Why crude oil prices continue to fall?
2000-2014, shale gas production in the United States accounted for 1.7% of the total natural gas reached rapidly from the 44%. At the same time, the proportion of natural gas accounted for the proportion of total natural gas production continues to decline, the proportion of natural gas production from conventional gas fields accounted for 73.3% of the total output of natural gas decreased from 2000 to 43.1% in 2012. The U.S. shale gas revolution is a revolution outside the Obama administration program, which is much more than the U.S. Department of energy is expected to have a huge impact on the U.S. energy structure.
Shale oil and gas revolution:Shale gas: in recent years, due to the breakthrough in shale gas exploration and development of related technologies, the United States venture capital and private equity investment into the shale gas exploration market, the rapid growth of shale gas production in the United states. According to the U.S. Energy Information Administration (EIA) statistics, 2000-2013, U.S. shale gas production increased from 11 billion 796 million cubic meters to $302 billion 500 million.
Shale oil: shale gas horizontal wells and water fracturing technology is widely used, not only shale gas associated shale oil production increases, shale oil production is also rapidly increasing. 2013 U.S. shale oil production reached 3 million 500 thousand barrels / day or more, shale oil and gas revolution led to a substantial increase in domestic oil production capacity. Since 2004, the U.S. domestic oil production increased by 56%, in addition to the normal production of conventional oil fields in the United States, an increase of up to 3 million 100 thousand barrels per day. The use of natural gas as a driving force in the United States began to increase rapidly, is an irreversible structural transformation of energy. U.S. shale oil and gas revolution has a profound impact on the global pattern of oil and gas supply and demand
The rapid growth of shale gas supply capacity not only replaced coal, but also oil. From 2005 to 2013, the new natural gas consumption of 1.024 tons of standard oil equivalent, equivalent to 113 billion 800 million cubic meters, 1.185 tons of standard coal and reduce the oil equivalent of coal, 2.37 tons of coal equivalent to 5000 calories; reduce the oil consumption of 1.088 tons; flexibility on natural gas successfully accepted the new 168TWh renewable energy; carbon dioxide emissions from the amount of 64.94 tons, down to 59.31 tons, down 5.626 tons, which Obama had dropped in 2025 16.23 tons, down 25% compared to 2005 emboldened.
