• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 15 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 11 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 3 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 5 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day Corporations Are Buying More Renewables Than Ever
  • 15 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 hour Saudi Fund Wants to Take Tesla Private?
  • 11 hours Starvation, horror in Venezuela
  • 3 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 16 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 17 hours France Will Close All Coal Fired Power Stations By 2021
Alt Text

The Real Leader In Global Energy Production

Last week President Trump was…

Alt Text

Trade War May Push China To Russian Energy

As trade war tensions heat…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Tighter Regulatory Environment to Hurt Bakken

Various news outlets reported in early July that the United States has succeeded in becoming the world’s largest producer of oil. The combined total output of 11 million barrels per day – which includes other liquids besides crude oil, such as natural gas liquids – was enough to move past Russia and Saudi Arabia into the top spot.

U.S. oil production is now at its highest level since 1972, and the Energy Information Administration projects growth will continue for at least the next several years.

Much of the success for the dramatic growth in American oil production can be attributed to a few shale formations – most notably the Eagle Ford and the Bakken. That has made a lot of companies very rich. The Bakken alone is now producing five times as much oil as it was producing in 2009.

But there are several reasons why the glory days of rapid growth may be a thing of the past.

Only a few years ago, drillers came in and drilled at a record pace with little oversight. That came with a lot of consequences and drawbacks for the state, and regulators are finally catching up.

First, are the bomb-trains. The extraordinary increase in fiery explosions of trains carrying Bakken crude – the worst of which killed 47 people in Lac-Megantic in the summer of 2013 – have raised the ire of local communities and the media. Until recently, the trains operated largely in secret, with their itineraries unknown even to safety regulators…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News