Posted on 03/28/2014 10:27:30 AM PDT by Hojczyk
Currently, the United States and Canada are the only major producers of tight oil in the world (although Russia has lately been making moves to try and get in on the action, ahem), and that spectacular acceleration of production growth now has us sitting pretty at 10 percent of the world’s total crude oil production. Via the Energy Information Administration:
U.S. tight oil production averaged 3.22 million barrels per day (MMbbl/d) in the fourth quarter of 2013,
In February 2014, 63% of U.S. tight oil production came from two basins: the Eagle Ford in South Texas (1.21 MMbbl/d, or 36% of total U.S. tight oil production), and the Bakken Shale in North Dakota and Montana (0.94 MMbbl/d, or 28% of total U.S. tight oil production). Tight oil production in the United States represents 91% of all North American tight oil production, with the remaining 9% coming from Canada.
New 2013 census information released Thursday shows that cities are the fastest-growing parts of the United States, and a majority of the metro areas showing that growth are located in or near the oil- and gas-rich fields of the Great Plains and Mountain West.
Neighboring cities Odessa and Midland, Texas, show up as the second and third fastest-growing metro areas in the country. Sara Higgins, the Midland public information officer, has a simple explanation: oil. “They’re coming here to work,” Higgins said. …
“Mining, quarrying, and oil and gas extraction industries were the most rapidly growing part of our nation’s economy over the last several years,” Census Bureau Director John H Thompson said.
, revenue for mining, quarrying, and oil and gas extraction grew 34.2 percent to $555.2 billion from 2007 to 2012. It also was among the fastest growers in employment as the number of employees rose 23.3 percent to 903,641.
(Excerpt) Read more at hotair.com ...
And more than 93% of its over educated idiots.
Everyone knew it was crazy to try to extract oil and natural gas buried in shale rock deep below the ground. Everyone, that is, except a few reckless wildcatters - who risked their careers to prove the world wrong.
Frack, Baby, Frack!!
Ping.
Quite correct.
Of course, you never hear about the far larger number of crazy entrepeneurs whose “nutty” ideas fail.
That is, of course, the genius of capitalism. Use private money and initiative and brains to try all sorts of crazy things, a small percentage of which are wildly successful and change the world.
Compare this to government investing in R&D. Requires somebody to decide what the growth industries of the future will be and allocate funds accordingly. Which of course no human is capable of doing.
Then why is gasoline at $3.50+ a gallon and going UP!?!?!?!.....................
“Then why is gasoline at $3.50+ a gallon and going UP!?!?!?!.....................”
Becasue half of a million people especially in India and china are coming out of poverty and raising the demand for energy. If we didntfrack who knows where the price would be.
Might want to blame the EPA for a big chunk of that. EPA required formulations raise costs and EPA’s emissions BS means fewer refineries as time goes on.
I don’t think that’s a good thing.
We don’t want to liquidate the country to buy foreign oil, but neither do we want to exhaust our own reserves.
We should have built nuclear plants and transitioned some of the demand away from fossil fuels.
RINO McCain was on the right track when he wanted to build nuclear plants.
Thanks Hojczyk.
You know that won't help the oil consumption, don't you?
It can. There are a number of ways to convert electricity into portable energy.
It can. There are a number of ways to convert electricity into portable energy.
Looks like “ERIKA JOHNSEN” copies material from “Emily Pickrell”.
US now pumping 10 percent of the world’s crude
http://www.freerepublic.com/focus/f-news/3137880/posts
March 26, 2014
So you are talking about much more fundamental changes than just nuclear power.
Which of those are economical without taxpayer subsidies?
Make electricity cheap enough and the market will figure out how to use it.
Make electricity cheap enough and the market will figure out how to use it.
Once again, with feeling: DRILL BABY DRILL!!!!!!
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