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Offline truth_seeker

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U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

By Grant Smith  Jul 4, 2014

The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.

“The U.S. increase in supply is a very meaningful chunk of oil,” Francisco Blanch, the bank’s head of commodities research, said by phone from New York. “The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”

Oil extraction is soaring at shale formations in Texas and North Dakota as companies split rocks using high-pressure liquid, a process known as hydraulic fracturing, or fracking. The surge in supply combined with restrictions on exporting crude is curbing the price of West Texas Intermediate, America’s oil benchmark. The U.S., the world’s largest oil consumer, still imported an average of 7.5 million barrels a day of crude in April, according to the Department of Energy’s statistical arm.
 
U.S. oil output will surge to 13.1 million barrels a day in 2019 and plateau thereafter, according to the IEA, a Paris-based adviser to 29 nations. The country will lose its top-producer ranking at the start of the 2030s, the agency said in its World Energy Outlook in November.

“It’s very likely the U.S. stays as No. 1 producer for the rest of the year” as output is set to increase in the second half, Blanch said. Production growth outside the U.S. has been lower than the bank anticipated, keeping global oil prices high, he said.

Partly as a result of the shale boom, WTI futures on the New York Mercantile Exchange remain at a discount of about $7 a barrel to their European counterpart, the Brent contract on ICE Futures Europe’s London-based exchange. WTI was at $103.74 a barrel as of 4:13 p.m. London time.

sniphttp://www.bloomberg.com/news/2014-07-04/u-s-seen-as-biggest-oil-producer-after-overtaking-saudi.html



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Offline truth_seeker

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #1 on: July 04, 2014, 07:52:38 PM »
To those who daily, hourly decry America's future, who say we won't survive Obama, I say take another look.

This country is too big, strong, rich to be taken down by one lousy stinking punk. So get up off your whiney faces, get your Richards up out of the dirt, and look around.

The economy, free enterprise, in spite of Obama's control, is doing the right thing. The invisible hand, that is.

If each conservative made an effort to convert just one voter, and just some succeeded, we will prevail.

And look towards Nov. 2014, whereby the GOP should regain majority control of the Senate, which can render Obama very weak as he coast into nowhere.

This will not be done by giving up our religious freedom (and differences), but instead of celebrating it.

 
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Offline Lando Lincoln

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #2 on: July 04, 2014, 08:01:03 PM »
Both my sons are working summer internship jobs in the oil fields of North Dakota.  One has been provided an apartment and a truck and has made $10,000+ so far this summer.  He attends South Dakota School of Mines and Technology in Rapid City.  The other is at a ONEOK natural gas refiner in Watford City.  Also making good money.  He attends Bismarck State.  Great opportunities and these young men are seizing them. 

Gotta piss Obama off to no end.
For the progressive, there is very little to love about the United States. Washington, Jefferson, Madison? A bunch of rotten slaveholders, hypocrites, and cowards even when their hearts were in the right places. The Declaration of Independence? A manifesto for the propertied classes. The Constitution? An artifact of sexism and white supremacy. The sacrifices in the great wars of the 20th century? Feeding the poor and the disenfranchised into the meat-grinder of imperialism. The gifts of Carnegie, Rockefeller, Vanderbilt, Morgan, Astor? Blood money from self-aggrandizing robber barons. Nat Rev

Offline mountaineer

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #3 on: July 04, 2014, 08:48:34 PM »
To those who daily, hourly decry America's future, who say we won't survive Obama, I say take another look.

This country is too big, strong, rich to be taken down by one lousy stinking punk. So get up off your whiney faces, get your Richards up out of the dirt, and look around.

The economy, free enterprise, in spite of Obama's control, is doing the right thing. The invisible hand, that is.

If each conservative made an effort to convert just one voter, and just some succeeded, we will prevail.

And look towards Nov. 2014, whereby the GOP should regain majority control of the Senate, which can render Obama very weak as he coast into nowhere.

This will not be done by giving up our religious freedom (and differences), but instead of celebrating it.
Author Frank Turek noted on Facebook today, "If a minority can lead an entire nation into evil, then a minority can also lead an entire nation toward good. Get busy."
The skeptic is never for real. There he stands, cocktail in hand, left arm draped languorously on one end of the mantelpiece, telling you that he can't be sure of anything, not even of his own existence. I'll give you my secret method of demolishing universal skepticism in four words. Whisper to him: "Your fly is open." If he thinks knowledge is so all-fired impossible, why does he always look? — James Sire (from, The Universe Next Door)

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #4 on: July 04, 2014, 09:21:15 PM »
Both my sons are working summer internship jobs in the oil fields of North Dakota.  One has been provided an apartment and a truck and has made $10,000+ so far this summer.  He attends South Dakota School of Mines and Technology in Rapid City.  The other is at a ONEOK natural gas refiner in Watford City.  Also making good money.  He attends Bismarck State.  Great opportunities and these young men are seizing them. 

