U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia. The U.S. will remain the world's biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation's economic recovery, Bank of America Corp. said. U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today [7/4/2014]. The country became the world's largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.
Of course, development will have to wait until the Democrats are out of the White House.
Shell announces new Gulf of Mexico discovery. Shell Oil Co. on Tuesday [7/15/2014] announced an offshore discovery in the Gulf of Mexico it believes contains 100 million barrels of oil equivalent. The discovery was made about 75 miles offshore in the eastern portion of the Gulf in water that's nearly 7,500 feet deep.
America the Lone Bright Spot in International Oil Outlook. One side effect from the chaos in Libya following the armed conflict in 2011 has been constant disruptions of the country's considerable supplies to the global oil market. But while its output remains just a fraction of what it was under Qaddafi, it does seem to be rebounding recently, [...]
Texas oil production set to top No. 2 OPEC country. Texas now is pumping 36 percent of the nation's oil, more than doubling its production in three years, according to new federal data. The Energy Information Administration reports that Texas oil production topped 3 million barrels per day in April, for the first time since the late 1970s.
Doubled Oil, Natural Gas Estimates Invite Fracking in Bakken, Three Forks. The US Geological Survey (USGS) ignited the Williston Basin oil boom in 2008 with its assessment of over two billion barrels of recoverable oil from the Bakken field but gave made no assessment of America's Three Forks field to the south. The USGS just announced that its 2013 survey doubled its 2008 estimates for combined shale oil and recoverable natural gas deposits in the Bakken and Three Forks areas of the Williston basin to 7.4 billion barrels of oil and 6.7 trillion cubic feet of natural gas. The USGS survey results are expected to dramatically increase oil and gas investment in the region.
'Saudi Dakota' Tops One Million Barrels a Day in Oil Production. It is the most remarkable economic story of our time and it comes in the midst of the Obama economy's miserable performance. The United States of America leads the world again in petroleum production, which includes crude oil, natural gas, and other liquids. We're number 3 in crude oil production behind Russia and Saudi Arabia and the Financial Times notes that we will eventually surpass both countries and become the leading producer of crude oil in the world. Four decades of declining oil production has been reversed in just the last 5 years.
No great loss, since Californians oppose oil drilling anyway.
Government Cuts California Oil Reserve Estimates 96 Percent. A federal agency reported Tuesday [5/20/2014] that its previous estimate of the amount of recoverable oil from California deposits was way too optimistic. Its 2012 estimate that the Monterey formation contained 13.7 billion barrels of recoverable oil was cut to 600 million barrels, just four percent of its previous estimate. [...] The Monterey formation has been described as "folded," "jumbled," and "shattered" instead of neatly piled up like a stack of pancakes as in North Dakota's Bakken or the Eagle Ford formations in Texas, making it more difficult and costly for oil companies to extract the oil deposits.
Shale riches helping South Texas towns help pay for upgrades. South Texas communities seem to have come to the same conclusion: The Eagle Ford is here and they'll be dealing with it for the long term. Although no one anticipated the oil boom or was able to plan for it, communities have started devoting more money to long-term planning. McMullen County Judge James Teal joked this week at the Eagle Ford Consortium's annual conference that if he had known the Eagle Ford would have been so big, he would have "probably kept my job in oil and gas."
Don't let politics ruin Alaska's energy future. During the summer of 1977, I worked in Alaska, 160 miles above the Arctic Circle, as a weather observer on the shores of the Chukchi Sea. Today, I long to see this truly wild and wonderful state continue to prosper as not just a terrific employment or tourist destination, but as an even bigger energy lifeline to the lower 48 states, as well. But, there is considerable difficulty in tapping Alaska's frozen frontier for its copious energy reserves. The difficulty is not so much physical as political, and the politics are sometimes laundered through the courts.
