The U.S. Energy Information Administration (EIA) released its Annual Energy Outlook 2018 today, forecasting significant growth in U.S. oil and natural gas production driven by shale development. In fact, shale development has increased production so substantially that the agency predicts the United States to be a net energy exporter by 2022 – four years earlier than forecast in EIA’s previous Annual Energy Outlook.Read more
A new report from the U.S. Energy Information Administration (EIA) found that hydraulically fractured horizontal wells accounted for 69 percent of new oil and gas wells drilled in 2016, up from less than 20 percent in 2008. The report comes as the United States is reaching production and export milestones unseen in decades: crude oil production recently surpassed 10 million barrels per day (b/d) – a 47 year high – while 2017 was the first year since 1957 that the United States was a net natural gas exporter.Read more
U.S. oil production surpassed 10 million barrels a day in November for the first time in nearly 50 years, a milestone that underscores the growing dominance of the U.S. oil industry.Read more
President Trump will give his first State of the Union address on January 30th at 8pm CST. Here are the top five things that you should know before the big speech.Read more
Methane emissions are declining in several of Texas’ largest oil and natural gas producing counties, according to a new analysis by Texans for Natural Gas. The analysis is based on data from the U.S. Environmental Protection Agency’s Greenhouse Gas Reporting Program (GHGRP) between the years 2011 and 2016.Read more
Relentless Growth Could See the U.S. Topple Russia and Saudi Arabia As World’s Largest Oil Producer, IEA Says
- "This year promises to be a record-setting one for the U.S.," the IEA said in its closely-watched report published Friday
- The latest monthly report from the IEA comes at a time when crude futures have climbed to highs not seen since the early days of a slump in December 2014
- One of the main beneficiaries of OPEC-led production cuts is the producers' major competitor, U.S. shale oil. U.S. oil producers are staging a dramatic comeback amid a recovering oil price that has allowed many of them to restart operations.
There were concerns that the nation's new role as a natural gas exporter (much of that to Mexico) would cause price spikes.Read more
The Trump administration’s proposal to open up almost all of U.S. offshore waters to oil and gas drilling could unlock up to 65 billion barrels of oil equivalent (Bboe), attracting billions of dollars in investment, consultancy Rystad Energy said on Jan. 10.Read more
- U.S. oil production will average 10.8 million barrels a day in 2019, according to the Energy Information Administration, a level that will rival top producers Saudi Arabia and Russia.
- EIA sees America's output at 10.3 million barrels a day this year, the highest annual average on record.
- EIA forecasts U.S. crude prices will average $52.77 this year, well below the current price near $63 a barrel.
America’s trade imbalance just got a wee bit smaller. The U.S. has now become a net exporter of natural gas on an annual basis for the first time since at least 1957.Read more
WASHINGTON – U.S. Secretary of the Interior Ryan Zinke today announced the next step for responsibly developing the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, which proposes to make over 90 percent of the total OCS acreage and more than 98 percent of undiscovered, technically recoverable oil and gas resources in federal offshore areas available to consider for future exploration and development. By comparison, the current program puts 94 percent of the OCS off limits. In addition, the program proposes the largest number of lease sales in U.S. history.Read more
- In recent years, America's unprecedented oil and gas boom has been driven by one factor above all others — and that's shale.
- "The U.S. is emerging as, not only a military and economic superpower, but as an energy superpower," Martin Fraenkel, president at S&P Global Platts, told CNBC
- In November, the International Energy Agency projected a dramatic increase in shale production could transform the U.S. into the world's largest exporter of liquefied natural gas by the mid-2020s
In the 2017 budget year, the oil production tax gave the state more than $2 billion in revenue, while the natural gas production tax brought in a little less than $1 billion. But where does this money go?
Texas families are reaping the benefits of the fracking boom in the form of lower monthly energy bills, according to a new analysis by Texans for Natural Gas.Read more
The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down.Read more