Tuesday, Dec 10, 2013
US Taking Lead as Oil and Gas Superpower
WSIL -- The U.S. may soon take over as the world's leading energy producer. America has pushed ahead of two other countries that have long been oil and gas superpowers.
The latest report from the U.S. Energy Information Administration looks back to 2008. Since then, there's been a big spike in energy production. This year, the administration expects the country to pump out more petroleum and natural gas than Russia and Saudi Arabia.
The U.S. is now producing about 25 million barrels of oil and gas a day. That's compared to less than 20 million five years ago.
The report points to reasons like the large amount of horizontal drilling and hydraulic fracturing in areas like Texas and North Dakota.
Brad Richards, Executive Vice President of the Illinois Oil and Gas Association, believes these newer technologies are playing a big role.
"Being able to access these relatively tight rocks and drill in some cases a mile or two sideways, you just open up so much of that reservoir," said Richards.
The report also shows production in the U.S. is evenly split between oil and gas.
Richards says if a drilling boom comes to southern Illinois, he believes the companies will mainly be looking for oil.
Right now, the companies looking at southern Illinois are doing test wells and collecting data. Richards says it's still too early to know if many companies will actually move into the region.
U.S. Energy Information Report: http://www.eia.gov/todayinenergy/detail.cfm?id=13251
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