Technological innovation – primarily the growth of horizontal drilling and hydraulic fracturing, or “fracking” as it’s commonly known – is driving new production, enabling oil and gas to be extracted from geological formations once considered impregnable.
The ability to drill these long-reach horizontal wells into reservoirs we could never reach before was a big change for the industry.
As a result, U.S. oil and gas production is growing so rapidly that in just five years the U.S. will no longer need to import oil from any source but Canada. And while this may seem far-fetched it’s a reality folks: the U.S. will leapfrog Saudi Arabia and Russia to become the world’s biggest oil producer by 2020.
This has led to forecasts that once sounded far-fetched becoming reality: U.S. oil wells produced over 6 million barrels of oil per day last year – the highest domestic production level in 20 years