Skip to comments.Energy Department Says U.S. Is Now World’s Top Oil Producer
Posted on 11/01/2018 4:50:23 PM PDT by Hojczyk
(AP) The United States is pumping record amounts of oil, vaulting over Russia to become the worlds biggest producer of crude. The Energy Information Administration said Thursday that the U.S. produced more than 11.3 million barrels a day in August, a 4 percent increase over the old record set in July.
Russias energy ministry estimates that country pumped 11.2 million barrels a day in August. OPEC reports Saudi Arabia pumped 10.4 million barrels a day
Its the first time since 1973 that the U.S. leads the world in oil production.
in August including Texas, which accounts for about 40 percent of U.S. crude. The energy agency says pipeline bottlenecks in Texas and New Mexico are causing more use of trucks and rail cars to haul oil.
(Excerpt) Read more at breitbart.com ...
We still must import 40% of our oil needs.
Aren’t we also top LNG producer?
This will keep the dollar strong.
So why cant we have cheaper gas?
We use 20 million barrels a day, produce only 11 million.
“So why cant we have cheaper gas?”
1. In real terms, gas is cheaper now than it has been in the past 30 years.
2. There is a global market for oil. The price of oil-derivatives will generally reflect the world marginal cost of extraction.
wow amazing improvement in just two years. from now on the sky’s the limit.
thank God the false economic dogma of the uniparty is being swept away by a tidal wave of real economic activity.
Great website confirming your statement. What a letdown we have in WA and CA. Ripoff states. $1.00 higher forever.
Meant for you riverdawg
11.3 million barrels per day, makes us the World’s largest oil producer.
Interior Secretary Zinke says he expects the USA to top 14 million barrels per day, year after next (2020). By some measures, we have more untapped oil in the ground than any other country - hundreds of years worth.
Separately, we are also the World’s largest natural gas producer (since 2009).
From liquefied gas on the light end, through gasoline and heating oil, to asphalt on the heavy end, there are lots of oil and gas products (hydrocarbons) used in our economy, which get rolled up into the Headline number for “oil” use. Some of what we import in one form, is refined and then used or exported in another form. Not all of it is for energy - much is used for paving, roofing shingles, plastics, fertilizers - even pharmaceuticals, flavors and fragrances.
A good example is the very thick (heavy), high sulfur (sour) crude oil and bitumen from Venezuela. The US built the refineries on the Gulf that could handle that product. We import a lot of their oil, produce products like asphalt and shingles, and a large percentage of the products are then immediately exported.
Out of the total 20 million b/d of hydrocarbon fuels the US uses per day, about one million of that is biofuels like ethanol, which are produced domestically. Six to seven million b/d are exported as products. So our domestic consumption of actual oil and gas (for domestic use) is more like 12 or 13 million b/d.
Although we still need imports to keep all our industries working, we are already essentially energy independent in terms of vehicle fuels and heating oil (including that used for generating electricity), if push comes to shove.
New Mexico is the number three producer in the US. If Lea County in New Mexico was a state it alone would be the number seven US producer.
Pipelines are coming to the area, but in the meantime trucks and trains are taking the crude oil for refining.
Producing oil and gas is one of the closest things to having your own printing press to make money. Every barrel throws something into the State/local kitty to pay for the Government’s bills.
Taxes can be lower, services and infrastructure better.
Well paid employees spread the wealth to local businesses. It is like a rising tide, raising all boats.
A lot of the production nationwide is done on Federal lands/waters. The Treasury gets hefty royalties on every barrel as well.
In 2017, the United States imported approximately 10.14 million barrels per day (MMb/d) of petroleum from about 84 countries. Petroleum includes crude oil, hydrocarbon gas liquids, refined petroleum products such as gasoline and diesel fuel, and biofuels including ethanol and biodiesel. Crude oil accounted for about 79% of U.S. gross petroleum imports in 2017 and non-crude oil petroleum accounted for about 21% of gross petroleum imports.
In 2017, the United States exported about 6.38 MMb/d of petroleum to 186 countries, of which about 18% was crude oil and 82% was non-crude oil petroleum. The resulting net imports (imports minus exports) of petroleum were about 3.77 MMb/d.
The top five source countries of U.S. petroleum imports in 2017 were Canada, Saudi Arabia, Mexico, Venezuela, and Iraq.
We then mix 20% of global petroleum output with our hard work, grit, and entrepreneurial zeal to crank out 15% of global GDP, produce 40%+ of the Nobel laureates since the beginning of the Nobel prize, account for 50%+ of the global equity market capitalization, and own about 46 percent of the entire global stock of 857 million civilian firearms.
Yea, we rock.
“The resulting (2017) net imports (imports minus exports) of petroleum were about 3.77 MMb/d.”
3.77 Mb/d net imports, out of about 20 Mb/d total use - that’s about 80% of total use from domestic production in 2017.
If Secretary Zinke is right that we will reach 14 Mb/d production in 2020 (end of Trump’s first term), we will be nearing 100%.
As long as our energy needs don’t increase as our population increases.
Population and economic activity can increase total use (demand), but the boom in production we are seeing is stronger.
At this rate, even if demand does grow strongly, supply increases will eliminate the net trade deficit in hydrocarbons in 2021, instead of 2020. Production is growing almost 15% a year.
Lol.. in real terms.. truthfully, the winter blend is cheaper, yet we are paying more than early August here. I asked myself that when gasoline shot up 16 cents a gallon, after the supply increased. I dread seeing the summer blend prices.
I have always said two things.. one, let the ME drill the sweet light and cheaper to refine crude. If it is a finite supply.. wouldn’t we want to hold on to our last card? Our oil is more expensive to refine.
Now I think the future is electric cars, so the ME will lose its luster, let’s drill baby drill.
"Never export your raw materials."
From liquefied gas on the light end, through gasoline and heating oil, to asphalt on the heavy end, there are lots of oil and gas products (hydrocarbons)
We need more refining capacity. We could be making gasoline and diesel from natural gas, we need to get on the ball there too.
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.