The People of America's Oil and Natural Gas Indusry

Energy Tomorrow Blog

crude-oil-exports  crude-markets  oil-production  economic-growth  us-energy-security 

Mark Green

Mark Green
Posted December 9, 2015

The U.S. shale energy revolution is a game-changer – for the United States and the world’s energy balance. The U.S. has become the No. 1 producer of oil and natural gas, resulting from a domestic energy renaissance driven by advanced hydraulic fracturing and horizontal drilling – fracking. And the positive impacts are all around us.

U.S. crude imports are down, and American energy self-sufficiency is up. An America that’s more energy self-sufficient is more secure. Meanwhile, the global crude market is better supplied and more stable – thanks to the availability of crude that would have been imported to the U.S. Domestic pump prices reflect this well-supplied market. At the same time, greater use of natural gas has increased each American household’s disposable income by $1,200, and IHS says the benefit will grow to more than $3,500 in 2025. Thanks, fracking.

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crude-oil-exports  domestic-oil-production  economic-growth  jobs  us-energy-security  trade 

Mark Green

Mark Green
Posted October 13, 2015

Last week’s bipartisan U.S. House vote to end America’s 1970s-era ban on crude oil exports is stirring needed debate over U.S. energy and trade policy as the exports issue advances in Congress. Unfortunately, much of the conversation remains focused on the wrong things.

For example, export opponents continue to say the United States shouldn’t export crude oil as long as it’s an oil importer. We rebutted that economically faulty position here.  Access to global markets means bringing overseas wealth to the United States. Conversely, shutting in a domestic commodity is an obstacle to production and economic growth. The oil imports/exports threshold is one that isn’t applied to other domestic goods – and for good reason: Access to global markets is good for domestic producers.

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us-energy-security  federal-lands  energy-production  oil-and-natural-gas-development  eia34  iea34  access 

Mark Green

Mark Green
Posted June 20, 2014

Let’s make a couple of points with the juxtaposition of the newest U.S. report on energy production on federal lands and a pair of new analyses people are talking about this week.

First, there’s this piece by the Manhattan Institute’s Jared Meyer on the Real Clear Energy website, asserting that surging U.S. crude oil production is playing a big role in keeping global crude prices stable despite turmoil around the world:

The most important contribution to oil's price stability has been the substantial increase in U.S. production. U.S. crude oil production has risen 50 percent since 2008, to 7,443 thousand barrels a day. This increase has been driven by advances in drilling technology. Hydraulic fracturing has opened up previously-known reserves that were either inaccessible or too cost-prohibitive for drilling.

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natural-gas  lng-exports  trade  us-energy-security  russia 

Mark Green

Mark Green
Posted January 1, 1

A couple of new data points from the government show the importance of U.S. liquefied natural gas (LNG) exports to America’s trading posture and its global energy security role as a growing supplier of natural gas. First, the U.S. Energy Information Administration (EIA) reports that the U.S. exported more natural gas than it imported in three of the first five months of this year – February, April and May – which is historic since the U.S. has been a net importer (on an average annual basis) for nearly 60 years. In addition, EIA projects that the U.S. will be a net natural gas exporter for the year in 2017.

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