Week In Review: December 7, 2018
Fri, December 07, 2018
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December 7, 2018
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. As Interior Secretary Ryan Zinke said of the news,
"Christmas came a few weeks early this year. American strength flows from American energy, and as it turns out, we have a lot of American energy.”
“That whole — suddenly America’s like the biggest oil producer and the biggest gas — that was me, people.”
So said former President Barack Obama at a recent event in Houston. It’s not surprising that any president would want to take credit for America’s resurgence as an energy superpower: It has unequivocally transformed our economy for the better, from reducing energy prices for consumers to enhancing our national security. It has even helped the United States lead the world in reducing emissions of carbon dioxide.
But was Mr. Obama correct?
With the need for additional pipelines rising fast, Texas has become the epicenter of a booming industry. The Lone Star State produces 40 percent of the national oil production, production that the Energy Department estimates to be 11.6 million barrels per day. In Texas, companies are investing $40 billion in building or expanding 10,000 miles of pipeline, which is enough pipeline to reach from West Texas to China.
Fracking & Protecting Groundwater
More than two dozen scientific studies and expert assessments have concluded that hydraulic fracturing (fracking) is not a major threat to groundwater. In fact, many studies have examined groundwater pollution and specifically ruled out fracking as the cause.
In Case You Missed It
Did you know that we update our Permian Action Team blog with news stories specifically about the Permian? Well now you do! Be sure to check it out and sign up for updates while you're there.