By Alex Mills
Texas has a reputation of being a leader in energy production from coast-to-coast. That reputation has grown internationally as Texas leads the nation with dramatic increases in oil and natural gas production and exports.
The International Energy Agency (IEA) recently called the rise in production in Texas and the U.S. “the standout champion of global supply growth” and it expects the trend to continue.
“The second wave of the U.S. shale revolution is coming,” IEA Executive Director Faith Birol was quoted in the April issue of the American Oil and Gas Reporter. “It will see the United States account for 70 percent of the rise in global oil production and some 75 percent of the expansion in liquefied natural gas trade over the next five years. This will shake up international oil and gas trade flows, with profound implications for the geopolitics of energy.”
The U.S. Department of Energy’s Energy Information Administration (EIA) reports both oil and dry natural gas production set U.S. records in February. Oil production hit 12.1 billion barrels per day, Natural gas soared to 89.2 billion cubic feet per day, the highest for any month since EIA began tracking monthly dry natural gas production in 1973….