and yet, the price of gas is still $1.77gal higher than when Bush left office...
Posted on 04/08/2013 7:04:18 PM PDT by 2ndDivisionVet
In spite of the Obama Administration's hostility to carbon-rich energy, private actors with private capital deployed on private (and state) land have launched a game-changing revolution in domestic oil and natural gas production.
A scarcely reported milestone conveys the magnitude of this turnaround in the global energy landscape.
The U.S. passed Saudi Arabia as the world's largest petroleum producer in November 2012, according to recently released data of the federal Energy Information Administration.
Over the last five years, domestic oil output has risen 40% and continually outpaces projections. Last year, domestic output increased by 800,000 barrels per day. This is the largest increase in annual production since the first oil well was drilled in 1859 in Pennsylvania.
The U.S. is primed to become the world's dominating energy powerhouse for decades to come unless President Obama elects to quash this private sector stimulus of enormous proportion....
(Excerpt) Read more at news.investors.com ...
Liberals consider war to be less of an impact on mother Gia than framing.
At least he's been unable to kill it but our debt keeps building with his grants, subsidies and guaranteed loans to his friends whose “green” companies have and continue to go bankrupt while the enemedia keep covering for him.
and yet, the price of gas is still $1.77gal higher than when Bush left office...
Documentation File on the harmful impact of the Counterculture of Communist Obamanation on Freedom of Choice in America.
Portions of this File are also useful for the Impeachment of the legal citizen of Indonesia Barry Soetoro, also known as B. Hussein Obama, a confirmed Communist.
G.E. bought $8 billion worth of oil pumping equipment.
US oil production = 7.0 million barrels per day
U.S. Field Production of Crude Oil
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M
Saudi Arabia oil production = 11.2 million barrels per day
International Energy Statistics, Saudi Arabia, Oil Production
http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=50&pid=53&aid=1&cid=SA,&syid=2011&eyid=2012&freq=Q&unit=TBPD
Data is from the sourced claimed in the “article”.
The EIA (Energy Information Administration) defines Petroleum rather loosely, but it is only liquids, not natural gas. However, they do include Natural Gas Liquids, Ethanol etc in this list. See the breakdown at the link below:
http://www.eia.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_m.htm
If we include all these liquids, including ethanol, the number is substantially higher, 10.5 million barrels per day.
However, this still does not equal or exceed the Saudi Arabia crude oil production, and they produce some Natural Gas liquids themselves but I don't find those numbers.
In my opinion, that should tell you something about the source of the claim; they are either ignorant or intentionally deceptive.
Total US gasoline sales in January 2013 were 8,218,000 barrels per day or 345,156,000 gallons per day.
Source:
U.S. Product Supplied of Finished Motor Gasoline
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MGFUPUS2&f=M
Forget the need for a U.S. carbon tax – the economy has put a big dent in gasoline use and driving
http://wattsupwiththat.com/2013/04/09/forget-the-need-for-a-u-s-carbon-tax-the-economy-has-put-a-big-dent-in-gasoline-use-and-driving/
I just look at the retail gasoline sales as an indicator of how well the economy is doing.
Then you should look at actual count of sales, and not a less than 10% slice of the market that is transitioning away from direct sales, to sales to the "middle man". With the multitude of different requirements in different areas, combined with ethanol requirements, over 90% of refinery gasoline production goes to a blender, who then makes the retail sales.
If you want to judge the economy, use the total sales. What you are looking at is a change in the way the market operates, not the change in sales.
Look below how the requirements change area to area. By producing gasoline blending components, rather than finished regulated products, the refineries can serve more markets. That is why they do so little direct retail sales these days.
Sorry, linked an old map.
The requirements change nearly every year or so.
http://www.exxon.com/USA-English/GFM/Files/US_Gasoline_Map.pdf
Thanks! That makes for a much clearer picture.
By the way, those total sales number do not double dip by counting a sales to the blender, who then sells to the retailer.
What they do is take total output minus total input to calculate total domestic consumption. Passing the quantities through a middle man only make a difference if he is building up stock levels or reducing them. If in and out is equal, there is no impact to the total consumption number by a middle man seller.
The graph I posted plus your reply graph both show a decrease in demand.
BTW, does this include fuel sold to the military?
Yes, demand is down, but about 7%, not ~50%. Gasoline demand has season swings so it is important to compare to the same time period. Latest reported monthly numbers are for January, 8.2 million BPD. Previous years for comparison are:
Jan 2004 = 8.7
Jan 2005 = 8.8
Jan 2006 = 8.8
Jan 2007 = 8.9
Jan 2008 = 8.8
Jan 2009 = 8.6
Jan 2010 = 8.5
Jan 2011 = 8.3
Jan 2012 = 8.2
U.S. Product Supplied of Finished Motor Gasoline
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MGFUPUS2&f=M
BTW, does this include fuel sold to the military?
It includes all gasoline produced or imported in the united states less the exports and storage level changes. So yes, it includes everything within the borders.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
