According to this story you lead the nation in the job market.
Thanks be to fracking.
Nothing like a few jobs to drive housing.
@Mark Ferguson this should make your empire all that more valuable.
Great article, Bill! Thanks for sharing!
and with growth comes concern now that oil prices are down. Already talks of layoffs in the oil fields. My properties went up about 30% the last two years.
Are you sure that its due to facking? The article talked about a cheese and wind turbine factory. A few big employers can make a real impact in a small population. But this is also the story of the boom and bust cycle. Energy prices down. There goes both the fracking and wind turbines.
@Robert Warren the wind and cheese are peanuts if you drive the area. The wind makes those in the national media feel good but it's not the 6% growth and neither is the agriculture. As a person from an Ag background the farmers are not eating out because there is more wheat it's because the oil people are buying or leasing their mineral rights and then paying them for surface impacts due to drilling. While lower energy prices will impact production. It's my understanding that the cost to produce is very low so while it does create some headwind it doesn't make it nonviable like low oil prices make wind energy much less attractive. I had an oil person tell me that the US could become an oil exporter if the known reserves are all developed quickly enough.
I am trained as a geologist and worked as a geophysicist and have spent a good deal of time researching the oil and gas mine engineering. If reserves are developed quickly, then the ultimate recovery goes way down. So I'm afraid that this statement doesn't square with the engineering.
@Robert Warren just to clarify. My post was unclear so what I meant was that if you develop one field now and another one in 20 years then we would not really make a dent in overall production. I was told if the US develops the available fields simultaneously then would create the quantity of supply that would create the US as a net exporter.
Ok, It seems to me that anyone making a claim like that would have to have a handle on the big picture and not be a typical petroleum geologist or engineer. They would also have to be privy to lots of private data kept secret by each of the oil companies.
Here is what I know from actual production data that is easily accessible. We, in the US, started drilling for gas and oil first, in the world. We developed our resources first we have been exploring here the longest and been pumping here the longest. We have drilled more holes in the US than any other place in the world. In 1976 we peaked in our petroleum output. The Alaska oil production was a small bump on the side of the bell curve as our production declined.
We import 30% of our energy. The recent up tic in production is very small compared to the amount we import. To become a net energy exporter we would need, 1. the resources, (this is what your geologist buddy thinks we have but this is not a settled fact), 2. multiple decade long effort. After all, we have been getting more dependent on foreign oil every year for the last 40 years. It will take at least that to reverse the trend.
That's great news for the area, I'm so close to that area and jobs here have been on the upswing as well.