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Keyword: usoil

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  • The 24-million barrel question: where is all that missing US oil [Crude oil Inventories]?

    06/07/2019 8:33:22 AM PDT · by topher · 36 replies
    [Persian] Gulf News ^ | 7-June-2019 | Bloomberg
    New York: Oil traders and analysts closely watching weekly US inventory figures have been scratching their heads in the last few weeks wondering one thing: Where are the missing barrels? US Energy Information Administration data Wednesday showed a crude supply adjustment factor — the difference between reported stockpiles and those implied by production, refinery demand, imports and exports — of more than 800,000 barrels a day. While that doesn’t seem like that much, it’s added up to more than 24 million barrels over the past four weeks, and potentially hundreds of millions of dollars in trading opportunities. The figure tends...
  • Federal auction sells leasing rights on thousands of acres of prime sage-grouse habitat

    03/03/2019 8:19:02 PM PST · by blueplum · 49 replies
    WaPo via MSN ^ | 01 Mar 2019 | Kathy Love
    Leasing rights on western lands with some of the world’s highest densities of sage grouse were sold this week to energy developers for as little as $2 an acre — the result of a recent Trump administration directive to roll back Obama-era protections for the iconic bird. Thirty-one parcels in Wyoming containing 57,800 acres of prime sage-grouse habitat are among those being auctioned online by the federal Bureau of Land Management. Conservationists call the area the “golden triangle” because of its importance for the species, which has suffered a sharp decline in the past 15 years as oil and gas...
  • With Iran squeezed out, U.S. oil takes on new rivals in Europe

    02/11/2019 10:04:09 AM PST · by Hojczyk · 23 replies
    Yahoo Finance ^ | February 11, 2019 | By Olga Yagova and Devika Krishna Kumar
    Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of U.S. oil production, the United States was the world's largest oil importer by far and prohibited exports of oil by law. Now shipments of U.S. crude into Europe have just hit a new record. January imports were 630,000 barrels per day, still - behind Russia and Iraq but above other OPEC producers including Nigeria and Libya. Higher U.S. crude exports have been helped by lower supplies of Iranian and Venezuelan crude, which Washington has put under sanctions, scaring buyers across the world. In the whole...
  • What just happened to domestic production of oil?

    11/07/2018 9:11:14 AM PST · by dangus · 33 replies
    me, based on EIA US petroleum balance sheet | me
    The U.S. will become a net exporter of oil if our production of oil increases again as much as it has since last December. It's increased TWO MILLION barrels per day, or over TWENTY PERCENT. What truly astounded me when I saw this week's data was that the price of oil has been crashing. That tends to depress production by making more expensive means of oil production less profitable. And well, I've never heard oil professionals put it in such terms, but not extracting oil is one way creating a reserve; you never want to sell a non-spoiling commodity at...
  • Fracking helped make the US the world’s oil king

    09/16/2018 8:25:08 AM PDT · by Hojczyk · 12 replies
    New York Post ^ | September 12,2018 | By Post Editorial Board
    Move over, Russia — and Saudi Arabia, too: The United States is now the world’s largest producer of crude oil. “US crude-oil production exceeded that of Saudi Arabia for the first time in more than two decades,” the US Energy Information Administration reported Tuesday. “In June and August, the United States surpassed Russia in crude-oil production for the first time since February 1999.” That assessment confirms an International Energy Agency prediction in March that America would soon be No. 1, and it should keep that slot through 2019, at least. Thanks to the fracking boom, US oil production has topped...
  • U.S. oil production capacity approaches 10 mln barrels per day

    12/30/2017 8:06:05 PM PST · by Rabin · 42 replies
    Brudi Drect ^ | December 31st, 2017 | XINHUA Staff
    The U.S. oil production in October was over 298 million barrels, or 25 million barrels more than that in January. And its production capability was over 9.6 million barrels a day, or 9.2 percent higher than January. "U.S. crude oil production in October rose to the highest in more than 46 years and the production is expected to continue rising in 2018 to past historical level recorded in 1971 which will have significant effects on global energy balance,"
  • US Shale Output To Fall 116,000 Bpd mo/mo In Feb.

