Posted on 10/22/2023 2:58:52 PM PDT by Round Earther
As the global oil market focuses its attention on the oil-supply risks tied to the war between Israel and Hamas, U.S. production has climbed to its highest level on record and it's expected to continue its rise next year.
That's a "testament to the ingenuity of the U.S. oil-and-gas industry," said Phil Flynn, senior market analyst at The Price Futures Group.
The industry has faced a "harsher regulatory environment" under the Biden administration, which has plans for three oil and gas lease sales over the next five years. That would be the smallest number of lease sales offered in U.S. history.
Total U.S. petroleum production climbed to 13.2 million barrels a day as of week ended Oct. 6, according to the Energy Information Administration -- the highest figure based on data going back to 1983. The latest data released Wednesday showed output remained unchanged at that level for the week ended Oct. 13.
(Excerpt) Read more at morningstar.com ...
Impressive.
But what about climate change?
We need to switch all Navy ships over to battery power.
FJB will not stand for this.
Yup! We can tell by the plummeting gas prices near us. Oh, duh. NOT!
Q: Is the US government attempting to refill the petroleum reserve at this time? Shouldn’t the increase in American production lead to a reduction in the cost of fuel?
With $90 oil, markets react, production adjusts.
How much is going overseas?
Was wondering why gas prices have gone down to 3.38/ gal in our area.
I paid $3.12 this mornin.
Not if Saudi Arabia and other OPEC countries who have agreed to cut back on production.
Throw in the threat of a war in the middle east and you have all the ingredients rising oil prices,
...only the submarines please!
$5.89 in Ca
“ Not if Saudi Arabia and other OPEC countries who have agreed to cut back on production.
Throw in the threat of a war in the middle east and you have all the ingredients rising oil prices,”
Yup. Supply and Demand works like the the Law of Gravity.
Probably the (b)administration will cobble up some new roadblock to hold up production. Unless they’re gonna fill up the SPR......😂😂😂😂😂😂. Yeah, sure.
🙏🇮🇱👍
Meaning they could have done this at any time to keep our prices down. But they didn’t, wonder why?
“$5.89 in Ca”
Chicago, from what I hear is up there as well. Democrat policies hurt 90% of the population but they don’t care.
3.11 in Myrtle Grove, FL (just west of Pensacola)
“A change in the EIA’s calculation methodology has also played a key role in the rise to record output.
The EIA said it periodically reviews its domestic oil production data and if it finds a large difference between its monthly Short-Term Energy Outlook report, trends in survey-based domestic output in its Petroleum Supply Monthly report, and other current data, it may “re-benchmark” the weekly production estimates.
For the week ended Oct. 6, the re-benchmarking resulted in estimated volumes increase of 370,000 barrels a day, or 2.8% of the week's estimate production total.
So the higher output number is “reflective of an accounting or methodology change for EIA, which has generally underestimated crude-oil output,” Tom Kloza, global head of energy analysis at OPIS, a Dow Jones company, told MarketWatch. It also “speaks to the inaccuracy of judging crude-oil production via rig counts.”
Only 4 rigs were added bringing the total to 501. That total is down from 610 a year ago.
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