Shepstone Management Company, Inc.
The shale revolution is a miracle. It’s cleaned the air, reduced carbon emissions, lowered energy costs, built rural economies and made for energy security.
Today, as we honor those who gave their lives for America, it’s appropriate to focus on the contributions of the shale revolution to our American security. We have, over the course of the revolution, gone from a bleak future of continued dependence for energy on “death to America” spirited suppliers to a situation of world energy dominance. It has been a remarkable transformation of prospects that has made America more energy secure than ever. A recent “Today In Energy” column from the Energy Information Administration tells the story from a factual perspective.
Here are the highlights (emphasis added):
The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world’s top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world’s top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%…
U.S. petroleum production increased by 745,000 barrels per day (b/d) in 2017, driven by a 21% increase in oil prices to approximately $65 per barrel. In the United States, crude oil and lease condensate accounted for 60% of total petroleum hydrocarbon production in 2017, and natural gas plant liquids accounted for 24%. Saudi Arabia and Russia have much smaller volumes of natural gas plant liquids, as well as refinery gain and biofuels production, which combined account for most of the remaining share of U.S. petroleum production.
U.S. dry natural gas production grew slowly in early 2017 because of unfavorable economic conditions at that time. Production increased during the last nine months of the year, ultimately leading to a 5.7 billion cubic feet per day (Bcf/d) difference between the first quarter and fourth quarter of 2017. From 2016 to 2017, domestic dry natural gas production increased by 1%, and U.S. liquefied natural gas exports quadrupled…
In contrast, Russian and Saudi total liquids production fell in 2017 compared with 2016…
In EIA’s May Short-Term Energy Outlook (STEO), U.S. petroleum and other liquid fuels production is expected to increase, reaching 17.6 million b/d in 2018 and 19.1 million b/d in 2019, up from 15.6 million b/d in 2017.
Thank the shale revolution for all this. It’s made us less dependent on a part of the world that wanted to use the money earned from selling us energy to wipe us off the map. Indeed, it’s made Saudi Arabia re-evaluate everything in our favor, although that’s a subject for another day. That’s about as meaningful as it gets on Memorial Day. The message on the hat was correct:
The post The Meaning of the Shale Revolution this Memorial Day appeared first on Natural Gas Now.
https://www.shaledirectories.com/blog/the-meaning-of-the-shale-revolution-this-memorial-day/
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