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 world’s 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 Arabia’s 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 ...
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.
What gives?
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...
sigh....
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?
http://www.reuters.com/article/2013/04/15/column-campbell-idUSL2N0D20VD20130415
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.
5.56mm
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