U.S. OIL EXPORTS HIT 57 YEAR HIGH

Breitbart Big Government ^ | November 8,2014 | by CHRISS W. STREET

[Hojczyk]

The accelerating United States energy boom allowed America to record its highest level of oil exports in 57 years and its second highest level since 1920 in the month of July.

The rate of increase in the three months since July is truly staggering, as U.S. production leaped from 8.5 million bpd to an estimated 9 million bpd, according to Stratfor Global Intelligence.

The only OPEC members with enough financial flexibility to reduce oil production voluntarily are the United Arab Emirates, Kuwait and Saudi Arabia. Libya, Algeria, Iraq, Iran, Nigeria and Venezuela all need to maximize oil output (at high prices) to finance their budgets and social spending programs. But rather than leading in cuts, Saudi Arabia is prioritizing a greater market share over higher prices, according to Stratfor.

Support for energy production in the U.S. will continue to grow as the price of gasoline continues to fall. At a sub-$3 a gallon price, energy analyst Sue Chang estimated that American consumers will save about $250 million per day. With the summer driving season over and the typical winter drop in demand beginning, the price of gasoline is expected to drop even further. This could provide a happy boast to discretionary income during the holiday shopping period.

[Grampa Dave]

One of the best kept secrets with the crisises in Iraq/Syria/? and other oil producing countries, is how the price of gasoline and oil in America keeps coming down.

Increased U.S. production is helping to create an oil surplus on world markets, driving down prices despite a myriad of threats to oil supplies, and doing more to crush Russia’s economy than the sanctions imposed by the U.S. and European Union, said Chris Faulkner, chief executive of Breitling Energy.

http://www.washingtontimes.com/news/2014/sep/8/us-oil-surplus-eases-prices-in-global-crises/?page=all

This is also preventing the Opecker Princes from doubling their price on oil to again cause another major economic recession around the world.

The price of oil on the open market is kicking the Opecker Princes, Putin and the thugs in charge of Venezuela really hard below their economic belts.

[ZULU]

The nicest part of this isn’t the drop in prices.

It’s the fact that those damn Muslims may have to drink their oil and eat their sand.

Who knows, maybe George Soros will go broke and slit his throat.

[Tax-chick]

Excellent post!

[Grampa Dave]

Support for energy production in the U.S. will continue to grow as the price of gasoline continues to fall. At a sub-$3 a gallon price, energy analyst Sue Chang estimated that American consumers will save about $250 million per day. With the summer driving season over and the typical winter drop in demand beginning, the price of gasoline is expected to drop even further. This could provide a happy boast to discretionary income during the holiday shopping period.

So inspite of Obama's green EPA thugs and the Gorebull warming sects, America has become a major oil producer and exporter. This is and will benefit all of us.

[Tax-chick]

If we’re exporting oil, does that mean we’re not importing oil?

[hsmomx3]

I wish our prices here in IL would drop! Two weeks ago, finally saw $2.86/gallon and a few days later prices went up to about $3.09. As of today, it is still around $3.00.

[jcon40]

“.....consumers will save about $250 million per day.”

Must mean California and other high sales tax states are going to lose a lot of income. Oh those evil oil companies.

[Alberta's Child]

I believe U.S. law prohibits the export of crude oil. More likely, the figures here relate to refined oil products, which producers in the U.S. are permitted to export.

Yes, we're still importing oil -- and lots of it. What has changed is that we're importing it from different places than we used to. Since 2000 both Canada and Mexico have surpassed Saudi Arabia as the largest foreign suppliers of crude oil to the U.S.

[Tax-chick]

Thanks. It certainly would be nice if we could cut off both Mexico and all the Moslem states ...

[nonamer]

Actually, the exact opposite is true. Sales tax on gas and diesel is usually a fixed fee. So, if usage increases, tax revenue will increase.

[DakotaGator]

At a sub-$3 a gallon price, energy analyst Sue Chang estimated that American consumers will save about $250 million per day.

Well golly Bill Clinton and all liberal mush brains. Looks as if we did drill our way out the problem.

[vette6387]

“It’s the fact that those damn Muslims may have to drink their oil and eat their sand.”

The bigger good news here is how this will hurt Russia. Dropping oil prices are far more damaging than any sanctions we could bring to bear. If they need $100 and we’re at $83, that has to put a real crimp in their war making plans. If the Russian economy tanks, and I hope it does, Putin is gone.

[Williams]

Obama, democrats most affected.

[jcon40]

Not sure how you think my comment is wrong or as you state the “opposite is true”

...California will recieve less revenue from sales tax when the price per gallon goes down.

Excise Tax is per gallon

Sales tax is by percentage

http://www.boe.ca.gov/sutax/strf.htm

Thx

[Age of Reason]

I don’t get it.

We have so much oil that we’re exporting oil?

Yet somehow still need to import oil?

[Milton Miteybad]

We’re not exporting crude oil, as such. We’re exporting small quantities of natural gas liquids (condensate) and a fair amount of refined products, such as gasoline, diesel, etc. We’re still importing 7 to 8 million barrels of crude oil per day, which is used to make all the refined products we’re exporting.

[Age of Reason]

We’re not exporting crude oil, as such. We’re exporting small quantities of natural gas liquids (condensate) and a fair amount of refined products, such as gasoline, diesel, etc.

So the headline is misleading.

[Milton Miteybad]

Yes. To the glittering jewels of ignorance in the press, natural gas liquids and crude oil are exactly the same thing. (They’re not, obviously.)

[nascarnation]

Old George seems to be doing OK
http://www.valuewalk.com/2014/11/soros-short-yen/