U.S. oil production capacity approaches 10 mln barrels per day

Brudi Drect ^ | December 31st, 2017 | XINHUA Staff

[Rabin]

The U.S. oil production in October was over 298 million barrels, or 25 million barrels more than that in January. And its production capability was over 9.6 million barrels a day, or 9.2 percent higher than January.

"U.S. crude oil production in October rose to the highest in more than 46 years and the production is expected to continue rising in 2018 to past historical level recorded in 1971 which will have significant effects on global energy balance,"

[Rabin]

Trump Rocks.

Rab

[ButThreeLeftsDo]

That explains the rising gasoline prices?

[Tennessean4Bush]

Just paid $2.09 per gallon in Knoxville.

[virgil]

They’ve been going up in Wisconsin. $2.59/ga

[ButThreeLeftsDo]

Best I could find today in the Twin Cities was $2.41

Oh, and it’s 7 below zero.

[plain talk]

Rising gasoline prices? The price does fluctuate with seasonal impacts but gasoline is still quite a bargain when you consider what it takes to produce it. If it is a problem for you you can always move south. Today I wore a long sleeve shirt and no jacket outside. :-)

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=EMM_EPMR_PTE_NUS_DPG&f=W

[Pontiac]

An important goal for Trump should be the building of new oil refineries.

There has not been a new oil refinery built in the US since the 1970s.

[gogeo]

We don’t see too many Chicken Littles screaming about peak oil.

[gunsequalfreedom]

Just paid $2.09 per gallon in Knoxville.

I just paid $3.29 (mid grade). The regular is $3.19. I'm in Kalifornia though.

[SuperLuminal]

"That explains the rising gasoline prices? "

In most states, especially soviet-style states like MD, CT, MA, etc..., the state tax keeps going up.

[SuperLuminal]

"That explains the rising gasoline prices? "

In most states, especially soviet-style states like MD, CT, MA, etc..., the state tax keeps going up.

[SuperLuminal]

"There has not been a new oil refinery built in the US since the 1970s. "

There is, finally, one being built as we post...

However, we need at least two more so that CA can be on its own and stop screwing up production for the rest of the country with their enormous matrix of gas compositions vs. all the season-, and sub-seasons-, environmental requirements.

[Tennessean4Bush]

You need to move to Tennessee. Your standard of living will skyrocket as compared to Kalifornia. No income tax, and some of the lowest property taxes in the US.

[mewzilla]

Has refinery capacity uncreased...?

[Pontiac]

There is, finally, one being built as we post

Very good news. Where is it being built.

[Figment]

The reason there have not been new refineries is the enormous cost. Exxon and others have been expanding existing refineries. But if you’ve got the bucks, knock yourself out

[Paperpusher]

Yea, I noticed a lack of peak oil people too. I had quite a few discussions with them a few years ago about how peak oil has been forecast for at least 50 years.

[MountainWalker]

If this country is still salvageable, Trump will be one of the top 5 presidents in history.

[Redwood71]

We could triple this if we we were to pump in ANWAR.

rwood

[PA Engineer]

That explains the rising gasoline prices?

Take out the Federal and State taxes and it is cheaper than during WWII.

How is that possible?

Coinflation

Let's look at war nickels. During the war, nickel was required for American armor. The US government substituted silver and engraved a large mint mark above Monticello. Why? They figured they could easily pull the coins when the war was over.

It didn't go as planned. Americans were still stinging from the confiscation of gold. They held onto those nickels. They are easily purchased today as junk silver.

The fascinating part is the "real" value of those nickels today. Total metal value of each is $.9731600448. Take three of them ($2.93) and you can purchase a gallon of gasoline pretty much anywhere in the United States. The face value is ¢15. During WWII, the price (rationed to 3 gallons a week) was ¢20.

By historical standards, gasoline is quite a bargain today. The dollar on the other hand...