Fracking, the common term for hydraulic fracturing, has boosted U.S. domestic oil and gas production significantly, reducing the need for America to rely on import oil. This decrease coincides with a major increase in domestic oil production, turning America into a worldwide powerhouse.
Hydraulic fracturing is a process that injects high-pressure chemicals, water, and sand into a rock formation or shale deposits to create fractures, releasing oil and gas to the surface. The process normally yields improved outcomes – making it economically useful for companies, especially in wells that would otherwise produce low flow.
Undeniably, the use of the hydraulic fracturing technique has enabled countless energy companies to obtain huge quantities of oil and gas. The once-deemed useless shale deposits that were previously thought to be commercially unfeasible and prohibitively costly to access has led to a boom in oil and gas production in America.
The production of crude oil in America tripled in the past decade. Between 2010 to 2020, the amount of America’s oil consumption from imports significantly decreased. While it is true that the U.S. is still dependent on foreign oil, there is a substantial reduction in the level of dependence since America is currently able to provide more than half of its fuel needs.
The Bakken formation found in North Dakota is a huge shale area that saw a surge in population and employment. In fact, construction firms are not able to meet the housing needs fast enough due to the population growth. The U.S. Department of the Interior estimates that there may be 4 to 11 billion barrels of recoverable oil in the area, based on an assessment of the geologic data.
The SCOOP Play – South Central Oklahoma Oil Province – and STACK Play – Sooner Trend Anadarko Canadian Kingfisher– may sound like two varying plays, but have the same source: the Woodford Shale located in Oklahoma. They represent the state’s most productive oil and gas resources today.
DW Energy Group is an oil and gas investment company that has successfully targeted resource areas – including the Bakken Formation and the SCOOP and STACK – that are yielding profitable results for the firm and its partners. It specializes in identifying and managing domestic oil and gas investment opportunities in these highly desirable areas for qualified and approved investors.
Sources:
“What is hydraulic fracturing?” U.S. Department of the Interior, https://www.usgs.gov/faqs/what-hydraulic-fracturing?qt-news_science_products=0#qt-news_science_products
“U.S. Field Production of Crude Oil,” U.S. Energy Information Administration, https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus1&f=m
“Oil net imports have declined since 2011, with their value falling slower than volume,” U.S. Energy Information Administration, https://www.eia.gov/todayinenergy/detail.php?id=15151
“Bakken Formation: News, Maps, Videos and Information Sources,” Geology.com, https://geology.com/articles/bakken-formation.shtml
“SCOOP and STACK, Oklahoma Oil & Natural Gas, https://oerb.com/environment-innovation/scoop-stack/