1. Edmonton Journal: “Remember Peak Oil, the theory that global crude oil supplies have peaked and are in irreversible, long-term decline? The concept got a lot of media play but never really passed the smell test, since it didn’t account for the impact of technological change or rising oil prices.
“In any case, the notion of Peak Oil seems amusingly quaint now that it’s been relegated to the same ideological trash bin as Y2K. Thanks to such innovations as horizontal drilling and fracking (hydraulic fracturing), the U.S. is currently producing more oil than it has in 20 years. U.S. output now exceeds seven million barrels a day, and that has enabled the world’s biggest oil consuming nation to cut its imports to the lowest level in 16 years.” (HT: Jim Ulvog)
2. AUSTIN, Texas (AP) — “[Luxembourg-based] international energy pipeline giant Tenaris said Friday it will build a $1.3 billion Gulf Coast manufacturing facility that will bring 600 new jobs and better supplying operations to Texas’ oil- and natural gas-rich Eagle Shale region.”
3. Plastics News — “Discoveries of shale gas are leading to all sorts of unexpected plastics activity throughout North America. One of the more recent examples is Appalachian Resins, a start-up firm that plans to build a 500 million-pound capacity polyethylene resin plant in Wheeling, West Virginia.” (HT: Joe Lais)
4. San Antonio Express News: Oil’s new reign in “Saudi Texas” draws comparisons to the Kingdom.
5. National Geographic cover story “America Strikes Oil” – “Since early 2006, production from what’s known as the Bakken formation has increased nearly 150-fold, to more than 660,000 barrels a day, moving North Dakota into second place among domestic suppliers, behind Texas and ahead of Alaska. No one but a handful of industry insiders saw that coming. Now some optimistic oilmen predict that the state’s daily output could eventually close in on Texas’—at two million barrels.
“The implications are already reverberating far beyond North Dakota. Bakken-like shale formations occur across the U.S., indeed, across the world. The extraction technology refined in the Bakken is in effect a skeleton key that can be used to open other fossil fuel treasure chests.”