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To: dangus
Thanks for your Comments, dangus.

It looks like we both got some numbers wrong.

I think this is the data source you used:

https://www.eia.gov/petroleum/supply/weekly/pdf/table1.pdf

My claim that we consume around 19 mbd of crude oil came from the EIA summary for 2017, which was 19-20 mbd.

I'm thinking now that EIA’s 2017 number was for crude oil PLUS natural gas liquids and all the other liquids.

Your statement that we imported 2.1 mbd of crude oil last week, and that the four week average is less than 2 mbd, is not what EIA’s data chart says.

The chart says that Net Imports of crude were 5.1 mbd last week, and the four week average was 5.3 mbd.

In other words, we would need to increase our domestic production of crude almost 50% to reach energy independence.

23 posted on 11/07/2018 8:13:50 PM PST by zeestephen
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To: zeestephen

Nope. My numbers were correct. Look at the last row, “Net Imports of Crude and Petroleum Products.” 2,106 thousands barrels per day. The difference between that number and the 5.1 million you’re seeing is that in addition to importing 5.1 million barrels of oil (net), we EXPORT 3.028 million barrels of oil products (net), such as gasoline.

IOW: We import a net of 5.1 million barrels of oil, but 3.028 million barrels are not for the domestic market, but for exporting refined products. We refine oil for other countries because the oil we produce is usually unnecessarily sweet, so it can be blended with other nation’s sour stuff, and, well, we’re really good at it.


26 posted on 11/08/2018 3:57:40 AM PST by dangus ("The floor of Hell is paved with the skulls of bishops" -- St. Athanasius)
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