Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

7/6/2014 (2 years ago)

Catholic Online (www.catholic.org)

United States will reach goal after extracting energy from shale rock

The United States has often found itself at the mercy of unstable nations for the majority of its oil imports. That day may soon be past after American begins the extraction of energy from shale rock, eventually overtaking both Saudi Arabia and Russia in oil production. That's the prediction of the Bank of America Corporation.

In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking.

In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

7/6/2014 (2 years ago)

Published in Business & Economics

Keywords: Fracking, U.S., oil production, Russia, saudi Arabia


LOS ANGELES, CA (Catholic Online) - National production of crude oil, along with liquids separated from natural gas in the United States has surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter. In the report by B of A, the U.S. became the world's largest natural gas producer in 2010. The International Energy Agency said last month that the U.S. was the biggest producer of oil and natural gas liquids.

"The U.S. increase in supply is a very meaningful chunk of oil," Francisco Blanch, the bank's head of commodities research, says. "The shale boom is playing a key role in the U.S. recovery. If the U.S. didn't have this energy supply, prices at the pump would be completely unaffordable."

Let's turn our prayers to world peace --

In Texas and North Dakota, oil extraction is soaring at shale formations as companies split rocks using high-pressure liquid in a process known as fracking. The surge in supply combined with restrictions on exporting crude is curbing the price of West Texas Intermediate, America's oil benchmark. The U.S., the world's largest oil consumer, still imported an average of 7.5 million barrels a day of crude in April.

It's estimated that U.S. oil output will surge to 13.1 million barrels a day in 2019 and plateau thereafter, according to the IEA, a Paris-based adviser to 29 nations. It will hit its peak, and then decline and lose its top-producer ranking at the start of the 2030s, the agency said in its World Energy Outlook in November.

"It's very likely the U.S. stays as No. 1 producer for the rest of the year" as output is set to increase in the second half, Blanch said.

It must be noted that production growth outside the U.S. has been lower than the bank anticipated, keeping global oil prices high, Blanch said.

"The shale production story is bigger than Iraqi production, but it hasn't made the impact on prices you would expect," Blanch adds. "Typically such a large energy supply growth should bring prices lower, but in fact we're not seeing that because the whole geopolitical situation outside the U.S. is dreadful."

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for DECEMBER 2016
Universal:
End to Child-Soldiers: That the scandal of child-soldiers may be eliminated the world over.
Evangelization: Europe: That the peoples of Europe may rediscover the beauty, goodness, and truth of the Gospel which gives joy and hope to life.



Comments


More Business & Economics

Is YOUR job in danger? Thousands of Americans to lose jobs as 218 iconic American brands collapse Watch

Image of Over 200 American brands are closing stores to keep their heads above water.

By Kenya Sinclair (CALIFORNIA NETWORK)

An iconic American brand with a century-long history is shutting down hundreds of stores in the face of bankruptcy. LOS ANGELES, CA (Catholic Online) - According to Business Insider, several Sears chains have been losing so much money that staff is starting to hand out ... continue reading


Yes, Millennials are lazy, but it's not their fault says one high-profile consultant Watch

Image of Simon Sinek says millennials are lazy, but it isn't their fault.

By David Drudge (CALIFORNIA NETWORK)

Yes, Millennials, you have a problem, but it's not your fault. This is the conclusion of Simon Sinek, the famous leadership consultant who is launching a tour around Australia and New Zealand. LOS ANGELES, CA (California Network) -- Millennials do have a problem, ... continue reading


Third of millennial adults still living with parents -- here's the reason why and what we had better do about it... soon Watch

Image of They can't change a tire, but they can protest like champs. It doesn't help we are paying them less for the same work as previous generations. Our debt is accruing interest, and they're losing interest in democracy.

By Marshall Connolly (CALIFORNIA NETWORK)

Adults are living at home with their parents in numbers not seen since the Great Depression. LOS ANGELES, CA (California Network) - If you're a millennial, you know how the dating scene works about 40 percent of the time: "Can I come over?""Sure, let me ask my ... continue reading


The genius secret why Trump is stacking his cabinet with pro-business staff Watch

Image of Our nation is about to be great once again.

By David Drudge (CALIFORNIA NETWORK)

Donald Trump is facing a lot of criticism over his cabinet choices. He has repeatedly appointed Washington D.C. outsiders to posts within his administration based on their business expertise. This has left politicians upset, leveling accusations that Trump does not ... continue reading


GOODBYE CASH! Some banks to go cashless Watch

Image of Citibank has said some branches may become cashless.

By Marshall Connolly (CALIFORNIA NETWORK)

Citibank has announced it will stop accepting cash at some branches. The move is sparking surprise and anger as the bank appears to be moving customers towards virtual banking. Around the world, there is a trend to suppress the use of cash in favor of electronically ... continue reading


Here's how Trump is already making America great again, just by getting elected Watch

Image of He hasn't even taken office and the country has reversed course.

By David Drudge (CALIFORNIA NETWORK)

He's only a president-elect, but Donald Trump is already making America great again. In the week since his election, several positive events have transpired including the dollar reaching a 14-year high. The contrasts with the media coverage which is all spin, intended ... continue reading


China remains a fast-growing trade monster Watch

Image of Chinese exports continue to dominate the world market.

By Marshall Connolly (CALIFORNIA NETWORK)

Chinese exports remain dominant in the world, bringing about $2.3 trillion into the country annually. LOS ANGELES, CA (California Network) - China remains a fast-growing trade monster, now raking in $2.3 trillion per year, up from $1.9 trillion four years earlier. The ... continue reading


Wages, jobs rise in October as recovery finally reaches the middle class Watch

Image of Wages are on the rise, but so too will be interest rates.

By Marshall Connolly (CALIFORNIA NETWORK)

Did you get a raise recently? If you haven't you might soon. According to payroll data, worker wages are finally starting to rise. The increase should boost the economy and spur the Federal Reserve to finally raise interest rates. LOS ANGELES, CA (California Network) - ... continue reading


Another warning. The world is about to run low on JOBS as automation takes over Watch

Image of What will we do in a world without work?

By Marshall Connolly (CALIFORNIA NETWORK)

More data and more warnings. The fourth industrial revolution has started. It will be jobless and many people will lose their employment, or be forced to compete for their jobs. The result is, you will probably be unemployed, or accept low wages to survive. LOS ... continue reading


Don't like my writing? Then meet my replacement! - A.I. to replace journalists starting NOW Watch

Image of Many jobs are surprisingly vulnerable to automation.

By Marshall Connolly (CALIFORNIA NETWORK)

Don't like my writing? Then meet my replacement! Robot journalists are rolling out in England and Ireland and they are the first of a new wave of AI that can take over jobs requiring critical thinking skills. LOS ANGELES, CA (California Network) -  The first robo ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Hebrews 5:1-10
1 Every high priest is taken from among human beings and is appointed to ... Read More

Psalm, Psalms 110:1, 2, 3, 4
1 [Of David Psalm] Yahweh declared to my Lord, 'Take your seat at my ... Read More

Gospel, Mark 2:18-22
18 John's disciples and the Pharisees were keeping a fast, when some ... Read More

Saint of the Day

Saint of the Day for January 16th, 2017 Image

St. Fursey
January 16: Irish monastic founder, the brother of Sts. ... Read More