Archives par mot-clé : Shale Gas/Oil

energy and fields

The Permian Basin: The gift that keeps on giving!

by D. Middleton, Oct 4, 2022 in WUWT

SEPTEMBER 30, 2022
Advances in technology led to record new well productivity in the Permian Basin in 2021

The Permian Basin in western Texas and eastern New Mexico is one of the world’s most prolific unconventional oil- and natural gas-producing regions. The Permian Basin has become more productive because of the technological advancements in drilling and completion techniques, which allow operators to economically extract hydrocarbons from the low permeability reservoirs.

The stacked reservoirs of the Permian Basin, and the Delaware and Midland subbasins within it, vary in thickness and depth. Improved geological understanding, known as subsurface delineation, helps operators place wells to optimize well spacing in the most productive areas.

The Permian Basin has produced oil and associated natural gas from vertical wells for decades. Since 2010, advances in hydraulic fracturing and horizontal drilling led to rapid production growth. The number of new horizontal wells increased to 4,524 in 2021, compared with 350 in 2010. In June 2022, the Permian Basin accounted for about 43% of U.S. crude oil production and 17% of U.S. natural gas production (measured as gross withdrawals).

The length of a well’s horizontal section, or lateral, is a key factor in well productivity. In the Permian Basin, average well horizontal length has increased to more than 10,000 feet in the first nine months of 2022, compared with less than 4,000 feet in 2010.

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See also:

Malthus, Ehrlich and now… Peak Permian

energy and fields

FRACK TO THE FUTURE UK is sitting on gas gold mine which would blitz bills & Putin monopoly – so it’s madness not to frack, says Matt Ridley

by P. Homewood, Mar 3, 2022 in NotaLotofPeopleKnowThat

THE price of gas is through the roof thanks to Vladimir Putin, who has Europe’s energy market by the throat.

Britain is on track to spend a staggering £2BILLION on imported liquefied natural gas from Russia this year as war rages in Ukraine.

Household bills will skyrocket even more than they already were — and could hit £3,000 a year.

This is what happens when you rely on imported foreign energy.

And what makes it more maddening is that we don’t need to do this. We have supplies here.

Under Lancashire and Yorkshire lies one of the best reservoirs of natural gas in the world, known as the Bowland Shale.

At current prices, just ten per cent of this gas is worth several trillion pounds and could keep Britain supplied with gas for five decades.

energy and fields

So, shale gas doesn’t work? Really?

by P. Homewood, Feb 16, 2022 in NotaLotofPeopleKnowThat

We should find out whether UK shale gas will work – lift the fracking ban and let’s find out.

We do understand that if you’re an activist in a political party then it is necessary to accept some of the argument as handed down from on high. That’s rather what the collective vision of a political party means. But we do wish that such activists would occasionally have a little think about what they’re being asked to swallow. Perhaps taste it for basic logic, that sort of thing.

Take, for example, this insistence that there’s no point in fracking for natural gas because it will take a decade to get anywhere. Peter Franklin repeats this at Conservative Home for example:

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energy and fields

Six States Provide 55% of US Primary Energy… (And Federal Oil & Gas Leasing to Resume!)

by D. Middleton, Aug 31, 2021 in WUWT

AUGUST 31, 2021
Six U.S. states accounted for over half of the primary energy produced in 2019

In 2019, the top six primary energy-producing states—Texas, Pennsylvania, Wyoming, Oklahoma, West Virginia, and North Dakota—accounted for 55 quadrillion British thermal units (quads), or 55% of all of the primary energy produced in the United States. In 2000, these six states had accounted for 39% of the nation’s primary energy production, indicating that primary energy production has become more concentrated to the top producing states.

Primary energy production in the United States grew 40% from 2009 to 2019, driven largely by increased crude oil and natural gas production in Texas, Pennsylvania, Oklahoma, and North Dakota. During that period, advances in hydraulic fracturing and horizontal drilling made drilling for previously inaccessible crude oil and natural gas more economical in the United States. Between 2009 and 2019, production of primary energy more than doubled in Texas and Oklahoma, more than tripled in Pennsylvania, and more than quadrupled in North Dakota.

