The U.S.'s Permian Basin is looking like Saudi Arabia, with as much as 1 million barrels of spare oil capacity ready to go into production, according to Nansen Saleri, former head of reservoir management at Saudi Aramco, the world's largest crude exporter.
China surpassed the U.S. in annual gross crude oil imports in 2017 by importing 8.4 million barrels per day (b/d) compared with 7.9 million b/d of U.S. crude oil imports.
Almost three-quarters of all oil and natural gas wells drilled in the US as of 2016 were hydraulically fractured horizontal wells... fracked horizontal wells accounted for about 10.7 million of the nearly 13 million feet of total drilled footage in 2016, the EIA said.
API's Jack Gerard Highlights Energy Priorities Ahead of President Trump's State of the Union address
For a country that leads the world in natural gas and oil production, having an entire region at the mercy of cold weather is unacceptable. We desperately need to modernize this region's infrastructure.
The initial Ballymore well reached total measured depth of 29,194 feet and encountered more than 670 feet net oil pay with excellent reservoir and fluid characteristics.
The results go far beyond the economic, offering Washington strategic weapons once unthinkable. Only a few years ago, such threats...would have sent the price of crude soaring. Instead, the rise has been muted, and gasoline at the pump remains below $2.60 a gallon across most of the United States.
Guests are Veterans Rich DeNoyer (USMC from MA) and Leanne Wheeler (USAF from CO).
A recent cold snap in New England and the shortage of pipeline capacity from gas-rich Pennsylvania have created an appetite for natural gas imports even as the United States has begun exporting LNG from other terminals on the Gulf Coast.
Thanks to a rebound in New Mexico's oil industry, the state's lawmakers have much more money to work with as they craft a spending plan for the coming fiscal year that aims to boost spending on education, courts and law enforcement.
The global oil market has been closely watching U.S. output, which may continue to contribute to global oversupply even as OPEC members, Russia and other producers curb production.