Threats to the U.S. Energy Renaissance
Since 2008, oil production has more than doubled and natural gas production is up about 24 percent, according to the Energy Information Agency. Advances in technology have driven this remarkable achievement. Three major techniques that have revolutionized both onshore and offshore oil and gas production are directional drilling, horizontal drilling, and hydraulic fracturing, also known as "fracking." In addition, offshore drilling in a record 10,500 feet of water — and then through thousands of feet of sediment below the seafloor — has been made possible by radical new advances in offshore platform technology tied in with global positioning software. These advances in technology have required considerable capital investment that would have been less likely in a nation constrained by a cap-and-trade or carbon-tax system. Please join us for an informed look at recent successes in energy production and their implications for public policy.