RPSEA member the Consumer Energy Alliance reports on their website the optimistic picture of future U.S. petroleum reserves.
Some of the latest research on U.S. petroleum reserves paints a refreshingly optimistic picture of our future capacity – not just in shale gas which is often touted as the fuel of the future, but for oil as well.
One study from the National Petroleum Council found that the United States and Canada, combined, could be producing 22.5 million barrels per day by the year 2035, an amount about equal to current domestic demand today. The report finds that the same technologies — such as hydraulic fracturing and horizontal drilling — that have helped producers access more shale gas, could also unlock large volumes of so-called tight oil which has long been considered inaccessible. This trend of increased production, the report finds, would lead to job creation not just in the oil and gas industry, but also in the petrochemicals sector, which relies on oil and gas as key feedstocks.
The National Petroleum Council’s report follows another recent study from Goldman Sachs finding that the U.S. – currently the world’s third largest oil producer behind Saudi Arabia and Russia – could become the largest later this decade.