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The use of non-conventional drilling techniques in places like North Dakota and Texas has...

The use of non-conventional drilling techniques in places like North Dakota and Texas has created an explosion in U.S. oil production, to the point where it's expected to surpass Saudi Arabia in crude production by 2020. The government now predicts the U.S. industry could pump 14% more oil this year alone, rising to 7.3M bpd in 2013. That's 300K more than its December forecast, and 900K bpd more than what was produced in 2012.
Comments (25)
  • Drill baby drill! Primary wealth creation-- it's what's for breakfast.
    8 Jan 2013, 09:09 PM Reply Like
  • And thats BEFORE further improvements in drilling technology, well structure, etc.

     

    There should be a large flow of cash to unitholders in a lot of MLP's over the next decade.
    8 Jan 2013, 09:37 PM Reply Like
  • Anyone want to buy my Prius?
    8 Jan 2013, 09:42 PM Reply Like
  • We SHOULD NOT export/sell all of this new found natural gas/oil. We should pay oil industry to explore/develop resources on some % of Federal lands and then place these gas/oil fields in a new type of reserve - a 'developed in place' oil/gas reserve. This would be a great insurance policy for the future of the U.S.
    8 Jan 2013, 09:43 PM Reply Like
  • no way.... sell it, we've been sitting on it too long. We've made all the Middle East countries rich and now we are building electric cars - insanity when we have 100s of years of energy under our feet.
    8 Jan 2013, 09:53 PM Reply Like
  • OK- how about reducing the pumping rate when prices are low and increasing the rate when prices are high - it's what our ' friends ' in the middle east do !!!
    8 Jan 2013, 09:58 PM Reply Like
  • I don't have a problem with that - let businesses compete freely and sell it. I'd like the US to compete with Saudi's on an even playing field.
    8 Jan 2013, 10:47 PM Reply Like
  • Is any of this on federal land ? It would be nice if the feds made some cash on this so everyone quits complaining about debt and deficits.
    8 Jan 2013, 09:49 PM Reply Like
  • Buy MRO,HES,CLR,KOG,WLL,EO... but not CHK.
    8 Jan 2013, 09:49 PM Reply Like
  • Not good for global warming. Do people even talk about it anymore?
    8 Jan 2013, 09:51 PM Reply Like
  • Global warming? Then look at it globally. Why are we assume that oil will not be drilled elsewhere if we do not drill for it? It probably will and better produced here with our tighter environmental standards than other places. Anyway...Record colds in China and India.
    http://bit.ly/UIhePb
    8 Jan 2013, 10:06 PM Reply Like
  • Aren't we supposed to run out of fossil fuels, anyways? So whither the effects on "global warming"?
    8 Jan 2013, 10:29 PM Reply Like
  • Please don't start with the records this and that. "Global warming" is a term made up by non believers to discredit the science. It's climate change. More extremes more crazy weather. Get used to it.
    8 Jan 2013, 11:50 PM Reply Like
  • Scientists changed global warming to climate change when the data did not back up the theories.
    9 Jan 2013, 12:47 AM Reply Like
  • Global Warming is OK now...Al Gore just sold his company to a big oil exporter....for more money of course..
    9 Jan 2013, 06:58 AM Reply Like
  • Thanks Al for taking one for the team
    9 Jan 2013, 11:10 AM Reply Like
  • like i said doesn,t matter how much we drill the cost to consumer will still go up especially with the falling dollar
    8 Jan 2013, 10:00 PM Reply Like
  • then how come diesel is 70 to 80 cents higher than gas plus fuel cost are expected to go higher--even if keystone pipe line goes through i bet the cost of fuel will still rise the us taxpayer can,t win....
    8 Jan 2013, 10:03 PM Reply Like
  • For diesel its cause of EPA and higher federal taxes.
    9 Jan 2013, 12:47 AM Reply Like
  • Daily crude oil production during the last 2 weeks of 2012 already reached 7 million barrels.

     

    20 years of decline wiped out in just 2 years.
    9 Jan 2013, 01:14 AM Reply Like
  • SA readers clearly don't have a clue on what is going on in the oil world... OPEC blows away the reserves of the rest of the world and they don't even produce 40% of the annual consumption. Start asking questions to yourself about the FACTS and DATA out there and you might make some money.
    9 Jan 2013, 02:43 AM Reply Like
  • Oil imports dropped to 6 million barrels a day.....that is going in the right direction.....screw the middle east...Venezuela...etc... keep the money at home..with our jobs..and our familys...what I hate is that Obama will take credit for this when it is all on private land....he still has not approved the Keystone yet...birds chirping....
    9 Jan 2013, 07:01 AM Reply Like
  • youngman,
    we ship oil to venezuela
    9 Jan 2013, 10:12 AM Reply Like
  • Who does?
    9 Jan 2013, 10:21 AM Reply Like
  • We ship Gasoline to Venezuela....we are one of the few countries that can distill their heavy sulfur oil...
    10 Jan 2013, 08:09 AM Reply Like
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