The USA towards the record in the production of fossil fuels

The "Green" policy is launching CO2 production towards the stars. American fossil fuel production is expected to hit a record in 2023, as continued improvements in oil and gas drilling efficiency and sufficiently high oil prices will support increased production of all fossil fuels, including coal. the US Energy Information Administration (EIA) said Friday.

Combined fossil fuel production – natural gas, crude oil and coal – increased by 2% in 2021 to 77.14 trillion BTUs (British thermal units), after a decline in 2020 when the pandemic broke out. The administration predicts that fossil fuel production in the United States will continue to increase both this year and next, surpassing production levels in 2019 and hitting a new record in 2023.

Last year, natural gas accounted for the largest share, 46%, of total U.S. fossil fuel production. Crude oil accounted for 30%, coal 15% and LPG from natural gas (NGPL) 9%. Those actions will remain similar until 2023, the EIA said.

Dry natural gas production increased 2% last year in 2021, the administration estimates, and predicts improvements in drilling efficiency and production of new wells will contribute to a 3% increase in production in 2022 and 2% in 2023.

Coal production last year is estimated to have increased by 7% due to increased demand for electricity generation in the wake of rising natural gas prices. This year, coal production will increase by 6% as coal-fired electricity generators rebuild inventory levels. In 2023, coal production will only increase by 1% as coal demand in the electricity sector declines, the EIA said.

U.S. crude oil production, which fell by 1% in 2021, is projected to increase by 6% in 2022 and another 5% increase in 2023.

"We expect crude oil prices to remain high enough in 2022 and 2023 to encourage growth in the number of active drilling rigs and continued improvement in drilling efficiency," the EIA said.

So all the green push, taxes imposed on carbon mechanisms, policies for renewables, together with the fluctuations for covid-19 are creating an extremely rich present and near future for fossil energy producers. The exact opposite of what we wanted to achieve, but the obvious result of a superficial and amateurish energy policy. It is not enough to tax and step on Greta's toes to create constant green energy, and European consumers are realizing this.

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The article The USA towards the record in the production of fossil fuels comes from ScenariEconomici.it .

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This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/gli-usa-verso-il-record-nella-produzione-dei-combustibili-fossili/ on Sun, 23 Jan 2022 09:00:57 +0000.