Gushing about America's Energy Future. In November, the International Energy Agency (IEA) recognized the remarkably positive developments in the U.S. energy sector of the past few years. Not only did the IEA project that U.S. oil production would exceed that of Saudi Arabia by 2020, it also projected that the United States would become virtually energy independent by 2035. However, what the IEA did not do was emphasize how much of this good news has occurred as the result of market forces rather than government planning aimed at securing energy independence. The IEA is now projecting that U.S. oil production will increase markedly to over 11 million barrels a day by 2020. That should allow U.S. oil imports to decline to 4 million barrels a day from their present level of around 10 million barrels a day. The IEA is also forecasting that the United States will become a major natural gas exporter over the next few years.
US energy security threatened by prairie chicken and sage grouse. The Obama administration seems hell-bent on sabotaging domestic energy production, one way or another. As James Freeman writes in the Wall Street Journal, "Delaying approval of the Keystone XL pipeline, maintaining export limits and discouraging refinery construction haven't stopped a revolution that will soon make the United States the world's largest producer of crude oil." But the administration, goaded by radical environmentalists, has a new weapon to curtail production: more endangered species. Washington may add a record 757 new species to the endangered list by 2018.
Fracking is turning the US into a bigger oil producer than Saudi Arabia. The expansion in volumes of oil and gas produced by hydraulic fracturing is taking experts and politicians by surprise, with profound consequences for US geopolitics, and even Europe's reliance on Russian gas.
The Oil and Gas Boom Booms On. The domestic oil and gas boom is rolling on, with no end of positive effects for the American economy. At the official end of the recession, in June 2009, we pumped 158.266 million barrels of oil that month. In November 2013, we pumped 233.051 million barrels, a 47.2 percent increase. This has led directly to much less imported oil, a much improved balance of trade, and a less influential OPEC. But as Investor's Business Daily points out, the economic benefits of the energy boom spread far beyond the oil industry into the economy as a whole.
An opposing viewpoint:
Reversal of Fortune: The Fate of Oil. The shale gas boom has given the U.S. another couple of decades of higher fossil fuel production. Will we squander that bounty on riotous living, or will we set the nation up for cheap energy and a high standard of living in the post-fossil fuel eternity? Any scientist, engineer, or politician who has contributed to the demonizing of carbon dioxide, or has been silent on that issue, has disqualified himself from being involved in providing the solution.
The Year of the Dud. Lots of things that should have happened in 2013 did not. We were supposed to have long ago reached "peak oil" and an age of always-higher gas prices. Wind and solar power — and a reduced lifestyle — were our dismal future. But someone or something did not cooperate with gloomy government predictions. After all the failed subsidized green companies, the postponement of the Keystone Pipeline, the radical restrictions of new gas and oil leasing on federal lands, and the promises for radical climate-change legislation curtailing carbon-energy use, the United States nevertheless seems awash in old energy. Gas prices have been going down. Oil and natural-gas production is going up.
Time to Call Climate Change for What It Is: The Weather. [A] report last year confirmed what I've been saying for three years now: There's enough fossil energy available domestically for the United States to not just be energy independent, but for the U.S. to be the great exporter of energy for the world. "Shale oil (light tight oil) is rapidly emerging as a significant and relatively low cost new unconventional resource in the US," writes PWC in its February, 2013 report Shale oil: the next energy revolution. "There is potential for shale oil production to spread globally over the next couple of decades. If it does, it would revolutionise global energy markets, providing greater long term energy security at lower cost for many countries." The big winner in all this would be the United States because it has large reserves of this type of energy.
Electricity Prices Soar As Government Regulation Surges. In November, the Bureau of Labor Statistics' Electricity Price Index hit 202.284, an all-time record and nearly 20% higher than just six years ago. This might strike some as strange, given the private-sector shale-fracking boom going on in the Midwest, Northeast and Texas, which has led to soaring new domestic supplies of natural gas and oil. According to the U.S. Energy Information Administration, as recently as 2008 the U.S. produced 2.1 billion cubic feet of natural gas per day. Today, it's 12.3 billion cubic feet and growing fast — truly astounding growth.
Report: U.S. energy industry flirting with all-time high crude-oil production record. In yet another testament to just how big a thank-you the Obama administration owes to the oil-and-gas industry and particularly hydraulic fracturing for helping to spur onward what has otherwise very largely been a paltry excuse for an economic "recovery," the Energy Information Administration released their 2014 energy outlook report on Monday [12/16/2013] — and the United States has not only far and away surpassed the EIA's own forecasts of yesteryear but is on track to hit new production records.
