The North American energy landscape has changed dramatically since our first School of Energy way back in 2013, but the need to understand market fundamentals has not. Technology, infrastructure, refining constraints, LNG demand, data-center growth and geopolitics are all reshaping how energy markets work — and how they interact — so it’s essential to be able to connect the dots across commodities and stay grounded in supply, demand and infrastructure, even (and especially) when markets inevitably get noisy. That was the focus of our School of Energy: Fundamentals and the subject of today’s RBN blog. Warning: Today’s blog includes some blatant plugs for a newly available replay of our recent conference in Houston.
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When we held our first School of Energy, the world was a very different place than it is today. More than a decade later, U.S. crude oil production (dark- and light-blue layers in left graph in Figure 1 below) has jumped to nearly 14 MMb/d. It’s a similar story for natural gas (middle graph), where Lower 48 output has risen to ~110 Bcf/d, and NGLs (right graph), where production from gas processing is now approaching 8 MMb/d. But those production increases weren't because oil and gas prices went up, as they might have in the old days. Instead, we produced more because we figured out how to produce hydrocarbons in ways that were previously thought impossible, bringing on an era of energy abundance in the U.S. that many now take for granted, with markets increasingly balanced on a combination of producer discipline and exports. The share of U.S. production destined for export markets (orange line and right axis) has sharply increased for all three commodities over the past decade, especially crude oil and natural gas (the latter primarily in the form of LNG).
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About the song
“Keep Me In Your Heart” was written by Warren Zevon and appears as the 11th song on his 12th and final studio album, The Wind. The song is a tender and heartfelt farewell to Zevon’s loved ones, asking them to remember him fondly without grief after he was diagnosed with terminal lung cancer. It was the only track on The Wind composed entirely after his diagnosis. The song has been covered by Eddie Vedder, Willie Nelson and Jorge Calderon. Personnel on the record were: Warren Zevon (vocals), Jorge Calderon (acoustic guitar, lead acoustic guitar, bass) and Jim Keltner (drums).
The Wind was recorded from September to December 2002 at Cherokee Studios, Sunset Sound, Groovemasters, Hensen Recording Studios, Masterlink Studios, Fanboy Studios, The Cave, and Snakepit, Billy Bob Thornton's home studio in Los Angeles. Produced by Jorge Calderon, Noah Scot Snyder and Warren Zevon, the album was released in August 2003. It went to #1 on the Billboard Top Independent and #12 on the Billboard 200 Albums charts, and has been certified Gold by the Recording Industry Association of America. It won two Grammy Awards and three nominations. Two singles were released from the LP.
Warren Zevon was an American rock singer, songwriter and musician. His father, William “Slumpy” Zevon, worked for Los Angeles mobster Mickey Cohen. Warren Zevon quit high school at 16 and drove a sportscar his father won in a card game to New York City to pursue a career as a songwriter and folk singer in 1964. He released his first record, as part of the folk duo Lyme & Cybele, “Follow Me,” in April 1966. He spent time as a jingle writer and session musician before releasing his Kim Fowley-assisted debut studio album, Wanted Dead or Alive, in April 1970. He released 12 studio albums, three live albums, seven compilation albums, and 32 singles. He also wrote hit songs for Linda Ronstadt and Terri Clark. Friend and fan David Letterman dedicated a whole 90-minute show of Late Night with David Letterman to Zevon performing his songs. Letterman asked him if he had learned anything about life and death, to which Zevon responded: “to enjoy every sandwich.” He was inducted posthumously into the Rock and Roll Hall of Fame by Letterman in November 2025. Zevon died at his home in Los Angeles in September 2003 at 56.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