Gotta piss Obama off to no end.

Maybe the odd bit of credit is due to their Dad, for raising them to be self reliant types who get out and get their hands dirty?  :beer:
The fastest way to a man's heart? Inch to the right of the breastbone, between the fourth and fifth rib.

Every time I start to feel boring, I remember there is a monthly magazine devoted to elevators.

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #5 on: July 04, 2014, 10:55:06 PM »
Both my sons are working summer internship jobs in the oil fields of North Dakota.  One has been provided an apartment and a truck and has made $10,000+ so far this summer.  He attends South Dakota School of Mines and Technology in Rapid City.  The other is at a ONEOK natural gas refiner in Watford City.  Also making good money.  He attends Bismarck State.  Great opportunities and these young men are seizing them. 

Gotta piss Obama off to no end.
I am 3rd generation oil. My grandfather rode horseback to inspect oil pipelines for Marathon in the Big Horn Basin of Wyoming. My father worked was a teenage derrick man in the same fields. I worked in technical data, in the secondary recovery fields of coastal Southern California. Later in engineering and construction of hydrocarbon facilities, worldwide.

Had I known out of high school what I later learned, I would have studied petroleum engineering. I finished my business degree, while working as a technical under petroleum engineers.

The oil industry has great people, top to bottom.
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Offline Lando Lincoln

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #6 on: July 04, 2014, 11:00:20 PM »
Maybe the odd bit of credit is due to their Dad, for raising them to be self reliant types who get out and get their hands dirty?  :beer:
:beer: :patriot:
For the progressive, there is very little to love about the United States. Washington, Jefferson, Madison? A bunch of rotten slaveholders, hypocrites, and cowards even when their hearts were in the right places. The Declaration of Independence? A manifesto for the propertied classes. The Constitution? An artifact of sexism and white supremacy. The sacrifices in the great wars of the 20th century? Feeding the poor and the disenfranchised into the meat-grinder of imperialism. The gifts of Carnegie, Rockefeller, Vanderbilt, Morgan, Astor? Blood money from self-aggrandizing robber barons. Nat Rev

Offline Lando Lincoln

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #7 on: July 04, 2014, 11:02:12 PM »
Maybe the odd bit of credit is due to their Dad, for raising them to be self reliant types who get out and get their hands dirty?  :beer:
But Good Lord, I miss 'em.
For the progressive, there is very little to love about the United States. Washington, Jefferson, Madison? A bunch of rotten slaveholders, hypocrites, and cowards even when their hearts were in the right places. The Declaration of Independence? A manifesto for the propertied classes. The Constitution? An artifact of sexism and white supremacy. The sacrifices in the great wars of the 20th century? Feeding the poor and the disenfranchised into the meat-grinder of imperialism. The gifts of Carnegie, Rockefeller, Vanderbilt, Morgan, Astor? Blood money from self-aggrandizing robber barons. Nat Rev

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #8 on: July 04, 2014, 11:04:39 PM »
But Good Lord, I miss 'em.

Tell me about it. It's like watching a Saturn V launching. You are proud as hell that it's happening, but slightly sad as they boost away and pick up speed.

 :beer:

Happy 4th, my friend, belated as it is.
The fastest way to a man's heart? Inch to the right of the breastbone, between the fourth and fifth rib.

Every time I start to feel boring, I remember there is a monthly magazine devoted to elevators.

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Offline Lando Lincoln

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #9 on: July 04, 2014, 11:05:52 PM »
I am 3rd generation oil. My grandfather rode horseback to inspect oil pipelines for Marathon in the Big Horn Basin of Wyoming. My father worked was a teenage derrick man in the same fields. I worked in technical data, in the secondary recovery fields of coastal Southern California. Later in engineering and construction of hydrocarbon facilities, worldwide.

Had I known out of high school what I later learned, I would have studied petroleum engineering. I finished my business degree, while working as a technical under petroleum engineers.

The oil industry has great people, top to bottom.

My Rapid City son is pursuing Geological Engineering with a minor in Petroleum Sciences.
For the progressive, there is very little to love about the United States. Washington, Jefferson, Madison? A bunch of rotten slaveholders, hypocrites, and cowards even when their hearts were in the right places. The Declaration of Independence? A manifesto for the propertied classes. The Constitution? An artifact of sexism and white supremacy. The sacrifices in the great wars of the 20th century? Feeding the poor and the disenfranchised into the meat-grinder of imperialism. The gifts of Carnegie, Rockefeller, Vanderbilt, Morgan, Astor? Blood money from self-aggrandizing robber barons. Nat Rev

Offline Lando Lincoln

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #10 on: July 04, 2014, 11:14:08 PM »
Tell me about it. It's like watching a Saturn V launching. You are proud as hell that it's happening, but slightly sad as they boost away and pick up speed.

