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Page added on November 29, 2018

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US oil and gas reserves surpass 1970 record

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The United States has surpassed the 1970 record for proven oil and gas reserves, roughly doubling the amount of discovered petroleum in the ground in the past decade, the federal government said Thursday.

The U.S. shale boom has unlocked large volumes of oil and gas, currently driven by drilling for crude oil in West Texas’ booming Permian Basin and for natural gas in the Marcellus and Utica plays in Pennsylvania and neighboring states.

Proven reserves of crude oil in the U.S. jumped almost 20 percent to 39.2 billion barrels by the end of 2017, setting a record. The previous record, in 1970, was 39.0 billion barrels. The U.S. is churning out a record of 11.7 million barrels of crude a day, the Energy Department estimates.

Likewise, natural gas reserves jumped 36 percent to 464.3 trillion cubic feet, a record that surpassed the previous mark set in 2014. Record-high natural gas production also spiked 4 percent from 2016 to 2017.

Since the 1970s, the nation’s petroleum reserves had been in decline for roughly three decades. The shale boom changed that more than a decade ago when companies began combining horizontal drilling techniques with hydraulic fracturing, called fracking, to unlock the oil and gas from the tight shale rock.

Chron



28 Comments on "US oil and gas reserves surpass 1970 record"

  1. I AM THE MOB on Thu, 29th Nov 2018 2:43 pm 

    Chevron CEO warns US shale oil alone cannot meet the world’s growing demand for crude
    https://www.cnbc.com/2017/05/01/us-shale-cannot-meet-the-worlds-growing-oil-demand-chevron-ceo-warns.html

    Peak U.S. Shale Could Be 4 Years Away
    https://oilprice.com/Energy/Crude-Oil/Peak-US-Shale-Could-Be-4-Years-Away.html

    Is Peak Permian Only 3 Years Away?
    https://oilprice.com/Energy/Crude-Oil/Is-Peak-Permian-Only-3-Years-Away.html

    HSBC Global Bank: 81% of world liquids production already in decline and world oil shortages ahead
    https://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017

    Peak Oil & Drastic Oil Shortages Imminent, Says IEA
    https://cleantechnica.com/2018/11/22/peak-oil-drastic-oil-shortages-imminent-says-iea/

  2. I AM THE MOB on Thu, 29th Nov 2018 3:14 pm 

    Federal agents raid office of lawyer who previously did tax work for Trump

    https://thehill.com/homenews/administration/418928-federal-agents-raid-office-of-tax-firm-that-previously-worked-for

    Its Mueller time!

  3. Cloggie on Thu, 29th Nov 2018 3:46 pm 

    Bill Kristol at it again. After majestic failures in Afghanistan, Iraq and Syria, (((Bill))) now thinks regime change efforts should go for the gold: China!

    LOL

    https://mobile.twitter.com/BillKristol/status/1066080100658147328

    #BeerAndPopcorn

  4. Mark Ziegler on Thu, 29th Nov 2018 5:14 pm 

    The world uses 30 billion barrels of oil each and every year. So that is really not that much oil.

  5. I AM THE MOB on Thu, 29th Nov 2018 5:20 pm 

    Clogg

    We got control of the oil fields in Iraq and have tripled production..That is mission accomplished..And the goal in Afghanistan isn’t to win, its to unload inventory and keep the weapons manufacturers in business..And we took over the oil in Libya and sent the migrants fleeing to Europe..Mission accomplished again..

  6. I AM THE MOB on Thu, 29th Nov 2018 5:23 pm 

    Mark

    Actually the world used around 37 billion barrels of oil last year..And they discovered less than 7..

    Oil discoveries in 2017 hit all-time low –Houston Chronicle
    https://www.chron.com/business/energy/article/Oil-discoveries-in-2017-hit-all-time-low-12447212.php

  7. print baby print on Fri, 30th Nov 2018 7:19 am 

    What discoveris ?

  8. Darrell Cloud on Fri, 30th Nov 2018 8:25 am 

    The lights are still on boys and girls. Be thankful to be alive. Enjoy your families.

  9. Antius on Fri, 30th Nov 2018 10:37 am 

    Interesting article on Archimedes screw pumps and generators. These appear to be well suited for low head hydropower and pumped storage, as they maintain efficiency at very low pressure heads.

    http://greenbugenergy.com/how-we-do-it/archimedes-screw-generators

    Low head pumped storage is unlikely to be economic as a stand-alone storage application; due to the relatively low ESOEI (energy stored over energy invested) and the huge amount of land required. However, the idea becomes far more plausible if the storage ponds are able to serve multiple functions simultaneously, i.e. a permaculture approach.

