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Where would we be without offshore oil?
OilPrice.com ^ | 03/05/2010 | James Hamilton

Posted on 05/03/2010 3:44:16 PM PDT by Faketan

As oil continues to pour into the Gulf of Mexico, I thought it might be helpful to review how we got where we are today.

The graph below shows total U.S. consumption of petroleum products (in red) and oil production from U.S. fields (in green). Consumption has been growing pretty steadily since 1981 while production has been declining. About 3-1/2 million barrels per day of the gap between these two lines is made up by refinery process gain, natural gas plant liquids, and other liquids. But most of the gap must be met by U.S. imports. Each year that our consumption grows and production declines, imports have to go up. Those rising U.S. oil imports could be the single most important factor determining the price of oil, global trade imbalances, and geopolitics today. Full article at: Offshore Oil

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy
KEYWORDS: geopolitics; gulfofmexico; oil

1 posted on 05/03/2010 3:44:17 PM PDT by Faketan
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To: Faketan
No doubt...we need more "Home" oil, gas, coal...It's how our living is structured...

I have a gas furnace, my bro has oil on his farm and we have wood at the cabin.

More and more folks will use these sources. One look at the graph tells ya we are going backwards and paying for it.

2 posted on 05/03/2010 3:49:02 PM PDT by Sacajaweau (What)
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To: Sacajaweau

I can’t remember the last off shore oil spill from a drilling rig.Accidents like this is not normal, it is going to cost BP plenty.


3 posted on 05/03/2010 4:20:58 PM PDT by wild74
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To: wild74
Accidents like this is not normal...

True - and we should not be basing national policies on such events. Anyone who does so (i.e., Mr. Salazar & Mr. Obama) is a complete jack@ss...

4 posted on 05/05/2010 5:55:20 PM PDT by Who is John Galt? ("Sometimes I have to break the law in order to meet my management objectives." - Bill Calkins, BLM)
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