Did you know that in 2023, the U.S. increased its oil production by 266%, defying decades-old predictions of a decline1? Technological innovation made that possible in prior decades with enhanced oil recovery of conventional oil, expansion into deepwater and unlocking of trapped shale oil. Concerns about peak domestic oil are now beginning to resurface in the United States again after over 15 years of extraction in the major shale basins. What if the next breakthrough in shale oil extraction is lurking around the corner ready to transform the industry again such as the shale oil revolution transformed the industry?
In the oil industry it is critical to be constantly innovating to keep up with the challenge of replacing a depleting resource. This current geopolitical environment has the United States oil industry facing challenges finding new supplies in the Gulf of Mexico where federal acreage lease offerings in bidding rounds are offered once every 2 years. This is a reduction from the standard offshore leasing program prior to 2021, where the frequency of leasing rounds was offered on a bi-annual basis. Opportunities to expand in Alaska have been drastically reduced with the current administration cancelling leases in the Artic National Wild Refuge (ANWR) and blocking millions of new acres across the state.
Read The Rest of the Story Here: Technology Innovations to Unlock Abundant Domestic Fossil Fuel Supplies
