Arab Today, arab today shale boom remakes us energy economy
Last Updated : GMT 11:05:29
Arab Today, arab today
Arab Today, arab today

Shale boom remakes US energy, economy

Arab Today, arab today

Arab Today, arab today Shale boom remakes US energy, economy

New York - AFP

The US shale boom is remaking the nation\'s industrial landscape and raising the prospect of energy independence in the world\'s biggest oil consumer. Booming oil and gas production is creating jobs, reinvigorating energy-consuming industries and remaking the US trade balance. \"The shale revolution is real and is transforming our industry,\" said Charles Ebinger, director of the energy security initiative at the Brookings Institution, a Washington think tank. The shale boom, which began with a focus on natural gas, has shifted more recently to shale oil. Shale oil production reached about 2 million barrels a day last year, pushing overall US output to 6.4 million barrels of oil per day, the most in 15 years and 32 percent above the level five years ago. The boom has transformed the economic picture in parts of Pennsylvania, hit hard by the housing bust, while also catalyzing activity in suddenly jobs-rich North Dakota. The boom in non-conventional petroleum in 2012 added nearly 500,000 direct jobs, according to a study by research firm IHS. The total impact from the sector was 2.1 million jobs added including workers in oil-related lodging, food, transportation and construction. IHS estimates that in 2012, the industry generated nearly $75 billion in federal and state tax revenue and contributed $283 billion to the US gross domestic product. These figures are expected to rise by 50 percent by 2020. The sudden emergence of vast quantities of domestic energy has provided a boon to several energy-dependent sectors, particularly steel, petrochemicals and cement. \"We can become a low-cost producer of many goods that had moved offshore when prices of natural gas were higher,\" Ebinger said. At the same time, the surging domestic energy supply has raised hopes the US can avert some $400 billion in imported energy costs, said Ebinger. The International Energy Agency, which develops energy policies for the major developed economies in the Organisation for Economic Cooperation and Development, predicts the US will surpass Saudi Arabia to become the world\'s biggest oil producer by 2020 and that North America will be a net exporter of oil around 2030. But Raoul LeBlanc, an energy expert at PFC Energy, an energy consultancy, said shale production in the US is \"probably decelerating,\" in part due to reduced energy demand here. High oil prices are helping cut demand, he said, and there is a trend toward less gasoline consumption. \"People are driving less and getting better mileage\" in part due to tougher fuel-economy standards enacted by the Obama administration, LeBlanc said. Regardless of the exact balance in US supply and demand, even an energy self-sufficient US will stay preoccupied by the Middle East because oil will remain a global market. The surge in domestic output \"doesn\'t mean the US will be less concerned about market supply,\" Ebinger said. \"If prices rise, our prices will rise too.\" Moreover, the US remains hamstrung by gaps in its pipeline and oil infrastructure network that impede the ability to move crude from oilfields to refineries and other end users. As the industry awaits more pipeline capacity, the US has seen an uptick in oil deliveries by rail and truck.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today shale boom remakes us energy economy Arab Today, arab today shale boom remakes us energy economy

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today As Olympics loom, China plunges into snow biz

GMT 10:08 2017 Tuesday ,28 February

As Olympics loom, China plunges into snow biz
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Kalam Nawaem made a difference in social issues

GMT 06:43 2017 Tuesday ,28 February

Kalam Nawaem made a difference in social issues

GMT 21:32 2017 Friday ,24 February

Dubai announces crude oil price for May

GMT 13:37 2017 Thursday ,23 February

Oman oil price rises 30 cents

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Aspires present the story of Egypt’s first president

GMT 06:18 2017 Sunday ,26 February

Aspires present the story of Egypt’s first president
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:28 2017 Tuesday ,28 February

Dumbphones survive rise of the smartphone

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday