Posted on 08/27/2019 9:24:49 AM PDT by BeauBo
The United States' surging oil and gas production will soon allow the country to surpass Saudi Arabia in liquid petroleum exports.
While Saudi Arabia will remain the top crude oil exporter, the U.S. is destined to usurp the kingdom as soon as late 2019 when it comes to overall liquid petroleum exports, including fuels and some natural gas liquids, according to a new report from the Norwegian research firm Rystad Energy.
"Increasingly profitable shale production and a robust global appetite for light oil and gasoline is poised to bring the U.S. to a position of oil dominance in the next few years"...
The country is exporting more than 8 million barrels of petroleum liquids per day, including about 3 million barrels of commercial crude oil...
That compares to Saudi Arabia exporting 9 million barrels of liquid petroleum products a day, including 7 million barrels of commercial crude.
"The political and economic impact of this shift in global trade has already been dramatic, and will be even more pivotal within the next five years," Nysveen added.
"The U.S. trade deficit will evaporate and its foreign debt will be paid quickly thanks to the swift rise of American oil and gas net exports," he said. "The tanker shipping industry will see the boom of the millennium"...
U.S. crude production should exceed 13 million barrels a day by the end of the year, including about 4 million barrels of crude exports daily.
The rush to build a slew of pipelines from West Texas' booming Permian Basin to port hubs near Houston and Corpus Christi is ongoing. And, in concert with that growth, there's also the race to construct a bunch of new crude export terminals along the Gulf Coast.
(Excerpt) Read more at chron.com ...
We are adding about 1.5 million more barrels per day of production every year under president Trump.
It is like a new OPEC member's worth of production, joining the USA every year.
We are the world's biggest producer of either oil or gas, but we are on the fast track to become a dominant exporter into the world markets.
Excellent. Way to go.
This is good for the US.
Now if we can find a use for all of the natural gas (converting to diesel, liquefaction)we will be sitting pretty.
“The tanker shipping industry will see the boom of the millennium, as the excess fossil fuels from America will find plenty of eager buyers in fast-growing Asia.”
Who is going to build all of these tankers?
Who benefits from this increase in transport needs?
Who are the oil pipeline companies transporting the oil
from interior Texas to the port?
answer these questions and win the golden ticket
“if we can find a use for all of the natural gas”
Oil and natural gas can be used as the basic feedstock for a very wide range of chemical production processes - besides being a source of energy.
Plastics, fertilizers, fabrics, asphalt, pharmaceuticals, flavorings and fragrances; and many other products start out as oil or gas.
Ping.
Fantastic! Great!
Winning!
Let’s move to $1.00 a gallon gas! Transportation costs go down, consumer access to cash goes up, manufacturing can expand, and it doesn’t cost 75.00 to fill the truck!
KYPD
Wow!!
Then why am I not paying 2.50 a gallon even AFTER nyc’s insane taxes?
2.35 in parts of NJ
I got three sisters off exit 117 on the garden state.
There’s a party this weekend.
I’ll fill up.
2.35 AFTER fatso raised the gas tax?
So it would have been like 2.11 maybe?
Good Lord.
I don’t know how much he increased it.
Still better than NYC
This is, of course, about much more than selling gas. It’s a tectonic shift in foreign relations. As long as the U.S. is a net importing nation we won’t be able to break free entirely from the hideous mess that is the Middle East but we won’t have to dance to OPEC’s tune anymore either. It’s not just something, it’s a lot.
“As long as the U.S. is a net importing nation we won’t be able to break free entirely from the hideous mess that is the Middle East”
In fact, if/when our production rises enough to saturate the market, it will then be in our interest to step back and let them blow each other up, so we can pick up their customers.
Drill baby and drill some more.The problem with liberals is they don’t know what green energy is.What dopes.
Okey dokey, so why are we needing to import ME oil?
Yep. The Yurps and Chinese will then have to deal with the endless mess that is the Middle East instead of us. Awesome!
“so why are we needing to import ME oil?”
We import a lot less from the Mid East than we used to. Nowadays, we could really do without it - more of a convenience than a necessity.
Different refineries are built for different types of crude, and to produce different types of products.
We have specialized refineries in the Gulf that handle the heavy sour crude from Venezuela, to produce asphalt, roofing shingles and such.
US shale oil is very light and sweet - more like Saudi crude. We really don’t have much need for (dependency on) ME oil. Middle Easterners have invested in some refineries here, and deliver some of their product to them. Also, spot price discounts might make it attractive for some to take some shipments from the Mid East.
But overall, only about 10% of our oil imports come from the Persian Gulf - we get four times as much from Canada.
This is the biggest reason there will be no recession before 2021. Commodities drive the economy. US dominates grain and now oil.
We used to dominate coal, until the EPA declared CO2 is a pollutant.
“This is the biggest reason there will be no recession before 2021”
This is a gusher of new cash, and a stimulus to their supply and support chains - but economy-wide wages, employment and consumer spending power are now even bigger contributors to the overall economy.
...as soon as late 2019 when it comes to overall liquid petroleum exports, including fuels and some natural gas liquids, according to a new report from the Norwegian research firm Rystad Energy.
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