    01/11/2016 1:52:00 PM PST · by thackney · 17 replies
    Rig Zone ^ | January 11, 2016 | Reuters
    U.S. shale oil production is expected to fall for a seventh month in a row in February, declining at about the same rate as the month before as drillers manage to eke out a few more barrels from each new well, U.S. data showed on Monday. Total output was set to decline by 116,000 bpd to 4.8 million bpd in February compared with January, a U.S. Energy Information Administration's (EIA) drilling productivity report said. Production was estimated to have fallen by about the same margin in January, despite some expectations that the decline rate would begin to quicken as companies...
  • OPEC Expects U.S. Oil Production To Rise In 2016… Really?

    12/29/2015 11:54:02 AM PST · by bananaman22 · 36 replies ^ | 29-12-2015 | Peak oil ping
    The OPEC 2015 World Oil Outlook came out a few days ago. They basically produce two outlooks, a medium term outlook to 2020 and a long term outlook to 2040. I found their medium term outlook pessimistic in some cases too optimistic in others. But I found their long term outlook to be wildly optimistic… in most cases. In all cases below I chart crude when it is available and “liquids” only when no other option is available. The data is in million barrels per day.
  • U.S. oil output on brink of 'dramatic' decline, executive says

    10/07/2015 5:45:45 AM PDT · by thackney · 29 replies
    Reuters via Yahoo Finance ^ | Oct 6, 2015 | Dmitry Zhdannikov and Ron Bousso
    Oil executives warned on Tuesday of a "dramatic" decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases. Delegates at the Oil and Money conference in London, an annual gathering of senior industry officials, said world oil prices were now too low to support U.S. shale oil output, the biggest addition to world production over the last decade. "We are about to see a pretty dramatic decline in U.S. production growth," the former head of oil firm EOG Resources Mark Papa, told the conference. Papa, now a partner at U.S. energy...
  • Leaked paper: EU wants ‘guaranteed’ access to US oil and gas

    07/09/2014 11:07:29 PM PDT · by Olog-hai · 20 replies
    EU Observer ^ | 07/09/14 @ 09:27 | Benjamin Fox
    The EU wants the US to lift its restrictions on exporting gas and crude oil as part of ongoing trade talks, according to a leaked European Commission document. The strategy paper by the EU executive, obtained by the Washington Post, calls for “a legally binding commitment … guaranteeing the free export of crude oil and gas resources”. EU and US trade officials will hold their sixth round of talks on an ambitious Transatlantic Trade and Investment Partnership (TTIP) in Brussels next week, which officials argue could be worth €100 billion per year, equivalent to an additional 0.5 percent of EU...
  • Trillions of dollars worth of oil found in Australian outback

    07/30/2013 6:37:12 AM PDT · by Lorianne · 43 replies
    Telegraph (UK) ^ | 24 Jan 2013 | Jonathan Pearlman
    Up to 233 billion barrels of oil has been discovered in the Australian outback that could be worth trillions of dollars, in a find that could turn the region into a new Saudi Arabia. _____ The discovery in central Australia was reported by Linc Energy to the stock exchange and was based on two consultants reports, though it is not yet known how commercially viable it will be to access the oil. The reports estimated the company’s 16 million acres of land in the Arckaringa Basin in South Australia contain between 133 billion and 233 billion barrels of shale oil...
  • U.S. Oil Stockpile Highest in More Than 80 Years

    05/30/2013 11:45:13 AM PDT · by Obadiah · 47 replies
    Wall Street Journal ^ | 5/30/2013 | Jerry A. DiColo
    For anyone still questioning whether the U.S. shale-oil boom is a historic reshaping of the U.S. energy market, today’s Energy Department report on domestic crude-oil stockpiles offers a striking statistic: The U.S. currently has more oil in storage than at any time since 1931. Commercial crude-oil stockpiles rose to by 3 million to 397.6 million barrels last week, the Energy Department said in its weekly Petroleum Status Report. Oil stockpiles are up 10% since the start of the year and 30% since May 2008. All that extra supply has kept U.S. oil prices under $100 a barrel even as prices...
  • U.S. Passes Saudis In Oil Output, No Thanks To White House

