It isn't US supply when we import more crude than we need and export the relatively small refined surplus. We have refining capacity surplus, not oil production surplus.
That’s why Citibank earlier this year said that by 2017 the USA will be a net oil exporter.
As much as I hate making market predictions, I would bet my horse we won't come close to breaking even by 2017 on oil production and consumption.
As much as I hate making market predictions, I would bet my horse we won’t come close to breaking even by 2017 on oil production and consumption.
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I had my doubts about that until I started reading about the cline shale formation in the permian basin.
Not only is there more oil there than in the baaken and eagle ford combined but they can extract it much more cheaply and they already have the infrastructure in place to get it to market. so the volumes will go up as fast or faster than eagle ford.