Second Life for an Old Oil Field. The Permian Basin — 86,000 square miles centered on Midland, Texas — has been pumping oil since the 1920s, though production peaked at about 2 million barrels a day in the early 1970s. For decades, geologists have known that oil could be found in different layers of rock piled up like a stack of geologic pancakes. But now drillers are starting to tap those layers simultaneously from a single site — and are committing billions of dollars to do so.
Hackin' and frackin', &c.. What has given this nation its dynamism recently is hackin' and frackin', computer technology and oil (and natural gas). Do you realize that the United States has passed Russia and Saudi Arabia as the top producer of oil and natural gas in all the world? This is a greatly underreported fact. A hugely significant fact.
U.S. has overtaken Saudi Arabia to become the world's biggest oil producer on jump in output from shale. The United States is now the world's biggest supplier of oil overtaking the world number one, Saudi Arabia, according to latest output figures. A surge in US oil output, which includes natural gas liquids and biofuels, has swelled 3.2 million barrels per day (bpd) since 2009. The spike in oil production is the fastest expansion over a four-year period since Saudi Arabia's output surge from 1970-1974, energy analysis firm PIRA said in a statement.
In Oil and Gas, We're No. 1. Guess who is the world's largest producer of liquid and gaseous hydrocarbon fuels (oil, natural gas, and natural gas liquids)? For years it has been Russia, which is deeply dependent on the production and export of such products (taxes and tariffs on them provide 40 percent of the government's budget). But this year, probably already, Russia will be overtaken by the United States, according to an article in the Wall Street Journal. U.S. oil production increased by more than a million barrels a day last year, the largest annual increase since oil production began in 1859. Russian oil production has been falling.
U.S. Is Overtaking Russia as Largest Oil-and-Gas Producer. U.S. energy output has been surging in recent years, a comeback fueled by shale-rock formations of oil and natural gas that was unimaginable a decade ago. A Wall Street Journal analysis of global data shows that the U.S. is on track to pass Russia as the world's largest producer of oil and gas combined this year — if it hasn't already.
The US is the Gassiest Country. Over the past seven years, the US has firmly established itself as the global king of natural gas production (and consumption). In 2011, the US produced 62.7 billion cubic feet per day (bcfd) — more natural gas than any country had ever produced in a single year. That record fell in 2012 when the US produced 65.7 bcfd — which represented just over 20% of all the natural gas produced in the world.
Basic Power Gen Cost Information. Natural gas (NGCC) power plants require the smallest investment, and while natural gas prices are below $4 per million BTU, will generate the least expensive electricity; above $4 per million BTU, coal is likely to generate electricity at lowest cost.
The Editor says...
Natural gas and coal are two energy sources of which we have plenty. Why then must we waste money on windmills and solar panels?
Two West Texas plays poised for surge in production, investment. Exploration and production giants such as Apache Corp., ConocoPhillips, and Chevron are positioned to lead an investment boost in the oil fields, and in five years, capital expenditures could jump 57 percent to $22 billion in the two Permian Basin plays. Together, the Bone Spring and the Wolfcamp plays could pump 1 million barrels of oil per day by 2018, Wood Mackenzie reports.
Energy Manipulation. Why is it that natural gas sells in the U.S. for $3.94 per 1,000 cubic feet and in Europe and Japan for $11.60 and $17, respectively? Part of the answer is our huge supply. With high-tech methods of extraction and with discovery of vast gas-rich shale deposits, estimated reserves are about 2.4 quadrillion cubic feet. That translates into more than a 100-year supply of natural gas at current usage rates.
Texas Oil And Gas Numbers Fly Off The Charts. We've pointed out a couple of times that Texas's oil production represents roughly 30% of the total US output, an amazing statistic, especially considering that the percentage was below 15% just a few years ago. In May, that statistic became even more amazing, as Texas accounted for 34.5% of total US oil production, thanks to continued production growth in the Eagle Ford Shale and in several shale plays in the Permian Basin region of West Texas.
