Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on August 22, 2014
American Oil and Natural Gas: Crushing it
Energy Rich U.S. States Saw Fastest Economic Growth in Late 2013
Wall Street Journal: U.S. economic growth accelerated in the second half of 2013 before unexpectedly contracting early this year. But growth late last year was uneven across the nation, with some energy-rich states leading the pack while economies slowed in New England and on the Plains.
That’s according to new data released Wednesday by the Commerce Department. The agency already reported gross domestic product for the nation on a quarterly basis and at the state level annually. Now, it has offered a quarterly breakdown for state-level GDP data through the end of 2013. The data are volatile from quarter to quarter, but allow a finer understanding of the ups and downs in regional economies.
Read more: http://on.wsj.com/1tuZ1Fi
More industry news:
Energy Sector Powers Pennsylvania’s Economic Growth: http://bit.ly/1z6blx8
As Oil Boom Continues, There’s No End in Sight for Job Growth: http://bit.ly/YDZ4oC
Opinion: Oil Export Ban Holding America Back: http://onforb.es/1ljrRsZ
Gulf Coast Refineries Retrofitting to Process Lighter Crude from Shale: http://bit.ly/1BG9of9
Blog: The Keystone Delay is Costing us More than Jobs and Revenues: http://bit.ly/1sXl2Q4
About The Author
Mary Leschper is a Social Media Analyst for API. Before joining API, she worked for the U.S. Senate on legislative issues and in a press shop. Leschper studied theater and communications at West Texas A&M University before starting her career.
– See more at: http://www.energytomorrow.org/blog/2014/aug/aug-21-american-oil-and-natural-gas-crushing-it#sthash.oJEbVD96.dpuf
10 Comments on "American Oil and Natural Gas: Crushing it"
Plantagenet on Fri, 22nd Aug 2014 12:09 pm
Drill baby drill has worked out pretty darn good if you are in an oil/NG producing state.
nemteck on Fri, 22nd Aug 2014 12:57 pm
Especially, http://onforb.es/1ljrRsZ is a wonderful fantastic reading. A case for crude oil export is constructed.
Enjoyable highlights:
“…the United States — now the world’s leading oil producer..”
“Indeed, the United States will be the world’s leading oil producer this year, developing more of the resource than both Saudi Arabia and Russia.”
“U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels”
rockman on Fri, 22nd Aug 2014 2:50 pm
More growth and jobs have resulted from the expansion of other pipeline system and the rail transport system then that one border crossing section of KXL would have ever produced.
“…the United States — now the world’s leading oil producer..” And yet the US remains a net importer of oil and NG.
Makati1 on Fri, 22nd Aug 2014 7:45 pm
What is the NET oil energy this year? Numbers are meaningless unless put into context. I can claim to have made a million dollars this year, but if I had to spend $950,000 to make that million…
Keith_McClary on Fri, 22nd Aug 2014 11:57 pm
About The Author
Mary Leschper is a Social Media Analyst for API. Before joining API, she worked for the U.S. Senate on legislative issues and in a press shop. Leschper studied theater and communications at West Texas A&M University before starting her career.
rockman on Sat, 23rd Aug 2014 9:11 am
M – I get the point you’re trying to make. But as I’ve often explained poor economics will kill drilling projects long before EROEI will. Typically a drilling project won’t pass the economic threshold if it won’t produce about 5X as much energy as used to drill a well. The non-energy costs of drilling are many times greater then the energy cost.
Kenz300 on Sat, 23rd Aug 2014 12:05 pm
An article from the top 1% in support of the top 1%.
———————
How Fossil Fuel Interests Attack Renewable Energy
http://www.renewableenergyworld.com/rea/news/article/2014/05/how-fossil-fuel-interests-attack-renewable-energy
———————
The Truth Behind Big Oil Attacking Ethanol – YouTube
https://www.youtube.com/watch?v=s24qLH042C8
Makati1 on Sat, 23rd Aug 2014 8:36 pm
rockman, that may be true, but the real limits are not man-made financial limits. They can be overcome by decree. The real limits that cannot be overcome are the Energy Returned over the Energy Invested limits. If it takes more energy than is found in a barrel of oil in order to recover and process a barrel of oil for use, it is a losing game. Not that that will make any difference to a government that needs oil to stay in power, but it will to the economy or you and I.
True, if the average consumer cannot afford the price, it will not be produced for that consumer, but that does not mean that the Government/military will not produce it anyway, even at a financial loss, for it’s own use. We do that everyday with nuclear energy, and have been doing it for over 50 years. The government/taxpayer picks up the tab for the extra cost. They will do the same for oil as long as there is a government and taxpayers.
So, the economy will be affected, but pumping oil will go on for as long a time as possible. The only real limits are the Natural Laws when there is no other energy available to pump/process the oil.
After all, the Great Depression was only relative. If you were in the upper levels, you hardly noticed it. If you were in the lower levels, it was terrible. Ditto for the ongoing depression occurring now in the West. Many cannot afford gas or a car already. That does not mean that we will stop pumping oil or making cars. We will just need less of them in the US, but other countries need more of them. So, the oil keeps flowing. Until there is a significant net energy loss, the world will keep pumping oil. Even at $200++ per barrel.
rockman on Sat, 23rd Aug 2014 9:52 pm
M – “…the real limits are not man-made financial limits. They can be overcome by decree.” I don’t know what you mean by “decree” unless you mean some gov’t spending around 5X the value of the oil produced to get to 1:1 EROEI. It is impossible for it to happen in a free market. The value of energy used to drill and produce a well is typically less the 10% of the total well cost. Even estimating the embedded energy it is economically impossible to intentionally drill wells with very low EROEI’s. I’ve drilled a number of marginal wells that will never return the total investment but did produce more energy then it took to drill them.
Makati1 on Sun, 24th Aug 2014 4:06 am
rockman, we do not live in a ‘free market’. I’m not sure what it is, but a market supported on counterfeit/fiat money is not ‘free’. We have been living in such a ‘free’ market since 2008, at least. And yes, the government can pump it at a financial loss as long as there are taxes coming into pay for it. But, they cannot pump it when the energy to get it and refine it is more than the energy in the oil itself, unless they are sacrificing other energy sources like natural gas or coal in the process. Although, they could also do that … for a while. Guess I’m not making my position clear enough…