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AmeraTex Energy NewsWatch: U.S. Production of Crude Oil Surges
 

AmeraTex Energy NewsWatch: U.S. Production of Crude Oil Surges

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AmeraTex Energy NewsWatch: U.S. Production of Crude Oil Surges

AmeraTex Energy NewsWatch: U.S. Production of Crude Oil Surges

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    AmeraTex Energy NewsWatch: U.S. Production of Crude Oil Surges AmeraTex Energy NewsWatch: U.S. Production of Crude Oil Surges Document Transcript

    • AmeraTex Energy NewsWatch: U.S. Production of Crude Oil SurgesU.S. crude oil production is up 22% in the past year, and has risen by an astounding 34% in the past fouryears. This is more than a recovery from recession -- this is effectively a whole new industry that is beingbuilt on the back of new drilling technologies.Along with the rise in crude oil production that started in 2008 has come a virtual gusher of natural gas,which in turn has resulted in a huge decline in natural gas prices. As the chart above shows, from theirpeak in 2008, natural gas prices have fallen almost 75%. Crude oil is largely fungible and thusdetermined by global market forces, so its price hasnt fallen much. But natural gas is not easily fungibleon a global scale (it has to be compressed and shipped), so U.S. gas prices have fallen significantly.As this next chart shows, natural gas has now become extremely cheap relative to oil. This has given U.S.manufacturers that use large amounts of energy a significant natural advantage relative to those ofother countries, not to mention giving consumers in many areas of the country a big break on theirheating bills. These are transformative changes in the U.S. economy that are extremely positive for thefuture.U.S. crude oil production alerts provided by AmeraTex Energy NewsWatch.(http://pressdoc.com/p/000v28). - A Member of the Society of Petroleum Engineers.