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An industry-sponsored study by Pennsylvania State University estimates there will be 200,000 new jobs in Pennsylvania by 2020 if shale is developed to its full potential. On the other hand, figures from the Pennsylvania Department of Labor and Industry show that only about 30,000 jobs were created during the 2008-2009 gas boom. [ 63 ]
Oil shale formation takes place in a number of depositional settings and has considerable compositional variation. Oil shales can be classified by their composition (carbonate minerals such as calcite or detrital minerals such as quartz and clays) or by their depositional environment (large lakes, shallow marine, and lagoon/small lake settings).
In 1970, local peak production was 10,044 million bbl (1,597 million m 3) per day in November 1970. [8] Total production of crude oil from 1970 through 2006 was 102 billion barrels (16.2 × 10 ^ 9 m 3), or roughly five and a half times the proved reserves over the same timeframe when taking into account the decreasing proved reserves.
(The data below does not seem to include shale oil and other unconventional sources of oil such as tar sands. For instance, North America has over 3 trillion barrels of shale oil reserves, [ citation needed ] and the majority of oil produced in the US is from shale, leading to the paradoxical data below that the US will finish all its oil at ...
US shale gas basins, 2011. Shale gas in the United States is an available source of unconventional natural gas.Led by new applications of hydraulic fracturing technology and horizontal drilling, development of new sources of shale gas has offset declines in production from conventional gas reservoirs, and has led to major increases in reserves of U.S. natural gas.
The shale revolution in North America has unleashed a burst of oil and gas production, and it shows no signs of abating. This unanticipated surge in production hasn't spread in neighboring Mexico yet.
The national oil company Pemex has limited investment capital, and focuses its effort on what it sees as higher-return conventional oil and gas projects, rather than gas shales or tight oil. [16] The US Energy Information Administration estimates Mexico's recoverable reserves of shale gas to be 681 trillion cubic feet, the fourth largest shale ...
Significant discoveries included the Embrar oil field (1942), the TXL oil field (1944), the Dollarhide oil field (1945), and the Block 31 oil field (1945). [ 35 ] : 200–201, 230–231 [ 36 ] In 1966, the production of the Permian Basin measured 600 million barrels of oil, along with 2.3 trillion cubic ft of gas, which totaled $2 billion.