Posted on 07/12/2018 5:51:42 AM PDT by Hostage
The U.S. government sees oil production further climbing next year even amid transportation logjams in the country’s most prolific shale play.
The Energy Information Administration sees U.S. crude output averaging 11.8 million barrels a day in 2019, up from its 11.76 million barrel a day estimate in the June outlook.
“In 2019, EIA forecasts that the United States will average nearly 12 million barrels of crude oil production per day,” said Linda Capuano, Administrator of the EIA. “If the forecast holds, that would make the U.S. the world’s leading producer of crude.”
U.S. crude output has remained above the 10-million-barrel a day mark since February. That’s while Saudi Arabia told OPEC it pumped about 10.5 million barrels of crude a day last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter.
: ... snip ... :
Saudi Arabia and Russia could upend that forecast by boosting their own production. In the face of rising global oil prices, members of the OPEC cartel and a few non-members including Russia agreed last month to ease production caps that had contributed to the run-up in prices.
(Excerpt) Read more at newsmax.com ...
The good news is that oil prices will be coming down and that will help what I see coming as a tsunami type growth wave in the American economy.
What may don't know is that American natural gas dwarfs the world supply. Transport of liquified NG or LNG can restructure Europe and Asia to American interests. Attacks on the Petro dollar will fall flat.
All very good. And is a side bonus think about how this must be upsetting to the left. They hate energy, they hate American energy, and they hate American superiority in anything.
Just in time for a tar and feather comeuppance to the Deep State.
Drill Baby, Drill!
Wait a minute...I was told we were past “peak oil” and we must give up our “unsustainable, air conditioned, high meat intake lifestyle.
And the rats for years said, we can’t drill our way to energy independence, so we should just give up and shut down our industry. Typical rat opinion.
Great news, but more refineries would be nice.
But we still import a larger share of oil than we do steel. In the interests of national security, we should put a tariff on crude oil imports.
There's an echo in here..
Or... Tommy 2times? d;^)
Ok now drop the idiotic regional formulas now and authorize more refineries.
This will make FraudCo unhappy.
WINNING!
I remember Big Media being so excited about all of BJ’s gasoline recipes.
I knew the oil was down there!
Though it really doesn’t help much in CA’s uber taxation environment.
“We can’t just drill our way to lower gas prices.” - Barry Obama
The Federal EPA and its 50 state Mini-Me incarnations have made it damned near impossible to build a refinery today, just like nuclear and coal fired power plants.
They will bury you in regulations and red tape till you give up or go bankrupt.
That is why we have no new refineries..................
A headline so nice, you got to say it twice!
Trump was wise when he said “Russia is not a friend or a foe, but a competitor.”
We know all that. President Trump could do something about it, too.
Fingers crossed.
SA citizens don't want to do that work.
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