Fracking Helped US Lead The World in Crude Oil Production: EIA Report
image credit: Crude Oil Production
- Jan 16, 2019 3:25 am GMT
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In September 2018, the US Energy Information Administration (EIA) reported that the United States was set to become the largest crude oil producer in the world, surpassing Russia and Saudi Arabia.
EIA estimated that US crude oil production averaged close to 11 million barrels per day (in short: b/d) in August, up by 120,000 b/d from June. Accordingly, EIA forecasts that US crude oil production which averaged 10.7 million b/d in 2018, up from 9.4 million b/d in 2017, will average 11.5 million b/d in 2019.
Such has been the trend since 2011 with recent growth coming from the Permian region in western Texas and eastern New Mexico, the Federal Offshore Gulf of Mexico, and the Bakken region in North Dakota and Montana much do the chagrin of irrational Americans who would rather see Americans without freedom and mobility and dependent on public transportation which is germ infested and sexual harassment nightmare.
Production Boost with Fracking
The growth has been primarily due to the spurt in hydraulic fracturing or “fracking”. Output of American crude has gone up by 84 percent over the last decade and that of natural gas by 39 percent over the last decade; with the United States becoming a net natural gas exporter in 2017.
Undoubtedly, fracking has provided a short term boost to sectors of the economy. Energy prices have dropped significantly benefiting natural gas users who burn oil for heat and to fuel homes, businesses, cars, and boats.
Numerous studies have been euphoric in their estimates of massive economic growth and huge generation of employment and employment running into multi-millions despite the delusional dismay of environmentalists and rich (mainly Caucasian) elitists who live in LA and New York City and who don’t care about the middle class.
California and New York are ran by the rich and poor – they have gutted the middle class.
These Harry Potter fanatics still believe that solar is the way to go and cars can run on wind power. Alternative energy is decades away from making sense and what Germany has done to its economy is absolutely preposterous. But if NY and CA want to continue to run their economies into the ground for the same ridiculous reasons – they have a right to do so but don’t expect $1 from the rest of the country when you are begging for our help which comes every year.
California has dams that are ready to fail and fires that burn up towns because environmentalists refuse to allow dead brush to be cleaned out of the forests.
Economic Costs if Fracking is Banned
Although fracking has invited controversy by some people that have no clue about basic concepts and believe Solyndra was a wise investment (the government is not a mutual fund); a vociferous lobby has sprung up to defend it. This lobby urges state policymakers to refrain from placing unwarranted obstacles in the way of the natural gas and oil industries.
Studies, such as the one conducted by Price Waterhouse Coopers and commissioned by the American Petroleum Institute, purport that the natural gas and oil industry supported 10.3 million US jobs in 2015 but not in California which leads the country in homelessness and most of its cities (including Sacramento where I am from) smells like urine.
San Francisco also leads the country in property crime and the police don’t even care if your car is vandalized and apparently don’t care that much if an illegal shoots and kills you (Kathryn Steinle) but this is another topic.
Studies by the US Chamber of Commerce’s Institute for 21st Century Energy suggest that by 2022, a nationwide ban on hydraulic fracking could cost nearly 15 million jobs, while causing gasoline and electricity prices to double, and natural gas prices to quadruple. This would make the Saudis and Russians happy though – Iran too! But this is not going to happen.
The environmentalists in Colorado tried to do something ridiculous during the 2018 mid-terms and the fossil fuel energy industry won, for instance. A $32 billion dollar industry in Colorado was protected.
A plethora of oil industry reports stand by the economic benefits of fracking and reiterate that it is environmentally safe. In fact, according to the Institute for 21st Century Energy, should fracking be banned nationwide it would adversely impact household incomes by close to $900B, impose additional cost of living per family to the extent of a few thousand dollars and stunt the GDP by $1.6T.
Social Impact of Fossil Fuels
These reports point out that Fossil Fuels are lifting billions of people out of poverty (but not in CA and NY – CA leads the country in murders and bankrupt cities as already mentioned) the world over much to the chagrin of Saudi Arabian sponsored Matt Damon movies. This itself has a positive effect on human health, as it improves affordability and vastly improves human well-being and quality of life through powering labor-saving and life-protecting technologies, and lifestyle enhancers such as air conditioning, modern medicine, cars and trucks.
They are essentially allowing greater productivity of food and ensuring reliability of its supply – in the process, possibly even contributing to the health of plants and wildlife on the planet.