Posted on 06/01/2018 6:50:29 AM PDT by DUMBGRUNT
Texas rose by 4% to almost 4.2 million bbl/d, a record high...
North Dakota held around 1.2 million bbl/d, while output in the federal Gulf of Mexico declined 1.1% to 1.7 million bbl/d.
U.S. natural gas production in the Lower 48 states rose to an all-time high of 88.8 billion cubic feet per day
The U.S. has been the world's biggest producer of gas since 2009, ahead of Russia.
(Excerpt) Read more at oilandgasinvestor.com ...
Anyone familiar with the payment mechanism for the producers? Guessing most are contracted for various time frames?
Metered at the wellhead and paid as it is pumped?
On arrival at Cushing, OK?
At the refinery????
What is the timing between pumped from the wellhead and being paid?
Let’s see how much this screws the speculators. Gas should be $2 per gallon or lower.
I speculated in March and still have 9 weeks of Diesel in my tactical reserve...
More than enough to get through the 4th weekend.
Peak oil?
I remember back in high school in the early ‘80s I was told Texas was drying up, and that the oil there was too expensive to get out ... hoo wheee!
Russia, Saudis ... if you want big oil money, we get our cut. Take your pick.
They forgot about fracking and newer gas/fluid injection methods to extract out oil. They're now using pressurized steam, pressurized CO2 gas and even special detergent-like fluid injection to extract out oil from supposedly "tapped out" oilfields. As such, the size of Texas' oil reserves has gone through the roof.
As US output of both natural gas and crude petroleum increase to counterbalance the decline in production elsewhere, that much more money stays right here onshore in the US.
Looking forward not only to becoming entirely self-sufficient in energy production, but even becoming a net exporting nation. Compressing and liquefying natural gas and shipping it elsewhere in the world where there are critical energy shortages, and earning back those petrodollars that were once flowing freely overseas.
Even with exports, there are plenty of potential new applications for natural gas right here in our own country, in new and expanded technical processes.
And of course, we NEED the natural gas for back-up and auxiliary power generation when the wind stops blowing and the sun is obscured or has set. Also to make smokeless Diesels and low-pollution spark ignition engines.
I’ll celebrate when ANWR gets drilled and starts producing.
Are we still struggling with refinery capacity in North America though?
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