Energy Tomorrow Blog
Posted October 28, 2019
America’s natural gas and oil industry continues to work for Americans – with revenues from production on federal and Native American-owned lands and offshore areas driving $11.69 billion in federal disbursements back to the states, counties, tribes and reclamation and conservation programs. That’s $2.76 billion more than the previous fiscal year and nearly double the disbursements in FY2016, the Interior Department said.
Recipients included: $2.44 billion to states and counties, $1.76 billion to the reclamation fund, $1.14 billion to Native American tribes and individual mineral owners, $1 billion to the Land and Water Conservation Fund and $4.9 billion to the U.S. treasury.
Posted October 8, 2019
Take a look at a recent interview with API President and CEO Mike Sommers conducted by Albuquerque TV station KOB-4 – a conversation about the dual challenge of providing the energy Americans need every day to work, grow and prosper, while protecting the environment and lowering emissions. There’s no better setting for this discussion than in energy-rich New Mexico.
Indeed, the prolific Permian Basin that covers New Mexico’s southeastern corner before spreading into neighboring Texas is a big reason why the United States continues to lead the world in natural gas and oil production.
Posted October 7, 2019
The U.S. energy revolution is at work for New Mexico and the state’s higher education system.
Gov. Michelle Lujan Grisham made national headlines last month by announcing free tuition at public universities for all residents, regardless of family income. That’s all 29 of the state’s two- and four-year institutions beginning next fall, benefiting an estimated 55,000 New Mexico students.
Thanks to the state’s natural gas and oil development.
Posted September 19, 2019
At a time of energy uncertainty in the world, the U.S. natural gas and oil industry is producing at levels that have helped cushion domestic markets and American consumers against global supply disruptions that once would have put severe pressure on our economy here at home.
Each final month of the quarter marks the simultaneous release of API’s Monthly Statistical Report (MSR) and quarterly Industry Outlook, and this quarter has offered some remarkable milestones and insights – at a critical time for the world.
Posted August 23, 2019
We like to talk about the ongoing strength of the U.S. shale revolution – and that’s intentional because, like most Americans, we think continued leadership in producing natural gas and oil is a big deal.
This week the U.S. Energy Information Administration (EIA) underscored America’s energy influence, reporting that last year the U.S. led the world in natural gas and oil production, which it has done since 2014.
Posted July 18, 2019
Domestic oil production continues to benefit the U.S. – increasing energy security and driving economic growth – and cushion the economy as well as American consumers against global events that in the past impacted energy supplies, costs and prices.
Strength stemming from the U.S. energy revolution is seen in API’s latest Monthly Statistical Report (MSR), with U.S. crude oil exports setting a new record in June at 3.3 million barrels per day (mb/d), which represents growth of 1.1 mb/d over June 2018. Moreover, U.S. petroleum net imports fell to 1.3 mb/d in June from 2.9 mb/d in June 2018 – a major step closer to the U.S. becoming a net exporter of oil.
In other words, the U.S. has continued to supply virtually all of the world’s growing oil needs for transportation and industry, which has increased the stability of the global supply while generally lessening energy-related tensions.
Posted June 20, 2019
API’s latest Monthly Statistical Report (MSR) underscores just how much recent oil production growth exceeded the pace of record U.S. domestic needs and crude oil exports, resulting in higher inventories. This production and cushion for the market have kept oil and fuel prices low, and all these factors have contributed to a stronger economy with greater U.S. energy security.
Along with the separate Industry Outlook presentation, covering energy market developments for the second quarter of 2019, we see U.S. oil and natural gas output continuing to set records, helped by low breakeven prices and productivity that underpin the longevity of the domestic energy revolution –as we discussed here.
Posted June 12, 2019
The U.S. energy revolution continues to surge ahead – but you might not know it from some recent headlines: “The Shale Boom Is About To Go Bust” (Oil Price.com); “Oil Wells Aren’t Producing as Much as Forecast” (Wall Street Journal); “U.S. Oil Production Is Headed For A Quick Decline” (Oil Price.com)
Actually, domestic natural gas and oil production continues to expand. See API’s most recent Monthly Statistical Report. For some of the same reasons economists are so bad at predicting recessions, sometimes analysts may struggle to accurately project where U.S. energy is heading. After all, the shale revolution’s prospects have been underestimated since it launched.
Posted April 9, 2019
America’s energy revolution is decidedly pro-consumer. Indeed, surging U.S. natural gas and oil production has significantly helped individual Americans and their families with their budgets, plan travel and more.
We’ll go mostly visual to absorb this – in a handful of charts from API’s Quarterly Industry Outlook, prepared by Chief Economist Dean Foreman. …
America’s natural gas and oil resurgence has played a major role in that when you think about the average family’s needs for driving, home heating and keeping the lights on (remembering that natural gas is the leading U.S. fuel for power generation). It follows, then, that families spending less on energy had more of their disposable income available for other needs.
Posted February 26, 2019
In case you missed it, let’s echo a recent official U.S. Energy Department projection that the United States should “not only maintain its lead spot as top oil producer, but will greatly exceed what it produced last year in both 2019 and 2020.”
The trajectory of U.S. oil production is significant for U.S. economic growth, energy security and global leadership, and – as we recently discussed oil exports in this post – potentially raises the stakes in the market share battle between the United States and OPEC plus Russia (OPEC+).