Posted on 01/18/2019 12:51:59 PM PST by rktman
The United States is expected to churn out far more oil in 2019 than what international analysts originally forecasted.
The International Energy Agency, a Paris-based organization that helps coordinate energy policies for industrial countries, released its latest oil market report Friday, noting exceptional numbers for the U.S. fossil fuel industry.
The agency reported U.S. oil production is expected to rise by 1.3 million barrels a day in 2019. While this number is lower than the record-smashing 2.1 million increase producers enjoyed in 2018, it’s more than double what the IEA initially expected to see in 2019.
The forecast illustrates the latest in the country’s shale oil boom, which has experienced unprecedented growth in recent years thanks to the emergence of hydraulic fracturing and an administration that has fostered a more conducive environment for fossil fuel development. Already, the U.S. is the largest international crude oil producer, with output expected to top 12 million barrels per day in 2019 and reach 12.9 million by 2020, according to the Energy Information Administration’s latest report.
Analysts predict the U.S. will keep blowing past its global competitors.
(Excerpt) Read more at dailycaller.com ...
The concept that oil and gas are from dinosaurs. That science seems about as true as glowbull warming.
WooHoo! Drill baby, drill!
So I guess the "Experts" are FOS, as usual.
Best election, best POTUS, evah!
That’s why they are “X-spurts”
Gee, if they’re so wrong about everything all the time, how come they get to be experts?
OPEC has basically been castrated, especially as the weaker members need to pump as much as they can to stay afloat.
OPEC never keeps their quotas. Their members cheat..............
“We can’t drill our way out of this problem” Barak Obama, May , 2011.
“We can’t drill our way out of this problem”
“. . . Instead, We must bow to Allah!”
Fracking has been done for over 60 years. It is nothing new. However our ability to frac the source shale rock source of oil is relatively new, about 20 years. During the days of insane oil prices a few years ago the price of fracking demanded oil prices above 80 dollars a barrel. The Saudis realized the danger of our massive new reserves and flooded the market with cheap oil to kill fracking in our shale oil reserves. They succeeded in the short term. Our oil industry came back better and leaner and now produces frac oil at 50 dollars a barrel with great profit.
So why are the damn gas prices going back up?
Maybe oil is formed largely by purely chemical processes, after which it seeps nearer the upper crust and is mixed so much with ancient fossil remains that it *looks* if the oil stemmed from those fossil remains with which to begin. Notwithstanding the jeering and hatred for Thomas Gold amongst allegedly "mainstream" scientists, I'm inclined to continue to reserve judgement.
As for the idiotic notion of anthropogenic global warming — it's sheer bullpuckey. o_o
Up? They dropped about 30 cents more this week in IL and IN, into the $1.85-1.95 range. There are stations at $1.50 in OKC, according to my SIL's FB pics.
I thought Gold was vindicated by played out wells showing signs of refilling, which he theorized.
In California, it is because of increased taxes.
DFW, ABQ, and DEN are all around $1.70, according to GasBuddy.
Unexpected!
Remember when, was it Sarah Palin? said we could get gas prices back down below $2 a gallon, and everyone laughed?
Well, guess what. Where I am I filled my tank below $2.
They said you can’t drill your way out of an oil shortage, and we said, that’s exactly how you get out of an oil shortage. You drill, baby, drill.
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