America’s Oil and Natural Gas Development “Nothing Short of Amazing”

News Media Contact
Jeff Eshelman / Julia Bell
202.857.4722 / 800.433.2851

For Immediate Release
March, 9 2012

WASHINGTON – From onshore oil and natural gas production in domestic shale plays to offshore exploration and production along the Gulf coast, America’s independent energy producers are providing our nation with the resources vital to its success – all the while creating thousands of jobs and enhancing our national security. In North Dakota alone, development of the Bakken shale has boosted the state’s monthly oil output to 546,050 barrels per day (bpd), up 59.2 percent from a year prior. As Daniel Yergin noted this week in CNBC:

“Among the transformative [energy] developments taking shape is the rebalancing of global oil supply. New sources of oil in North and South America are redrawing the world map and will change the flow of the world petroleum trade. Innovative technologies are unlocking the United States’ ‘tight oil’ supplies and have already produced North America’s other energy boom – shale gas.”

It is no surprise that America’s independent oil and natural gas producers-producing 85 percent of U.S. natural gas and 54 percent of U.S. oil-are the catalysts behind this successful resurgence in American energy output, supporting safe and responsible development while putting America back to work. According to a new study from the World Economic Forum, the oil and natural gas sector is responsible for adding 9 percent of all new U.S. jobs in 2011. As Mark Maddox of American Action Forum noted in a recent Op-Ed to The Hill:

Tens of thousands of jobs are currently being created in America’s oil and gas fields. New manufacturing jobs are popping up in both the support supply chain and in industries that use these new sources of energy.”

And as the Houston Chronicle editorial board highlighted this morning, America’s oil and natural gas development is “nothing short of amazing.”

“What we’re finding out is nothing short of amazing. Thanks to improvements in technology, enormous oil and gas resources have become accessible in ways that are both economic and environmentally acceptable. There is now talk that America’s petroleum reserves could be the world’s largest, perhaps even several times those of Saudi Arabia.”

America’s independents are leading our nation to a new age of energy abundance and security. Oil imports have decreased from 60 percent in 2005 to 47 percent today, thousands of Americans are back to work, and the entire world is looking at North American energy with a new eye. Yet it is only with strong leadership and increased access to our immense onshore and offshore energy reserves that our nation will be able to truly follow the path that the independents have paved.

Here’s what they’re saying around the nation:

Shale boom turns North Dakota into No.3 Oil Producer. Mild winter weather and a ramp up in well completion work, including the controversial process of hydraulic fracturing, used to extract the oil from shale rock, led to the rise in output. This compares with California’s average crude oil production of 537,500 bpd throughout 2011, the last period for which data is available. North Dakota, located along the Canadian border, has upended the U.S. oil market since 2007 and its output has eclipsed that of OPEC member Ecuador thanks to advances in horizontal drilling and hydraulic fracturing. Production has doubled in the three years since 2009. (Reuters, 3/8/12)

America rich with energy possibilities. The most visible of these impacts is immediate job creation. Tens of thousands of jobs are currently being created America’s oil and gas fields. New manufacturing jobs are popping up in both the support supply chain and in industries that use these new sources of energy. Less visible, but compelling nonetheless, is investment pouring in from around the globe from foreign companies confident in American developed technology and its resource base. Diwan made this pattern clear: “When you look at global oil and gas investment, the U.S. has been the key destination in the last 10 years…The global industry is making money all over the world, and investing it in the U.S.,” he said. (The Hill, Op-Ed, 3/1/12)

Energy, Security and the Future of Economic Growth‎. Among the transformative developments taking shape is the rebalancing of global oil supply. New sources of oil in North and South America are redrawing the world oil map and will change the flow of the world petroleum trade. Innovative technologies are unlocking the United States’ “tight oil” supplies and have already produced North America’s other energy boom – shale gas. The “shale gale” makes possible a hundred years of gas supplies and is currently supporting more than 600,000 U.S. jobs. (CNBC, Daniel Yergin, 3/5/12)

Experts urge nation to hit energy reset button‎. A new age of domestic energy production has upended supply expectations and requires a rethinking of U.S. energy policy, industry and environmental experts said on the first day of the CERAWeek energy conference Monday. Leaders of separate advisory committees to the U.S. secretary of energy told the conference audience that the nation’s capacity for supplying its energy needs far exceeds conventional expectations of a few years ago.(Houston Chronicle/Fuel Fix, 6/6/12)

Natural gas revolution is a safe, abundant force for good‎. The natural gas revolution is by far the most significant energy development in decades. Thanks to new technology and innovation, today we can affordably tap into vast fields of natural gas embedded in rocks deep in the earth, recovering a resource that just a few years ago was considered out of reach. (Houston Chronicle, Op-Ed, 3/6/12)

Is US Energy Independence Finally Within Reach?‎ “Energy self-sufficiency is now in sight,” says energy economist Phil Verleger. He believes that within a decade, the U.S. will no longer need to import crude oil and will be a natural gas exporter. Verleger says all of the previous presidents fighting for energy independence would be quite surprised by how this came about: It’s not the result of government policy or drilling by big oil. (NPR, 3/7/12)

Recipe for a stable energy future‎. Then came horizontal drilling and hydraulic fracturing and oil and gas extracted from shale formations. As this is being written, the script for our nation’s energy future is being rewritten in a quite remarkable – and hopeful – way. But only if we as a people will get out of our own way. (Houston Chronicle, Editorial, 3/8/2012)