    For example, consider two ponds that are separated by a 5m head. Suppose we store energy by allowing the water level of the lower pond to drop by 2m and the level of the upper pond to rise by the same amount. Each cubic metre of water exchanged in this way, will store an average of 70KJ of energy, which could subsequently be released by passing it back through the screw turbine. To store 1KWh of energy would require two ponds each with area of 26 square metres. To store 42GWh of energy, about 1 hour of electricity consumption in the UK; would require ponds covering a total of 2170km2 (840 square miles) of land.

    That would be an unaffordable expense if energy storage were the only application that the ponds served. However, shallow open-air ponds can serve other functions such as land-based aquaculture; the production of reeds as building material; the cultivation of aquatic plants; sources of liquid fertiliser for surrounding fields; water purification; fishing recreation; boating, etc. By combining these many applications, low head pumped storage becomes an affordable part of a larger whole.

  10. Antius on Fri, 30th Nov 2018 11:19 am 

    Two interesting articles from Kris DeDecker on the possibilities of direct hydropower.

    https://www.lowtechmagazine.com/2013/08/direct-hydropower.html
    https://www.lowtechmagazine.com/2016/03/hydraulic-accumulator-power-water-networks.html

    Modern hydro is all about the production of electricity, which is fed into the grid. However, this is not well suited to small scale applications. In situations where mechanical power is needed, it is often far more efficient to convert a small low-head hydro source directly into mechanical power, without the need for intervening electricity generation or interface with the grid. This can power rotating machines and presses. Using a trompe, low head hydro can be used to generate low pressure compressed air for feeding furnaces.

    The same logic applies to low head pumped storage. Users of mechanical power could locate factories and workshops on land between the two storage ponds. In a similar way, wind turbines could be used to pump water from the lower to the upper reservoir without the need for intermediate electricity generation. This would improve the economics of the turbines by eliminating complex electrical parts.

  11. Davy on Fri, 30th Nov 2018 11:55 am 

    “Renewables Account For 18% Of US Electricity Generation”
    https://tinyurl.com/y766m972

    “The United States Energy Information Administration has recently published data revealing that renewable energy sources provided nearly 18% of the country’s electrical generation through the first nine months of the year, while solar and wind grew substantially as compared to the same nine months a year ago.”

    “Through the same period, EIA’s data shows that solar and wind both saw strong growth, with utility-scale solar growing by 30.3% (which includes distributed small-scale solar) and wind energy growing by 14.5% compared to the same period a year earlier. Taken together, wind and solar accounted for almost 9% of the country’s electrical generation and 49.7% of the total from all renewable energy sources. Looking at all renewable energy technologies, hydropower remains the consistent leader, accounting for 7.05% of the nation’s total electricity generation, followed by wind with 6.41%, solar with 2.42%, biomass with 1.48% after a 1.5% increase in generation, and geothermal with 0.39% after a 5.4% increase.”

  12. Go Speed Racer on Fri, 30th Nov 2018 12:22 pm 

    We could get a helluva lot more energy than
    that, if we would only take the initiative
    to set all of our old furniture on fire.

  13. Go Speed Racer on Fri, 30th Nov 2018 12:25 pm 

    Oh, almost forgot to mention.

    Trump in 2020!
    4 more years!
    4 more years!

  14. I AM THE MOB on Fri, 30th Nov 2018 12:39 pm 

    Go speed racer!

    JUSTIN TRUDEAU BLASTS DONALD TRUMP’S TRADE TARIFFS TO HIS FACE AFTER GENERAL MOTORS ANNOUNCED HUGE LAYOFFS

    https://www.newsweek.com/justin-trudeau-blasts-donald-trumps-trade-tariffs-after-general-motors-1238810?utm_source=newsweek&utm_medium=push_notification&utm_campaign=onesignal

    A fat dough boy! Typical trust fund baby!

    LMFAO!

  15. I AM THE MOB on Fri, 30th Nov 2018 12:43 pm 

    Davy

    Wind and solar almost 8.8 percent after fifty years and billions spent! And all those solar panels and wind turbines are going to have to be replaced in another decade..Or back to zero it will go..

    What a fucking joke..

  16. Davy on Fri, 30th Nov 2018 1:09 pm 

    Mob, I am not a neder. I don’t expect a renewable transition but they will help.

  17. Antius on Fri, 30th Nov 2018 1:43 pm 

    The ‘renewables’ that I am talking about here, are simplified wind turbines that are directly coupled to water pumps. No more than a few very simple parts, made from common materials, like steel, concrete, polymers. Very easy to build, even at a local level. The lakes are either excavated, or contained by earth berms.

    About a month back, I shared details of a pipeline system that could transport material goods in floating capsules. Low head water from storage ponds would be a good means of achieving the required flow.

  18. Cloggie on Fri, 30th Nov 2018 2:26 pm 

    “Wind and solar almost 8.8 percent after fifty years and billions spent! And all those solar panels and wind turbines are going to have to be replaced in another decade..Or back to zero it will go..
    What a fucking joke..”