Texas will continue to lead US oil boom. The growth in the energy sector is expected to continue to grow like gangbusters — led by Texas, according to Karr Ingham, a petroleum economist for the Texas Alliance of Energy Producers and creator of the Texas Petro Index, speaking at the Petroleum Club on the latest release of the index. "We would be the 14th largest oil producing country on the planet, if Texas were a country," Ingham said. "You have the Permian producing 925,000 barrels a day and the Eagle Ford escalating to 540,000 barrels a day — that is just extraordinary."
Exactly what the environmentalists dont want:
US shale oil supply shock shifts global power balance. A steeper-than-expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers, a report says. Over the next five years, the US will account for a third of new oil supplies, according to the International Energy Agency (IEA). The US will change from the world's leading importer of oil to a net exporter. Demand for oil from Middle-East oil producers is set to slow as a result.
What If We Never Run Out of Oil? In the 1970s, geologists discovered crystalline natural gas — methane hydrate, in the jargon — beneath the seafloor. Stored mostly in broad, shallow layers on continental margins, methane hydrate exists in immense quantities; by some estimates, it is twice as abundant as all other fossil fuels combined. Despite its plenitude, gas hydrate was long subject to petroleum-industry skepticism. These deposits — water molecules laced into frigid cages that trap "guest molecules" of natural gas — are strikingly unlike conventional energy reserves.
The Editor says...
"Methane hydrate" is no more jargon than "carbon dioxide." This is an example of a writer dumbing down a technical article, presumably to avoid alienating poorly educated readers, of which there are so many.
A Tale of Two Oil States. Barely unnoticed [sic] outside energy circles, Texas has doubled its oil output since 2005. Even with the surge in output in North Dakota's Bakken region, Texas produces as much oil as the four next largest producing states combined.
10 Points to Consider in the Great Natural Gas Vehicle Debate. [#3] The number of natural gas vehicles (NGVs) in the world could reach 65 million by 2020, according to the International Association of Natural Gas Vehicles, which indicates an annual growth rate of 19%. Another study by Navigant Consulting puts this number at a much more modest (but still impressive) 35 million.
Companies line up to drill after survey shows Dakota oil, gas fields far bigger than believed. Energy companies are lining up for their shot to drill in the Dakotas and Montana after a new government report revealed that a massive geological formation stretching across the states contains twice the oil and three times the amount of natural gas than was originally believed.
N.D. oil is more plentiful than previously thought. The sea of oil and natural gas underneath North Dakota is far larger than first thought. There are 7.4 billion barrels of recoverable oil in the western part of the state and extending into Montana, according to the latest estimate by the U.S. Geological Survey. That's more than twice the oil the USGS estimated could be recovered five years ago. What's more, the USGS has nearly tripled its estimate of the natural gas available in the area.
An Era of Endless Energy Is At Hand. The cost of energy is one of the key determinants of economic growth, and the United States is poised to become the world's great energy superpower for the foreseeable future. Cheap energy is like an across the board tax cut: it lifts all the boats. If the U.S. only had a competent government, there would be no stopping us.
ND oil production has increased more than 600%. Oil production in North Dakota has increased more than 600% in the past several years, from 35.7 million barrels of oil in 2005 to 237 million barrels in 2012. In 2005, North Dakota was the No. 8 oil-producing state in the nation, and in just seven years has moved up to become the No. 2 state for oil output in 2012, behind only No. 1 Texas.
Gas News: North Dakota building first US oil refinery since 1976. In one of the biggest news to come out of North Dakota, one of the first domestic oil refineries in the U.S. is under construction, the first since 1976. This, and the Keystone XL oil pipeline, could help the U.S. wean itself from past over-reliance on foreign oil.
Texas oil and gas jobs flourished in 2012. A recent report confirms what you already knew: People in the oil and gas industry make more money than you, and Texas is producing lots more oil. The Texas Independent Producers & Royalty Owners Association's "State of Energy Report" says the industry employs more than 971,000 people in the U.S., including about 379,800 in Texas.
America Can Drill Its Way Out Of The Middle East. Iraq, relieved of a tyrant and transformed into a representative government, is falling under Iran's command. Meanwhile, Afghanistan resists progress. We need a new Mideast policy, which begins with a new energy policy.
