The Great American Energy Boom —Many points to examine

Last year was an amazing year for America’s booming oil and gas industry. The U.S. is now considered a world energy super power. Referred to as “The Great American Energy Boom,” there is an abundance in energy following generations of scarcity, resulting in lower energy costs for consumers and businesses. This has delivered much promise for increased job growth, higher wages and greater economic prosperity.
There are 10 points to examine when looking at the Great American Energy Boom.

1. U.S. natural gas and crude oil production — The shale revolution was made possible by drilling techniques invented in the U.S. Oil and natural gas output is likely to reach an all-time record high.
2. U.S. energy self-sufficiency — The U.S. now produces so much oil and natural gas that it was more self-sufficient in 2014 than at any point in the last 25 years.
3. Crude oil production — Production is also at an all-time record. It rose to 9 million barrels per day (bpd) by the end of 2014 and is the highest it has been since March 1986.
4. Annual change in U.S. oil production — Another energy success story in 2014 was the increase in U.S. crude oil production by 1.2 million bpd. This indicates the largest increase in crude oil output in U.S. history.
5. S. ability to out-produce Saudi Arabia — The U.S. has led the world in total petroleum production and has consistently out-produced Saudi Arabia since 2012. In September, the U.S. out-produced Saudi Arabia by 2.7 million bpd.
6. The U.S. is decreasing reliance on foreign sources of petroleum — In 2014, U.S. reliance on foreign sources of petroleum fell to 27 percent of total products supplied (in 2005, America relied on 60.5 percent).
7. Close to the cheapest gasoline in history — U.S. gas prices are closest to the cheapest in history. Costs dropped $1.52 per gallon to $2.18 per gallon. By today’s standards, it would take 25 minutes of work to buy enough gas to drive 100 miles. That represents half the 51.6 minutes required in 2008.
8. Texas crude oil output — One of the major American Shale Oil producers is the state of Texas. In 2014, Texas produced more than 37 percent of America’s crude oil. That is up from less than 20 percent in 2009.
9. S. super oil fields — There are three truly super oil fields in the U.S., two in Texas and one in North Dakota. Daily production in each of those three oil fields is more than one million barrels per day.
10. More jobs — The oil sector in Texas has helped to drive up employment numbers in the U.S. Without Texas, the U.S. would likely still be at a job deficit.

The U.S. has emerged from energy scarcity to abundance, becoming a world energy superpower. This results in lower energy costs, allows our country to be more self-sufficient and promises more jobs with higher income potential.
Matthew P. Figgie
Chairman
Clark-Reliance is a global, multi-divisional manufacturing company with sales in more than 80 companies, serving the power generation petroleum, refining and chemical processing industries.
Matthew is also chairman of Figgie Capital and the Figgie Foundation.
Rick Solon
President and CEO, Clark-Reliance
Rick has more than 35 years of experience in manufacturing and operating companies.
www.clarkreliance.com
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