U.S. Oil Production Growth Expectations Continue To Rise

U.S. oil production is expected to rise more than 2 million barrels per day by 2015. That's from a new report written by Bentek that was released after the National Petroleum Council's Production Report last week. The bulk of production will be added by the Bakken, Eagle Ford, and other plays in West Texas. IHS predicts that same oil growth could fuel the addition of 1.3 million jobs and add $97 billion in tax revenues. I think it's safe to say all three, production, jobs, and tax revenues, should be welcomed during this economic climate.

North America appears headed for an oil renaissance, with crude production expected to hit an all-time high by 2016 given the current pace of drilling in the U.S. and Canada, according to a study released by an energy research firm this week.

U.S. oil production in areas including West Texas' Permian Basin, South Texas' Eagle Ford shale and North Dakota's Bakken shale will record a rise of a little more than 2 million barrels per day from 2010 to 2016, according to data compiled by Bentek Energy, a Colorado firm that tracks energy infrastructure and production projects.

Read the full news release at mysanantonio.com

American Shales Add Jobs and Oil Production

American shale plays, such as the Eagle Ford and Bakken, might produce as much as 2-3 million barrels of oil per day by 2020. A recent report by the National Petroleum Council (NPC) and American Petroleum Institute (API) suggest shales might also add 1 million jobs over the next 10 years. That's an employment boom this country needs. The oil & gas industry already supports some 9 million American jobs. As people get hired it will be hard to refute, but we all have to work to help the rest of the nation understand that American energy creates American jobs. 

America needs energy. America needs jobs. A way to get them both is right under our feet.

A recent report by the National Petroleum Council says the United States has a more abundant supply of oil and natural gas than previously believed. The report concludes that by 2035 America could be producing 2 million to 3 million barrels of oil per day from shale formations, including the Bakken shale in North Dakota and Montana and the Eagle Ford shale in Texas.

The Sept. 15 report forecasts that under the most optimistic assumptions, America and Canada combined could produce up to 22.5 million barrels of oil per day, if the U.S. lifts regulatory barriers. This would allow America to reduce its reliance on oil from other parts of the world.

Read the full news release at thehill.com