Town Hall: I have argued many times on these pages and elsewhere that the shale oil and gas revolution is the story of the decade. Since 2007 U.S. oil and gas output has risen by about 75 percent, and the renaissance is still in its infancy stages.
This year the surge in domestic energy production has further accelerated, in part due to higher world prices for oil (approaching $70 a barrel) and to massive drilling operations in rich oil patches, such as the Permian Basin in Texas and the Bakken shale in North Dakota.
The Energy Information Administration reports that the U.S. could surpass Saudi Arabia in oil and gas by the end of the year. With massive oil and gas shale reserves, we could be No. 1 in the world before the end of the decade.
The Wall Street Journal confirms that U.S. oil production “is expected this year to surpass Saudi Arabia’s” and that we will rival Russia for No. 1 in the world. American production will rise to almost 11 million barrels a day, the most ever in American history. Doesn’t it seem like yesterday when the left was running around shrieking about “peak oil”? More like peak idiocy.
Last week Reuters argued that the American shale boom should be called “Donald Trump’s Revenge.” The story reported that U.S. oil “now floods Europe at the expense of OPEC and Russia.” Couldn’t have happened to a couple of nicer guys. America is now selling more than a half-million barrels a day, thanks in no small part to the end of the oil and gas export ban in 2016. MORE
You mean…
Geologically crushing Organic Molecules is renewable energy too?
I saw a headline where some economist is saying oil could be $300 a barrel.
Call me stupid, but I think he’s wrong.
Back to your Camels !!!
Thank you, Frackers. You’ve earned your place among the Hall of Great Americans.
Shale (not Shell) oil was first identified in the 70s and laughed at. When I worked in the patch in the early 80s I mentioned to fellow workers who scoffed… The oil fields that I worked have grown silent in multiple ways… The little town with 3 welding shops, 2 Frac and cement companies, 5 pump shops, numerous work-over and drilling companies… Now has a fraction of the oil businesses of the 70s/80s ie no welding shops, 1 frac and cement company, 1 pump shop, and the pipeyard is gone as well
Now all we need is another refinery or two to frac the oil into usable products (gasoline for one), and bring the prices down.
(And get rid of that silly and expensive corn ethanol requirement)
I’d like to believe this, but the energy sector’s financials (e.g. stocks, funds, ETFs) don’t reflect this AT ALL.
Can’t get rid of ethanol. It’s welfare to Midwest farmers.
MSM: Gas prices are skyrocketing!!!!! Trump’s fault
Gas is around $2.50 a gallon here. Does anybody remember the effin $4.00 or more an Obama gallon?
Just sayin’
Things are getting fracking ridiculous:
https://www.youtube.com/embed/Il-M6B_-a_U
🙂
Vertical rigs are just about gone. In 10 years the industry has gone from 90% vertical rigs to 90% horizontal rigs. The crash of 2014 brought about tremendous changes in efficiency that are incredible, multiple close wellbores and zipper fracking have increased the producible oil in wells drilled in the last 3 years by 50-100% depending on the shale they are fracking.
global warming is like peak oil
theories sold only by snake oil salesmen
The Good Lord blessed this continent with natural riches.
Let us use them wisely and make our country strong.
“The higher the price, the better it is to be a producer.”
– Captain Obvious
Well, I sure hope this will reduce the price per kilowatt I’m being ripped off for! Elon keeps promising me my Model 3 will be ready in a few more months. And I’m tired of waiting for free lectricity.