Resourceship Unbound (US oil output record in light of mineral-resource theory)

“As new US (and world) oil and gas records are set, the wisdom of Julian Simon, Maury Adelman, and Michael Lynch, as well as other luminaries such as Erich Zimmermann and Thomas DeGregori, will become even more prominent and appreciated. And don’t forget: the failed ‘consensus’ on Peak Oil is warning against the failing ‘consensus’ on Peak Climate.”

The Drudge Report headline said it all: “U.S. Oil Output Jumps to Record 10.47 Million Barrels per Day.” The March 2018 statistic is yet another sign of the refutation of M. King Hubbert’s ‘Peak Oil’ theory–and in real time. The Oil and Gas Investor story was short and sweet:

U.S. crude oil production jumped 215,000 barrels per day (bbl/d) to 10.47 million bbl/d in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report on May 31.

Production in Texas rose by 4% to almost 4.2 million bbl/d, a record high based on the data going back to 2005. The Permian Basin, which stretches across West Texas and eastern New Mexico, is the largest U.S. oil field.

Output from North Dakota held around 1.2 million bbl/d, while output in the federal Gulf of Mexico declined 1.1% to 1.7 million bbl/d.

The agency also revised February oil production down by 5,000 bbl/d to 10.26 million bbl/d.

U.S. natural gas production in the Lower 48 states rose to an all-time high of 88.8 billion cubic feet per day (Bcf/d) in March, up from the prior record of 87.7 Bcf/d in February, according to EIA’s 914 production report.

Output in Texas, the nation’s largest gas producer, increased 1.3% in March to 22.7 Bcf/d, the most since April 2016.

In Pennsylvania, the second biggest gas producing state, production dipped to 16.4 Bcf/d in March, down 0.6% from February’s record high of 16.5 Bcf/d. That compares with output of 14.8 Bcf/d in March 2017.

Hail to the voices in the wilderness that fought against Peak Oil and Peak Gas in decades past, from Julian Simon to Maury Adelman to Michael Lynch. And on this occasion, a few salient quotations from each is pertinent.

Julian Simon: ““People have since antiquity worried about running out of natural resources–flint, game animals, what-have-you. Yet, amazingly, all the historical evidence shows that raw materials–all of them–have become less scarce rather than more….  And there is no reason why this trend should not continue forever.”

M. A. Adelman: “The distinction between renewable and non-renewable resources is tenuous and perhaps in the last analysis untenable.”

Michael Lynch: “Production in a region rarely follows a bell curve nor do regions necessarily experience a single peak. As a result, this method repeatedly predicted premature peaks for many countries and for the world itself.”

As new US (and world) oil and gas records are set, the wisdom of the above thinkers, as well as other luminaries such as Erich Zimermann and Tom DeGregori will become even more prominent and appreciated. And don’t forget: the failed “consensus” on Peak Oil is warning against the failing “consensus” on Peak Climate.

The post Resourceship Unbound (US oil output record in light of mineral-resource theory) appeared first on Master Resource.

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June 7, 2018 at 01:28AM

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