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Less than two years after the price of oil briefly plummeted to roughly negative $37 a barrel, an oil boom is underway in America—even in places where drilling was all but abandoned two years ago. “Private oil producers are leading an industry return to places like the Anadarko Basin of Oklahoma and the DJ Basin in Colorado, where drilling had almost completely stopped in mid-2020,” reports The Wall Street Journal. The Anadarko Basin, for example, has surged from just seven active drilling rigs to 46, according to energy analytics firm Enverus, while the DJ Basin in Colorado saw its number...

After three years of apocalyptic wailing and gnashing of environmentalist teeth over President Trump’s decision to withdraw from the job and economy killing Paris Climate Accord, it is ironic that the one country that faces the brunt of criticism from climate change zealots such as Greta Thunberg is leading the world and the European Union in lowering emissions and promoting cleaner energy, such as natural gas, all the while not hurting the economy: Despite shrieks of terror from the left about how President Donald Trump’s presidency threatens the existence of Earth and thus mankind, the fact is that under his...

‍US President Donald Trump’s trade chief rejected Canadian proposals to unblock the North American Free Trade Agreement (NAFTA) modernization talks on Monday, but pledged to seek “breakthroughs” by late February.... US Trade Representative Robert Lighthizer said after a sixth round of NAFTA negotiations in Montreal that Trump’s views on the pact are unchanged, and cautioned that talks are still moving too slowly on US priorities. “We finally began to discuss the core issues, so this round was a step forward,” Lighthizer said. “But we are progressing very slowly. We owe it to our citizens, who are operating in a state...

Tuesday the U.S. Geological Survey announced the largest ever assessment of “continuous oil” ever made in the United States. The Wolfcamp shale in the area of Midland, Texas is estimated to contain three times the oil and gas of the Bakken shale formation in Montana and North Dakota. From the USGS: The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This...

Russia's energy ministry says it has agreed with Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same. [...] Getting other producers to go along with that could be tricky. Prices have fallen sharply slump in prices since summer 2014, leaving producers scrambling to win market share from competitors. ...

While U.S. shale producers have slashed billions of dollars from capital budgets and taken more than 600 oil rigs offline since October, it may be several months before production actually falls as companies focus on their most efficient wells. Read More At Investor's Business Daily: http://news.investors.com/business/022715-741288-us-oil-spending-down-but-production-slow-to-fall.htm#ixzz3TGVUN2zT Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook

As a test of wills between OPEC nations and U.S. shale drillers fuels a global oil market slump, a brewing battle between Canadian and Saudi Arabia heavy crudes for America's Gulf Coast refinery market threatens to drive prices even lower. While the stand-off between the oil cartel and U.S. producers of light, sweet shale oil has captured the limelight in recent months, the clash over heavier grades - playing out in the shadowy, opaque physical market - may put even more pressure on global prices that have halved since mid-2014. Two factors will come into play over the next few...

Crude prices have plunged by more than 20% in recent months. The fall means cheaper gas, cheaper flights, and generally good news for American consumers. Oil prices have been falling for months, and the slide could easily continue. With unprecedented instability in the Middle East, how could this be happening? The answer, according to analysts who follow the market, is a little bit of everything, from economic fundamentals in big oil consuming countries to growth in output among some oil producers. But much more clear is the effect of tumbling prices: Low oil prices are the equivalent of a massive...

US shale oil growth covers up production drop in rest-of-world by Matt Mushalik, originally published by Crude Oil Peak  | Sep 17, 2014  We use the period starting with January 2010 when crude production had come back to 2005 levels after the exceptional year of 2009.Fig 1: US crude oil vs crude oil in rest-of-world   While US shale oil production is growing, there was a drop in crude production in the rest of world since February 2012 of almost 2 million barrels/d. How did this come about? As usual, there is decline and growth and then we have geopolitics....

The Utica Shale Is Starting to Look "Extraordinary" By Matt DiLallo | More Articles | Save For Later September 11, 2014 | Comments (1)   Chesapeake Energy.  Few people are as bullish on the future of the Utica shale as the founder and former CEO of Chesapeake Energy (NYSE: CHK  ) , Aubrey McClendon. He famously once called it the "biggest thing economically to hit Ohio, since maybe the plow." More recently, he called it "extraordinary" and said that "pound for pound, it's the best gas rock in the U.S." What's different this time is McClendon is no longer alone in his...

Jun 5, 2014, 11:02am CDT Eagle Ford production likely to double, consultancy predicts   Enlarge Photo Eddie Seal Orion Drilling Co.'s Perseus rig prepares to drill for hydrocarbons in the Eagle Ford Shale. Output from the South Texas formation is likely to reach 2 million barrels per day, according to a new Wood Mackenzie analysis. Photo: Eddie Seal/Bloomberg   Sanford Nowlin Crude oil and condensate output from South Texas’ Eagle Ford Shale is expected to double to 2 million barrels per day by 2020, according to energy consulting firm Wood Mackenzie.That means output from the oil-and-gas formation south of...

