U.S. Oil Production Highest in 20 Years, Thanks to Fracking
Thursday, January 17, 2013
According to Bloomberg.com, U.S. oil production has hit a 20-year high. That puts the U.S. on track to surpass Saudi Arabia‘s oil production by 2020, that’s good news for energy independence supporters.
Hydraulic fracturing, or fracking, is playing a major role in the increase of oil production:
“Production grew by the fastest pace in U.S. history last year and will accelerate in 2013 as horizontal drilling and hydraulic fracturing, or fracking, unlocks crude trapped in formations such as North Dakota’s Bakken shale. The state boosted production 40 percent last year through October, Energy Department data show. Texas was up 23 percent, and Utah rose 11 percent.”
According to the Energy Department’s monthly Short-Term Energy Outlook report, the U.S. will pump an average of 7.32 million barrels a day in 2013. That output increases to 7.92 million barrels a day in 2014.
» Via: Bloomberg News › Fracking Pushes U.S. Oil Production to Highest in 20 Years
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How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
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Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
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Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.