"Patriots are not revolutionaries trying to overthrow the government of the United States.
Patriots are Counter-Revolutionaries trying to prevent the government from overthrowing the Constitution."
The Coach’s Team (TCT) offers the best in conservative essays along with articles taken from various internet sites. The victory of Donald Trump has provided a God-sent opportunity to reverse the years of willful damage done our nation by Barack Hussein Obama.
Sunday, August 5, 2018
Future looking incredible for US oil production
Ed. Could it be that American business and the American people benefit when the president has the best interests of THIS country in mind rather than those of his fellow Muslims in the Middle East? Just a thought.
in a recent report that Texas is set to outpace Iran and Iraq in oil
HSBC stated that the Permian
Basin in West Texas and the Eagle Ford are likely to produce 5.6 million
barrels per day (bpd) by 2019. Iraq is expected to produce 4.8
million bpd and Iran 3 million bpd. If HSBC's analysis comes true,
then Texas will become the world's number-three oil-producer.
This news means that
the United States should surpass Russia and Saudi Arabia in 2019 as the
number-one oil producer in the world based on Texas's output. The
Energy Information Administration (EIA)
expects U.S. production to reach 12 million bpd by late 2019. A
stunning accomplishment when you consider during the Saudi-led
war on U.S. shale that crashed
oil prices in 2014, bankruptcies overtook the Permian Basin, and production in
the U.S. fell from 9.6 million bpd to 8.5 million bpd.
There are three
reasons why U.S. oil production is skyrocketing. Number one is that
demand is rising. OPEC
has recently forecast that global oil demand should "surpass 100 million
barrels per day next year." The group sees demand increasing by
"1.45 million bpd next year"; however, trade tensions between the
U.S., China, Canada, the E.U., and other longstanding trade agreements in
question could temper growth. OPEC qualified its report about demand
rising over trade worries by saying, "If trade tensions rise further and
given other uncertainties, it could weigh on business and consumer
sentiment." With the U.S. and the E.U. working
toward resolving a looming trade dispute over increased tariffs in late
July, this is a positive first step toward global oil demand staying strong.
Second, U.S. federal
are favorable toward exploration and production (E&P), which will assist
with production increases. President Trump's America
First Energy Plan states:
That we [the U.S.]
have vast untapped domestic energy reserves. We must take advantage
of the estimated $50 trillion in untapped shale, oil and natural gas reserves,
especially those on federal lands.
According to Karen
Alderman Harbert, president of the U.S. Chamber of Commerce's Global Energy
Institute, record-breaking oil production will lead to "an explosion in
exports." Growth in exports will allow additional supply to be
sold that otherwise wouldn't come to market. Expanding energy
development – particularly, expanding fossil fuel exports – will be a top
priority for the Trump administration, as it will also use energy as a geopolitical
tool. Texas is the example for the U.S. moving forward of
government and private business working toward expanding oil and natural gas
production. U.S. government policies will continue moving
in this direction.
The third and biggest
reason is use of technology, where the U.S. is making its greatest gains toward
increased production. Since the 2014 crash, shale companies have
slashed costs but also employed automation and cutting-edge technologies like
robotics, sensors, and smartphones to keep drilling. The oil and gas
industry is undergoing a modernization
This was on display
in June at the Unify Conference, "an industry forum on digital technology
put on by Baker Hughes," in Houston, Texas. At this conference,
technology companies like Google and Microsoft pitched energy executives to
purchase cloud and artificial intelligence deals. Darryl Willis of
Google, who presented at Unify, said,
"Energy companies have reams of data but only use 5% of it, a serious
problem in the digital economy."
believes that it can manage data better than E&P firms. Chevron
signed a seven-year deal with Microsoft to "capture and store the
terabytes of data Chevron generates around the globe," said Bill Braun,
Chevron's chief information officer. Other firms
use the cloud to "find more oil and predict needed maintenance on
equipment before it breaks down." Inefficient and antiquated
ways that kept U.S. oil production lower are now being replaced by complex and
diversified approaches to new technologies to stay competitive in an ever
changing global environment.
Shale growth is increasing on
a monthly basis, but geopolitical tensions could dramatically lower this
growth. Trade disputes with China where Trump has threatened
over $500 billion in tariffs or a war
with Iran could send oil prices into the $100 and above range. This
would also lower oil demand and send countries and consumers into lower-cost
energy options like renewable energy and electric vehicles. In other
words, only extreme geopolitical situations can lower U.S. oil production –
otherwise, the future is positive based on growing demand, favorable
governmental policies, and emerging technology.