Posted on 09/26/2022 5:59:07 AM PDT by hardspunned
Domestic oil production remains nearly a million barrels per day (BPD) below the monthly record level set just before the Covid-19 pandemic caused production to plunge. The all-time monthly high for oil production took place in November 2019 at 13.0 million BPD (Source). The all-time annual high was also in 2019, when U.S. production averaged 12.3 million BPD. Current U.S. oil production is 12.1 million BPD, while the average for the year so far is 11.9 million BPD. That is on pace to be the second-highest ever annual U.S. oil production.
Natural gas production experienced a similar plunge due to Covid, but production has bounced all the way back.
(Excerpt) Read more at forbes.com ...
Of course not. That is because they then export the gas to europe.
Good. I’m sure Brandon is pulling the lever right this very minute to refill our Strategic Reserve, versus selling it to the highest bidder. Right? RIGHT?
*SIGH*
We are currently exporting 11.5 Billion Cubic Feet of LNG every day to Europe.
And, China is negotiation for 3 Trillion Cubic Feet of LNG over 20 years.
It’s time to CAP LNG Exports.
Not so fast - It depends on who crosses Hunter's and "The Big Guy's" palms with silver.
“Current U.S. oil production is 12.1 million BPD.”
FAKE NEWS, it’s 13.1 million BPD as the Biden Administration made a huge discovery in Oklahoma and is pumping it out at 1 million BPD. (at least until the election)
At the beginning of the week, gas at my local station was $5.19. By Wednesday, $5.49. Yesterday, $5.89. Some stations are again showing over $6.00/gallon.
This is So Cal where the very people complaining the loudest and most bitterly continue to vote in the politicians who are doing this to them.
The rate of increase has plateaued thanks to Brandon. A record it may be…but an unimpressive one it is.
This is tricky to evaluate. Most coal fire electric plants have switched to natural gas. Hence, demand for natural gas is higher. You also can’t evaluate natural gas solely on cubic feet/meters. Just like oil, not all natural gas is created equal, some is “dirtier” than others. That’s the reason natural gas is traded in btu’s. As for transporting/exporting natural gas, you can’t tell the final price by the traded market price since it does not include the LNG conversion and transportation cost. Commodities are typically traded at a warehouse price, with transportation and insurance as extra costs that are paid by the buyer and passed down the supply chain. I’m far from being an expert, but know enough to know there is more to know.
This is why the proposed Kinder Morgan pipeline a few years ago from PA through NY to MA & NH was so important.
That would have reduced the transportation cost to get more NG to New England.
All the current pipelines are at full capacity.
So, the major electric utility has to buy LNG brought into New England on a vessel. That means they are competing with the Europeans for that same LNG. This is the main reason why Eversource the largest electric utility in New England had to double their electric rate. This and the fact that they have shut down all but one coal fired plant in New Hampshire. That plant was only running under peak demand periods(July & Jan).
Newsom is banning Natural Gas appliances in Calif in future...even change outs.
Will leave more for the other states, while Calif dies a cold death.
We have plenty of coal here in PA if you New Englanders ever want to convert back. Seems to me there is wisdom to “don’t put all your eggs into one basket.”
Yeah, NVEnergy already sent out their price increase, uh I mean, their warning letter about sourcing of natural gas and availability of such and that we “MAY” seen an increase in our averaging bills coming up. Last year our monthly went from $155 down to $133 and now back up to $148 so............ Wait and see. 🤑
Ahh, but we are really sticking it to the Russians who now have to sell their gas to people besides Europe.
Moronic.
gas will go to highest bidder
Indeed Biden’s build back better in action.
Holy cow! That is dated Sept., 22. I remember when the notion was floated seriously there quite a while back. And I guess it hasn’t died even under the current circumstances. Unbelievable.
Natural gas, not crude.
“Current U.S. oil production is 12.1 million BPD, while the average for the year so far is 11.9 million BPD. That is on pace to be the second-highest ever annual U.S. oil production.”
There’s got to be some wiggle room here to re-fill what Brandon has released. There HAS to be!
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