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U.S. monthly crude oil production reaches highest level since 1998
Energy Information Administration ^ | Dec 4, 2012 | Energy Information Administration

Posted on 12/05/2012 12:16:00 PM PST by thackney

December 4, 2012

U.S. monthly crude oil production reaches highest level since 1998

Graph of U.S. oil imports, as explained in the article text

Source: U.S. Energy Information Administration, Petroleum Supply Monthly.


U.S. crude oil production (including lease condensate) averaged almost 6.5 million barrels per day in September 2012, the highest volume in nearly 15 years. The last time the United States produced 6.5 million barrels per day or more of crude oil was in January 1998. Since September 2011, U.S. production has increased by more than 900,000 barrels per day. Most of that increase is due to production from oil-bearing rocks with very low permeability through the use of horizontal drilling combined with hydraulic fracturing. The states with the largest increases are Texas and North Dakota.

Graph of U.S. oil imports, as explained in the article text

Source: U.S. Energy Information Administration, Petroleum Supply Monthly.


Graph of U.S. oil imports, as explained in the article text

Source: U.S. Energy Information Administration, Petroleum Supply Monthly.


From September 2011 to September 2012, Texas production increased by more than 500,000 barrels per day, and North Dakota production increased by more than 250,000 barrels per day. Texas's increase in production is largely from the Eagle Ford formation in South Texas and the Permian Basin in West Texas. North Dakota's increase in oil production comes from the Bakken formation in the Williston Basin. Increased production from smaller-volume producing states, such as Oklahoma, New Mexico, Wyoming, Colorado, and Utah, is also contributing to the rise in domestic crude oil production.

Graph of U.S. oil imports, as explained in the article text

Source: U.S. Energy Information Administration, Petroleum Supply Monthly.


TOPICS: News/Current Events; US: North Dakota; US: Oklahoma; US: Texas
KEYWORDS: energy; oil; shale
November 1970, the US averaged 10.044 million barrels a day.

May 1985, the US averaged 9.132 million barrels a day.

Reference: http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M

1 posted on 12/05/2012 12:16:08 PM PST by thackney
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To: thackney

Yet, gas, at least from what I’ve seen is no lower in price than a couple of months ago.


2 posted on 12/05/2012 12:24:46 PM PST by Gaffer
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To: thackney

This is impossible, because as I’ve been repeatedly told, we reached PEAK OIL production in (variously):

1960
1970
1980
1990
2000
2010
2020 (Estimated)
Etc.


3 posted on 12/05/2012 12:26:52 PM PST by Uncle Miltie (Working is for suckers.)
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To: thackney

Drill baby, DRILL......or, Frack baby, Frack.


4 posted on 12/05/2012 12:27:27 PM PST by Dapper 26
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To: Gaffer

It’s dropped about $.15/gal since Oct around here.


5 posted on 12/05/2012 12:27:55 PM PST by stuartcr ("Everything happens as God wants it to, otherwise, things would be different.")
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To: Gaffer

Two reasons why gasoline doesn’t get cheaper:

Oil is priced based on World Wide supply and demand, and U.S. production doesn’t influence WW supply very much.

Gas in the U.S. is segregated into regional specific blends that cannot compete with one another, effectively creating a few oligopolies (a few sellers per market) that can limit competition and keep prices higher than would occur in a nation wide market.


6 posted on 12/05/2012 12:30:29 PM PST by Uncle Miltie (Working is for suckers.)
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To: Gaffer

Gas in Washington State dropped from around $4.25 to $3.25 in the last 6 months.


7 posted on 12/05/2012 12:32:04 PM PST by Uncle Miltie (Working is for suckers.)
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To: Gaffer; thackney

The United States has not built a new Oil Refinery since 1979.

What good is a glut of crude oil if you don’t have a refinery that can turn it in to useful products like gasoline?

The price of gasoline is governed as much by the refiners as it is by the spot price of crude oil.

We need a congress and president that will reign in the out of control EPA.

But that is unlikely to happen.


8 posted on 12/05/2012 12:32:08 PM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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To: thackney

I’m getting google alerts on oil shale and it appears there is an “oil rush” going on. Interesting to watch.


9 posted on 12/05/2012 12:34:30 PM PST by sarasota
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To: Gaffer

We still import more than we produce ourselves, even with this increase. We have plenty of refining capability, but most of it is from outside our borders.

http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm

That doesn’t free us up for much economic savings while the world oil price remains relatively strong.


10 posted on 12/05/2012 12:52:04 PM PST by thackney (life is fragile, handle with prayer)
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To: Pontiac

The US has more refinery capacity than we use ourselves.

We haven’t built a new refinery, but we spent the last couple decades or so expanding and upgrading the ones we have.

There is currently 17.4 million barrels a day refining capacity in the US.

Refinery Utilization and Capacity
http://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_m.htm

Our current refined product usage is between 16~17 million barrels a day, trending lower lately.

U.S. Product Supplied of Finished Petroleum Products
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTPUPUS2&f=M

You may often here reports of a higher number for US consumption, 18~19 for petroleum products, but that number includes natural gas liquids, biodiesel, ethanol, etc.

