Wednesday, May 28, 2014

Black Gold Age

America is rapidly becoming a top oil producer once again:
U.S. tight oil production averaged 3.22 million barrels per day (MMbbl/d) in the fourth quarter of 2013, according to U.S. Energy Information Administration estimates. This level was enough to push overall crude oil production in the United States to an average of 7.84 MMbbl/d, more than 10% of total world production, up from 9% in the fourth quarter of 2012.
There's a reason this is happening:
There are more than 20,000 small and mid-size companies participating in the energy boom, with an average of 15 employees. These firms account for almost all of our energy boom. Oil and gas output on private land is up over 50%, while on federal lands, it is down. Natural gas production fell 30% on federal lands while over the same period it was up over 30% on private land. Thirty-six percent of our oil production was on federal lands in 2010. This has declined to 23%. Since 2009, oil production on private lands is up over 60%. The permit process has been lengthened by more than a third.
This is a good thing, whether the government land holders want to admit it or not...

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