Fuel Fix Blog – Report: Renewables, Natural Gas Should Work Together On the Grid

According to a new report by the Texas Clean Energy Coalition, natural gas and renewables “have a strong complimentary relationship” that is beneficial for providing the energy Americans need every day.

Today in Energy – U.S. Crude Oil Production Could Reach 10M Barrels Per Day By 2040

EIA projects that thanks in large part to increased tight oil production – shale development – domestic production could continue to expand to 10 million barrels per day or higher by 2040.

Savannah Morning News – Let’s Admit the Ethanol Mistake

In a guest post, J. Winston Porter writes that “the ethanol in our gasoline increases the cost to fill our cars, is heavily subsidized by taxpayers and has considerable enviro... more »

Wall Street Journal – U.S. Oil Notches Record Growth

In the latest sign that  the shale revolution is remaking world energy markets,  the WSJ cites BP’s 2012 Statistical Review showing crude production in the U.S. jumped 14 percent last year to 8.9 million barrels a day. (subscription publication).

Pittsburgh Post-Gazette – Pennsylvania to See $202.47 Million in Per-Well Fracking Impact Fees

A new Pennsylvania Public Utility Commission report notes that more than $200 million from hydraulic fracturing impact fees will be distributed to local governments across the state. Bradford County in the state's northeast will collect the most at $7.3 million while Washington is second at $4.7 million. Lycoming and Tioga counties follow with $4.4 million each.

The Hill – GOP Warns of $1 Tri... more »

The bottom-line numbers in BP’s 2012 Statistical Review depict surging U.S. domestic oil and natural gas production, mainly because of the development of U.S. shale reserves through hydraulic fracturing:

• 8.9 million barrels of oil per day (Mb/d) – U.S. production in 2012, the highest level since 1991.
• 1 Mb/d – U.S. oil output growth last year over 2011, the largest increase in the world (14 percent) and the largest in U.S. history.
• 84 percent – U.S. energy demand supplied by domestic sources, up from an all-time low of 69 percent just eight years ago.

BP’s chart on U.S. oil production, spanning the past quarter century:

And another by AEI’s Mark J. Perry, providing historical perspective on changes in U.S. output:

BP Group Chief Executive Bob Dudley:

“On... more »

Fuel Fix Blog – U.S. Led World in Oil Growth in 2012

According to a new BP report, U.S. oil production growth,  the largest in the country’s history, helped keep global crude prices from rising sharply. Shale development had the biggest impact on this increase in oil production.

Washington Times – U.S. Gains Global Competition as Shale Revolution Heats Up

While the U.S.  has been “the dominant player in the shale revolution until now,” the newspaper cites new estimates showing that Russia and China have potential to rise in the global market by exploiting their own shale resources.

Forbes – International Investment Could Be Coming to Oil and Natural Gas Midstream Sector

Thanks to the surge in U.S. shale production, investments from international companies could be making its wa... more »

BusinessInsider.com has an article disparaging oil and natural gas sector employment, as well as the industry’s ability to create new jobs:

… let's look at oil and gas mining. The industry really employs very few people. Less than 200K people are in the oil and gas extraction business. … And on a month over month basis, just 500 or so new jobs were created in May. … So while oil and gas is a big exciting story, it’s not directly a big source of new jobs.

Both points would be news to the more than 6,000 people now working in direct industry jobs that were added from April to May of this year, according to the Bureau of Labor Statistics (BLS).

BusinessInsider.com’s piece is fairly shortsighted, failing to acknowledge what nearly every economist acknowledges – that a business sector’s... more »