Luckily for the consumers and businesses who rely on stable energy prices, the U.S. oil and natural gas industries have experienced a recent revitalization that has left many industry insiders feeling quite positive.
A new report by the Manufacturing Alliance for Productivity and Innovation (MAPI) found that American oil and gas production has increased by so much that previous concerns about a dependence on foreign oil are starting to come into question.
Back in 2005, net petroleum imports were expected to increase from 60 percent of petroleum consumption to 77 percent by 2025, according to an article on Manufacturing.net. However, in this year alone the U.S. Energy Information Administration expects domestic production to total 8.49 million barrels a day. Far from becoming dependent on foreign oil, the U.S. looks to be heading toward major exporter status.
"The surprising turnaround in the U.S. energy outlook is due in large part to the coupling of hydraulic fracturing with directional drilling as well as declined petroleum consumption resulting from increased energy and automobile efficiency," MAPI Senior Economist Don Norman wrote in the report. "Renewable energy in the form of wind, solar, and biofuels has also contributed to the improved energy outlook, although the importance of renewable energy will become more apparent over time."
Different fracking techniques have led to different results. A number of gas companies have noticed that the hydraulic jet pump is a particularly useful tool, since it can complete drill stem testing and begin production at certain sites while also helping to gather more product from existing wells. In order to keep up with the domestic energy boom, more companies will want to invest in such tools.