[…]

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energy and fields

India to overtake EU as world’s third largest energy consumer by 2030: IEA

by P. Homewood, Feb 20, 2021 in NotaLofPeopleKnowThat

India will overtake the European Union as the world’s third-largest energy consumer by 2030, the International Energy Agency (IEA) said on Tuesday as it forecast India accounting for the biggest share of energy demand growth over the next two decades.

In its India Energy Outlook 2021, IEA saw primary energy consumption almost doubling to 1,123 million tonnes of oil equivalent as the Gross Domestic Product (GDP) expands to USD 8.6 trillion by 2040.

India at present is the fourth-largest global energy consumer behind China, the United States and the European Union.

Underpinned by “a rate of GDP growth that adds the equivalent of another Japan to the world economy by 2040”, India will overtake the European Union by 2030 to move up to the third position, it said in the report.

India accounts for nearly one-quarter of global energy demand growth from 2019-40 — the largest for any country. Its share in the growth in renewable energy is the second-largest in the world, after China, IEA said.

“By 2040, India’s power system is bigger than that of the European Union, and is the world’s third-largest in terms of electricity generation; it also has 30 per cent more installed renewables capacity than the United States,” it said.

A five-fold increase in per capita car ownership will result in India leading the oil demand growth in the world. Also, it will become the fastest-growing market for natural gas, with demand more than tripling by 2040.

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energy and fields

China And Iran Start Drilling In This Super Giant Gas Field

by P. Homewood, Dec 27, 2020 in NotalotofPeopleKnowThat

Drilling operations of the first well of the game-changing but highly-controversial Phase 11 of Iran’s supergiant South Pars non-associated natural gas field officially began last week. Significant gas recovery from the enormous resource will commence in the second half of the next Iranian calendar year that begins on 21 March 2021. The long-stalled Phase 11 development supposedly saw the withdrawal of all Chinese involvement in October 2019. In reality, though, China is still intimately involved in its development and is looking to further scale up its activities following the inauguration of Joe Biden as U.S. President on 20 January.

https://oilprice.com/Energy/Natural-Gas/China-And-Iran-Start-Drilling-In-This-Super-Giant-Gas-Field.html

The new field is expected to eventually produce 57 million cubic metres per day (mcm/d), about a tenth of Iran’s current output.

The article goes on to describe how China got around US sanctions on Iran, after taking over Total’s 50.1% stake in the project in 2018:

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energy and fields

Largest Bakken Producer Shuts In Almost All Production

by D. Middleton, April 26, 2020 in WUWT

Continental Resources has also declared force majeure on current contracts to deliver crude oil at current prices. Legal experts are dubious regarding their force majeure claim. Continental, one of the most financially successful “shale” players, does not hedge production and was, therefore, highly exposed to the sudden price drop.

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Also here  Another Failed Energy Prediction: Peak Oil Demand

energy and fields

China Extracts Record Amount Of Natural Gas From ‘Fire Ice’ In South China Sea

by GWPF, March 31, 2020

We might be sitting on enough gas to power the world for hundreds, if not thousands, of years.

 

China conducted its first operation to extract natural gas from gas hydrates in the South China Sea in 2017. Photo: Reuters
In a world awash in oil and gas, you’d think it couldn’t get any worse. Well, it can: China just announced that it had extracted a record amount of what has been poetically called fire ice. It is, however, a form of natural gas trapped in frozen water. 

Continuer la lecture de China Extracts Record Amount Of Natural Gas From ‘Fire Ice’ In South China Sea →

energy and fields

‘This Is Masochism’: Russia Wages An Oil War Against Saudi Arabia, US Amid Coronavirus Concerns

by C. Rotter, March 9, 2020 in WUWT

Oil prices dropped Monday as Saudi Arabia and Russia haggle over whether to reduce crude production amid fears that coronavirus will hamper air travel and potentially wreck the global economy.

Prices fell into the $30s as the Saudis push for a cut in output to prop up prices, while Russia went the other way, and decided to infuse the market with hundreds of thousands of barrels of oil, according to The Washington Post. Moscow is worried that the U.S. will use shale oil to take advantage if Saudi Arabia ease off production.

Basement-low oil prices could substantially impact oil companies and the global markets, which are already being hurt by fears related to coronavirus. Brent crude dropped to $35 per barrel; and the price of West Texas Intermediate crude fell to $32 from $41 per barrel, a four-year low.

