Recent news stories underscore the tremendous benefits brought by America’s fracking revolution.
* The shale oil production boom could boost US crude production to 9.5 million barrels of oil per day (bopd) next year, reducing America’s crude oil imports to 21{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} of domestic demand, the lowest level since 1968. Output from fracked wells represents 43{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} of all US oil production and 67{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} of natural gas production; “frack oil” could hit 10 million bopd by 2016, the Energy Information Administration says.
* The global economy saves $4.9 billion per day in oil spending because of the shale oil boom. Without it there would be a 3 million barrel per day shortfall and prices would likely be 55{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} higher: $150/barrel.
* Constantly improving hydraulic fracturing technologies continue to increase production. For example, Cabot Oil & Gasrefracked a 2013 Pennsylvania well, increasing its output to 30.3 million cubic feet of gas per day; that’s four times the output from the best well drilled in 2003. Fracking is even being used in decades-old onshore and offshore wells, to keep them producing for many more years.
* Rust Belt cities and industries – from manufacturing, real estate and law to hotels, restaurants and many others – are rebounding because of drilling, fracking and production in nearby shale areas. In Ohio unemployment fell to 5.7{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} in July from 10.6{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} four years ago; oil output increased 26{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} just from the previous quarter, while gas production rose 31{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} – generating billions in state and local revenues.
* The US oil and natural gas boom means jobs and business for almost 30,000 companies within the industry’s vast and complex supply chain. Indeed, the petroleum industry accounts for nearly 10 million jobs and almost 8{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} of all domestic economic activity, including states far from actual drilling activities.