US Oil Boom Is Defying Expectations, Experts Say

dailycaller.com ^ | 1/18/2019 | Jason Hopkins

[rktman]

The United States is expected to churn out far more oil in 2019 than what international analysts originally forecasted.

The International Energy Agency, a Paris-based organization that helps coordinate energy policies for industrial countries, released its latest oil market report Friday, noting exceptional numbers for the U.S. fossil fuel industry.

The agency reported U.S. oil production is expected to rise by 1.3 million barrels a day in 2019. While this number is lower than the record-smashing 2.1 million increase producers enjoyed in 2018, it’s more than double what the IEA initially expected to see in 2019.

The forecast illustrates the latest in the country’s shale oil boom, which has experienced unprecedented growth in recent years thanks to the emergence of hydraulic fracturing and an administration that has fostered a more conducive environment for fossil fuel development. Already, the U.S. is the largest international crude oil producer, with output expected to top 12 million barrels per day in 2019 and reach 12.9 million by 2020, according to the Energy Information Administration’s latest report.

Analysts predict the U.S. will keep blowing past its global competitors.

[Teacher317]

I love America and Capitalism!

[rktman]

Yeah well, $2.79 in Reno.

[rktman]

“Who knows what the hell is going on deep in the bowels of the planet?” Uh, hello! Non other than rocket surgeon algore knows. :-)

[SunkenCiv]

Thanks rktman.

The agency reported U.S. oil production is expected to rise by 1.3 million barrels a day in 2019. While this number is lower than the record-smashing 2.1 million increase producers enjoyed in 2018, it’s more than double what the IEA initially expected to see in 2019... the U.S. is the largest international crude oil producer, with output expected to top 12 million barrels per day in 2019 and reach 12.9 million by 2020... Analysts predict the U.S. will keep blowing past its global competitors.

That's so weird, because we consumed the last of the Earth's oil 30 years ago!

[NorseViking]

I might be ok with both oil boom and solar panels.

[rktman]

Ya gotta keep them solar panels lubed up to keep em’ operating okay.

[FLT-bird]

Drill baby Drill!

With ANWR opened up to drilling and the econazis neutered, we’re much more free to actually produce the oil we need - both economically and for national security. Production is already 50% higher than it was about a decade ago and is still set to go on rising. Beautiful.

Now we need to remove all the restrictions on offshore drilling everywhere but the western Caribbean.

[rktman]

Seems like we can produce all the crude we need but not being able to refine it.................. I haven’t checked lately so anyone know of any NEW refineries in strategic locations?

[OldSmaj]

Up? They dropped about 30 cents more this week in IL and IN, into the $1.85-1.95 range. There are stations at $1.50 in OKC, according to my SIL's FB pics.

I live in NE Alabama.

The stations went from 1.81 to 1.89, overnight Wednesday.

Today, they've gone up another 1-4 cents at various stations.

Still cheap, I agree, but why raise them in the face of prices falling elsewhere and the overage of oil?

The oil companies and refineries have always tried to screw us.

Been that way since Standard Oil figured out that their product wasn't "standard" in regards to the internal combustion engine and the reliance of the public on the fuel to power it.

[Tonytitan]

That’s why they are “X-spurts”

X - unknown quantity

Spurt - drip under pressure

[wgmalabama]

My favorite is the : it will take 20 years to drill our way out of our energy deficit. Lol. I’m sure the bank is happy that I don’t have the government attitude about my mortgage.

[rktman]

👍🏼😹

[AdmSmith]

The United States is expected to churn out far more oil in 2019 than what international analysts originally forecasted.

Not only oil. It seems inevitable that we are going to be awash in natural gas well into the next decade.

https://www.forbes.com/sites/rrapier/2019/01/18/awash-in-natural-gas/

[rktman]

Altered header:

“The United States is expected to churn out far more EARTH DESTROYING oil in 2019 than what international analysts originally forecasted WARNINGS OF.” Seems to be the issue with some.

[TheThirdRuffian]

“The concept that oil and gas are from dinosaurs.”

I’ve never heard that theory.

I’ve always understood it was from massive deposits of decayed organic matter — mainly algae and other plants in old sea beds, trapped by reefs or a shelf or the like.

But what do I know. I’m just a geologist and petroleum engineer that finds old reefs in the Permian and Delaware basins and has made myself ridiculously comfortable, with a couple of oil fields named after me by locating the same.

The smashed coral and micro-fossils of undersea critters that come up in the drilling cuttings seems a pretty good clue, too.

Never saw dinosaurs, unless you count tiny, tiny, tiny snails as dinosaurs.