“From the point of view of Russian interests, this deal [to cut production] is simply meaningless,” Mikhail Leontiev, a spokesman for the Russian oil giant Rosneft, told a Russian media outlet Sunday night.

He said the U.S. would be sure to step up shale production if production is cut.(RELATED: REPORT: Chinese Censors Jumped In To Suppress Online Messages Warning About Coronavirus Spread)

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better to know...?, energy and fields

Guerre du prix du pétrole : revanche de la technologie sur l’OPEP

by Samuel Furfari, 9 mars 2020 in Contrepoints

Le monde regorge de pétrole grâce au développement de la technologie. C’est elle qui est le vecteur de la marche du monde de l’énergie.

Je vous avoue que je ne suis pas le cours du pétrole tous les jours. Cela n’a d’importance que pour les traders et les spéculateurs qui engrangent des bénéfices plantureux en jouant sur quelques centimes de volumes gigantesques.

Si vous voulez comprendre la géopolitique du pétrole et donc de l’énergie , il faut observer les tendances lourdes, comme celle du week-end dernier.

Lorsque j’ai publié en mars 2014 un livre intitulé Vive les énergies fossiles qui indique qu’il n’y a aucune raison objective ou technologique pour que le prix du brut dépasse les 100 dollars le baril, on m’a pris pour un farfelu. Même si j’étais probablement le seul à oser le dire ouvertement en milieu francophone, nombreux étaient ceux qui l’affirmaient de vive voix et par écrit dans le monde. Les faits nous ont donné raison.

LA DEMANDE DE PÉTROLE EN CHUTE LIBRE

Face à la chute brusque de l’activité économique occasionnée par l’épidémie de coronavirus, la demande de pétrole est en chute libre. La consommation chinoise de pétrole a chuté de plus de 3 millions de barils par jour.

De toute évidence, cette crise sera bien plus profonde pour l’économie mondiale que celle déclenchée par les subprimes en 2008. On s’attend à un net recul de la demande en énergie primaire et singulièrement du pétrole.

Cela va de soi : les avions qui ne volent pas, les voitures qui restent au garage, les restaurants désertés, les stades fermés, les vacances annulées font dégringoler la consommation de produits pétroliers et partant, de toute l’économie. De quoi réjouir les écologistes profonds !

Vendredi dernier à Vienne, à la réunion de l’OPEP, comme d’habitude la Russie – non membre – a été conviée à participer aux travaux. L’OPEP, qui manipule le prix du brut depuis 1973 voulait réduire sa production pour maintenir le prix au niveau précédant l’arrivée sur scène du virus dévastateur. Par la même occasion Ryad aurait mis l’Iran encore plus à genoux pour le peu de pétrole que celui-ci parvient à écouler au marché noir (l’Iran ne sait plus où stocker le pétrole pompé qu’il ne peut pas vendre).

LES ORIGINES DE LA CHUTE DU PRIX DU PÉTROLE BRUT

Il est vrai que depuis trois ans, l’OPEP et la Russie se sont accordés pour ajuster leurs extractions à la demande mondiale. Il y a bien eu une tentative de faire chuter le prix de manière à restreindre le développement du pétrole de roche-mère des USA, mais en vain.

Cette fois, Moscou n’a pas voulu suivre le leader de l’OPEP – Ryad – et a refusé d’adhérer à la réduction de la production pour soutenir le prix. L’Arabie Saoudite, piquée au vif, a réagi de manière inverse et a déclaré son intention de porter sa production de brut à plus de 10 millions de barils par jour en avril, après l’expiration de l’accord actuel entre l’OPEP et la Russie fin mars – connu sous le nom d’OPEP+.

De plus, elle a réduit le prix de tous ses bruts vers toutes les destinations de 6 à 8 dollars le baril. La conséquence ne s’est pas fait attendre : le prix du brut a chuté à environ 32 dollars le baril.

Les contrats à terme sur le pétrole ont subi leur plus grosse perte quotidienne depuis 1991 lors de la guerre du Golfe. Lors de la crise asiatique de 1998, le Financial Times du 10 septembre 1998 titrait que la seule chose qui était plus basse que le cours du pétrole était le moral de l’économie. On pourrait dire la même chose aujourd’hui.