    US at a respectable 18% renewable electricity.

    https://cleantechnica.com/2018/11/30/renewables-account-for-18-of-us-electricity-generation/

    Germany 36%
    Denmark 40%
    Scotland 68%

    All 3 countries use their neighbours as buffers.

  19. I AM THE MOB on Fri, 30th Nov 2018 2:59 pm 

    Clogg

    Denmark and Scotland are tiny little countries that are located right off the ocean where its especially windy..

    And Germany’s experiment has been a disaster..highest energy prices in the entire world..

    Solar and wind are efficient enough due to their intermittent issues..

  20. Cloggie on Fri, 30th Nov 2018 3:19 pm 

    “And Germany’s experiment has been a disaster..highest energy prices in the entire world..”

    You are repetative and unable to learn something, a clear indicator of a room temperature IQ.

    If Germany is a “desaster”, I wonder what almost every other country on this planet is.

    Germany can afford higher energy prices because it is energy efficient, meaning it needs little energy to generate 1 million.

    The German grid is one of the most stable in the world.

    As we have seen throughout history (Holland, UK, USA), the one who is able to exploit a new energy source first, is going to be the next geopolitical heavyweight.

    Germany and Denmark may have to pay more for a kWh, but the get potent new industries in return.

    Dutch capitalist wisdom:

    https://goo.gl/images/u8UbM8

    First you have to invest before you can hope for returns.

    If Europe completes the transition first, they will be the new #1.

  21. Cloggie on Fri, 30th Nov 2018 4:11 pm 

    China, the next #1

    http://www.unz.com/freed/cheng-two-more-notes-on-two-weeks-in-china/

  22. Antius on Fri, 30th Nov 2018 4:24 pm 

    The Grasshopper! That takes me back.

    It doesn’t help when governments do stupid things, like pouring bucket loads of subsidies into microgeneration that will never stand on its own feet.

    The German energy transition could have been accomplished much more affordably by concentrating on utility grade wind and solar power plants and smart end-uses. As it is, the costs are mounting over things that add too little value.

  23. I AM THE MOB on Fri, 30th Nov 2018 5:44 pm 

    Clogg

    Germany’s experiment has been a disaster. Almost had rolling blackout caused by wind power (twice)..Just like they did in South Australia..They even lost a BMW factory to America because of their extraordinary high priced energy bills.

    Blackouts, Expensive energy bills, lost factories and jobs..All for a small amount of electricity that has to be replaced every 20 years..

    Germany’s Expensive Gamble on Renewable Energy
    https://www.wsj.com/articles/germanys-expensive-gamble-on-renewable-energy-1409106602

    Germany Runs Up Against the Limits of Renewables
    https://www.technologyreview.com/s/601514/germany-runs-up-against-the-limits-of-renewables/

    At this rate, it’s going to take nearly 400 years to transform the energy system
    https://www.technologyreview.com/s/610457/at-this-rate-its-going-to-take-nearly-400-years-to-transform-the-energy-system/

    Renewable energy mix played role in SA blackout, third AEMO report confirms
    http://www.abc.net.au/news/2016-12-12/renewable-energy-mix-played-role-in-sa-blackout/8111184

  24. Doggie on Fri, 30th Nov 2018 6:03 pm 

    Indeed Germany’s disaster in unreliable intermittent high cost energy.

    That 18% number is jerry-rigged to make people feel good without giving the underlying void of meaning. Get the details next time and maybe you won’t be fooled so easily.

  25. Cloggie on Fri, 30th Nov 2018 11:08 pm 

    “The German energy transition could have been accomplished much more affordably by concentrating on utility grade wind and solar power plants and smart end-uses. As it is, the costs are mounting over things that add too little value.”

    Too expensive, initially. These private green early adopter idealists, paid for panels and small turbines out of their own pocket plus some subsidy. Difficult to see how you could acquire the likes of Vestas, Orsted and Siemens without them. Economy of scale first. Now big investors are lining up to build huge offshore wind farms without a dime public money. Said companies now have the strength to become the next Shell, Exxon, BP, etc., because they have the wind of climate change in their backs, where the oil companies now have the stigma of being planet killers… which is going to kill them in a matter of a decade or so.

  26. Cloggie on Sat, 1st Dec 2018 8:47 am 

    “US oil and gas reserves surpass 1970 record”

    Peak oil, hahahaha, priceless!!!

    And we are going to eat our children, honest!!

  27. andes on Sat, 1st Dec 2018 7:40 pm 

    39.2 billion divided 11.7 million equals 9.2 years..a lot!!!

  28. Duncan Idaho on Sat, 1st Dec 2018 8:01 pm 

    Germany and Energy:
    https://xenetwork.org/ets/episodes/episode-83-revisiting-germanys-energiewende-2/

    A bit technical, and you need a attention span, but a few may be able to get something out of it.

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