Platinum Contributing Member steve from amherst Posted March 30, 2018 Platinum Contributing Member Share Posted March 30, 2018 n 2006, following 35 years of declining U.S. oil production, net monthly imports of crude oil and finished products had climbed to more than 13 million barrels per day (BPD). What’s happened since is nothing short of amazing. Last week, the Energy Information Administration (EIA) reported that U.S. crude oil production had reached 10.38 million BPD. This represents an increase of more than 1.2 million BPD in the past year and is more than 5 million BPD higher than March 2006 production levels. U.S. crude oil demand has fluctuated a bit in recent years but presently stands at just over 20 million BPD, which is about the same level as in 2006. Given the 10 million BPD difference between U.S. oil demand and U.S. oil production, one might think that the U.S. is still dependent on foreign countries for 50% of our crude oil. But it’s more complicated than that. U.S. refineries have invested billions of dollars into equipment to process heavy, sour (i.e., contains sulfur compounds) crudes. Most of the new oil production in the U.S. is light and sweet, which isn’t as economically attractive for refiners who have invested in equipment to process the lower grades (which are much cheaper). Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 30, 2018 Author Platinum Contributing Member Share Posted March 30, 2018 How soaring US oil exports to China are transforming the global oil game Bit by bit, the U.S. petroleum industry is turning world oil markets inside out. First, sharp drops in U.S. imports of crude oil eroded the biggest market that producers like OPEC had relied on for many years. Now, surging U.S. exports — largely banned by Washington until just two years ago — challenge the last region OPEC dominates: Asia. U.S. oil shipments to China have surged, creating trade between the world's two biggest powers that until 2016 just did not exist, and helping Washington in its effort to reduce the nation's huge trade deficit with China. The transformation is reflected in figures released in recent days that shows the U.S. now produces more oil than top exporter Saudi Arabia and means the Americans are likely to take over the No.1 producer spot from Russia by the end of the year. The growth has surprised even the official U.S. Energy Information Administration, which this week raised its 2018 crude output forecast to 10.59 million bpd, up by 300,000 bpd from their last forecast just a week before. When U.S. oil exports appeared in 2016, the first cargoes went to free trade agreement partners South Korea and Japan. Few expected China to become a major buyer. Data in Thomson Reuters Eikon shows U.S. crude shipments to China went from nothing before 2016 to a record 400,000 barrels per day (bpd) in January, worth almost $1 billion. Additionally, half a million tonnes of U.S. liquefied natural gas (LNG) worth almost $300 million, headed to China from the U.S. in January. Quote Link to comment Share on other sites More sharing options...
AKIQPilot Posted March 30, 2018 Share Posted March 30, 2018 Drill baby drill. Thanks Obama. Quote Link to comment Share on other sites More sharing options...
racer254 Posted March 30, 2018 Share Posted March 30, 2018 3 minutes ago, AKIQPilot said: Drill baby drill. Thanks Obama. Yep, Drill baby drill. All the while liberals were complaining about drilling, I guess everyone who wanted to drill actually knew how good it would be. You're Welcome. Quote Link to comment Share on other sites More sharing options...
Snake Posted March 31, 2018 Share Posted March 31, 2018 "We can't drill our way out." 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted March 31, 2018 Platinum Contributing Member Share Posted March 31, 2018 6 hours ago, AKIQPilot said: Drill baby drill. Thanks Obama. Obama just didn't stop all the drilling Bush set forth. This is fucking Russia big time. Reality is I'd like to stay buying as much as possible and limit exports. Save ours for later. Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted March 31, 2018 Share Posted March 31, 2018 5 hours ago, Highmark said: Reality is I'd like to stay buying as much as possible and limit exports. Save ours for later. I agree 100% Quote Link to comment Share on other sites More sharing options...
Whiskey Tango Foxtrot Posted March 31, 2018 Share Posted March 31, 2018 1 hour ago, Ez ryder said: I agree 100% How about 50%? Knock down fuel prices so the Dems can't blame Trump for "high gas prices". Save for the future, with some profit to expand the industry? Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 31, 2018 Author Platinum Contributing Member Share Posted March 31, 2018 What future? This country has 100 yrs worth of oil. Will we even be using oil 100 yrs from now? 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted March 31, 2018 Share Posted March 31, 2018 3 hours ago, Whiskey Tango Foxtrot said: How about 50%? Knock down fuel prices so the Dems can't blame Trump for "high gas prices". Save for the future, with some profit to expand the industry? Fuel prices are getting a little on the high side. And this is a big fuck you to all the no minds that keep say that drilling won't change anything. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 31, 2018 Author Platinum Contributing Member Share Posted March 31, 2018 $55 a barrel seems to be the sweet spot. Quote Link to comment Share on other sites More sharing options...
Anler Posted March 31, 2018 Share Posted March 31, 2018 10 hours ago, Highmark said: Obama just didn't stop all the drilling Bush set forth. This is fucking Russia big time. Reality is I'd like to stay buying as much as possible and limit exports. Save ours for later. Obama didn't stop anything but that doesn't mean you can't still blame him! Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted March 31, 2018 Platinum Contributing Member Share Posted March 31, 2018 (edited) 3 hours ago, Nazipigdog said: Obama didn't stop anything but that doesn't mean you can't still blame him! Not blaming him just not giving him all the credit. David Gregory of NBC even called out the Obama admin on it. Edited March 31, 2018 by Highmark Quote Link to comment Share on other sites More sharing options...
Ez ryder Posted April 1, 2018 Share Posted April 1, 2018 9 hours ago, Nazipigdog said: Obama didn't stop anything but that doesn't mean you can't still blame him! what? he blocked all new permits in the arctic and would not renew expiring permits he used the the Outer Continental Shelf Lands act to ban exploration Chukchi and Beaufort seas in the Arctic and in the Atlantic there was more drilling under king Obama but that was despite his best efforts to stop it . privet land drilling went way way up Quote Link to comment Share on other sites More sharing options...
Anler Posted April 1, 2018 Share Posted April 1, 2018 34 minutes ago, Ez ryder said: what? he blocked all new permits in the arctic and would not renew expiring permits he used the the Outer Continental Shelf Lands act to ban exploration Chukchi and Beaufort seas in the Arctic and in the Atlantic there was more drilling under king Obama but that was despite his best efforts to stop it . privet land drilling went way way up No Quote Link to comment Share on other sites More sharing options...
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