LE MONDE REGORGE DE PÉTROLE GRÂCE À LA TECHNOLOGIE

 

Continuer la lecture de Guerre du prix du pétrole : revanche de la technologie sur l’OPEP →

energy and fields

The Fracking Decade

by Noah Rothman, January 2020, in Commentary

The malady afflicting the country was unmistakable, according to George W. Bush. “America is addicted to oil,” the president observed in his 2006 State of the Union address. This wasn’t just an observation. It was a call to arms. If the U.S. failed to wean itself off foreign oil, the consequences for the domestic economy and U.S. foreign policy would be grave. Doing so would require substantial investments in America’s ethanol industry as well as the development of oil deposits in pristine natural parks and off the nation’s shores.

In 2008, the U.S. produced an average of just 5 million barrels of oil per day—the nadir of domestic energy production since the exploitation of fossil fuels began in the late 19th century. By 2009, the price of West Texas Intermediate crude was approaching $150 per barrel. The U.S., therefore, was obliged to spend over $1 billion per day on oil imports from foreign countries, few of which could be considered models of good governance. America’s thirst for oil propped up abusive governments in places such as the Democratic Republic of Congo, Venezuela, Pakistan, Saudi Arabia, Algeria, Mauritania, and Syria.

 

energy and fields

Energy Returned on Capital Invested: Ohio “Shale” vs Green “Schist”

by D. Middleton, December 2, 2019 in WUWT

Ohio’s shale energy industry attracts nearly $78 billion in investment since 2011
11/20/2019

COLUMBUS, OHIO – Total investment in Ohio’s resource rich shale energy sector has reached $78 billion since tracking began in 2011, according to a Cleveland State University (CSU) study.

Prepared for JobsOhio, the report represents the most recent data available and covers shale investment through the second half of 2018. Earlier in the year, IHS Markit released estimates that by 2040, the Utica and Marcellus shale region, of which Ohio is a significant part, will supply nearly half of all U.S. natural gas production.

The study from CSU’s Energy Policy Center at the Maxine Goodman Levin College of Urban Affairs, showed drilling investments were slightly down in the second half of 2018 compared to the first half, but total upstream investments were up. Total shale-related investment in Ohio for the second half of 2018, including upstream, midstream and downstream, was around $3.82 billion. Total investment from 2011-2018 totaled about $77.7 billion.

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World Oil

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energy and fields

New Report Says Fracking Saved Americans $1.1 Trillion Over Past Decade

by A. Watts, November 21, 2019 in WUWT

Research & Commentary by Tim Benson

A new report prepared by Kleinhenz & Associates for the Ohio Oil and Gas Energy Education Program shows increased oil and natural gas production from hydraulic fracturing  (“fracking”) has saved American consumers $1.1 trillion in the decade from 2008 to 2018. This breaks down to more than $900 in annual savings to each American family, or $9,000 in cumulative savings. Continuer la lecture de New Report Says Fracking Saved Americans $1.1 Trillion Over Past Decade →

energy and fields

USGS: Marcellus/Utica Natural Gas Resource Has Nearly Doubled Since 2012

by David Middleton, October 8, 2019 in WUWT

I had the good fortune of working with Jim Reilly at Enserch Exploration back in the 1980’s and early 1990’s… Before he became a NASA astronaut and then Director of the USGS.

“Shale” comprises more than 60% of current U.S. proved natural gas reserves… The Marcellus/Utica comprise about 50% of “shale” proved reserves… And the undiscovered technically recoverable resource potential of the Marcellus/Utica is now larger than the proved reserves and nearly as large (70%) as the current proved reserves of all “shale” plays….

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Figure 2. “The effects American ingenuity and new technology can have.”…

energy and fields

Net Zero Natural Gas Plant — The Game Changer

by James Conca, July 31, 2019 in Forbes

An actual game changing technology is being demonstrated as we sit in our air-conditioned abodes reading this. And it is being demonstrated by North Carolina–based Net Power at a new plant in La Porte, Texas.

The process involves burning fossil fuel with oxygen instead of air to generate electricity without emitting any carbon dioxide (CO2). Not using air also avoids generating NOx, the main atmospheric and health contaminant emitted from gas plants.

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climate-debate, energy and fields

Claim: Russia will be Ruined by the Clean Energy Transition

by Eric Worall, June 29, 2019 in WUWT

According to Forbes, when renewable energy programmes like Germany’s Energiewende mature, demand for Russian fossil fuel will collapse.

