Posted on 12/16/2014 4:51:58 AM PST by thackney
When it comes to crude oil and other hydrocarbons, the United States is bursting at the seams. The United States has very rapidly become a powerhouse as an exporter of finished petroleum products, natural gas liquids, other oils including ethanol, and even crude oil — with total gross exports of all of these combined expected to reach 5 million barrels per day (mb/d) or more by the end of this year, up a stunning 4 mb/d since 2005. Total oil exports in 2014 pushed the commodity to the top of the list of U.S. exports by category, far surpassing all agricultural products, capital goods, even aircraft as the largest sector of U.S. export trade. Meanwhile, U.S. crude oil exports, largely to Canada, are 500 percent above what they were a year before, and are heading for around 500,000 b/d by year end.
This remarkable boom is unlikely to stop even if prevailing prices for oil fall as low as $50. Indeed, even if light sweet crude (WTI) prices fell below $75 for a while, production growth would continue at relatively high levels for years to come. While the debate in the United States intensifies over whether the country should lift restrictions dating back to the 1970s on exporting crude oil, facts on the ground are changing faster than policymakers in Washington recognize — or global markets are ready to realize. As U.S. hydrocarbon trade flows get turned on their head, oil exporter countries lose their largest market, and face greater competition in the rest of the world. The global impact on energy prices, global trade and investment flows, petrostate revenues and political stability, and economic boosts to net importer countries and consumers are resulting in broad economic and geopolitical shifts that are beginning to ripple through the world...
(Excerpt) Read more at foreignpolicy.com ...
So we drilled our way out of the energy crisis...despite everything the government did to stop it!
RE post 2: Yup.
>> As U.S. hydrocarbon trade flows get turned on their head, oil exporter countries lose their largest market, and face greater competition in the rest of the world. The global impact on energy prices, global trade and investment flows, petrostate revenues and political stability, and economic boosts to net importer countries and consumers are resulting in broad economic and geopolitical shifts that are beginning to ripple through the world.
SARAH PALIN WAS RIGHT??!? How can that possibly be? I mean, she’s so dumb and all compared to all those Smartest Women In The World in liberal politics and media.
Gas prices rise to $1.89 in 2008, you heard “Blame the Evil Stupid Genius GWB and his oil buddies!”
Gas prices fall to $2.40 in 2014, and you hear “Thank you, Obama, our Appointed and Annointed!”
And yes, I actually heard some black chick at the pumps say that...
Did you mean to use a different number?
Nope. I saw those numbers in KY that year, and that’s what the local college student newspaper was quoted as saying. Almost those exact worsds, too.
Wow, must be true if a college student wrote it.
Only one thing can stop this trend:
EPA
Fracking Debunks Obama’s ‘We Can’t Drill Our Way Out’
http://news.investors.com/ibd-editorials/120314-728986-fracking-proves-we-can-drill-our-way-to-low-prices-and-independence.htm
Back in 2006, for example, then-Sen. Obama said expanded drilling in the Gulf of Mexico would only “lull the American people into thinking that we can drill our way out of our energy problems.”
When he ran for president in 2008 while gas prices spiked, he mocked John McCain’s call for more drilling. “This is one emergency we can’t drill our way out of,” he said.
After the BP oil spill in 2010, Obama explained that “the reason you never heard me say ‘Drill, baby, drill’ (is) because we can’t drill our way out of the problem.” He went on to claim that “easily accessible oil has already been sucked up out of the ground.”
In 2011, while pushing to end oil industry tax breaks, Obama claimed: “If we’re serious about addressing our energy problems, we’re going to have to do more than drill.”
In 2012, when running for re-election, the president declared: “Even if we drilled every square inch of this country right now, we’re going to be relying on other countries for oil.”
And when he unveiled his “all of the above” energy strategy, Obama lectured the country about how “there’s a problem with a strategy that only relies on drilling, and that is America uses more than 20% of the world’s oil. If we drilled every square inch of this country ... we’d still have only 2% of the world’s known oil reserves.” He added: “We’ve got a math problem here.”
Turns out, it’s Obama who has the math problem.
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