Over the past year or so, the US oil and natural gas reserves have been hitting all-time highs. The increase in reserves for both oil and gas are up by close to 10%, and this means that the US will not have to rely on as much foreign gas and oil as it had to in the past, and this can provide the country with a bit more latitude when it comes to dealing with certain countries.
Both horizontal drilling and hydraulic fracturing have helped with providing this surplus in the country. The addition of these technologies has greatly changed the fortune of the US in this field, making the country the largest producer of natural gas. Many different states around the country are a huge part of the field, including Pennsylvania, West Virginia, Arkansas, Colorado, Texas, Ohio, and North Dakota. Having a large reserve means there will be plenty of gas available to heat homes during the long and cold winters.
North Dakota actually saw the largest increase in oil reserves, with nearly two billion barrels. This is about 61% of the nation’s total increase, and it is all just from North Dakota. To put it in perspective, North Dakota reserves were actually higher than those offshore in the Gulf of Mexico, making the state the second highest producing one after Texas. This was the first time there has been an increase in oil reserves for five years straight since 1975.
Over the past couple of years, Texas has also been doing quite well, and they had the second largest increase – just under a billion barrels. The majority of it came from Eagle Ford in South Texas. When combined, North Dakota and Texas accounted for a whopping 90% of the reserves.
The price will naturally vary for natural gas and oil, and it’s often based on a supply and demand model. More reserves tend to equal better prices for customers, and this means they will be able to keep more money in their pocket. Additionally, it provides real benefits when it comes to security for the entire nation. Marita Noon, the executive director of New Mexico-based Energy Makes America Great said, “Our own resources ensure America’s energy security and provide a boon to customers who can benefit from lower prices. Never again will we be held hostage by countries wanting to do us harm by withholding fuels that power the economy.
About Oil Works Inc.
Oil Works, Inc. is a complete drilling rig equipment manufacturer and service provider based in the Permian Basin for over 20 years. OWI’s product and service offerings include Derricks, Substructures, Drawworks Manufacturing, Mud Systems, Rig Walking Systems, Power Generation, Control Systems, Iron Roughneck Service, Quincy Air Compressors. We are a complete Drilling Equipment Manufacturer and build to API and ISO standards. OWI is also proud to offer 24/7 Service and Support.