According to reports, the petroleum supply in the United States was able to increase from 1 million barrels to a staggering 16 million barrels in 2015. Associated with this, natural gas production has risen from 3.7 billion public feet to 74.2 billion cubic feet. Natural gas production has increased at a far greater rate than oil production, especially on the east coast of the United States. This increased production is due to new unconventional methods of drilling, which allow for faster and more affordable recovery.
The United States Remains Top Producer
The United States has become the top producer of natural gas through the use of hydraulic fracturing methods. Not only is fracking highly efficient, but it’s uniquely suited towards North http://www.thespyexpert.com American shale. Fracking is only useful in areas that have high shale reserves, so the new technological innovations developed by unconventional drillers are primarily useful to the domestic market rather than the market as a whole. While there are other shale resources throughout the world, they are either not as plentiful as the shale in the United States or the other countries have been slow to adopt. Canada also has significant shale reserves and has been ramping up production, which has left the United States with a viable and useful secondary foreign oil and gas resource.
Russia Overtaken By the United States
Though many would expect one of the OPEC countries, Russia has been the largest exporter of natural gas for many years. Since 2011, however, the United States was able to pick up this banner and hold onto it. This is true even though natural gas prices began falling significantly at this time. Russia has not been able to continue producing large amounts of oil and natural gas because of its economic woes. Meanwhile, the United States economy tends to improve and rebound whenever both energy costs and gas costs are very low. This puts a vested interest for the country in maintaining our oil and gas production and keeping the oil and gas industry as lean and efficient as it possibly can be.
Saudi Arabia Continues to Produce
The rise in the United States’ oil and gas production is not attributed to a Saudi Arabian slow down. In fact, Saudi Arabia has continued to ramp up production of natural gas and was able to increase production by 3% in the last year. Instead, the rise in domestic oil production has simply been so extreme that other countries cannot pace it.
Despite the increased regulatory challenges and the lower natural gas prices, how has the United States remained the top natural gas producer? In large part, domestic gas and oil production companies have been able to remain at the forefront of the industry through streamlining and innovation. By reducing costs and creating new technologies, those within the gas and oil industry are able to extract more materials at lower costs. Keystone Containment is one of the services that can help. By outsourcing secondary containment and safety requirements, companies are able to focus on what they do best. Contact Keystone Containment today to learn more about their safety standards.