Russia as the world’s top oil and gas producer, according to a new report, and North Dakota’s congressional delegation said they believe it is largely due to the state’s Bakken energy play.
Citing U.S. Energy Information Administration and International Energy Agency numbers, the Wall Street Journal reported last week that the U.S. is poised to overtake its former Cold War rival in the production of oil and natural gas sometime later this year.
Sen. Heidi Heitkamp, D-N.D., on Wednesday joined Sen. John Hoeven, R-N.D., and Rep. Kevin Cramer, R-N.D., in citing North Dakota’s booming Bakken shale play — which also spills over into Montana and the Canadian province of Saskatchewan — as a key contributing factor.
Read more: http://bit.ly/GIcFSK
Posted October 10, 2013
Posted October 9, 2013
Fracking the U.S. Trade Deficit
Christian Science Monitor: The US is slowly chipping away at its trade deficit, which should create more jobs, more economic growth, less unemployment, and a smaller federal deficit.
And the boom in domestic energy production is a key factor behind that narrowing trade deficit Over the past decade, oil and gas production has surged at vast shale formations in Texas, North Dakota, Pennsylvania, and elsewhere across the US. That has led to a rise in exports of petroleum products and a reduction in the amount of oil and gas the US imports from abroad.
It's one benefit of the domestic hydraulic fracturing and horizontal drilling revolution that has stirred passion on all sides of the debate over America's energy future.
Read more: http://bit.ly/17XiSnK
Posted October 7, 2013
Is NY Fracking a Good Idea? Look at Pennsylvania
CNBC: First was Texas. Next came Pennsylvania and North Dakota. Could New York become the next U.S. shale hotspot?
It's a tantalizing prospect for some, given that the Empire State sits atop not one but two prolific shale formations, the Marcellus and the Utica. According to the most recent data from the United States Geological Survey, both have more than a combined 100 trillion cubic feet of estimated natural gas reserves.
Should New York overcome its deep reluctance to drill for natural gas, some experts say the state has the potential to ride a wave of domestic production—one credited with creating thousands of natural gas-related jobs nationwide. But so far at least, New York has given an ear to environmental interests that point to dangers around accessing the reserves, especially the hydraulic process known as "fracking."
Read more: http://cnb.cx/15Wtrnh
Posted October 4, 2013
Two charts and some incredible, bordering on the unbelievable, good news for America’s energy present and future, as well as our security in the decades to come.
First, a familiar chart below from the U.S. Energy Information Administration (EIA) Annual Energy Outlook for 2013. It shows that our wonderful, modern economy – which makes us strong as a nation while providing opportunity for individuals and families to grow and prosper – is primarily fueled by oil and natural gas (62 percent) and will be in the foreseeable future. EIA projects that oil and natural gas will supply 60 percent of our energy in 2040 – reliable, abundant fuels that make our livesmore comfortable, healthier and mobile.