What is it today?
Pioneer CEO: US oil production could hit 14 million barrels/day
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This is what I’ve been saying for about the last year or so.
Pioneer’s caveat is that in order for that to happen—prices have to stay high.
I think US refiners are currently lobbying to prevent rules changes in overseas shipments of crude while US oil producers are lobbying to allow more overseas shipments of crude.
...hmmm I would rather production went up than prices went down. Unless US refiners can refine all that oil and ship it abroad as finished product—then it will become necessary to ship unfinished crude overseas for refining.
hard to know how this actually plays out.
ISIS just took the primary reservoir for water in Iraq. Shia soldiers don’t fight as well as the sunnis nor does it appear as though their commanders are as good.
While there is a lot of pessimism these days about the US, this is a positive development.
The other fun thing is that China is replacing us as OPEC’s big hog at the oil trough. The ragheads are going to learn over the next 10 years what it’s like to have a much more “assertive” customer. One with 1.3 billion (mostly expendable) people.
Can you imagine how terrible our economy would be today if it were not for these new oil technologies? If oil were $150/bl or higher and gas at the pumps were $5/gal thanks to Mr. Oil-Hater and his clean green cohorts in Washington running things, our inflation would be terrible and our economy in chaos with these clueless assclowns causing further panic.
And I’m still paying almost $4 a gallon at the pump...