Oil and natural gas industry is a global commodity– their price is a result of supply and demand. Geopolitical disruptions like Russia’s brazen invasion of Ukraine cause unpredictability and extreme volatility in global energy markets.

International conflict and inflation at home are serious issues, and our industry is working hard to meet the moment while ensuring that we are responsibly producing and providing energy to the market in a way that meets current demand and future projections.

Domestic production supports national security, economic security, and global environmental goals.  But, in order for domestic production to help us fully realize these goals, it must be in a way that meets market demand, rather than reacting to volatility that could cause oversupply.

As demand continues to grow, so does our current and planned production. US oil production grew last year and output could rise as much as 900,000 barrels per day in 2022.  In the Permian Basin, our most prolific oil-producing basin, record-high oil production was just reached this month.  The Marcellus, the most prolific natural gas basin in the country, is also at record high production.

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Source: Real Clear Energy

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With oil prices recently hitting the highest level since 2008, U.S Energy Secretary Jennifer Granholm took to the stage in front of a room full of energy executives with a simple message: raise output

“We are in an emergency, and we have to responsibly increase short-term supply where we can right now to stabilize the market and minimize harm to American families,” she said Wednesday at CERAWeek by S&P Global.

The U.S. has tapped the Strategic Petroleum Reserve twice in recent months — last week and in November — and Granholm said a third release is not off the table.

But she also called on the private sector — and Wall Street — to play a role at this pivotal time.

“I hope your investors are saying these words to you as well: In this moment of crisis, we need more supply … right now, we need oil and gas production to rise to meet current demand,” she said.

Oil and gas companies have fundamentally shifted their business models in the wake of the pandemic. While once it was about growth at all costs, a capital discipline now reigns supreme. Companies are paying down debt, announcing share buybacks, and hiking dividends. Along with those measures, they’ve pledged to keep a supply in check.

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Source: CNBC

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American energy producers have been punching above their weight. It is now making the U.S. the largest producer of oil and natural gas in the world. This is in less than a decade—with one major caveat.

But the good news first.

Take liquid natural gas for starters. In October 2021, LNG exporters in the U.S. were operating beyond capacity. And the U.S. Energy Information Administration expects the U.S. will export 16% more natural gas in 2022. This is compared to last year as American companies bring on more production and export capacity.

By the end of 2022, the U.S. will have the largest LNG export capacity in the world with the completion of the Sabine Pass and Calcasieu Pass facilities in Louisiana as well as upgrades to increase production at several existing facilities.

An eighth export facility in Texas is expected to come online by 2024, and the Federal Energy Regulatory Commission has approved several other projects that are not yet under construction.

Now, take a look at oil. In 2020—and even through the worst of the pandemic into 2021—U.S. producers of crude oil and petroleum products made the U.S. a net exporter for the first time since 1949.

The U.S. is the world’s single largest producer of crude oil, even as global demand has outpaced supply over the last year and has strained global markets. The Energy Information Administration cautiously projects crude oil production in the U.S. to continue growing to meet that demand over the next few years.

It’s hard to overstate how revolutionary the American

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Source: The Heritage Foundation

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The most likely scenario brings about a slowdown in consumption growth and energy sources savings. Oil and natural gas will remain the most consumed source of energy.  It is a projection in the United States by 2050 by The Department of Energy (DOE, its abbreviation in English).

Energy in the country will grow in this interval in the most diverse scenarios. , since population and economic growth must outweigh the gains in energy efficiency.

ENID — A broad-based recovery is underway regarding the state of the oil and gas industry in Oklahoma.

Operators of all sizes are making investments right now, said Brook Simmons. He is the president of Petroleum Alliance of Oklahoma. The industry recovery receives support by higher commodity prices. It is after a “challenging, multi-year readjustment of the shale business model and depressed prices.

Simmons said the demand for oil and natural gas is exceeding supply. This drives the higher price and provides Oklahoma the opportunity to participate in that recovery.

“That is a good thing for the state of Oklahoma, from both an employment standpoint and an economic activity standpoint,” Simmons said.

This results in higher prices at the pump, though, Simmons said, adding the only way to work through that is continued investment in producing crude oil and natural gas.

“Over time, we will find that the market will come into balance,” he said. “When that is I don’t know, but that’s generally the path that it’s taken. That’s the nature of the cycle.”

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Source: The Norman Transcript

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