 :beer:

Happy 4th, my friend, belated as it is.

Exactly!  This past spring, they worked on a ranch near Rugby branding cattle. This week-end they are cutting timber. Yep, they have it. Makes the Old Man proud (Mom too).

Happy 4th to my Honorary American friend.
For the progressive, there is very little to love about the United States. Washington, Jefferson, Madison? A bunch of rotten slaveholders, hypocrites, and cowards even when their hearts were in the right places. The Declaration of Independence? A manifesto for the propertied classes. The Constitution? An artifact of sexism and white supremacy. The sacrifices in the great wars of the 20th century? Feeding the poor and the disenfranchised into the meat-grinder of imperialism. The gifts of Carnegie, Rockefeller, Vanderbilt, Morgan, Astor? Blood money from self-aggrandizing robber barons. Nat Rev

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #11 on: July 06, 2014, 02:42:50 PM »
My Rapid City son is pursuing Geological Engineering with a minor in Petroleum Sciences.
Pass my encouragement along to him. I had bosses for several years that were petroleum engineers, geologists, etc.

Colorado School of Mines (Petroleum Engineering), University of Southern California (Geology), etc.

They taught me about their fields, as I worked to assist them. I did drafting, computer programming, field tests, complex financial modeling for rate of return, etc.

At the time I was working on my BA in business-finance, and later on an MBA (not completed).
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Offline rangerrebew

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #12 on: July 06, 2014, 03:43:42 PM »
Why, then, does the cost of gas continue to rise?
« Last Edit: July 06, 2014, 03:44:00 PM by rangerrebew »
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Offline Fishrrman

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #13 on: July 06, 2014, 08:17:28 PM »
rangerrebew asks above:
[[ Why, then, does the cost of gas continue to rise? ]]

I believe one reason is that we are currently -exporting- refined petroleum products that should be "embargoed" and sold here.

By "shipping out" petroleum products instead of forcing competition in the marketplace that would drive down prices, the industry is tampering with Mr. Smith's "invisible hand", creating a manufactured scarcity that keeps prices up.

Disclaimer: I have no inside knowledge to support this assertion, but that's how it looks to me...

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #14 on: July 06, 2014, 11:48:04 PM »
rangerrebew asks above:
[[ Why, then, does the cost of gas continue to rise? ]]

I believe one reason is that we are currently -exporting- refined petroleum products that should be "embargoed" and sold here.

By "shipping out" petroleum products instead of forcing competition in the marketplace that would drive down prices, the industry is tampering with Mr. Smith's "invisible hand", creating a manufactured scarcity that keeps prices up.

Disclaimer: I have no inside knowledge to support this assertion, but that's how it looks to me...

Uhhm, it's government-enforced "embargoing" that is messing with the "invisible hand", not allowing producers to sell where, and to whom, they choose.  Why do prices continue to stay high?  Hmm, how about federal/state taxes to start with.  Second, demand is still high - high demand, high prices.  It's not some deep, dark, evil conspiracy by those damned evil oil companies (unless you're a democrat, in which case everything is a deep, dark, evil conspiracy).

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Re: U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
« Reply #15 on: July 07, 2014, 06:34:39 AM »
Uhhm, it's government-enforced "embargoing" that is messing with the "invisible hand", not allowing producers to sell where, and to whom, they choose.  Why do prices continue to stay high?  Hmm, how about federal/state taxes to start with.  Second, demand is still high - high demand, high prices.  It's not some deep, dark, evil conspiracy by those damned evil oil companies (unless you're a democrat, in which case everything is a deep, dark, evil conspiracy).

I know the prices have nothing to do with supply and demand.  The price of gas in Michigan dropped for the two weeks leading up the 4th and continued to drop through the weekend.  High use weekend, dropping prices. :shrug:  I expect the price will go up over 30 cents on Wednesday, the day all the gas stations go up.  Not that their is any collusion anywhere in the supply chain, I'm sure. :whistle:  What I'm suggesting is the price of gas is not controlled by the market, but by some other force.  Though supply is up, demand down, the prices in Michigan may fluctuate over a week by 20-30 cents on average.  Obama's "war" on the oil producers certainly seems to be creating some awfully good profit margins for the companies.  I have to believe some person, or persons, in key positions in the administration have oily hands.
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