Author Topic: The Triumph of American Oil  (Read 876 times)

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Offline IsailedawayfromFR

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The Triumph of American Oil
« on: February 09, 2018, 02:05:44 pm »
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In case you haven’t noticed, U.S. oil and gas companies are slaughtering the international competition and wiping out all our old assumptions about the global energy market.
There are a couple of articles, one at the New York Times and the other at Reuters, which are required reading for anyone who isn’t aware of perhaps the greatest American economic victory in recent times.

There was a War for Oil, for the benefit of our friends who remember fondly the protests from the previous decade, and we won — without firing a shot.

We’ll borrow a bit from the Times to offer the gist…

A substantial rise in oil prices in recent months has led to a resurgence in American oil production, enabling the country to challenge the dominance of Saudi Arabia and dampen price pressures at the pump.

The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States. Those strategies backfired and ultimately ended up benefiting the oil industry.

Overcoming three years of slumping prices proved the resiliency of the shale boom. Energy companies and their financial backers were able to weather market turmoil — and the maneuvers of the global oil cartel — by adjusting exploration and extraction techniques.

After a painful shakeout in the industry that included scores of bankruptcies and a significant loss of jobs, a steadier shale-drilling industry is arising, anchored by better-financed companies.

With the price of West Texas intermediate crude above $65 a barrel, a level not seen in almost three years, the United States is becoming a dominant producer. It is able to outflank competitors in supplying growing global markets, particularly China and India, while slashing imports from the Middle East and North Africa.
https://spectator.org/the-triumph-of-american-oil/
Article says that in the last two years since we lifted the ban on US oil exports, we have sold to 30 different countries.  Wow.
No punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin~  George Washington

Offline thackney

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Re: The Triumph of American Oil
« Reply #1 on: February 10, 2018, 09:47:58 pm »
Article says that in the last two years since we lifted the ban on US oil exports, we have sold to 30 different countries.  Wow.

I count 37 countries in 2017.

Crude Oil Exports by Destination, monthly
https://www.eia.gov/dnav/pet/pet_move_expc_a_EPC0_EEX_mbblpd_m.htm
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