Unconventional oil and gas continues to boom in areas like
Texas and North Dakota. Directional drilling, fracking, and gasification
practices have proven their capability to provide a considerable amount of the
petrochemical demands for the United States. These practices allow the USA to
lower its imports from OPEC nations, stimulate its economy, and supply a
sizeable portion of its petrochemical needs to achieve energy independence.
While OPEC nations historically supplied the petrochemical
needs for much of the industrialized world, other oil producing nations like
Canada, United States, and Mexico have entered the market. With new
technologies and the building of supporting infrastructure, estimations suggest
that North America will become energy independent by 2030.
Unconventional oil and gas production will also have two
effects that stimulate its economy:
1.
The price goes down. By producing oil and gas
the global supply and demand chain will shift, decreasing the price of a barrel
of oil by as much as $10. This stimulates the economy by providing cheaper
energy and transportation costs.
2.
Jobs are created. Over 1.7 million jobs are
supported by unconventional gas production and if unconventional oil reserves
continue to increase, we could see chemical manufacturing plants and other
products made in America.
As with all forecasts there are other variables that can
come into play including climatic variables, legal issues, and future well
performance. In order for the Americas to become winners amidst an energy
revolution we will have to support our local production capabilities and engage
in other technologies that influence our energy budget.
Resources:
America's New Energy Future: The Unconventional Oil and Gas
Revolution and the US Economy
http://www.ihs.com/info/ecc/a/americas-new-energy-future.aspx
US Is on Fast-Track to Energy Independence: Study
http://www.cnbc.com/id/100450133
|