Innovation by American energy companies has led to a glut of the lighter forms of crude oil found in U.S. shale basins such as Eagle Ford, Barnett and Permian Basin.
Not everybody has experience in drilling for oil in the Permian Basin, but the same thing is happening in every industry everywhere in some manner.
Energy companies, such as Chevron and Shell, and oil producing countries, such as Kuwait and Venezuela, pump crude oil from their vast land holdings and sell it on the world market
Energy companies, such as Chevron and Shell, and oil producing countries, such as Kuwait and Venezuela, pump crude oil from their vast land holdings and sell it on the world market.
Instead of giving preference to oil imported from overseas, Washington should look to North American coal, oil shale and oil sands, all of which provide an affordable, abundant and alternative source of fuel. In addition to increasing cost effectiveness options for the government, it will also increase America's energy security.
There are billions of barrels of oil in the Outer Continental Shelf. There is even more in Alaska. There is enough oil shale in the Rocky Mountain West alone to power America for the next hundred years. The Democrats say all this American energy is off limits.
We access virtually every producing basin, whether for natural gas or crude oil, in the U.S. and Canada.
Tar sands oil is the dirtiest fuel on Earth. Because producing it consumes so much energy, a gallon of tar sands crude generates 17 percent more carbon pollution than conventional crude oil.
This curious faith is predicated on the notion that we will soon develop unlimited new sources of energy: domestic oil fields, shale oil, gasified coal, nuclear power, solar energy, and so on. This is fantastical because the basic cause of the energy crisis is not scarcity: it is moral ignorance and weakness of character. We don't know how to use energy or what to use it for. And we cannot restrain ourselves. Our time is characterized as much by the abuse and waste of human energy as it is by the abuse and waste of fossil fuel energy.
I will lift the restrictions on the production of American energy, which is getting clobbered with the EPA, and by the way, and with the restrictions - including shale, oil, natural gas, and clean coal. We are putting our miners back to work.
Unlike George Bush and his friends at the big oil companies, I'm going to work for a real energy policy for this country that decreases America's dependence on foreign oil and helps lower the costs to American families.
Bitumen is junk energy. A joule, or unit of energy, invested in extracting and processing bitumen returns only four to six joules in the form of crude oil. In contrast, conventional oil production in North America returns about 15 joules. Because almost all of the input energy in tar sands production comes from fossil fuels, the process generates significantly more carbon dioxide than conventional oil production.
If oil companies were to invest their high profits into alternative fuel research it will help America move toward new forms of energy.
There's so much innovation going on, and there are lots of people funding that innovation, but there's very little innovation on that infrastructure for innovation itself, so we like to do that ourselves to help companies create more tech companies.
Low oil prices played a part in a major move by Congress voting to end the 40-year-old ban on exporting American crude oil.
There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.
In the near term, oil is galloping ahead and leading our economy. We have to corral the "horse" and gradually reduce our dependence on oil and coal, in their present forms. Green-energy investment is inherently high-tech, and we could lead in the next-generation energy technologies, as we did and do now with oil and gas. All it takes is leadership!