U.S. oil output expected to reach levels not seen since 2020 in October
Friday, September 17, 2021
In the seven major shale formations, U.S. oil output is expected to rise by 66,000 barrels per day in October to reach 8.1 million bpd and reach the highest production level since April 2020, according to the Energy Information Administration.
The EIA’s forecast is led by increasing production in the Permian Basin, the largest formation. Crude output is estimated to rise 53,000 bpd in October to 4.8 million bpd, marking the Permian’s highest production levels since March 2020.
Output in most other shale regions is expected to remain flat or see small upticks.
Learn more: Nasdaq > U.S. shale oil output to rise to highest since April 2020 in October
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.