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Welcome to 1st Resource Group
The decline of crude oil worldwide as a primary refining feedstock has created an international competitive landscape that is unprecedented in world history. Rapidly industrializing nations such as India and China have aggressively moved to capture as much of the world’s crude oil sources as possible in order to power their own domestic energy needs. The United States, once a dominant player in oil export, has since 1973 been a net importer of crude oil. The US has since that date risen to the dubious status of becoming the world’s largest importer of crude.
A number of industry players have begun to recognize that the US has proven natural gas reserves that place our country among the largest single national sources in the world. With proven natural gas reserves of 283.9 trillions of cubic feet (“TCF”), the US owns approximately 4.3% of the total 6,609 TCF of proven world reserves. Converted to motive fuels, our proven natural gas reserves would completely negate any need for crude oil imports for many years. Those who remain close to the natural gas industry are aware that the domestic shale plays have revolutionized our energy outlook. The currently depressed market price of natural gas has had a modestly depressing effect on drilling. However, technically recoverable natural gas reserves within the US and its controlled waters come to approximately 10X the proven reserves.