World Energy Consumption. By Con-struct – BP Statistical Review of World Energy 2017, CC BY-SA 3.0, Link

Will Russia Survive The Coming Energy Transition?

Jun 27, 2019, 10:35am
Ariel Cohen Contributor

A new global energy reality is emerging. The era of the hydrocarbon – which propelled mankind through the second stage of the industrial revolution, beyond coal and into outer space – is drawing to a close. The stone age ended not because we ran out of stones. The same with oil and gas.

We have now entered the era of the renewable energy resource, whereby zero-emission electricity is generated via near unlimited inputs (solar radiation, wind, tides, hydrogen, and eventually, deuterium). Cutting-edge, smart electric grids, utility-scale storage, and electric self-driving vehicles – powered by everything from lithium-ion batteries to hydrogen fuel cells – are critical elements of this historic energy transition.
Each of these technological trends will displace demand for Russia’s primary source of budget revenues: fossil fuels.

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energy and fields

ENERGY SUPERPOWER USA: SHALE OIL & GAS HIT RECORD PRODUCTION LEVELS IN 2018

by GWPF, June 12, 2019 in TheWallStreetJournal

World-wide energy demand grew at its fastest rate since 2010

The shale revolution powered U.S. oil and gas production in 2018 to the largest annual increases ever recorded by any country, according to energy giant BP PLC .

Surging global energy demand is fueling the production boom, even as oil and gas prices rise and economic growth slows, said BP’s annual statistical review published Tuesday.

World-wide demand for energy grew 2.9% in 2018, its fastest rate since 2010.

Unusual weather spurred some of the stronger-than-expected growth, as a greater number of extremely hot and cold days drove up air conditioning and heating use around the world, particularly in China, the U.S. and Russia, the company said.

In the U.S., energy consumption rose by 3.5% in 2018, with oil at 20.5 million barrels a day and a total of 817 billion cubic meters of gas consumed during the year.

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energy and fields

PÉTROLE BRENT : POURQUOI LES PRIX DU PÉTROLE RECHUTENT À LEUR PLUS BAS NIVEAU DEPUIS JANVIER

by BFM bourse, 3 juin 2019

Les cours du baril d’or noir ont enregistré, en mai, leur première baisse mensuelle de l’année 2019, avec un repli de 11,4% pour le baril de Brent européen et de 15,8% pour son homologue américain, le “light sweet crude” texan ou “WTI“. Ce recul s’est accentué depuis mercredi dernier, porté par la frénésie taxatoire de Donald Trump à l’encontre de la Chine et désormais également du Mexique, qui fait peser des craintes sur la demande mondiale et détourne les investisseurs des valeurs dépendantes de cette croissance mondiale, dont l’or noir fait partie.

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energy and fields

UK Government spending foreign aid money to promote fracking in China

by P. Homewood, May 26, 2019 in NotaLotofPeopleKnowThat

Taxpayers’ money earmarked to support overseas development has been spent on supporting China’s fracking industry, The Independent can reveal.

The government is required to spend 0.7 per cent of its national income each year on foreign aid.

But even with climate change threatening the developing world with droughts, flooding and heatwaves, millions have been spent on fossil fuel investment abroad over the past two years.

This includes two schemes aiming to “export the UK’s expertise in shale gas regulation” to China, as controversy about new drilling sites rages back in Britain.

https://www.independent.co.uk/news/uk/politics/fracking-china-foreign-aid-shale-gas-climate-change-environment-dfid-funding-promoting-a8637601.html

 

I won’t bore you with the rest of the story. As you can probably guess, the “Independent” being the “Independent” proceeds to give full coverage to a load of eco cranks, including Christian Aid, who claim that the rapidly changing climate is driving more extreme weather, more acute disasters. (Don’t they know it’s a sin to lie?)

At the end they deign to give a few words to the government spokesperson.

 

Leaving aside the question why China needs our aid at all,  the “Independent” fails to ask the really relevant question of why our government is so keen for us to decarbonise at huge cost, but at the same time thinks it is a good idea to help China develop their natural gas sector?

energy and fields

Vice-President Šefčovič joins U.S. President Trump in opening an LNG export terminal

by European Commission, May 14, 2019

LNG

In the Joint EU-US Statement of July 2018 agreed by President Jean-Claude Juncker and U.S. President Donald Trump, it was decided to strengthen strategic transatlantic cooperation on energy. In particular, the European Union expressed its ambition to import more liquefied natural gas (LNG) from the United States to diversify its energy supply.

