More than ever before, United States shale producers are becoming the victims of outdated restrictions on the export of crude oil from the U.S. Export controls have ensured the most oversupplied part of the global oil market is at home in the United States. The main beneficiaries are rival producers in the Middle East and elsewhere able to obtain higher international prices thanks to the export ban. U.S.
Thanks to shale, energy-producing states have been the strongest economic performers in the United States over the past decade, sharply improving their position compared with the energy-consuming states. Only 13 of the 50 states produced more energy than they consumed in 2010, the latest year for which comprehensive data is available, according to the U.S.
From modest beginnings in the Barnett shale beneath the city of Fort Worth, unnoticed by most energy analysts, horizontal drilling and hydraulic fracturing spread across North America and transformed all aspects of the energy landscape in under 10 years. Now the most important question for energy analysts is what technology will revolutionize the system next. One of the most promising candidates has been taking shape along America's highways and at a specialist rail testing center in Colorado. Locomotives powered by liquefied natural gas (LNG) have been tested for BNSF Railwa
U.S. crude stocks held by refiners, traders and pipeline companies have hit the highest level since the Great Depression, as refiners hold out for cheaper prices before they take in more domestic oil. Stocks rose 3.5 million barrels last week to almost 398 million barrels, according to the latest data from the Energy Information Administration.
Lifting the ban on U.S. oil exports would cut gasoline and diesel prices for motorists, boost the national economy and create up to 300,000 new jobs, according to a study commissioned by the American Petroleum Institute. Allowing exports would boost national output by $38 billion per year by 2020, equivalent to adding an economy the size of North Dakota, according to the consultants who wrote the report on “The impacts of U.S.