Posted on 01/30/2020 11:33:56 PM PST by nickcarraway
The United States will become a net oil and oil product exporter this year thanks to continued growth in production combined with slacker domestic demand, the Energy Information Administration said in its 2020 Annual Energy Outlook.
Oil production, the EIA said, will continue growing until at least 2025, reaching 14 million bpd in just two years, after which it would plateau and stay flat until about 2045. This, however, depends on the developing shale oil deposits with little history of production, the EIA noted, meaning there scant background information about production rates and how long they can be sustained.
One thing that is known, however, is that over time, producers will need to move to less productive areas of the shale patch as the most productive ones get exhausted. This will slow down the growth rate in overall production.
Consumption of oil in the U.S., on the other hand, will decline over the next years and decades. Peak consumption, according to the authority, was hit in the early 2004 and since then demand has been steadily declining.
Unsurprisingly, shale oil will account for the bulk of production in the U.S.
(Excerpt) Read more at oilprice.com ...
Trump falsely claimed that the US already WAS a net exporter in 2019! He lied! Who died? Impeach him again./s
“Consumption of oil in the U.S., on the other hand, will decline over the next years and decades. Peak consumption, according to the authority, was hit in the early 2004 and since then demand has been steadily declining.”
Really?
Hmm, if so it’s only because I and many like me have not completed all of our project cars.
We will reverse this!
Who would have thought back in the 1970’s that we’d be reading this story in 2020?
The US was a net exporter for the month of Sept 2019.
Now they are talking for the overall year 2020.
We have been misled and actively lied to by our political class and their “experts” for the last 50 years
I bet some major idiots will seriously thank hussein for this.
Excuse me for being naive, but why not just keep all this oil for ourselves in order to lower gas prices instead?
>>Oil production, the EIA said, will continue growing until at least 2025, reaching 14 million bpd in just two years, after which it would plateau and stay flat until about 2045
Remember when the Left kept harping about “peak oil” and that we wouldn’t have it anymore?
Consumption is “declining” because Green Commies are pushing us to ‘lectric cars and we are reaching ‘peak electricity consumption’.
We aren’t ramping up power plant construction and communities already face brownout/blackout situations with ‘requests’ to turn of heat/AC.
We can only take so much from the grid.
And consumption of oil is ramping up in China and India.
Why isn’t there a push towards getting those continents off of oil onto new technologies?
Why must the West give up its “sinful” ways so that others may partake?
Remember when the Left kept harping about “peak oil” and that we wouldn’t have it anymore?
= = = = = = = = = = = =
I remember when ‘we’ couln’t advance anywhere because the ‘results’ wouldn’t be seen for ten or so years.
So, EVERYTHING was just cancelled and 7 or 8 years later the ‘new regime’ would bring it up again and the complaint would be the results won’t be seen for another ten or so years, so EVERYTHING was just cancelled....etc etc etc, ‘you’ get the point.
I remember a remark
(well an example of how things work politically)
from years ago when some wag proposed making dogs and cats wear diapers if roaming around.
Everyone foofawed and laughed and mocked etc but the person hung in there, got an ally or two, then 3 etc.
Wasn’t long before it was ‘introduced’ to the town council, not passed, kept working and finally it got to a vote - special election - and passed because the ONLY ones that showed up were the instigator and handful of allies...
Of course the friendly ‘headline’ read
Vote on Dogs with diapers overwhelmingly passes but conveniently doesn’t mention only 10 people voted...
Wasn’t it about 30% who backed the ‘Revolution’ in 1776?
Something ain't right...
The USA runs a 6 million bpd deficit so this stat is propanda BS.
Looks like 10.2 million bpd.
https://www.eia.gov/dnav/pet/pet_move_exp_dc_NUS-Z00_mbblpd_m.htm
The source is misrepresenting the actual outlook report. The report says the US will be an net total energy exporter, not a net oil exporter. The positive number is from natural gas.
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