Skip to comments.US now pumping 10 percent of the world’s crude
Posted on 03/27/2014 4:55:56 AM PDT by thackney
Boosted by the galloping pace of tight oil operations, the United States produced a tenth of the worlds oil at the end of last year, the Energy Information Administration reports.
Overall U.S. oil production averaged 7.84 million barrels a day in the fourth quarter of 2013, 10 percent of the world production, up from 9 percent at the end of 2012. Shale and other dense rock, newly accessible because of advancements in hydraulic fracturing and horizontal drilling, accounted for 3.22 million barrels of the U.S. daily average during the three months ending Dec. 31.
The shale boom has given the U.S. a production rate not seen since 1988, as tight oil replaced declining production in conventional fields. Almost two-thirds of U.S. tight oil comes from South Texas Eagle Ford and North Dakotas Bakken shales.
The Untied States is the undisputed global leader in tight oil production. Canada and Russia the only other commercial tight oil producers trail with 300,000 barrels per day and 100,000 barrels per day, respectively.
Most of Canadas tight oil production comes from its western provinces of Alberta, Manitoba and Saskatchewan. Russian producers have begun extracting tight oil by hydraulic fracturing in formations in the West Siberia Basin.
Makes you want to laugh at the Russkies. How they going to staff the Siberian operations? Reopen the Gulag?
OK, once again with feeling: “DRILL BABY DRILL”!!!!
For those who want to see a 6 minute video showing how horizontal drilling and fracking is done, Northern Gas and Oil has done a great one.
It includes a visual piece on how fresh water aquifers are protected from contamination.
Oh ... this is about petroleum.
At first, I thought it was about Hollywood ... and I was surprised it was only 10%.