USGS identifies more recoverable Permian basin oil, gas

Published on December 10, 2018 by Douglas Clark

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American Petroleum Institute (API) officials said recent estimates projecting more oil and gas in the Permian basin reflects another benefit of America’s shale energy revolution.

The U.S. Geological Survey recently announced new estimates for oil and natural gas in the region, showing assessments for technically recoverable resources have increased over the past decade.

“Innovative technology developed by the U.S. natural gas and oil industry has spurred our economy, strengthened our energy security and lowered costs for energy consumers,” Mike Sommers, president and CEO of API, said. “Now the world’s largest producer of natural gas and oil, the U.S. is a global energy leader at the same time we are driving down GHG emissions. The U.S. energy revolution has delivered massive economic, environmental and geopolitical benefits and it is clear that the world is better off with the U.S. as the world’s leading natural gas and oil producer.”

Sommers said when America leads the world through the responsible production of affordable energy, it serves as an important tool for climate progress for the world and it’s one more way the nation is leading in environmental progress.

“While it is important to recognize the opportunity such U.S. natural gas and oil resources represent, it is necessary to have the infrastructure to bring them to market,” Sommers added. “Supporting energy infrastructure is critical to ensuring that consumers, workers, and the environment will continue to benefit from the record U.S. energy production that has boosted our economy and increased our national security over the past decade.”