Sophisticated American and Canadian energy industries have given the Free World an economic boost and a powerful diplomatic weapon. Posted on 05/24/2017 8:32:49 AM PDT by Kaslin
Sophisticated American and Canadian energy industries have given the Free World an economic boost and a powerful diplomatic weapon.
The North American "fracking" revolution -- hydraulic fracturing to tap vast reservoirs of "tight" natural gas and oil -- has altered the world's strategic calculus.
U.S. and Canadian firms began experimenting with advanced oil and gas recovery techniques well before the "shale oil boom" made headlines. However, the development of fields in North Dakota and Texas helped develop techniques, technology and expertise. Fracking has opened previously untapped reservoirs. Frackers use improved drilling and production techniques to exploit existing fields. Information technology helps energy companies identify new oil and gas reservoirs and reduce the risks of "wildcat" oil and gas exploration.
Today, the U.S. is less dependent on foreign oil imports. Daily U.S. imports have declined, from around ten million barrels to seven million. The U.S. is now exporting energy to select markets. This is why the Trump Administration's proposed sale of half of the U.S. strategic petroleum reserve is timely. The reserve has around 700 million barrels.
The economic boon is obvious. So is the diplomatic clout.
Precisely when the U.S. and Canada supplanted OPEC as the world's oil price pacesetters is up for debate, but November 2016 to April 2017 is the time frame.
Now OPEC is struggling. Since the end of April, Saudi Arabia has called for the extension of OPEC's November 2016 oil production quotas. That deal was supposed to curb an oil supply glut by taking 1.2 million barrels a day off the market.
Sophisticated American and Canadian energy industries have given the Free World an economic boost and a powerful diplomatic weapon.
The North American "fracking" revolution -- hydraulic fracturing to tap vast reservoirs of "tight" natural gas and oil -- has altered the world's strategic calculus.
U.S. and Canadian firms began experimenting with advanced oil and gas recovery techniques well before the "shale oil boom" made headlines. However, the development of fields in North Dakota and Texas helped develop techniques, technology and expertise. Fracking has opened previously untapped reservoirs. Frackers use improved drilling and production techniques to exploit existing fields. Information technology helps energy companies identify new oil and gas reservoirs and reduce the risks of "wildcat" oil and gas exploration.
Today, the U.S. is less dependent on foreign oil imports. Daily U.S. imports have declined, from around ten million barrels to seven million. The U.S. is now exporting energy to select markets. This is why the Trump Administration's proposed sale of half of the U.S. strategic petroleum reserve is timely. The reserve has around 700 million barrels.
The economic boon is obvious. So is the diplomatic clout.
Precisely when the U.S. and Canada supplanted OPEC as the world's oil price pacesetters is up for debate, but November 2016 to April 2017 is the time frame.
Now OPEC is struggling. Since the end of April, Saudi Arabia has called for the extension of OPEC's November 2016 oil production quotas. That deal was supposed to curb an oil supply glut by taking 1.2 million barrels a day off the market.
Have we reached ‘peak oil’ yet?..................
I don’t think so
Then I guess all those ‘experts’ were wrong.....................
Since when are ‘experts’ like these are ever right?
Why is the US still importing 7million barrels per day? Should we not aim at zero barrels per day?
The Russians hacked their Magic 8-Ball...........
I remember in my social studies book in the 80’s that oil will run out and we are headed to the Ice Age which of course was total bunk. Society cannot sustain without petroleum. I believe it may even be renewable and untold trillions are under us. What do I know? I do know American energy sufficiency is of vital national and economic security.
On that same note, why are we selling oil overseas?................
If that’s a serious question, private businesses sell their products where they can find willing buyers to pay a mutually agreed upon price.
It’s called FREE ENTERPRISE and it’s a good thing.
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