See breakdown at:
Petroleum Product Supplied
http://www.eia.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_m.htm


11 posted on 12/05/2012 12:59:08 PM PST by thackney (life is fragile, handle with prayer)
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To: Gaffer
Yet, gas, at least from what I’ve seen is no lower in price than a couple of months ago.


12 posted on 12/05/2012 1:03:01 PM PST by thackney (life is fragile, handle with prayer)
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To: Uncle Miltie

$3.10 per gallon here in the Ozarks. Sam’s Club. But with all that production and so weak and economy, one would think it should be lower still.


13 posted on 12/05/2012 1:05:05 PM PST by donozark (The voices inside my head may not be real, but they have some good ideas!)
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To: Pontiac
We need a congress and president that will reign in the out of control EPA.

But that is unlikely to happen.

A very common sense approach for the GOP to take with the so-called 'fiscal cliff' negotiations would be to tie regulatory reform in with *any* discussion of tax increases. It should be: 'Tax the so-called rich? Fine. Give us Keystone pipeline, ANWR, outer continental shelf, and cancel plans to lock up millions of acres on BLM land from oil and gas exploration. Then maybe we'll talk.'

But as we all know, the geldings in the GOP House leadership are too chickens**t to go there.

14 posted on 12/05/2012 1:25:08 PM PST by bassmaner (Hey commies: I am a white male, and I am guilty of NOTHING! Sell your 'white guilt' elsewhere.)
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To: Uncle Miltie

Add 1920 and 1930.


15 posted on 12/05/2012 1:52:03 PM PST by RobbyS (Christus rex.)
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To: bassmaner

The irony being that increased oil and gas production might prop up his economy until 2015 and keep his supporters thinking there is light at the end of the tunnel.


16 posted on 12/05/2012 1:58:56 PM PST by RobbyS (Christus rex.)
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To: Pontiac; Gaffer; thackney
What good is a glut of crude oil if you don’t have a refinery that can turn it in to useful products like gasoline?

Lots more smaller regional refineries would put gas prices back where they belong, well under $2.00/gallon. Ain't gonna happen. Your President and the people who like him don't think you should be (a) driving, and (b) if you're driving, it should be a $40,000 Prius or Volt.

BTW, if you work in the private sector, you can't afford to drive and eat. Pick one. Welcome to the new East Germany.

17 posted on 12/05/2012 3:35:23 PM PST by Kenny Bunk (Say, whatever happened to Reggie Love?)
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To: Pontiac; Gaffer; thackney
What good is a glut of crude oil if you don’t have a refinery that can turn it in to useful products like gasoline?

Lots more smaller regional refineries would put gas prices back where they belong, well under $2.00/gallon. Ain't gonna happen. Your President and the people who like him don't think you should be (a) driving, and (b) if you're driving, it should be a $40,000 Prius or Volt.

BTW, if you work in the private sector, you can't afford to drive and eat. Pick one. Welcome to the new East Germany.

18 posted on 12/05/2012 3:35:40 PM PST by Kenny Bunk (Say, whatever happened to Reggie Love?)
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To: Pontiac; Gaffer; thackney
What good is a glut of crude oil if you don’t have a refinery that can turn it in to useful products like gasoline?

Lots more smaller regional refineries would put gas prices back where they belong, well under $2.00/gallon. Ain't gonna happen. Your President and the people who like him don't think you should be (a) driving, and (b) if you're driving, it should be a $40,000 Prius or Volt.

BTW, if you work in the private sector, you can't afford to drive and eat. Pick one. Welcome to the new East Germany.

19 posted on 12/05/2012 3:35:56 PM PST by Kenny Bunk (Say, whatever happened to Reggie Love?)
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To: thackney

I don’t believe it.


20 posted on 12/05/2012 3:39:39 PM PST by sport
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To: thackney
One small side-note to this discussion ...

I have already seen the left taking credit for this increase under Obama.

Yet when the Palin's "drill-baby-drill" campaign was in full swing, all we heard from the left was poo-pooing it because it would take 10 years to bear fruit.

So, using their own argument against them, 10 years ago Bush was in office and should therefore get credit for this uptick in production.

21 posted on 12/05/2012 3:43:06 PM PST by DKM
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To: Kenny Bunk
Lots more smaller regional refineries would put gas prices back where they belong

Really? And building smaller less efficient refineries with more crude oil delivery points, farther from the petrochemical sources where they also sell product is going to greatly reduce the cost, below the existing break-even points?

The primary cost factor is the cost of oil. This won't help.

22 posted on 12/06/2012 5:02:38 AM PST by thackney (life is fragile, handle with prayer)
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To: sport

Read the job ads in North Dakota and Texas. We are booming with increased production.


23 posted on 12/06/2012 5:04:17 AM PST by thackney (life is fragile, handle with prayer)
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To: thackney

If you say so, o.k. But I do not believe anything that I hear from the Government, especially obama’s worshipers.


24 posted on 12/06/2012 5:45:45 AM PST by sport
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