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Thursday, August 1, 2013

Shale revolution: ‘Saudi America’ was the world’s No. 1 petroleum producer in April for the sixth straight month.

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sausoilThe Energy Information Administration (EIA) released new data this week on international energy production for the month of April. For the sixth straight month starting in November last year, total petroleum production (crude oil and other petroleum products like natural gas plant liquids, leased condensate, and refined petroleum products) in “Saudi America” during the month of April (12.08 million barrels per day) exceeded petroleum production in Saudi Arabia (11.53 million barrels per day). Also for the sixth month in a row starting last November, “Saudi America”: a) took the top spot as the No. 1 petroleum producer in the world, and b) produced more petroleum than the combined output of all of the countries in Europe, Central America, and South America (11.46 million barrels per day).
This is more evidence that America’s shale energy revolution is taking us from “resource scarcity” to a new era of “resource abundance” as the US now consistently produces more petroleum products than Saudi Arabia, has led the world in petroleum production for six straight months, and has produced more petroleum than all of the countries in Europe, Central America, and South America combined for six straight months. This energy bonanza in the US — described as the “energy equivalent of the Berlin Wall coming down” — would have been largely unthinkable even five years ago. But then thanks to revolutionary drilling techniques developed by America’s “petropreneurs” like George P. Mitchell, we’ve unlocked vast oceans of shale oil and gas across the US and are now the world’s No. 1 producer of petroleum for six months running.
Welcome to America’s shale revolution. Carpe oleum.

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