Posted on 09/14/2019 3:12:10 PM PDT by McGruff
See #40.
The US is NOT a net exporter of oil, we are a net importer.
We are NOT self sufficient.
Whomever is proffering such data is mistaken, or lying.
The Wall Street Journal says we are a net exporter of oil.
I believe the Wall Street Journal on this subject.
“Hopefully the Saudis will launch an attack on Iran and wipe out their oil facilities.
Iran will be toast.”
Saudis don’t have the military capability of defeating the Houthi militia in Yemen much less turning Iran into toast.
Time to give the Saudis some big MOAB to drop on Irans Oil works. It looks like they are at war in any case.
The US is now energy independent, since we produce as much oil (and much more natural gas) as we consume.
The fact that supply chain efficiencies make exportation in certain areas and importation in other areas does not change things.
“The US still imports 1/2 the oil it consumes.”
That’s old info.
https://money.cnn.com/2018/09/12/investing/us-oil-production-russia-saudi-arabia/index.html
We import and export (supply chain reasons) but produce as much oil as we consume and much more natural gas than we consume. There are wells that have been drilled and capped waiting for higher prices. As soon as the price goes up we turn on the spigot.
Is it US consumption of 20 million bbl per day the data you disagree with, or is it production of 12.4 million bbl per day?
The raw data belies these assertions.
In fact the 12.4 mil (projected for 2019) production is a record output for the US.
And the consumption number have been essentially steady since 2000.
US Oil consumption from the US Energy Information Agency, 20.5 million bbl per day in 2018...
https://www.eia.gov/tools/faqs/faq.php?id=33&t=6
From the same federal agency, who’s job it is to gather and produce the data, US production averaged but 11 million bbl per day in 2018...
https://www.eia.gov/tools/faqs/faq.php?id=268&t=6
It’s your choice if you want to believe something else. But the data is crystal clear.
Or, it’s possible your assertion is that the US has somehow increased production by nearly 10 million bbl per day in 2019, above already RECORD production.
And, in fact we are the world’s largest producer of crude. But it’s still short of consumption by 40-50%.
Your attention is invited to #48.
The raw data from the US Government.
Or it’s possible you are missing something.
In addition, many drilled wells have been capped waiting for better prices. That can be brought on line very quickly, but does not count as production.
Your cited source has informed us that for a single week US oil exports exceeded imports.
But the reality is that on an annualized basis we continue to run a huge deficit in crude production/consumption.
About 5.5mil bbl/day.
“But the reality is that on an annualized basis we continue to run a huge deficit in crude production/consumption.
About 5.5mil bbl/day.”
Your eia.gov site says:
“Crude Oil Net Imports 3.43 mil bbl/day”
“The US Consumes about 20 million bbl per day.”
Please issue a correction based on our conversations.
Yes, I’ll issue a correction. The argument you were making proves this number wrong.
The US consumes 20+ million bbl/day of what is classified as “Petroleum Products”.
https://www.eia.gov/tools/faqs/faq.php?id=33&t=6
“Petroleum: A broadly defined class of liquid hydrocarbon mixtures. Included are crude oil, lease condensate, unfinished oils, refined products obtained from the processing of crude oil, and natural gas plant liquids. Note: Volumes of finished petroleum products include non hydrocarbon compounds, such as additives and detergents, after they have been blended into the products. “
Of that, we can deduce from other EIA published data that the majority of the petroleum products produced in the US are consumed in the US.
However, we still export 7.9 million bbl/day of petroleum products, 28 percent of which is crude oil. That equates to almost 2 million BBL/day. Leaving 9 million bbl/day of US crude production (EIA 2018 data is 10.99 million bbl/day) consumed in the US.
And, we IMPORT almost 10 million BBL/day (9.93 million bbl/day of petroleum product), of which 78% is crude oil. That’s about 7.75 million BBL/day of crude oil imported.
This leaves us with a net import of CRUDE OIL at a little over 5.5 million BBL per day. When added to the crude produced and refined/consumed here (9 million bbl/day) total US crude oil consumption is 14.5 million bbl/day.
That’s a little over 2/3 of US “Petroleum Product” consumption of 20.5 million bbl/day.
5.5 million bbl/day in net crude imports, divided by 14.5 million bbl/day of consumption says we are importing approx 38% of our net crude oil consumption. 5.5 million bbl/day.
Of course by PETROLEUM PRODUCTS our net deficit is under 3.5 million bbl/day. Because we have a SURPLUS of Natural Gas and LPG.
Is my logic sound, or did I miss something?
“This leaves us with a net import of CRUDE OIL at a little over 5.5 million BBL per day.
“
Wrong math.
Your eia.gov site specifically says:
“Crude Oil Net Imports 3.43 mil bbl/day”
“This leaves us with a net import of CRUDE OIL at a little over 5.5 million BBL per day. “
hmmm. From your linked site for recent period:
Net Imports (Incl. SPR) 0.620 million BBL per day!
Their definition of crude oil includes LPG, and we have a big surplus there.
Crude oil: A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include 1. Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casing head) gas in lease separators and are subsequently comingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included; 2. Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals; 3. Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.
https://www.eia.gov/tools/glossary/index.php?id=C
Or, is the USEIA producing conflicting data?
“Their definition of crude oil includes LPG, and we have a big surplus there.”
“Crude oil: A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure”
By definition as posted above LPG is NOT included.
Has Iran blamed Israel yet?
“Of course by PETROLEUM PRODUCTS our net deficit is under 3.5 million bbl/day. Because we have a SURPLUS of Natural Gas and LPG.
Is my logic sound, or did I miss something?”
Yes. Net Imports is 0.6 mil bbl/day NOT including NG or LPG.
Of course by PETROLEUM PRODUCTS our net deficit is under 3.5 million bbl/day. Because we have a SURPLUS of Natural Gas and LPG.
Is my logic sound, or did I miss something?
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