Robert Bryce, an author for more than two decades and a senior fellow at the Manhattan Institute’s Center for Energy Policy and the Environment has just released an important new report titled, “New Technology for Old Fuels: Innovation in Oil and Natural Gas Production Assures Future Supplies” (full copy embedded below). In the opening of the report, Bryce shares a startling fact: “In 2012, U.S. oil production rose by 790,000 barrels per day, the biggest annual increase since U.S. oil production began in 1859. In 2013, the Energy Information Administration expects production to rise yet again, by 815,000 barrels per day, which would set another record. Domestic natural gas production is also at record levels.”
How and why has production increased so dramatically in the past few years? The obvious (to us) answer is shale, but it’s not that simple. Bryce’s report delves into the confluence of reasons for why oil and gas production has gone up, and will continue to increase for the foreseeable future. His reasons include better technology and better methods of drilling. Here’s the executive summary of the report, which includes his key findings:
