Good post yesterday from Dr. Mark J. Perry, full professor of economics at the Flint campus of The University of Michigan, on the energy explosion in the US. Please click here if you want to view more of his posts on the Carpe Diem blog .
“The Energy Information Administration (EIA) released new data this week on international energy production for the month of March. For the fifth straight month starting last November,total petroleum production (crude oil and other petroleum products like natural gas plant liquids, leased condensate, and refined petroleum products) in “Saudi America” during the month of March (11.76 million barrels per day) exceeded petroleum production in Saudi Arabia (10.85 million barrels per day). Also for the fifth month in a row starting last November, “Saudi America”: a) took the top spot in March as the No. 1 petroleum producer in the world, and b) produced more petroleum in March than the combined output of all of the countries in Europe, Central America, and South America (11.32 million barrels per day in March), which has never happened in the history of EIA international petroleum data back to 1994.
More evidence that America’s shale energy revolution is taking us from “resource scarcity” to a new era of “resource abundance” as the US now consistently produces more petroleum than Saudi Arabia, has led the world in petroleum production for five straight months, and now produces more petroleum than all of the countries in Europe, Central America, and South America combined. This energy bonanza in the US — described as the “energy equivalent of the Berlin Wall coming down” — would have been largely unthinkable even five years ago. But then thanks to revolutionary drilling techniques developed by America’s “petropreneurs,” we unlocked vast oceans of shale oil and gas across the US and are now the world’s No. 1 producer of petroleum for five months running.
Welcome to America’s shale revolution. Carpe oleum.”
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