Peak Oil Cult Is Proved Spectacularly Wrong. In December, U.S. oil exports hit a record of 3.6 million barrels per day, thanks in part to soaring domestic petroleum production. Last year, domestic natural gas production averaged 69 billion cubic feet per day, a record, and a 33% increase over the levels achieved back in 2005. That year, Lee Raymond, the famously combative former CEO of ExxonMobil, declared that "gas production has peaked in North America."
UK Shale Gas Numbers Could Be Stratospheric. While Europe dithers over whether the blatant economic success of the US shale gas 'miracle' will translate to these shores, the UK Government has been slightly more pro-shale active. But, while the threat of (liberal democrat-instituted) over-regulation still casts a shadow, the pro-shale (mostly conservative) wing of government looks set for a stratospheric boost.
Oil's new reign in Texas draws comparisons to the Kingdom. Oil production in Texas is soaring, jumping to an average 2.139 million barrels a day in November — the best showing in more than 25 years. Analysts are chalking up Texas' booming production to shale plays, especially South Texas' Eagle Ford, where production was minuscule just five years ago, along with a revival of West Texas' Permian Basin.
The President's Energy Policy Leaves a Lot of Energy Out. In Obama's big Energy Speech, at the truck plant in North Carolina, he reiterated his usual excuse that "America has just two percent of the world's oil, but we use twenty percent of the world's oil." President Obama's two percent is that teeny little red pyramid on the top.
Oil production to grow at fastest rate ever. Driven by the shale boom, the United States in 2014 will hit its highest daily oil production level since 1988 and will grow oil output at the highest rate ever, the U.S. Energy Information Administration predicted Tuesday [1/8/2013]. U.S. daily oil production, which averaged 6.4 million barrels a day in 2012, will surge 23 percent to average 7.9 million barrels a day in 2014, the administration said.
Robber Barony: Obama Energy Policy By Another Name. It is time for more Americans to learn about the real energy boom that the Obama Administration is trying to keep under wraps in major and countless minor ways.
California could edge out Texas in oil production. Last week, the U.S. Bureau of Land Management sold 15 leases for about 18,000 acres in California's Monterey Shale, which stretches 200 miles south from San Francisco. The U.S. Energy Information Administration estimates the shale formation could hold 15.4 billion barrels of oil, which would be double the combined reserves of the Bakken formation in North Dakota and the Eagle Ford shale of South Texas, Bloomberg News reports.
Energy to Spare. Coal, natural gas, and oil remain the least expensive and most convenient fuels. That's why they supply more than 85 percent of energy today. There are technical alternatives to these energy sources, but no economic alternatives. [...] Americans could produce even more energy if the U.S. government freed up access to existing resources. The U.S. alone is estimated to possess 30 billion barrels of oil reserves based on current technology. Total resources are far greater and will yield even more recoverable supplies as technology advances. Off-shore oil deposits add even more.
Oil and Gas Jobs Hit 25-year High; Coal Slumps. The number of oil and gas jobs in the U.S. climbed to 196,300 in November, according to Friday's Bureau of Labor Statistics (BLS) monthly jobs report. This is their highest level since February 1988. According to the BLS report, oil and gas jobs rose from 183,200 in November 2011, and grew slightly over October's numbers, continuing a trend of resilient job growth in the oil and gas sector. Meanwhile, coal job numbers continued to slump down from 81,100 in September to 80,500 in November. Those numbers are both down from the 87,00 coal jobs reported in November 2011.
U.S. To 'Become Largest Global Oil Producer' By 2020, 'Net Oil Exporter' By 2030 — If We Let It. In a striking blow for the environmental left, the International Energy Agency has released a report detailing how the United States is on track to outpace Saudi Arabia in oil production. This surely puts the Obama administration in a bind concerning its green energy monomania that has dominated their energy policy for the past four years. This finding shows that the United States can be energy independent, and we have the resources to do so. However, the boot of government is trying to centralize and control those resources to expand their dependency agenda.
