Energy Tomorrow Blog
Posted May 1, 2014
South Carolina, like Virginia, stands to gain thousands of jobs and see billions in economic growth if the federal government will allow oil and natural gas development in the waters off its coast.
A Quest Offshore Resources study projects more than $15.5 billion in cumulative energy spending in the state from 2017 to 2035 with offshore development, an energy boost to the state economy of more than $2.7 billion per year by 2035 and 35,569 jobs in 2035. South Carolina Gov. Nikki Haley:
“Let us step up. Let us do offshore work. Let us go and be part of the solution to our nation’s energy problem.”
Posted April 28, 2014
Virginia is for lovers – of domestic oil and natural gas production and investments in energy infrastructure. That’s what you see in a recent Harris Poll of registered voters in the commonwealth: Strong support for developing domestic oil and natural gas, including offshore reserves, as well as increased spending on infrastructure.
Some of the numbers:
- 80 percent support increased production of domestic oil and natural gas reserves. Just 11 percent oppose.
- 89 percent support increased development of U.S. energy infrastructure.
- 94 percent agree increased domestic oil and natural gas output could help strengthen America’s energy security.
- 91 percent agree increased domestic oil and natural gas production could help stimulate the economy.
And so it goes – with similar, slam-dunk margins on other questions, from benefits to U.S. consumers to economic growth.
Posted April 22, 2014
Let’s start with a humorous look at some of the Keystone XL pipeline’s most ardent opponents, some of whom talk and act like they yearn for the days of yesteryear. You know – getting around on horses, cooking over campfires, living in tents and such.
It’s no exaggeration to say that their dream world would not include oil or natural gas use and no electricity – or at least no electricity generated from natural gas and coal, which the U.S. Energy Information Administration says accounted for more than 66 percent of our power generation last year. Their simpler world – without fossil fuels – actually would be pretty complicated. Think about it.
Posted April 21, 2014
Probably nowhere is the economic impact of shale energy development more dramatic than in the contrast between two neighboring states – Pennsylvania and New York. The former allows hydraulic fracturing in the energy-rich Marcellus shale belt that runs through much of the state, the latter doesn’t – even though the Marcellus continues into the Empire State and could provide a big jobs boost on its Southern Tier.
Indeed, while New York is not a top producing state, the oil and natural gas industry still is driving strong job creation and economic growth. In a PwC study, New York ranked 7th in the country in overall impact from oil and natural gas development.
Posted April 15, 2014
Last month a new study said more than $640 billion in energy infrastructure investments will be needed in the U.S. over the next two decades. Needed are pipelines, pumps and other infrastructure to keep pace with expected increases in domestic oil and natural gas production, the ICF International report said – much of it coming from energy reserves found in shale and other tight-rock formations through advanced hydraulic fracturing and horizontal drilling. ICF:
“Sufficient infrastructure goes hand in hand with well-functioning markets. Insufficient infrastructure can constrain market growth and strand supplies, potentially leading to increased price volatility and reduced economic activity.”
Posted April 8, 2014
On Monday, the U.S. Energy Information Administration (EIA) released a remarkable new projection showing that given certain conditions and with the right policies in place the United States could reach energy self-sufficiency within two decades. It’s the first time EIA has projected that net imports’ share of liquid fuels consumption could reach zero – basically, that domestic production would exceed imports. Key to EIA’s scenario: access to domestic reserves.
On Tuesday, new Bureau of Land Management data showed that if EIA’s projection is to be realized, a new approach to energy development on federal lands will be needed. BLM statistics show that leasing and permitting on federal lands in fiscal year 2013 both were down, hitting their lowest numbers in years. Also down: new wells drilled.
Posted April 3, 2014
How American Energy Could Change the World
BBC: The holy grail of American leaders over the past four decades, from Richard Nixon to Barack Obama, has been energy independence, and thanks to shale oil and gas, the dream could soon become reality.
The International Energy Agency (IEA) and oil giant BP certainly think so - they believe the US will be energy independent by 2035.
As Mr Obama said in his State of the Union address last year: "After years of talking about it, we are finally poised to control our own energy future."
No-one is suggesting America will stop importing power overnight, but being largely self-sufficient in energy could have widespread implications not just for the US, but for the rest of the world.
Posted March 28, 2014
Safe and responsible development of America’s vast oil and natural gas reserves located in shale and other tight-rock formations created the U.S. energy revolution, which continues to this day. Thanks to advanced hydraulic fracturing and horizontal drilling, the U.S. is an energy superpower. The numbers on shale energy, according to the U.S. Energy Information Administration (EIA):
- 3.5 million barrels per day of oil production – 45 percent of the U.S. total
- 40 billion cubic feet per day of natural gas production – 60 percent of the U.S. total
Posted March 20, 2014
A new study conducted for the U.S. Conference of Mayors underscores the significant economic link between America’s energy renaissance and a surge in U.S. manufacturing job creation and business activity. Some of the key findings in the IHS Global Insight study:
- Abundant supplies of natural gas and oil lowered costs and increased refining volumes, resulting in a surge in plastic, rubber, resin and chemical manufacturing. These industries saw a combined employment increase of 2.6 percent across all metropolitan areas (2011-2012).
- Energy-intensive manufacturing added more than 196,000 jobs and increased real sales by $124 billion in the nation’s metro areas from 2010-2012.
- Energy-intensive manufacturing will expand by more than 1 percent annually nationwide through 2020, with 72 percent of those jobs going to U.S. metro areas.
Posted March 18, 2014
Colorado Breaks Nearly 60-Year Record for Oil Production
Denver Business Journal: Colorado’s booming energy industry produced nearly 63.2 million barrels of crude oil in 2013, a new state record for annual oil production, according to a Denver Business Journal review of records from the Colorado Oil and Gas Conservation Commission (COGCC), which oversees the multi-billion dollar industry.
That’s a 28 percent jump from 2012, when the state’s oil and gas wells produced nearly 49.3 million barrels of oil, according to COGCC records.