In the end of April U.S. liquefied natural gas exports to the EU were up by 272%. It is in this context that on Tuesday 14 May, Vice-President Maroš Šefčovič in charge of the Energy Union will join the President of the United States Donald Trump in getting a first-hand look at the Cameron LNG export terminal in Hackberry in the U.S. State of Louisiana, which is expected to launch first shipment in the second half of this year.

energy and fields

The next ‘Ferrari of shale’ may be hiding in Australia’s outback

by Bloomberg Business,  May 3, 2019, in theJapantimes

SYDNEY – In a corner of the Australian Outback, a drilling crew will soon try tapping shale rocks that could hold more than three times the world’s annual consumption of natural gas.

Origin Energy Ltd. plans to drill two wells later this year in the Northern Territory’s Beetaloo Basin, after the local government ended a three-year ban on fracking — the practice of extracting oil and gas from layers of shale rock deep underground. With an estimated 500 trillion cubic feet (14 trillion cubic meters) of gas, Beetaloo has been compared to famed U.S. shale regions such as Marcellus and Barnett.

But its isolated location, lack of infrastructure and the likelihood of tough environmental opposition make Beetaloo a highly speculative investment.

“There are some big numbers being quoted, and people have to realize this is exploration,” said Mark Schubert, Origin’s head of integrated gas, noting that only some of the total reserves would be extractable.

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energy and fields

Transition énergétique : et le grand gagnant est… le gaz !

by Michel Gay, 3 mai 2019 in Contrepoints

C’est le gaz, bien plus que les énergies renouvelables, qui répond à la hausse de la consommation mondiale d’énergie. Cette dernière a augmenté de 2,3 % en 2018 selon un rapport de l’Agence internationale de l’énergie (AIE) publié mardi 26 mars 2019 qui souligne « une performance exceptionnelle »…

Le marché du gaz naturel, auparavant limité par les possibilités des gazoducs, se mondialise rapidement avec des bateaux transportant du gaz naturel liquéfié (GNL) à travers le monde.

L ’ÂGE D’OR DU GAZ NATUREL (INCLUANT LE GAZ DE SCHISTE)

L’Association allemande des industries de l’énergie et de l’eau (BDEW) a mis en garde sur l’écart en Allemagne entre la capacité de production classique (pilotable) d’électricité (nucléaire, charbon et gaz) et la demande d’ici 2023. Elle a exhorté les décideurs politiques à aider les investisseurs en récompensant les nouvelles capacités pilotables de production d’électricité, notamment le gaz.

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energy and fields

China Says Massive Shale Oil Reserves Found In North

by Tsvetana Paraskova, March 1, 2019 in OilPrice

China has found massive shale oil reserves in its northern Tianjin municipality, Chinese news agency Xinhua reported on Friday.

Two wells at a field have been flowing for more than 260 days, according to Dagang Oilfield, a subsidiary of state-owned China National Petroleum Corporation (CNPC).

The newly found shale reserves will help boost China’s national energy security and economic development, Xinhua quoted CNPC as saying.

According to EIA estimates, China ranks third in the world in terms of technically recoverable shale oil resources, behind Russia and the United States

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energy and fields

America is set to surpass Saudi Arabia in a ‘remarkable’ oil milestone

by Charles the moderator, March 11, 2019 in WUWT

From CNN Business

New York (CNN Business)Move over, Saudi Arabia. America is about to steal the kingdom’s energy exporting crown.

The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.

That milestone, driven by the transformative shale boom, would make the United States the world’s leading exporter of oil and liquids. That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.

“It’s nothing short of remarkable,” said Ryan Fitzmaurice, energy strategist at Rabobank. “Ten years ago, no one thought it could happen.”

The expected breakthrough reflects how technology has reshaped the global energy landscape. Drilling innovations have opened up huge swaths of oil and natural gas resources that had been trapped in shale oilfields in Texas, North Dakota and elsewhere.

Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now pumps more oil than any other country, including Russia and Saudi Arabia.

“The shale boom has driven incredible increases in production,” said Fitzmaurice. “US production is off the charts.”

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