BP’s recently released Energy Outlook 2018 projects that the United States will continue to expand its position as the world’s largest producer of oil and natural gas through 2040. In addition to establishing a commanding lead in global oil production, which includes crude and natural gas liquids, between now and 2040, BP expects the U.S. will account for nearly a quarter of global natural gas production by 2040. Such impressive production levels are driven by the use of hydraulic fracturing, as the technology has unlocked massive reserves of tight oil and natural gas from shale regions across the country.
https://energyindepth.org/national/bp-energy-outlook-u-s-dominate-global-oil-gas-production/
Tom Kirkman
Unless U.S. shale oil (i.e. fracing) actually becomes profitable and eventually gets actual returns on investments, this outlook for U.S. oil dominance seems highly unlikely.
While I would very much like to see U.S. energy independence, I don’t see it happening anytime soon – unless and until actual costs go down for fracing. Till then, it seems like a pipe dream.
Yep, I expect a few Texans in particular to get a bit up in arms over my view, but think about the financial facts. Mike Shellman and Enno Peters have exhaustively covered this ground on the past.