With a “gargantuan” increase in oil and natural gas output from the Lower 48, the United States may be only months away from full energy independence, according to new research.
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The United States established a new production record for natural gas and petroleum last year, simultaneously extending a decade-old lead on Russian gas production volumes and surpassing Saudi Arabia to become the world’s largest producer of petroleum, according to the U.S. Energy Information Administration (EIA).
U.S. oil and natural gas operators secured deals over the weekend with Saudi Arabia that are expected to create billions in revenue as President Trump completed the first leg of a nine-day marathon trip to the Middle East and Europe.
Canadian natural gas producers will cut but not eliminate financial losses until late 2018 as stiff competition continues from U.S. unconventional supply sources, a private Ottawa-based business research agency predicted Monday.
The count of drilling rigs active in the United States plummeted again for the week ending Feb. 5. The U.S. total declined by 48 units to end at 571, which is just under 40% of where it was one year ago when the count was 1,456.
U.S. midstream operators should keep their eyes on a long-term view of the markets and less on the current commodity prices because the country will remain one of the biggest natural gas liquids (NGL) suppliers for decades, according to industry experts.
The issues that linger between federal regulators and oil/rail industry representatives over crude oil rail transportation are going to be resolved, but changes in the Obama administration’s cabinet could slow the process, the American Petroleum Institute’s (API) chief economist told NGI Wednesday.
The United States is set to join the “legion” of liquefied natural gas (LNG) exporters on the surge of production from the shale boom, setting up a significant change to global markets, the International Monetary Fund (IMF) said in its latest World Economic Outlook.
The United States has an ad hoc national energy plan that is working well, driving the nation closer to energy independence, and a key reason for the success is that there is a lot more regulatory certainty, relative to other parts of the world, former U.S. Interior Secretary Ken Salazar told an energy forum in Denver on Wednesday.
The United States has climbed in the rankings of the world’s most energy secure countries, according to a ranking compiled by the U.S. Chamber of Commerce Institute for 21st Century Energy.