Shale Pushes US To Top Crude Production Spot

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The Feed:

7/6/14

 

Move over Saudi Arabia; there’s a new top oil producer in town. Riding a fracking-induced boom in production, the United States is now the world’s largest producer of crude, and natural gas to boot. That’s according to a new Bank of America report, which hails America’s ever-growing global energy clout. Bloomberg reports:

 

 

U.S. oil output will surge to 13.1 million barrels a day in 2019 and plateau thereafter, according to the IEA, a Paris-based adviser to 29 nations. The country will lose its top-producer ranking at the start of the 2030s, the agency said in its World Energy Outlook in November.

 

“It’s very likely the U.S. stays as No. 1 producer for the rest of the year” as output is set to increase in the second half, Blanch said. Production growth outside the U.S. has been lower than the bank anticipated, keeping global oil prices high, he said.

 

 

It’s pretty ironic that without fracking President Obama would be toast. Energy prices would be soaring through the roof, job creation would be zilch, and the stock market would be in the toilet.

 

Throughout U.S. history, the dynamism of the American economy has rescued our political system from its failures and inadequacies.....(Snip)

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Harold Hamm: The Billionaire Oilman Fueling America's Recovery

Christopher Helman

May 5, 2014 issue of Forbes.

 

Harold Hamm has transformed the U.S. oil industry like no one since John D. Rockefeller, while helping to keep domestic prices low and making himself a $17 billion fortune. The great domestic energy boom, he says, is just beginning.

 

Two Scotches in, with seats on the floor of Oklahoma Citys Chesapeake Energy Arena, Harold Hamm is feeling good. And why not? His hometown Thunder is spending the evening whupping the Philadelphia 76ers. Earlier Hamm announced big bonuses for Continental Resources employees, courtesy of record oil production. And a judges ruling, revealed that morning, in Hamms divorce case suggested the energy tycoon would keep the Continental shares he already owned when he married soon-to-be-ex Sue Ann Hamm 26 years ago. With that chunk of stock, encompassing about $16 billion out of his $16.9 billion fortune, Hamm owns 70% of Continental.

 

As every wildcatter knows, such is life in the oil patch when youre on a hot streak. And Hamms on perhaps the most epic one in domestic energy history, perhaps save for John D. Rockefellers. No one, aside from kings, dictators and post-Soviet kleptocrats, personally owns more black goldContinental has proved reserves of 1 billion barrels, mostly locked underneath North Dakota. Hamm took the company public in 2007and shares are up 600% since, as the revolution in horizontal drilling has given America a cheap energy booster shot, fueling factories, keeping a lid on gas prices and adding millions of jobs.

 

(Snip)

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Another Blast From The Past.......