IEA: U.S. to Become the World's Largest Oil Producer Oil. The International Energy Agency (IEA) is telling us what we already know: the shale oil boom will make the global energy picture with the United States as the top oil and natural gas producer. According to the IEA, the United States will become the world's largest producer of oil by 2017 overtaking both Saudi Arabia and Russia.Company drilling in Nevada could be sitting on 187 Million oil barrels. U.S. Oil and Gas, of Dublin, has been using 'groundbreaking' technologies for its first major drilling project in Hot Creek Valley, Nevada, with local media suggesting it is sitting on an enormous oil lake. One well could generate a breathtaking 187 million barrels of oil, reports suggested — although the company has insisted testing is not yet complete and the size of the oil field is not yet certain.
The U.S. will be the world's leading energy producer, if we allow it. As readers of these pages know, the key to this U.S. energy boom has been technological innovation and risk-taking funded by private capital. Specifically, the private oil and gas industry pioneered the use of horizontal drilling and hydraulic fracturing (or fracking) to tap unconventional deposits such as shale that once were technologically out of reach. It also wouldn't have happened if the industry wasn't able to drill on private land, free from federal regulation. This is a real energy revolution, even if it's far from the renewable energy dreamland of so many government subsidies and mandates.
Barack H. Obama is doing everything he can to prevent this:
U.S. Oil Output to Overtake Saudi Arabia's by 2020. U.S. oil output is poised to surpass Saudi Arabia's in the next decade, making the world's biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said. Growing supplies of crude extracted through new technology including hydraulic fracturing of underground rock formations will transform the U.S. into the largest producer for about five years starting about 2020, the Paris-based adviser to 28 nations said today [11/12/2012] in its annual World Energy Outlook.
This is an original compilation, Copyright © 2013 by Andrew K. Dart
Most Alaskans will get $900 for 2013 share of state's oil wealth. The dividends are distributed annually to people who have lived in Alaska for at least one calendar year.
The Editor asks...
Why can't Texas do that, too?
BP to spend $1 billion in Alaska's North Slope. BP announced Monday [6/3/2013] that it will sink $1 billion into revving up crude production from Alaska's declining North Slope, weeks after the state decided to give the oil industry a $750 million annual tax cut. The British oil giant plans to add two drilling rigs to its Prudhoe Bay field, bringing the count up to nine, the highest in about six years. New well work and drilling, along with upgrades of existing facilities, could support 200 new jobs, the company said.
An Alaskan Challenge for 'All of the Above' Energy. An accident with no environmental impact is being exploited for political purposes in an effort to halt offshore exploration in Alaska.Morons Who Hate Oil: According to the US Geological Survey and the Minerals Management Service at the Department of Interior that regulates America's on- and off-shore oil reserves, they estimate that America holds more than 21 billion barrels of "proven" conventional oil reserves. Add to this the estimated 100 billion barrels of oil reserves in the postage stamp-sized proposed drilling area of the Alaskan National Wildlife Refuge. According to the Congressional Research Service, America's combined energy resources, oil, coal, and natural gas, are the largest on Earth!
Russian $8.2 Trillion Oil Trove Locked Without U.S. Tech. Even as the decision to stop gas supplies to Ukraine aggravates tensions with the U.S. and Europe, Russia faces a dilemma: it still needs Exxon Mobil Corp., Halliburton Co. and BP Plc to maintain output from Soviet-era oil fields and develop Arctic and shale reserves. Russia will require Western companies to provide the modern drilling and production gear — and techniques such as hydraulic fracturing — that are essential to unlocking its $8.2 trillion worth of barrels still underground.
The World's Resources Aren't Running Out. How many times have you heard that we humans are "using up" the world's resources, "running out" of oil, "reaching the limits" of the atmosphere's capacity to cope with pollution or "approaching the carrying capacity" of the land's ability to support a greater population? The assumption behind all such statements is that there is a fixed amount of stuff — metals, oil, clean air, land — and that we risk exhausting it through our consumption. [...] But here's a peculiar feature of human history: We burst through such limits again and again. After all, as a Saudi oil minister once said, the Stone Age didn't end for lack of stone.
