Author Topic: A ‘Major Second Wave’ of U.S. Fracking Is About to Be Unleashed Upon the World  (Read 938 times)

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Offline thackney

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A ‘Major Second Wave’ of U.S. Fracking Is About to Be Unleashed Upon the World
http://time.com/5187074/fracking-energy-oil-natural-gas/
March 6, 2018

U.S. oil and natural gas is on the verge of transforming the world’s energy markets for a second time, further undercutting Saudi Arabia and Russia.

The widespread adoption of fracking in the U.S. opened billions of barrels of oil and trillions of cubic feet of natural gas to production and transformed the global energy sector in a matter of a few years. Now, a leading global energy agency says U.S. natural gas is about to do it again.

The International Energy Agency (IEA) said in a new forecast this week that growth in U.S. oil production will cover 80% of new global demand for oil in the next three years. U.S. oil production is expected to increase nearly 30% to 17 million barrels a day by 2023 with much of that growth coming from oil produced through fracking in West Texas.

“Non-OPEC supply growth is very, very strong, which will change a lot of parameters of the oil market in the next years to come,” Fatih Birol, the head of the International Energy Agency, told reporters at the CERAWeek energy conference hosted by IHS Markit. “We are going to see a major second wave of U.S. shale production coming.”...
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Offline thackney

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Saudi Arabia's Gift To America's Shale Producers: A Supertanker And An IPO
https://www.forbes.com/sites/markpmills/2018/02/21/saudi-arabias-gift-to-americas-shale-producers-a-supertanker-and-an-ipo/#25549a7b2191

...This week at the Louisiana port called the LOOP, for the first time ever, a supertanker – the Saudi-owned VLCC Shaden -- was loaded with American crude and departed. Destination: China.

The LOOP, the only U.S. port able to accept a supertanker, came online in 1981 at a cost of $2 billion (inflation adjusted) in order to import oil. With the shale gusher continuing, and supertankers the cheapest way to transport oil, the LOOP’s owners sensibly reconfigured the terminal for exports. The future? The Energy Information Agency (EIA) new Annual Energy Outlook 2018 forecasts the U.S. will become a net energy exporter by 2022 (counting natural gas where the U.S. is already a net exporter)....

...The growth of U.S. shale hydrocarbons is the most energy that has been added to world supply in such a short time in all of history, for any kind of energy. The only event that was close was the rise in output in the 1960s from Saudi Arabia’s massive Ghawar oil field. The latter event reset the economics and geopolitics of global energy markets for a half century. The former will too....

...Meanwhile, every credible forecast sees global oil consumption inexorably rising. It’s not hard to figure out why. A doubling in the number of cars in the world will push oil demand up no matter how fast batteries get built or how successful Tesla becomes...
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Offline IsailedawayfromFR

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This is all only good news for the USA and its citizens.

It will keep this country on a roll - and diminish the need to lean toward OPEC, especially Venezuela and ME countries, for political favors.

The timing is everything here, and whether we can continue to pump greater volumes as the IEA predicts remains to be seen.

No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington