Skip to comments.United States Becomes World's Number-One Oil Supplier
Posted on 10/17/2013 7:42:26 AM PDT by RoosterRedux
In a watershed moment for the United States, it has now surpassed Saudi Arabia as the worlds largest supplier of oil.
According to PIRA, an energy analysis firm, the skyrocketing oil output over the last four years is the most dizzying ascent since Saudi Arabias from 1970-1974. Since 2009, U.S. oil output has climbed 3.2 million barrels per day (bpd). The total includes natural gas liquids and biofuels.
The trigger for the huge expansion is the shale revolution, which has seen areas such as the Bakken in North Dakota and Eagle Ford in Texas lead the way as U.S. supplies jumped 1 million bpd in 2012 and repeated that jump in 2013.
(Excerpt) Read more at breitbart.com ...
praise God, we are out from under the devil’s oil
THEN WHY THE HELL ARE WE STILL PAYING OVER THREE $$ FOR A GALLON OF GAS?
Won’t mean much until we are the top refiner as well.
Exports are all well and good but they don’t necessarily reduce prices domestically since the supply/demand equation can’t be avoided.
I’m surprised B0 has not shown up here to take credit yet.
“praise God, we are out from under the devils oil”
Yet we are still being overcharged and overtaxed on gasoline and diesel.
The federal rip off of the subservient masses continue. Suckers.......
All due to Obama’s leadership, of course. At least he won’t hesitate to try and claim credit if it suits his purposes.
He does take credit for it, I’ve heard him many times. What he doesn’t admit is that the production has taken place on private land as he has held back permits on Federal land.
The dollar is falling in value, you are lucky it is ONLY 3 bucks.
Because prices are driven by the global market, not local supplies?
Imagine how the US economy would take off if we opened ANWAR and other off limits oil fields and built the Keystone pipeline.
Or just threw Obama out of office in favor of a pro-American, pro-business president.
So we are the number one oil producer if you pretend ethanol, ethane and propane are actually oil.
The choke point is refineries.
The US now refines more petroleum product than we use ourselves. We import more crude oil than we consume and export the surplus products for positive trade balance in the exchange.
Don’t worry, under the new fed deficit spending plan $3 will soon be worth $2.
Since Governor Moonbeam and his minions believe we can power a modern economy on unicorn farts and Skittles, er wind and solar, I guess we'll have to wait until it's divided up between the People's Republic of Aztlan and the People's Republic of China before we see any significant production there.
Do you think it comes out of the ground for free? Just flows out like a river and then magically transforms into gasoline and shows up at the gas station? Given the amount of work that goes into transforming oil in the ground into gasoline that you can put in your car, I think the prices we are paying are quite reasonable.
let’s get those gasoline prices at the gas station down under $2.00!!!
With this data, it is past time to walk away from the Middle East and let the Islamofascists kill each other.
That will create even more of demand for our oil as the Arabs kill each other and choke off their oil supply for Europe and other countries.
Thanks for this interesting bit of reality:
“The US now refines more petroleum product than we use ourselves. We import more crude oil than we consume and export the surplus products for positive trade balance in the exchange.”
Imagine what getting rid of the designer fuels and building another 2 refineries would do.
Indeed. There is no such thing “U.S. Oil” or even “energy independence”. The oil (or natural gas for that matter) does not belong to the U.S. It is sold on the open market globally.
and gasoline is still over $3.oo.
Now that the shutdown has ended, the epa will soon put a stop to that.
The Crude Oil Supply varies with price. If prices were low, we would not being the increase in domestic supply.
How much should it be?
Thack you are a beacon of wisdom in an increasingly bizarre FR....
Baraq the Sultan of Frack....
And if I could type the actual words that run through my head instead of the gibberish that comes out, I could share that a little more often.
not be seeing the increase...
If we've increased the supply so dramatically, and if the demand is the same (can't see it going up as dramatically) seems the price should go down.
"Drill here, drill now" was apparently meaningless.
Demand in the US isn’t up, but demand worldwide is.
China continues to expand, and now is the biggest customer of the Persian Gulf oil.
Oil is a “fungible commodity” and is priced by world demand.
And there is a benefit to expensive gasoline, it helps keep poor people off the streets. “Outta my way, peons!”
I agree on the designer fuels, but what good would 2 more refineries do? Is there any indication we don’t have enough refinery capacity?
Agreed. Everybody wants a pony.
I read somewhere that the Monterey shale play (in CA) dwarfs the others: estimated to be 4x the size of Bakken.
I don’t think the Monterey shale play will ever come to anything. the formation is too fractured by faults to be fracked profitably.
The really big play is going to be in the Permian Basin in west texas. (this is very different from the eagle ford formation in south texas and much much bigger.)
Indeed. There is no such thing U.S. Oil or even energy independence. The oil (or natural gas for that matter) does not belong to the U.S. It is sold on the open market globally.
yeah but oil produced in the USA directly affects the balance of trade.
The USA has been de-capitalized for decades by shipping 500 billion dollars annually over seas to pay for oil. That money will stay in the USA and circulate here. that’s a very big deal.
No new refineries in umpteen years is why. Here locally in central Texas, there are a lot of places that have dropped below $3.00 for regular now.