Skip to comments.Energy Group: Highest-Ever U.S. Crude Oil and Natural Gas Liquids Production
Posted on 07/22/2018 11:18:03 AM PDT by Hojczyk
The American Petroleum Institute (API) released its monthly statistical report on Thursday, revealing the highest-ever production of U.S. crude oil and natural gas liquids in June. During that month, production of crude oil hit 10.7 million barrels per day (mb/d), and production of natural gas liquids hit 4.2 million barrels per day, .
Record production of U.S. crude oil and natural gas liquids last month highlighted the strength of our nations energy renaissance, Dean Foreman, API chief economist, said in the announcement of the report. U.S. oil production has supplied all of the growth in global oil demand so far this year and helped compensate for production losses in some OPEC nations.
With continued increases in drilling activity, the U.S. is poised for further production increases in natural gas and oil, Foreman said.
Breitbart News reported when Trump announced putting in place tariffs on steel and aluminum in March that they are designed to protect U.S. steel producers and bolster national security:
Actions by the administration mark the conclusion of a process that began last year when the president ordered the Commerce Department to examine the impact on national security of steel and aluminum imports. That inquiry called a Section 232 investigation after of the portion of the Trade Expansion Act of 1962 where it is authorized, concluded earlier this year with a recommendation that the administration impose sanctions to protect the industries.
Some other highlights from APIs June 2018 statistical report include:
U.S. petroleum demand year-to-date at its strongest since 2007.
Domestic refineries ran at their highest percent capacity utilization rate in June (96.6 percent) since 2005.
Solid economic and energy market fundamentals also underpinned the strongest U.S. petroleum demand since 2007, at 20.6 mb/d.
The oil and natural gas industry supports 10.3 million U.S. jobs,
(Excerpt) Read more at breitbart.com ...
This is absolutely the chance of a lifetime for young people to get in on the ground floor of an enormous industry breakout.
The President has said he is going to quash the Natural Gas deal that Germany has with Russia and America is going to sell NG to Europe. That NG will be liquified to LNG and put on special LNG ships which will form a fleet supplying the globe on a daily basis.
Korea too will buy every last ounce of NG it can get it hands on.
Drill Baby, Drill!
Energy is the jobs multiplier for the industry and manufacturing and anyone with two brain cells should know it. It also promotes a more vibrant economy as consumers have more money in their pocket after paying bills for other things.
However, we are possibly 6 years away from an energy market crash if a democrat wins back the White House or they take control of congress and it will happen eventually so anyone going into this field should be aware of the potential downside (and massive layoffs) and plan accordingly.
I read this, ‘everything is coming up roses’ report and then go look at the price at local gas stations and something doesn’t make sense.
If production and capacity are at record levels, why are gas prices so relatively high?
Actual gas prices here in Aiken County, SC are up 12 cents in July and up 32 cents since February. How can that be explained given this report?
As long as I’m ranting :)... we need to stop burning our food and give up ethanol. Or at least cut it way back.
Thank you, DJT!
Price is based on demand (and taxes), not just supply.
You are 100% correct. Young people need to look to the oil/gas industry NOW. So many opportunities. There is a severe shortage of engs and techs.
World demand is way up and production is down..Iran and Venezuela have been cut out.
Drill, Baby, Drill!
Current high prices are driven by high world-wide demand.
Most assuredly. Yet I wonder if and when we'll ever be able to see the concomitant prices drop in Los Angeles.
There a thieves running this city and state.
What Repeal said. Oil is a commodity like pork bellies and beef. I wouldn’t have it any other way.
> “However, we are possibly 6 years away from an energy market crash if a democrat wins back the White House or they take control of congress and it will happen eventually so anyone going into this field should be aware of the potential downside (and massive layoffs) and plan accordingly.”
Absolutely, without question.
The good news is the living can be cost-free or very nearly so. Camps for workers offer near free lodging and meals and the meals can be luxury meals.
As some Freepers have posted previously, the work is hard and the hours are long. But there is very little else that allows a worker to save so much, enough to buy a house or make a substantial down payment or start a business.
But, but it will take 10 years...
And what about global warming and bunny rabbit’s/s
Research how many refineries were closed.
We’re already exporting LNG. The first shipment to Europe was last year,
Yes, but it’s going to expand greatly.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.