Bakken Shale oil production to hit 1.7 million Bpd in 2020 April 09, 2014       mellypage/iStockphoto/Thinkstock   Oil reserves worth approximately $118 billion are still lying under the Bakken/Three Forks Shale play system in Montana and North Dakota, according to a new estimate by research and consultancy group Wood Mackenzie. What's more, the play is extremely profitable, as the analysis claims that each one of the sub-plays yields positive returns.Jonathan Garrett, Americas upstream research analyst for Wood Mackenzie, explained that production from the Bakken/Three Forks Shale is predicted to come in at about 1.1 million barrels per day...

American oil production is surging. Yet oil prices remain near $100 a barrel. You may be wondering: When will all of this additional production finally overtake demand and push the price of oil down? You can find one answer in the price of oil futures -- which say we can expect oil to fall to closer to $80 in the coming few years and stay there.

US Shale Plays to Watch in 2014 by  Karen Boman | Rigzone Staff | Wednesday, November 27, 2013 The U.S. shale exploration and production boom has dramatically changed the U.S. energy landscape, unlocking enough natural gas resources to turn the country into a future exporter of liquefied natural gas while reversing the decline seen a few years ago in U.S. crude oil production.While unconventional plays such as the Eagle Ford and Bakken are well-known, DrillingInfo CEO Allen Gilmer told Rigzone he sees potential for exploration and production activity in 2014 and beyond for some emerging U.S. shale plays.These plays...

Here is America's Next Great Shale Play By Matt DiLallo | More Articles | Save For Later June 1, 2014 | Comments (0)   Photo credit: Chesapeake Energy  Chesapeake Energy  (NYSE: CHK  )  recently held its annual investor day. Among the many topics the company discussed was its emerging position in the Powder River Basin in the Rocky Mountains, which it sees becoming a world-class asset. That enthusiasm isn't just being conveyed by Chesapeake Energy. Earlier this year, EOG Resources  (NYSE: EOG  )  announced that it was adding four new Rocky Mountain oil plays to its drilling inventory while Devon Energy  (NYSE: DVN  )  noted that it was drilling...

Digging Deeper into the Bakken: The Three Forks Oil Formation by Keith Schaefer on November 6, 2013 One year ago, I wrote this story, asking—could the Bakken ever hit 1 million barrels of oil per day (bopd) production?Well, now the Market is asking—when (not if) will it hit 2 million?A massive, 76-page report from Goldman Sachs from late September suggests 2023—that’s another TEN YEARS of growth—with the biggest growth year being next year, in 2014.In fact, they say the worst case scenario for the Bakken is now 1.3 million in 2017. One million? Pfffftttt…yesterday’s news.A smaller examination from Credit Suisse in early October suggests the...

China's Energy Treasure Trove May Just Be Fool's Gold After All By Tyler Crowe | More Articles | Save For Later May 25, 2014 | Comments (0) What is more disappointing? Finding out that you missed out on something from the get go, or getting good news and only later finding out that it wasn't what you expected? Personally, I think the latter is harder to stomach, and that is why PetroChina (NYSE: PTR  ) and Sinopec (NYSE: SNP  ) probably aren't taking the recent news about China's shale gas reserves too well. Let's take a look at how what were once...

People often ask how long we should expect the current boom in shale oil and natural gas that is happening in Texas and throughout much of the United States to last. The correct answer today will be some variation on the theme: "A very long time."

The Bakken Shale Hits a Billion. How Much More Is Left in the Tank? By Matt DiLallo | More Articles | Save For Later May 5, 2014 | Comments (0) How soon will the sun set on the Bakken Shale boom? Photo credit: Flickr/katscool.Continental Resources (NYSE: CLR  ) recently noted that the Bakken Shale underneath North Dakota and Montana recently produced its billionth barrel of oil. The company, which has been a leader in developing the field, thinks we've only just begun to recover the oil trapped within these rocks. For a really interesting animation that shows how production in the...

he economy is tough, especially if you have a liberal arts degree, writes Ohio Treasurer Josh Mandel. While liberal arts majors are forced to take low-paying jobs, pipeline welders are making six figures thanks to the country’s oil and gas boom. “Too many young people have four-year liberal-arts degrees, are thousands of dollars in debt and find themselves serving coffee at Starbucks or working part-time at the mall,” Mandel wrote in the Wall Street Journal. “Many of them would have been better off with a two-year skilled-trade or technical education that provides the skills to secure a well-paying job.”“A good...