Far from running out of oil, new studies confirm the world is headed for the next oil revolution with growing US production playing an nascent role. And, as with the unconventional shale gas revolution, nearly all new unconventional oil development is taking place despite pre-election White House energy polices through development on private, rather than on federal, lands.
A new IHS CERA group study America’s New Energy Future: The Unconventional Oil and Gas Revolution and the US Economy, spells out how unconventional oil and gas production in the US is changing the US energy landscape and contributing significant economic growth, job creation and federal revenues. The report shows how the unconventional oil and gas sector will support over 1.7 million jobs at higher than average wages. That figure is anticipated to increase to 2.5 million by 2015 and 3.5 million by 2035.
According to IHS vice chairman Daniel Yergin, “The United States currently has the highest rate of growth in crude oil production capacity in the world” while being “virtually self-sufficient in gas, except for some from Canada.” All a stark contrast to the doom and gloom predictions envisioning a heavy dependence on oil and gas imports just a few years ago. Yergin points out how the growth of unconventional oil and gas capacity, “is creating a new energy reality for the United States” that has “contributed to U.S. energy security” and is proving “a significant source of new jobs and economic activity at a time when the economy is the top priority.”
Read more: http://www.energytribune.com/65437/the-next-oil-revolution
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