Shale Production Provides Energy Security - KFYRTV.COM - Bismarck, ND - News, Weather, Sports

Shale Production Provides Energy Security

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Oil shale production has been booming in North Dakota, but it hasn't always been that way.

Tom Petrie has spent 40 years as a financial advisor for oil and energy companies, and says that 2006 was a pivotal year for the oil industry.

Petrie says that year drilling for oil and gas in shale formations took off, as technologies like horizontal drilling and hydraulic fracking advanced.

"If you'd seen me 10 years ago and said we will we ever get back to the old highs in U.S. production I'd say no way. And yet 4 years later, it became very clear that we can rival the old highs. Now we can say with fair confidence there's a good chance we are going to exceed the old highs," says Tom Petrie of Petrie Partners LLC.

Petrie predicts the U.S. will likely exceed production of 11 million barrels of oil per day in the next few years.

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