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West Texas Oil Flood Texas Crude Profits   l By Keith KohlFriday, December 20th, 2013At around 6 o'clock on the morning of May 28, 1923, an oil well named after the patron saint of the impossible blew. The well sprayed oil over the top of the derrick and covered a 250-yard area around the site.This is the infamous picture of it:On that morning, the oil boom in West Texas was born. The name of the well was Santa Rita No. 1.For the next 50 years, oil from West Texas flooded the world. Wildcatters, ranchers, and residents of sleepy cowtowns became...

Shale Revolution: Trade Deficit Slides by Zacks Equity Research   Published on December 18, 2013 |In October, the trade deficit declined to $40.3 billion from the upwardly revised figure of $43 billion for the month of September. Particularly notable was the fact that exports of goods and services increased by 1.8% to a record monthly high of $192.7 billion. This was an 18% increase from September figures. On the other hand, imports increased only by 4.5%, to $233.3 billion. Increase in Global Demand The decline in the level of deficit indicates that the global economy has turned the corner. Shipments to...

U.S. crude oil production will rise faster than expected to a near historic high by 2016, according to the Energy Information Administration (EIA), which sharply raised its annual output forecasts on Monday due to the breakneck speed of shale oil development.

The Shale Energy Revolution in North America is Changing the World December 15th, 2013 By MoneyMorning.com.auGood news keeps rolling in for America’s booming shale plays.This week, the US Energy Information Administration (EIA) released a report describing how the Marcellus Shale region is on track to supply 18% of total US natural gas production in December.Let’s take a look at two important charts – plus a few quick takeaways about how North America is changing the world…Production in the Marcellus shale is booming. Here’s the first chart.Click to enlarge  Basically, more and more ‘takeaway capacity’ has come online in the...

Anadarko Focusing on Onshore U.S. Operations  Though Anadarko Petroleum (NYSE: APC  ) is well known for its international asset portfolio, which includes sizable stakes in the Jubilee field off Ghana's shore, the El Merk project in Algeria's Sahara Desert, and exploratory prospects offshore various African countries, the company's onshore U.S. operations account for nearly 90% of its total production and 60% of this year's capital spending.In fact, Anadarko is so optimistic about its growth runway in the U.S. that it recently sold some international assets to help fund its onshore U.S. drilling program. Let's take a closer look.Mozambique sale to fund...

While President Obama continues to tilt for windmills, rising oil and gas production has showered his administration with unexpected benefits. Those producers inadvertently include his arch enemies—the Koch Brothers. How deliciously ironic it is that the oil industry – consistently scorned by this president – has been one of the most potent economic drivers of this recovery, the biggest contributor to an improving balance of payments picture and has provided Obama significant leverage in digging out of his difficulties in the Middle East. President Obama and fellow members of the flat earth society, who many years ago wrote off the...

Eagle Ford, Permian Basin on Target to Surpass 2 MMbopd in 2013 Texas oil production from just two fields, the Eagle Ford shale and the Permian Basin, is likely to total well over 2 million barrels of oil per day (MMbopd) this year, if recent output trends continue, and could approach 2.5 MMbopd sometime in 2014, according to analysts. The Eagle Ford has been front and center in energy news, and has stolen some of the limelight from the Permian Basin. However, horizontal drilling and hydraulic fracturing have rejuvenated production in the Permian Basin in recent years, and many of...

SAN ANTONIO, Texas — Eagle Ford Shale oil production is expected to reach 1 million barrels per day next summer — and keep growing as operators add tens of thousands of more wells to the giant South Texas field. “This is a huge oil producer,” said Subash Chandra, a managing director and at the investment banking firm Jefferies & Co. He spoke Wednesday to more than 4,000 people attending Hart Energy’s third annual DUG Eagle Ford Conference at the Convention Center. More than 11,100 wells have been permitted in the Eagle Ford since 2008, but the research firm DrillingInfo estimates...

The price of the benchmark U.S. crude oil, West Texas Intermediate, fell the most in more than a month Wednesday as American output surged to a 22-year high last week and Chinese manufacturing contracted more than economists estimated.

Contributor A truism, tacked on to the end of any respectable article, blog post or research memo on US Oil Production, is that the US only produces a small fraction of the World’s Oil Supply and that as such it can’t influence prices.