US Crude Oil Production Sets Record in 2012

While advocates of solar, wind and other “Green” energy some are saying that renewable energy is the future, technological advances in the Oil and Gas industries will lead to abundant supplies well into the future, I have been saying for years that Peak Oil is a myth, it is.

US Crude Oil production rose by an average of 790,000 BPD in Y 2012, the largest annual increase in American oil production since it began in Y 1859.

This year the Energy Information Administration EIA expects production to rise by 815,000 BPD, setting another record.

What led to these dramatic production increases is innovative drilling technology.

“he convergence of a myriad of technologies, ranging from better drill bits and seismic data to robotic rigs and high-performance pumps is allowing the Oil and Gas sector to produce staggering quantities of energy from locations that were once thought to be inaccessible or bereft of hydrocarbons.

Thanks to those technological advances, today about 100 offshore rigs are capable of drilling wells in more than 7,000 ft of water, reaching Crude Oil deposits more than 20,000 ft below the Sea floor.

In Y 1980, the world had about 683-B bbls of proved Crude Oil reserves. Between that year and Y 2011, about 800-B bbls of oil were consumed worldwide, yet proved reserves stood at 1.6-T bbls

As for Nat Gas, it is estimated that there is now enough extractable gas to last more than 300 yrs at the current rate of consumption.

Despite the advances in Oil and Gas production, government policies continue to be skewed toward renewable energy in an effort buy pols to attract a certain ilk of voter support.

In Y 2011, the non-Hydro renewable-energy sector received tax preferences worth $12.2-B while producing about 2% of America’s total energy needs, and the hydrocarbon sector, which provided about 87%, received just $2.5-B and still the Administration rails at the fossil fuel energy sector. The cost of buying those voters is nuts…

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