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It’s Official: The U.S. Produced More Oil Than It Imported
Earlier this month, it was announced that America produced more oil than it imported during the week that ended 31st May. This was the first time crude output has exceeded imports in sixteen years.
Experts claim that the increase in crude output is partly down to advances in technology that have enabled oil to be extracted from shale formations that were previously inaccessible.
Crude inventories also reached the highest point in eighty-two years during the week that ended 24th May.
A Major Step Towards Energy Self-Sufficiency
Oil investments are continuing to contribute to America’s ability to fulfill its energy needs without having to look overseas.
The nation is being strengthened considerably by oil and gas investments, with people who invest in oil and gas helping to bring about a time when the production of these commodities will dwarf the amount that is imported.
The difference between crude production and import in the week that ended 31st May was by no means substantial; it was a mere 80,000 barrels out of a total of approximately 7,300,000 thousand barrels extracted domestically each day. However it is a sign that the nation is rapidly moving closer towards energy self-sufficiency.
The Eagle Shale Ford
Shale formations in Texas, Oklahoma and North Dakota are driving the oil boom and have been cited as the catalyst for this month’s revelation.
The Eagle Ford Shale has been projected to be the largest tight-oil producer in the U.S. by the conclusion of 2013.
Earlier this month, the Texas Railroad Commission released data indicating that the nine fields comprising the majority of this formation produce 530,689 barrels of oil per day. This compares to a mere 345,702 barrels per day produced in April 2012.
Texas Leads the Way
The Eagle Shale Ford is placing Texas at the centre of the oil revolution.
The state was responsible for 2.37 barrels of oil per day in March, which is the highest amount since February 1986. Forbes has stated that it is responsible for Texas’s economy performing better than that of the remainder of the United States in recent years.
The Eagle Shale Ford covers an area that is approximately the same size as West Virginia.
It has been credited for the fact that Texas produces approximately thirty percent of the nation’s domestic oil production.
This formation plays a key role in the current U.S. energy boom. It is helping to drive the country closer to the stage where its oil exports far exceed its imports.
Oil Boom Here to Stay
The fact that the United States produced more oil than it imported in the week that led up to 31st May is a major landmark in the recent history of the nation’s energy production.
It demonstrates the fact that the oil boom is here to stay.
The U.S. is likely to enjoy the oil and natural gas boom for many years to come. It is probable that one day, in the not so distant future, the nation’s oil imports will be a fraction of the amount that it sells to other countries.
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