Oil & Gas in 2018
Tuesday, December 18, 2018
2018 was a big year for oil and natural gas in United States. We had record production levels met with record exports. Here is a rewind of some of the most important things to happen this year.
If America's New Year's resolution was to be a global energy superpower, we nailed it pretty early on...
2018 started off strong with headlines like "America Could Become Oil King Of The World In 2018" and "U.S. On The Cusp of Enjoying 'Energy Superpower' Status" trending on our newsfeeds. By the end of the month, the U.S. Energy Information Administration (EIA) released data showing that the United States topped 10 million barrels per day of oil production, a level not seen since 1970.
Roses are red. Violets are blue. Oil exports benefit you.
Fracking has led to record oil production, allowing the United States to not only meet domestic energy demands, but also transition into a global exporter of crude oil. EIA estimated that we’d soon be a leader in energy production, but that dominance came sooner than expected. According to Reuters, "U.S. oil production is expected to surpass 11 million barrels per day in late 2018, a year earlier than projected last month, the U.S. Energy Information Administration said on Tuesday."
Breathe in the clean, spring air!
Two months into 2018 and the United States was breaking production records left and right. Our environment was doing great too! By the beginning of March the United States had already met our 2025 Greenhouse Gas (GHG) reduction goal, thanks to increased natural gas use.
No April Fool's day jokes here, liquefied natural gas is the real deal.
With liquefied natural gas (LNG) helping to make America a net exporter of natural gas for the first time in 60 years in January, a study released in April showed the massive economic benefits of increased LNG exports. According to the ICF study, “the cumulative contribution to US economic growth from the addition of more LNG plants will range from $716 billion to $1.267 trillion between 2013 and 2050" and also projected "2-3.9 million job-years from US LNG plants during that period."
The weather is heating up, and so are the extreme environmentalists.
A small but vocal group in Texas’ Coastal Bend region, called Portland Citizens United (PCU), was caught spreading misinformation in an attempt to block a proposed Texas manufacturing facility. Thankfully, our Texans for Natural Gas members in the region responded by calling out PCU for using false information to try to block the facility.
The theme of the summer? The “shale and the manufacturing renaissance,” of course!
Shale development, made possible by advancements in hydraulic fracturing and horizontal drilling, has spurred massive new investments in Texas manufacturing, creating thousands of new jobs and injecting billions of dollars into Texas’ economy. In June, we released a study full of information about Texas' booming manufacturing sector.
Methane emissions are lower than previously thought!
A review of the federal data showed that U.S. methane emission levels from associated gas venting and flaring during petroleum production declined 17 percent between 2013 and 2016, even as domestic oil production increased by 19 percent.
Keep an eye on the Permian this fall... and no, not the football team from Friday Night Lights.
In August, we launched our Permian Action Team – and for good reason. Now the hotbed of oil and gas activity in the United States, the Permian was the focus of some major stories this year. For example...
While you were relaxing on Labor Day, U.S. oil exports were working hard to benefit Texas communities.
U.S. oil exports hit a record high in September, supported by the United States becoming the world’s largest oil producer that same month. Of course, being the top producing state in the top producing country, Texas and communities around the state benefitted tremendously from this growth in oil exports.
You know what’s not spooky? Pipelines. U.S. pipelines have a 99.999% safety record!
Pipelines keep the Texas economy pumping. That’s why we kicked off October with some astonishing facts about pipelines and the role they play in benefitting Texas and the United States.
We were very thankful for booming oil production.
In October, federal data showed that the United States would account for half of global oil production growth by 2025. That’s great news for us, but not for OPEC, as the Daily Caller reported that “[b]ooming U.S. oil production is wreaking havoc on the Organization of Petroleum Exporting Countries’ (OPEC) influence on the international market.
Christmas came a little early...
The largest continuous oil and natural gas resource potential ever assessed was just announced by the U.S. Geological Survey (USGS), and it’s located in the Permian Basin. We think Secretary Ryan Zinke said it best when he proclaimed that Christmas came a few weeks early this year after the big announcement.