Extracting oil and gas: When bad news becomes good news. Prince Alwaleed bin Talal, one of the royal billionaires, says Saudi Arabia is under "threat" because of fracking, the technology of extracting gas and oil from energy deposits deep underground. Growing supplies — actual supplies, not merely reserves — in the U.S. have dramatically cut demand for Saudi oil.
Massive Oil Discovery Challenges Saudi Reserves. An intelligence brief said that a small Australian town called Coober Pedy has A$20 trillion worth of shale oil — the biggest find in 50 years, the Money Morning TV reported. The oil deposit is estimated to be six times larger than the Bakken, 17 times the size of the Marcellus formation, and 80 times larger than the Eagle Ford shale. The recently discovered Arckaringa Basin, located just outside the sleepy Australian town, contains more oil more than in all of in Iran, Iraq, Canada, or Venezuela.
Trillions of dollars worth of oil found in Australian outback. The discovery in central Australia was reported by Linc Energy to the stock exchange and was based on two consultants reports, though it is not yet known how commercially viable it will be to access the oil. The reports estimated the company's 16 million acres of land in the Arckaringa Basin in South Australia contain between 133 billion and 233 billion barrels of shale oil trapped in the region's rocks. It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at today's oil price, will be able to be recovered.
America's Big Fat Advantage. "Peak oil" and our "oil addiction" were supposed to have ensured that we ran out of either gas or the money to buy it. Now, suddenly, we have more gas and oil than ever before. But the key question is: Why do we? The oil-and-gas renaissance was brought on by horizontal drilling and fracking that opened up vast new reserves that were previously either unknown or considered unrecoverable. Both technological breakthroughs were American discoveries, largely brought on by entrepreneurial mavericks and engineers exploring on mostly private lands.
BP CEO: 'Peak oil' talk quieted by abundance. BP CEO Robert Dudley said booming oil-and-gas production from sources including onshore shale formations and deepwater regions has defeated arguments that global oil production will soon peak and go into an irreversible decline. Dudley, in a speech, noted projections of overall global demand energy growing by over a third by 2030, including the need for around 16 million more barrels per day at that time. But he said that the ability produce from oil-and-gas reservoirs that were once out-of-reach will enable supply to keep up.
Is the Theory of 'Peak Oil' Dead? Yet another voice has questioned the theory of "peak oil," which posits future scarcity, rising prices, and economic collapse due to the lack of precious fuels that drive the global economy. [...] In North America oil supply has grown annually by roughly 500,000 barrels per day while demand shrinks because vehicles are increasingly burning less gasoline.
End of an Era: The Death of Peak Oil. For decades, pundits have been trying to predict a tipping point for Peak Oil — when a sustained and unabated climb in oil prices sparks a near-collapse of the global economy. According to Peak Oil theory, the rate of petroleum extraction will crest and then begin an immutable decline, pushing oil prices ever higher as demand for this finite resource permanently exceeds supply. However, an array of structural shifts in the Energy industry is conspiring to insulate the global economy from any such dramatic increase in the price of oil. After decades of indifference, pivotal U.S. consumers have radically altered their consumption of petroleum and related products, moderating demand for the world's largest market. Concurrently, heightened investments and technological breakthroughs have spurred an explosion in resources, as source rock has expanded the definition of "finite resource."
Great Moments In Failed Predictions. In 1865, Stanley Jevons (one of the most recognized 19th century economists) predicted that England would run out of coal by 1900, and that England's factories would grind to a standstill. In 1885, the US Geological Survey announced that there was "little or no chance" of oil being discovered in California. In 1891, it said the same thing about Kansas and Texas.Mexico details Gulf oil find. After more than a dozen attempts, Mexico's national petroleum monopoly has struck significant oil very near the U.S. boundary in the ultra-deep waters of the Gulf of Mexico, President Felipe Calderon said Wednesday [8/29/2012]. "This is a great discovery," Calderon said in announcing the find by Petroleos Mexicanos, or Pemex, beneath more than 8,300 feet of water and miles of earth, the first successful well in a system that he said ultimately may hold as much as 10 billion barrels of oil.
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Updated July 21, 2014.
©2014 by Andrew K. Dart