Chapter 686 Science and Technology Is the Primary Productive Force

Good news? What good news could there be at this time? Looking up, Reagan looked at James, and saw that James' hands were shaking. He said, "We don't have to worry about the energy problem. Our scientists have solved the energy problem!"

Solving the energy problem? Are you kidding!

"Our scientific and technical personnel have conducted repeated experiments on the technology of shale oil extraction and finally determined the technology of horizontal drilling and hydraulic fracturing. Now, these technologies are very mature. In our energy field, this is a technological revolution. This technological revolution can be compared with Drake's drilling of our first oil well in Titusville, Pennsylvania in 1859!" James' face was full of excitement.

Shale oil! This is the most suitable alternative energy source in the United States. Although it has been demonstrated for a long time, the extraction of shale oil is quite difficult. After all, this thing is different from ordinary crude oil. It is a solid form. How to extract solid shale oil is very technically difficult.

Now, with international crude oil prices rising, the United States has to find alternative ways, and now they have finally found it, which is horizontal drilling and hydraulic fracturing!

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Drilling is carried out at the shale oil storage location, first downwards and then horizontally. After the well is drilled, a large amount of chemical substances are mixed with water, sand and gravel to make fracturing fluid using a ground high-pressure pump. The fluid is then poured into the deep rock and fractured. This will release oil or natural gas. This method greatly improves the production efficiency of shale oil and reduces the production cost of shale oil!

The United States cannot live without energy, so it has to use all its strength to maintain its dominance in the Middle East. But now, the revolutionary breakthrough in shale oil extraction has finally allowed the United States to find an alternative!

James was very excited, but other people still didn't understand, including Bush. His family was a big oil businessman in Texas. Even he was now troubled by the problems in the Middle East and did not pay more attention to shale oil.

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Now, looking at James' expression, Bush couldn't help but ask: "James, with this technology, what level of shale oil production can we achieve?"

James's speech was incoherent; he was too excited, and Bush's question was the point.

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"We now have 18 regions in the United States that have proven to have rich shale oil reserves and are worth mining. Our new oil mining method can reduce the cost of mining to $50 a barrel. Now, in the entire energy field, more and more smart investors are beginning to enter this field. Our most conservative estimate is that by the end of this year, with the launch of a series of new shale oil well projects, our shale oil daily production can reach 2 million barrels, and next year, our shale oil production can reach 4 to 5 million barrels a day."

By the end of this year, the daily production will reach 2 million barrels! And next year, the daily production will reach 4 to 5 million barrels! Hearing this, everyone was stunned.

What is the concept?

Now, the global daily demand for oil is 60 million barrels, while the United States' daily demand is more than 10 million barrels!

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Now, the United States is constantly increasing its domestic oil production. The daily crude oil production has increased from the original 5 million barrels to more than 7 million barrels. It only needs to import 3 million barrels of oil. These oil imports have now shifted to Canada and the United Kingdom. There is no need to import from the Middle East at all.

Now, shale oil extraction technology has made a breakthrough. The daily output of our shale oil has reached 2 million barrels this year and 4 to 5 million barrels next year. This means that the United States no longer needs to import oil and can even become an oil exporter!

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"What about our current shale oil reserves?" Bush continued.

"After our continuous exploration, we have now discovered crude oil reserves of 264 billion barrels, which has exceeded Saudi Arabia and the Soviet Union! And half of it is shale oil." James said: "Half of our states have rich reserves. Among them, Texas, which has the richest reserves, has a total oil reserve of 60 billion barrels, and the recoverable reserves of the Monterey shale oil base that is currently being developed are estimated to be 15.4 billion barrels."

Bush's face was instantly filled with smiles after hearing a few simple figures. This means that the United States does not need to worry about the oil crisis at all, as the United States is about to become an oil exporting country!

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In the past, the United States did not have the right means to exploit shale oil. Due to strategic considerations, the development of domestic oil fields in the United States was restricted. The United States needed to import a large amount of oil from the Middle East to meet its energy needs. Now, under various pressures, the United States' oil extraction technology has advanced by leaps and bounds. This time, the shale oil revolution has made the United States no longer have to worry about energy problems!

In terms of oil reserves, the United States' 264 billion barrels is definitely the world's number one. Saudi Arabia's oil reserves are only 212 billion barrels, Canada's oil reserves are 167 billion barrels, and Iran's oil reserves are 143 billion barrels, none of which are as much as the United States!

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This is really good news!

"If this news had come earlier, we wouldn't have to start a war in the Middle East." Bush said this with gritted teeth. This sentence brought everyone back to reality.

The United States' Middle East war has been a complete failure, and it is still a mess. Hundreds of thousands of troops have been captured by the Iraqis, Turkey is in turmoil, the Kurds are on the verge of secession, and its ally Israel has also been dragged into the quagmire of war. As a result, this war has now become a war that did not need to be fought at all!

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Why didn't you tell me this news earlier? Everyone was itching to tell me.

"National geological exploration and the use of new mining technologies all take time. It is only now that we have compiled all the data." James seemed to know the complaints in everyone's hearts and couldn't help but say.

Now, it is actually too early. Some data have not yet been counted. For example, in the extraction of shale oil, the longest oil wells that are now extracted using hydraulic fracturing have only experienced four water injections. No decrease in the amount of oil extracted has been found yet. However, with continuous extraction, the oil wells will dry up, and to what extent they are no longer worth extracting will require further use to know. At the same time, this method of extraction is actually equivalent to creating small-scale earthquakes again and again. Whether it has an impact on the environment is also unknown.