January 1, 2018

THANKS, UR:

Oil Production Booming in U.S. (Thomas Heath, 12/31/17, The Washington Post)

Shale oil drills can now plunge deep into the earth, pivot and tunnel sideways for miles, hitting an oil pocket the size of a chair, Verrastro said.

The United States is so awash in oil that petroleum-rich Saudi Arabia's state-owned oil and natural gas company is reportedly interested in investing in the fertile Texas Permian Basin shale oil region, according to a report last month.

That is a far cry from the days when U.S. production was on what was thought to be an irreversible downward path.

"For years and years, we thought we were running out of oil," Verrastro said. "It took $120 for a barrel of oil to make people experiment with technology, and that has been unbelievably successful. We are the largest oil and gas producer in the world."

Shale oil drillers have spawned a revolution using high-pressure drilling, coupled with a mixture of water and sand, which breaks open -- "fractures" -- hard-to-reach oil pockets trapped in rock.


The United States exported 2.13 million barrels a day of oil in the week through Oct. 27, the first time the nation has crossed the 2 million-barrels-per-day mark.


Posted by at January 1, 2018 8:32 AM

  

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