Posted September 20, 2013
U.S. Oil Output Exceeded Oil Imports Last Week by the Most Since Early 1997
AEI Carpe Diem Blog: In another milestone for America’s shale revolution, the amount of domestic crude oil produced last week at 7.82 million barrels per day (bpd) exceeded weekly net imports of 7.52 million bpd by 304,000 barrels, according to data released yesterday by the Energy Information Administration (see chart above). There have only been two weeks since early 1997 that US crude oil production exceeded weekly imports, once in May this year by 80,000 bpd and now last week by 304,000 bpd.
As the chart above shows, US oil imports exceeded US crude oil production by 5 million bpd throughout most of 2008 when imports averaged about 10 million bpd and domestic production was about 5 million bpd. By early 2012, domestic oil production increased to 6 million bpd, but was still about 3 million bpd below oil imports of 9 million.
Read more: http://bit.ly/1aRzldF
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
Posted September 18, 2013
Oil and natural gas development from shale is creating jobs and building the economy, providing America with a distinct competitive advantage in the world, API Chief Economist John Felmy told the National Association of Energy Officials this week in Denver. Felmy:
“The oil and natural gas industry has strengthened the U.S. economy by creating jobs, increasing household wealth, and securing America's future. If Congress and the administration are willing to support America’s domestic energy production, oil and natural gas are poised to fuel an economic renaissance."
Posted September 13, 2013
Texas Oil Production Could Outpace Iran, Iran and Kuwait in a Few Years
International Business Times: Texas oil production continues to surge as the fracking boom frees up previously unreachable oil, and a recent report finds that if the state were an independent country, it would rank 10th overall in production, according to the American Enterprise Institute.
Based on international oil production numbers released by the Energy Information Administration, the current pace of annual increase in Texas was 30 percent or more, indicating production could surpass 3 million barrels per day by early 2014 and reach 4 million barrels per day by 2015.
In 2010 Texas, if it were its own separate country, would have been the 20th largest oil-producing country in the world. The rapid increase in oil output over the past few years is attributed to the extraction of unconventional shale oil in the U.S.Read more: http://bit.ly/18WXvRL
Posted September 12, 2013
Fracking Moves U.S. Crude Output to Highest Level Since 1989
Bloomberg News: U.S. oil production jumped last week to the highest level since May 1989, cutting consumption of foreign fuel and putting the U.S. closer to energy independence.
Drilling techniques including hydraulic fracturing, or fracking, pushed crude output up by 124,000 barrels, or 1.6 percent, to 7.745 million barrels a day in the seven days ended Sept. 6, the Energy Information Administration said today.
Rising crude supplies from fields including North Dakota’s Bakken shale and the Eagle Ford in Texas have helped the U.S. become the world’s largest exporter of refined fuels including gasoline and diesel. Texas pumped 2.575 million barrels a day in June, according to the EIA, enough to rank it ahead of seven members of the Organization of Petroleum Exporting Countries.
Read more: http://bloom.bg/15Tv3Ol
Posted September 11, 2013
Obama Administration Allows More natural Gas Exports
Fuel Fix Blog: The Obama administration on Wednesday authorized a fourth company to broadly export U.S. natural gas, giving Dominion conditional approval to sell the fossil fuel abroad after processing it at a Maryland facility.
The Energy Department’s decision means that as long as it secures other required permits, Dominion Cove Point will be able to sell as much as 770 million cubic feet of natural gas per day for the next 20 years to Japan and other countries that do not have free-trade agreements with the United States.
With the Dominion Cove Point decision, the Obama administration has now authorized 6.37 billion cubic feet of liquefied natural gas to be sold to non-free-trade nations.
Read more: http://bit.ly/17QBo0W
Posted September 10, 2013
Fracking, the Poor and Adding to Americans’ Disposable Income
Wall Street Journal (editorial): Last week we reported on a study showing that the U.S. oil and natural gas revolution may be the country's best antipoverty program, and the evidence keeps coming. A new report from IHS Global Insight estimates that fracking added the equivalent of a cool $1,200 to real household disposable income on average in 2012.
Lower costs for raw materials were passed on to consumers via lower home heating and electricity bills and lower prices for other goods and services. Wages also increased from a surge in industrial activity. On present trend, IHS predicts that unconventional oil and gas will contribute more than $2,000 a year by 2015 and $3,500 by 2025.
Overall the industry lifted economic growth by $283 billion last year.
Read more (subscription publication): http://on.wsj.com/13GJtDS
Posted September 9, 2013
If California Gets Its Act Together on Fracking, An Economic Boom Awaits
Forbes: Alex Epstein -- I live in California, a state where our government is practically bankrupt, businesses are fleeing, and 1.6 million citizens are unemployed. To say the least, our state needs an economic breakthrough.
Fortunately, we are on the verge of one. The state that gave birth to Silicon Valley has the opportunity to become Energy Valley, thanks to a miraculous technology that turns stone into oil.
That technology is called shale oil technology. Governor Brown calls it “an opportunity we can’t miss” because it can single-handedly turn our economy around.
Read more: http://onforb.es/17LLAYn
Posted September 6, 2013
U.S. Oil Production Reaches Highest Level in 24 Years
Fuel Fix Blog: U.S. oil production last week hit its highest level in nearly a quarter century, as companies seek to capitalize on high oil prices, according to federal data.
Domestic oil production hit 7.621 million barrels per day in the week ending Aug. 30, the U.S. Energy Information Administration said in its latest weekly update.
That surpassed the 7.609 million barrels per day production mark set the week prior and was the highest production total since October 1989, when production averaged 7.644 million barrels per day.
Read more: http://bit.ly/1ad7bcL
Posted September 5, 2013
How America’s Oil and Natural Gas Revolution is Helping Consumers and Workers
CNN Money (Daniel Yergin): The rapid rise in shale gas and tight oil in the United States constitutes nothing less than a revolution in oil and natural gas. No longer can there be any doubt about the dramatic change in America's energy position. U.S. oil production is up 50% since 2008, when we were supposedly slated to run out of oil. Natural gas production has increased by 33% since 2005, and shale gas alone now constitutes about 45% of total natural gas production.
This revolution is not just about energy production; it's an economic story along several dimensions, whether measured in consumers' pocketbooks, jobs, U.S. manufacturing output, or America's increased competitiveness in the world economy. This has occurred amid a half-decade of deep recession and high unemployment. Indeed, without the boost from the unconventional oil and gas development, the U.S. economic picture would have looked even worse over the last few years.
Read more: http://bit.ly/15ClGse