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Tanker trucks feed a pipeline system near six Chevron Corp. oil wells in preparation for hydraulic fracturing in the Permian basin. This aerial photograph was taken near Midland, Texas, on Thursday, March 1, 2018. The largest publicly traded oil producer spent $ 3.3 billion this year in the Permian and $ 1 billion in other basins shale. Its expansion will further strengthen US oil production, which already exceeds 10 million barrels per day, exceeding the record set in 1970. Photographer: Daniel Acker / Bloomberg
The United States of America recently surpassed Russia and Saudi Arabia to become the largest producer of crude oil, according to new data released by the United States Energy Agency (EIA). The new US statute may be short-lived, as the two closest countries have increased production in recent weeks to fill a growing void in Iranian production as a result of sanctions imposed by the United States. The point is an extraordinary achievement.
Ten years ago, the most common phrase used to describe the US oil industry was that "all whales are gone," with "whales" meaning significant new sources of oil that could trigger a new boom. The Permian Basin was considered a "dead" region, where the greatest potential for increased production lay not in the search for new productive formations, but in the search for existing old wells. The Eagle Ford deposit was primarily known as a nuisance formation from which drillers could fire a little gas each time they were drilling a deeper conventional formation. At that time, the United States imported about two-thirds of their daily oil requirements, and it was generally expected that the percentage of imports would increase over time.
But in October 2008, a large independent producer named Petrohawk drilled the first economic oil well in the Eagle Ford Shale formation, and America's energy outlook turned 180 degrees. Since the beginning of the revolution in shale oil production, total crude oil production in the United States has now doubled. In the course of its history, the national oil industry has never produced as much oil as it does today. In 2017, net imports of crude oil into the United States accounted for only 19% of the country's daily consumption. Thus, even though the country has not become totally independent from an energy point of view, it has become much safer in terms of energy.
None of this has happened by accident – this is due to human ingenuity, good public policy and the luck of geology. Human ingenuity came when scientists from the oil and gas industry developed the means to combine dual technologies of hydraulic fracturing and horizontal drilling to enable the extraction of oil and gas from rocks shale.
Good public policy has taken many forms. First, and perhaps most importantly, was the refusal of federal officials and both political parties to give in to tactics of intimidation of the anti-fracking movement that wants to ban hydraulic fracturing and deny all this abundant energy and cheap. Public. New York State is an exception to this rule and some local governments have also put in place de facto or de facto prohibitions on hydraulic fracturing. But the technology remains largely regulated, legal and is an extraordinary benefit to the US economy and environment.
Secondly, in December 2015, Congress decided to repeal the 1970s crude oil export ban, which was promulgated by President Barack Obama as part of an omnibus bill on expenses. This smart public policy allowed the oil boom to continue largely unimpeded by bad policy at a time when refining capacity was increasingly limited in the United States. Finally, the dismantling by the Trump administration of some of the most excessive regulatory measures of the Obama era has also contributed to the current boom period of the industry.
There is also the chance of geology: the United States has the most diversified and prolific collection of conventional and unconventional productive formations (including shales) of all the countries of the world. In simple terms, there is just a lot of oil and gas under the surface of the country; Thus, it is not surprising that an industry largely spared by bad public policies can produce a boom like the one currently facing the country.
This is the classic three-legged stool, which requires that all three legs remain firm to be able to work. As the latest EIA data shows, it works better than any other stool on earth.
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Tanker trucks feed a pipeline system near six Chevron Corp. oil wells in preparation for hydraulic fracturing in the Permian basin. This aerial photograph was taken near Midland, Texas, on Thursday, March 1, 2018. The largest publicly traded oil producer spent $ 3.3 billion this year in the Permian and $ 1 billion in other basins shale. Its expansion will further strengthen US oil production, which already exceeds 10 million barrels per day, exceeding the record set in 1970. Photographer: Daniel Acker / Bloomberg
The United States of America recently surpassed Russia and Saudi Arabia to become the largest producer of crude oil, according to new data released by the United States Energy Agency (EIA). The new US statute may be short-lived, as the two closest countries have increased production in recent weeks to fill a growing void in Iranian production as a result of sanctions imposed by the United States. The point is an extraordinary achievement.
Ten years ago, the most common phrase used to describe the US oil industry was that "all whales are gone," with "whales" meaning significant new sources of oil that could trigger a new boom. The Permian Basin was considered a "dead" region, where the greatest potential for increased production lay not in the search for new productive formations, but in the search for existing old wells. The Eagle Ford deposit was primarily known as a nuisance formation from which drillers could fire a little gas each time they were drilling a deeper conventional formation. At that time, the United States imported about two-thirds of their daily oil requirements, and it was generally expected that the percentage of imports would increase over time.
But in October 2008, a large independent producer named Petrohawk drilled the first economic oil well in the Eagle Ford Shale formation, and America's energy outlook turned 180 degrees. Since the beginning of the revolution in shale oil production, total crude oil production in the United States has now doubled. In the course of its history, the national oil industry has never produced as much oil as it does today. In 2017, net imports of crude oil into the United States accounted for only 19% of the country's daily consumption. Thus, even though the country has not become totally independent from an energy point of view, it has become much safer in terms of energy.
None of this has happened by accident – this is due to human ingenuity, good public policy and the luck of geology. Human ingenuity came when scientists from the oil and gas industry developed the means to combine dual technologies of hydraulic fracturing and horizontal drilling to enable the extraction of oil and gas from rocks shale.
Good public policy has taken many forms. First, and perhaps most importantly, was the refusal of federal officials and both political parties to give in to tactics of intimidation of the anti-fracking movement that wants to ban hydraulic fracturing and deny all this abundant energy and cheap. Public. New York State is an exception, and some local governments have also implemented de facto or de facto prohibitions on hydraulic fracturing. But the technology remains largely regulated, legal and is an extraordinary benefit to the US economy and environment.
Secondly, in December 2015, Congress decided to repeal the 1970s crude oil export ban, which was promulgated by President Barack Obama as part of an omnibus bill on expenses. This smart public policy allowed the oil boom to continue largely unimpeded by bad policy at a time when refining capacity was increasingly limited in the United States. Finally, the dismantling by the Trump administration of some of the most excessive regulatory measures of the Obama era has also contributed to the current boom period of the industry.
There is also the chance of geology: the United States has the most diversified and prolific collection of conventional and unconventional productive formations (including shales) of all the countries of the world. In simple terms, there is just a lot of oil and gas under the surface of the country; Thus, it is not surprising that an industry largely spared by bad public policies can produce a boom like the one currently facing the country.
This is the classic three-legged stool, which requires that all three legs remain firm to be able to work. As the latest EIA data shows, it works better than any other stool on earth.
