2018/10/25: A report released earlier this year by HSBC predicted that Texas is on track to outpace the oil production of both Iran and Iraq by 2019. Texas is home to two rather massive oil fields, and behind Russia and Saudi Arabia, it’s the number three oil producer in the world. The shale oil boom has contributed greatly to that, making the Permian Basin a hotbed of production.
The shale oil development and growth in Texas has been defined as reshaping the world’s energy landscape. The result is the pumping of more oil out of the U.S., making the country less reliant on imports from the Middle East. According to reports, the combined output of the Permian and Eagle Ford (the south Texas oil field) is expected to be 5.6 million barrels per day in 2019. That will see the Lone Star State producing over half of America’s entire oil production. In comparison, Iraq is producing 4.8 million barrels per day while Iran is on track for 3 million a day.
2016-02-19: Rising raw-materials prices are typically bad news for most stocks. Not any more.
The recent EIA drilling productivity reports show a peaking of shale oil production in the main production regions. https://www.eia.gov/petroleum/drilling/
Fig 1: Bakken production change from old/new wells The 1st panel...
Google for "US energy independence" and you will get 134k results, "US self sufficiency" yields 10k results. Here are some examples of what the media reports: In Aljazeera's Inside Story,...
2016/01/12: a story that passed largely unnoticed in our American world. Sitting atop some of the planet's great oil reserves and getting 73% of their revenues from oil sales (income that dropped by 23% last year), the Saudi royals just hiked the domestic price of gas at the pump by 40%. Though it still remains dirt cheap by global standards, that act -- which is like charging for salt water in the middle of the ocean -- is an indication that something startling is going on. And note that, in the years to come, that kingdom's rulers are planning to cut back on similar subsidies for “electricity, water, diesel, and kerosene.” In other words, the world’s largest oil producer and a country of striking wealth (and foreign reserves) no longer feels comfortable giving away gas to its own population, even though this is part of a bargain it struck long ago for peace in the kingdom.
And the reason for this has little to do with Iran or Syria or Yemen or Iraq or the Islamic State. The problem is far more basic, as TomDispatch’s resident energy expert Michael Klare points out today. It’s the price of oil, which in the last 18 months has dropped through the floor. In a sense, the oil business -- with its constellation of giant energy firms, until recently among the most profitable companies in history, and its energy-producing states, until recently riding high -- may prove to be the natural-resource equivalent of a failed state, and, as Klare makes clear, the changing economics of oil will transform the political face of the planet. So keep your eye on Saudi Arabia. Things there could get ugly indeed.
OPEC is already suggesting the US oil boom will end this year. Wishful thinking.
The 'death of peak oil' has been much exaggerated, writes Paul Mobbs. Take out high-cost 'unconventional' oil and production peaked ten years ago, and even North America's fracking and tar sands boom has failed to open up new resources both big enough to make good the shortfall, and cheap enough to reward investors. We really do need to be thinking 'beyond petroleum'.
The United States is banking on decades of abundant natural gas to power its economic resurgence. That may be wishful thinking.
Recent developments are beginning to undermine the supremacy of the world's long-running energy information duopoly and its perennially opti...
Please visit my new website artberman.com Exporting crude oil and natural gas from the United States are among the dumbest energy ide...
Cheaper gas means more gas guzzled and more carbon emitted, right? Reality is more nuanced.
2014-11-25: On Thanksgiving Day, what used to be the world’s most powerful oil cartel will gather in Vienna to decide how much oil to produce. Righ
Hooray, oil is suddenly much cheaper than it used to be. That's great news, right?Not so fast. For certain it's not good news for those counting on a continued rise in US oil production from the "shale miracle". Many drillers were challenged to operate profitably when oil was above $70 per barrel. Very few will remain solvent wit
Oil prices are at five-year lows thanks to OPEC's hands-off attitude. But that alone probably won't be enough to strangle the surge in U.S. oil
Think back to early 2004. Oil cost around $40 per barrel1-on the high side compared to the previous few decades but not much out of the ordinary. Gasoline still cost under $2.00 a gallon for most of the country. The evening news was more concerned with wardrobe gaffes by Janet Jackson (too little, at the Super Bowl) and President Bush (too much, on the USS Abraham Lincoln) than with energy prices.
The political cover of domestic energy security is allowing Big Oil to frack and drill as fast as it can. But most of the energy is going to customers overseas.
The oil and gas boom in the U.S. has some people arguing that we no longer need to worry about fossil-fuel supplies. Au contraire.
Instead of increased reliance on gas imports expected five years ago the US now has an abundance of cheap gas for domestic use, and is even projecting LNG exports. Reliance on oil imports has fallen from