Breitling Oil and Gas Texas and California Morning Podcast #403

I would quickly say that the impact George Mitchell, the pioneer of the technique of hydraulic fracturing to tap “unconventional” reserves of oil and gas, has had on America will approach that of Henry Ford and Alexander Graham Bell.  No one can dispute that the new technology has transformed America’s prospects as a hydrocarbons producer. Gas output has risen by one-third since its most recent trough in 2005, and oil production has risen by 30% since its recent low in 2008.  Last Month America overtook Russia and Saudi Arabia to become the world’s largest producer of oil and gas combined. Jobs in energy have nearly doubled in America since 2005; since the end of the recent recession they have grown at a faster rate than in any other big industry.

Comments are closed.