    04/08/2013 7:04:18 PM PDT · by 2ndDivisionVet · 17 replies
    Investor's Business Daily ^ | April 5, 2013 | Kathleen Harnett White
    In spite of the Obama Administration's hostility to carbon-rich energy, private actors with private capital deployed on private (and state) land have launched a game-changing revolution in domestic oil and natural gas production. A scarcely reported milestone conveys the magnitude of this turnaround in the global energy landscape. The U.S. passed Saudi Arabia as the world's largest petroleum producer in November 2012, according to recently released data of the federal Energy Information Administration. Over the last five years, domestic oil output has risen 40% and continually outpaces projections. Last year, domestic output increased by 800,000 barrels per day. This is...
  • U.S. oil production reaches historic high As price plummets

    06/11/2012 8:21:52 PM PDT · by jyro · 52 replies
    WASHINGTON, June 11 (UPI) -- Federal leases in the Gulf of Mexico, along with output from Texas and North Dakota, pushed U.S. oil production to its highest level in 14 years, the EIA said. The U.S. Energy Department's Energy Information Administration reports that U.S. oil production during the first quarter of 2012 topped 6 million barrels per day for the first time since 1998. "The roughly 6 percent growth in U.S. oil production from October 2011 through March 2012 is largely the result of increases in oil output in North Dakota, Texas and the Gulf of Mexico," the agency said...
  • Minnesota Non-Profits Receive $440,000 to Oppose Keystone Pipeline (Tides Foundation)

    03/26/2012 11:33:44 AM PDT · by opentalk · 8 replies · 3+ views
    Big Government ^ | March 26, 2012 | Tom Steward
    Three Minnesota environmental non-profit advocacy groups have received nearly half a million dollars in out-of-state foundation funding to oppose the Keystone oil pipeline project, according to a Freedom Foundation of Minnesota analysis. The California funding to state groups comes as a surprise, since Keystone’s proposed route does not include Minnesota....The Tides Foundation, based in San Francisco, has distributed nine grants totaling $439,500 to three Minnesota non-profits through 2010, according to Internal Revenue Service (IRS) and grant disclosures listed online. No records were immediately available for 2011, when the campaign targeting the pipeline picked up momentum. Five grants totaling $269,500 were...
  • Scarce Oil? U.S. Has 60 Times More Than Obama Claims

    03/14/2012 12:51:06 PM PDT · by IBD editorial writer · 55 replies
    Investor's Business Daily ^ | 03/14/2012 | John Merline
    When he was running for the Oval Office four years ago amid $4-a-gallon gasoline prices, then-Sen. Barack Obama dismissed the idea of expanded oil production as a way to relieve the pain at the pump. "Even if you opened up every square inch of our land and our coasts to drilling," he said. "America still has only 3% of the world's oil reserves." Which meant, he said, that the U.S. couldn't affect global oil prices....But the figure Obama uses — proved oil reserves — vastly undercounts how much oil the U.S. actually contains. In fact, far from being oil-poor, the...
  • 3 to 4.3 Billion Barrels of Technically Recoverable Oil —25 Times More Than 1995 Estimate—

    02/16/2009 11:07:11 AM PST · by nbhunt · 33 replies · 822+ views
    USGS NEWSROOM ^ | 4-10-08 | U.S. Geological Survey
    Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation. A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil. Related Podcasts 3 to 4.3 Billion Barrels of Oil in North Dakota and Montana Download directly | Details or subscribe by e-mail. Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the...
  • Reaping What We've Sown - (untapped reservoirs of oil in our own country! Why no exploration?)

    05/01/2005 7:51:43 PM PDT · by CHARLITE · 59 replies · 1,937+ views
    DALEY TIMES-POST ^ | May 1, 2005 | Edward L. Daley
    With gas prices higher than ever, and economists speculating that things are only going to get worse before they get better, it's not surprising that average Americans want to know why saying "fill 'er up" at the pumps these days may result in them being forced to sell a kidney on eBay in order to pay for it. While several factors come into play, the current price of crude oil, which is now around $50 a barrel, accounts for roughly half of the total cost of gasoline to consumers. About a quarter of the price we pay can be attributed...