America: "Ok, we will just drill our own here until we no longer need to import it."
Leftists:
Posted on 09/17/2019 7:20:36 AM PDT by mac_truck
America’s oil production is booming. The country’s crude oil output is on track to average 12.2 million barrels per day (BPD) this year, according to the U.S. Energy Information Agency (EIA). That’s an increase of 1.2 million BPD from 2018’s record output.
Because of that gusher of new supply, the country now rivals Saudi Arabia as the global oil kingpin. It even briefly overtook that nation as the leader in crude oil exports earlier this year. With more supply on the way and additional export infrastructure under construction, America is emerging as a dominant force in the oil market.
The International Energy Agency (IEA) recently released its monthly report on the oil market. The main theme was America’s growing “energy dominance.” The IEA noted that the country’s oil exports to other nations rose above 3 million BPD during June. When added to the volume of refined products and other energy liquids it ships out, America exported nearly 9 million BPD that month. That allowed it to “briefly overtake Saudi Arabia as the world’s top oil exporter,” according to the IEA.
Saudi Arabia did quickly reclaim the lead as it shipped more oil in both July and August, though that’s partially due to issues impacting America’s ability to export crude, including the ongoing trade dispute with China and hurricane-related disruptions. However, its time at the top could be short-lived. That’s because America’s oil output is on track to grow by another 1 million BPD in 2020, according to the EIA. On top of that, it’s quickly building out additional export infrastructure. It therefore appears poised to push Saudi Arabia aside as the world’s top oil exporter in the coming years.
(Excerpt) Read more at hellenicshippingnews.com ...
It’s good to be the King.
L
Becoming? Well, since the bombings in SA we ARE!..................
If the old worst case scenario of the Straight of Hormuz being closed happened, how long before Trump’s America could replace the loss?
Very important part of our strategic defense.
"We can't just drill our way to lower gas prices."
Yeah. So?
Thanks to Daddy Trump.
Wake up leftists. You love him, you just don’t know it yet.
you people do not understand we’re going to get rid of fossil fuel...and have electric cars...but it will never happen because we only have eleven and half years left to live..
(...not while I’m president.). He left out that part.
Drill Baby - Drill.
The lady was right.
We get 5% of our oil from Saudi Arabia. Why should the price at the pump go up due to the bombing there?
Our “net” petroleum import is about 4 million barrels per day.
In other words, we pump 12 million, but we burn about 16 million barrels a day.
We also have ANWR as a source under a Trump admin.
“...the USA is now dealing with a major oversupply of natural gas.”
Gee, do you think the capitalists can maybe run supply lines to those of us in the exo-burbs? Naw, can’t do that the payoff may take a decade so that won’t do..
Correction to my Comment #14
I said we “net” import 4 million barrels a day.
Whoops - way off.
We “net” import about 2.9 million barrels per day.
https://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf
you remember that one too?
I remember also how much crap Michelle Bachman took when she said if we drilled enough we could get gasoline under the $3/gallon mark.
She was right; all of her hateful critics were wrong.
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