[chajin]

We are going to find more shale deposits, as will Canada, and the Alaskan and Gulf of Mexico deposits are still waiting to be fully tapped: we can be in the driver’s seat for the next two generations at least, all it takes is a government that doesn’t get in the way—cf. “Cruz.”

P.S. It just occurred to me that the Biblical widow in Elijah’s day had a cruse of oil that never ran out; if we had a Cruz, our oil wouldn’t run out either...

[Oldexpat]

The US is still going to tap into our known oil deposits in AK and on the East and West Coast to maintain our production. This will require some political changes.
The GOP needs to make the case and spell out to the LIV’S how much the RAT policies are costing at the pump.
I still don’t believe in peak oil..there is still a lot of oil in the ground after current techniques are employed. There will be more advances in technology.

[SkyDancer]

Right - but we’re using OPEC’s pricing schedule.

[familyop]

From the U.S. Energy Information Administration
"In December 2012, the U.S. produced about 7.03 million barrels of crude oil per day and imported about 7.58 million barrels per day...The U.S. became a (slight) net exporter (exported more than we imported) of refined petroleum products in 2008. Refined petroleum products produced in the U.S. from both domestic and imported crude oil are exported to other countries."

Thanks to trade deficits and our declining economy, we no longer use as much. Notice also, the likely more recent, steeper decline in our domestic oil consumption. We're consuming a little less than 19 million barrels per day.

[familyop]

U.S. Imports from Canada of Crude Oil and Petroleum Products ... - EIA
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMUSCA1&f=M

[familyop]

Chinese Company Is Quietly Building Natural Gas Fueling Stations Across The US

China's Building U.S. Natural Gas Infrastructure

[ckilmer]

For the next 10 years or so, America will likely be the stabilizing factor in the global oil markets because its cheap, reliable oil supply can help offset major production disruptions elsewhere, or even displace some of these more expensive oil sources. Is this a sustainable position? Probably not. According to the Energy Information Administration, after 2020 oil production in the U.S. is expected to slip again as shale output starts to decline. Also, Saudi Arabia is sitting on vast quantities of oil that will likely be in greater need 10-15 years from now than today.
....................
Disagree here on three points. First,imho US oil production will likely peak out much further north 9.6 million barrels a day—than the EIA predicts. Their prediction is based on the slope Eagle Ford and Baaken production increases flat lining by the end of 2015. Something I don’t disagree with. However, much of the new drilling is taking place in the permian basin where reserves ten times larger than the baaken and eagle ford combined. The slope of production increases in the permian basin has been relatively flat. But sometime next year that slope is going to go parabolic in much the same way that the baaken and eagle ford have been for the last 3 years. There will be as many as five years where the permian basin will enjoy 500k -1 million barrel @ day oil production increases.

I think that EIA is also wrong about sliding US production after 2020. When it comes—it won’t be because of diminished supplies. If anything, US supplies will increase as long as oil prices are north of $90@barrel. Further they are much higher than the EIA’s numbers already. What will slow US production is falling oil prices.

Falling oil prices will come after 2020 because of slowing demand increases and rising supply.

After 2020 or so, an increasing number of countries will have learned to frack which will raise production but also competition from competing transportation fuels like natural gas trains trucks and buses plus electric cars and fuel economy will start to put an crimp on demand. Chevron I think put out a chart a couple months back. They estimated that demand for oil would not peak until 2030. So 2020-2030 will be a transitional period.

Anyhow that’s my WAG.

[familyop]

From the U.S. Energy Information Administration:
"In 2013, the United States consumed a total of 6.89 billion barrels of petroleum products, an average of 18.89 million barrels per day."

"The U.S. imported approximately 10.6 million barrels per day of petroleum in 2012 from about 80 countries. We exported 3.2 MMbd of crude oil and petroleum products, resulting in net imports (imports minus exports) equaling 7.4 MMbd. Net imports accounted for 40% of the petroleum consumed in the United States, the lowest annual average since 1991. "Petroleum" includes crude oil and refined petroleum products like gasoline, and biofuels like ethanol and biodiesel. In 2012, about 80% of gross petroleum imports were crude oil, and about 57% of all crude oil that was processed in U.S. refineries was imported. The top five source countries of U.S. petroleum imports in 2012 were Canada, Mexico, Saudi Arabia, Venezuela, and Russia."

[Sequoyah101]

Wasn’t it just yesterday or Saturday we were commenting about the woeful articles stating the demise and decline of the boom?

They can’t seem to make up their minds can they?