by Guy L. Watts II on 11/21/2012
A resurgent American energy industry, spearheaded in part by a shale boom could mark an increase in production to the extent that the US could actually overtake some of the largest oil producers in the world. The International Energy Agency recently said that the United States could overtake Saudi Arabia, which is the world's largest producer of oil, by the year 2020.
Eagle Ford Shale attorneys have been witness to the fact that there is currently a resurgence in the production of oil and gas in the United States, marked by strong performances in shale regions, like the Eagle Ford Shale. The International Energy Agency believes that this resurgence could be sufficient for the country to become the largest oil producer in the group, and to actually overtake Saudi Arabia in energy production over the next decade. The International Energy Agency believes that the United States could become a net oil exporter as quickly as 2030.
Part of this resurgence in oil and gas production in the United States has been the boom in the development of hydrocarbon resources and shale drilling activity that is currently taking place in the Eagle Ford Shale in the southeast Texas region. Economic conditions in all the southeast Texas counties that are home to the Eagle Ford Shale have improved dramatically since drilling for oil and gas began here.
Further, there is enough reason to believe that the shale boom will last long, because drilling has become easier and more efficient through the use of hydraulic fracturing, a controversial technology that the International Energy Agency believes will spur energy production in these regions.blog comments powered by Disqus