The whole essay is awesome but this paragraph is particularly interesting:
The EIA analysis noted that following nearly 40 years of annual production declines, in 2009, U.S. crude oil production experienced a resurgence, attributed to the widespread adoption of hydraulic fracturing and horizontal drilling techniques by producers. Since then, production has continued to climb steadily.
The only interruption to this growth occurred in 2020 and 2021, when demand and prices plummeted due to the economic impact of the COVID-19 pandemic. Notably, recent increases in total crude oil and natural gas production in the United States have been primarily driven by the growth of production in the Permian Basin, located in western Texas and eastern New Mexico.
Time to review "Hubbert Peak Theory." The fact that the expert did not mention Hubbert Peak Theory suggests that "everybody knows.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.