Oil imports down, domestic production highest since 2003 (Even Jimmy Carter drilled more than Obama)

chicago tribune ^ | 3/12/2012 | Neela Banerjee

[tobyhill]

Reporting from Washington— Against the backdrop of gasoline prices rising in an election year, a new Obama administration report cites "significant progress" in reducing foreign oil imports and increasing domestic oil and gas production.

The report by six federal agencies was released early Monday on the first anniversary of a speech by President Obama in which he pledged to reduce American dependence on foreign oil imports by one-third in about a decade.

According to the study, the United States reduced net imports of crude oil last year by 10%, or 1 million barrels a day. The U.S. now imports 45% of its petroleum, down from 57% in 2008, and is on track to meet Obama’s long-term goal, the administration maintains.

Imports have fallen, in part, because the United States has increased domestic oil and gas production in recent years.

U.S. crude oil production increased by an estimated 120,000 barrels a day last year over 2010, the report says. Current production, about 5.6 million barrels a day, is the highest since 2003.

[tobyhill]

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=m

[mvpel]

Of course, the fact that millions of people are no longer commuting to jobs couldn’t possibly have anything to do with the reduction in oil consumption.

[momincombatboots]

Obama taking full credit, of course. I remember when oil prices were well over 100 a barrel during the last administration, some folks here in America opened family wells that had not been open for years because the profit margin finally made it worthwhile. Glad to hear we are producing our own oil, though I don’t think he should take all the credit. In one of his town halls someone should say, Wow Mr President, that is amazing. How much oil do you think we could pump if the offshore drilling was wide open?

[SunkenCiv]

Thanks tobyhill.

[Izzy Dunne]

In response to the "Drill,baby,drill" sentiments, the Obamanauts have consistently argued that increasing American production wouldn't have any appreciable effect.

Is there a newsbot who will quiz his hoiness about that?

[ZOOKER]

Here in the Midwest we have something called "stripper wells" - oil that is locked in rock and only comes grudgingly out of the ground. Yields vary but a common figure is 5 barrels a day per well, tops, no matter what speed the pumping arm runs at. That's why so many wells are shut down when the price of oil is low.

Now with oil over $100 a barrel, those (now profitable) wells are all running, new wells are being drilled, and capped wells are being restarted.

Obama would like to take credit for increased domestic production but IMO it's more about market forces and the world price of oil than anything Bammy did.

[tobyhill]

We're not pumping more. We're producing 70% less than 1970’s. In 1970 our domestic production was at nearly 10 million barrels a day and the price of a gallon with inflation adjusted pricing was about $1.47 a gallon.

http://www.davemanuel.com/2010/12/30/historical-gas-prices-in-the-united-states/

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus2&f=m

The common denominator for why prices are skyrocket and production is down is called the EPA.

[drypowder]

with gas, the market demand does affect the price. here at home the price goes up so consumption goes down, way down so, according to an article posted here on Freep several weeks ago, what to do with all the excess gasoline refined in the US, this administration allows more of it to be exported thus causing the price here at home to go even higher.

[falcon99]

As usual, this administration and chief liar only tell half the truth. While oil and gas production is up, it is up because of private companies and being done on private land. The Liar in Chief’s policies are prohibiting other production, but is taking credit for production he has/is trying to reduce or stop.

[Smokin' Joe]

Actually, I seriously doubt either Jimmy or Barrack have worked the brake handle on a drilling rig.

Jimmy just got out of the way of those who did.