Oilprice Extracts: US Shale Boom | World Energy Trends

How the US Shale Boom Will Change the World

A funny thing is happening on the way to the clean energy future–reality is setting in. There is 'incontrovertible evidence' about the economic growth and job creating effects of America's unconventional oil and gas production boom – more than 600,000 jobs directly attributable to shale gas development. Even President Obama is praising the job creating benefits of 'America's resource boom'. America is getting its energy mojo back and that is good news but not the entire story. [....]

Total US recoverable natural gas resources (includes conventional, unconventional in lower 48, Alaska and offshore) totals 4.244 quadrillion cubic feet according to the Institute for Energy Research:

• Enough natural gas to meet US electricity demand for 575 years at current fuel demand for generation levels


• Enough natural gas to fuel homes heated by natural gas in the United States for 857 years


• More natural gas than Russia, Iran, Qatar, Saudi Arabia, and Turkmenistan combined.

The US has Three Times the Proven Reserves of Saudi Arabia in Shale Oil.
Global oil shale resources exceed 10 trillion barrels. More than 1.8 trillion barrels of oil are trapped in shale in Federal lands in the western United States in the states of Colorado, Utah and Wyoming, of which 800 billion is considered recoverable–three times the proven reserves of Saudi Arabia. The INTEK assessment for EIA found 23.9 billion barrels of technically recoverable shale oil resources in the onshore Lower 48 States. The Southern California Monterey/Santos play is the largest shale oil formation estimated to hold 15.4 billion barrels or 64 percent of the total shale oil resources followed by Bakken and Eagle Ford with approximately 3.6 billion barrels and 3.4 billion barrels of oil, respectively.
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Which Trends Are Changing the World of Energy

Technology and global competition are profoundly impacting our energy future. The evidence is all around us in wind and solar energy advances, horizontal drilling and hydraulic fracturing creating a new North American oil and gas boom market, and the technologies driving smart grid, microgrids, and constant energy management. What are the forces of change taking place in energy today?

1. Global competition for energy resources from emerging economies like China
2. Struggle over energy policy and greenhouse gas emissions around the world
3. Growth in unconventional oil and gas from shales and oil sands
4. Uncertainty of environmental regulations forcing power plant retirements
5. Game changing technology is turning the energy industry on its head

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