For decades, the environmentalist fanatics have repeated the Malthusian myth that we are running out of fossil fuels. But the whole Thanatos-worshiping pagan enviro-religion is now facing its Copernican challenge.
Anadarko Petroleum has just raised its estimate for its Colorado Wattenberg field holdings. Anadarko estimates that the field will yield more than one billion barrels of oil and national gas. This would place it right up there with the now-legendary Bakken shale field (in North Dakota) and the Eagle Ford formation (in Texas).
North Dakota hit a record high oil production in October of 488,000 barrels per day (bpd). This was up 100,000 bpd (or 25%) from June's production. Lynn Helms, director of the North Dakota Department of Mineral Resources, projects that the state's total oil production will exceed 500,000 bpd next year and 900,000 bpd the year after that. The state will soon surpass California (539,000 bpd) and Alaska (550,000 bpd), rivaling top-producing Texas (1.2 million bpd).
The National Petroleum Council estimates that by 2035 -- if the regulators will just stop endlessly excreting new hurdles -- the U.S. will hit 3 million bpd of shale oil alone. There are about 14 to 16 new American shale oil fields just starting to be exploited.
This has led the federal Energy Information Administration to raise its estimates for total American liquid fuel output by nearly 40% -- for next year alone!
American crude oil production hit 5.8 million bpd in September of this year -- an increase of 300,000 bpd (or about 5.5%) from the year earlier. American crude oil production could hit 7 to 7.5 million bpd by 2013, and hit 8-10 million bpd by 2015. Add in natural gas liquids, and we may well hit 11-14 million bpd. That would place our crude oil production up there with Saudi Arabia and Russia and, when you add in our natural gas liquids and ethanol, would place us tops in the world by far in liquid fuel production.
In fact, it now appears that in 2011, America will become a net petroleum product exporter for the first time in 62 years.