Posted on 11/27/2009 7:01:43 AM PST by Military family member
NEW YORK, Nov. 27 /PRNewswire/ -- Platts - United States crude oil production for 2009 is on target to have its biggest one-year jump since 1970, according to a Platts analysis of industry data.
With U.S. oil production averaging 5.268 million barrels per day (b/d) through October, the gain in U.S. output will be the most since the country produced 9.637-million b/d in 1970, which turned out to be the peak year of U.S. crude output, according to Platts' analysis of data published by the U.S. Energy Information Administration (EIA). If that 5.268 million b/d figure holds through December, this year would show a 6.4% boost from the 4.95 million b/d average of 2008 and rank as the best U.S. oil production year since 2004, when output averaged 5.419 million b/d.
(Excerpt) Read more at wabashvalleyjournalonline.com ...
Supply and demand, and this implies prices will be lower???
Goldman, JP Morgan, are betting other wise.
We need the import amount side by side with these numbers.
What are we trying to do sink Dubai or something? ; )
Don’t worry. Our bailed out friends in the financial sector will make sure any savings never reaches the consumer.
We use 22 million barrels a day with Canada being our largest
supplier. This up spike is very temporary as all this new
oil is coming from horizontal drilling which goes into decline
at a much faster rate than normal vertical drilling. In the
next two or three years we will enter a world of hurt when
the worlds major suppliers start restricting exports.
With U.S. oil production averaging 5.268 million barrels per day (b/d) through October, the gain in U.S. output will be the most since the country produced 9.637-million b/d in 1970, which turned out to be the peak year of U.S. crude output, according to Platts' analysis of data published by the U.S. Energy Information Administration (EIA). If that 5.268 million b/d figure holds through December, this year would show a 6.4% boost from the 4.95 million b/d average of 2008 and rank as the best U.S. oil production year since 2004, when output averaged 5.419 million b/d.
A big jump from a very low level still doesn’t get you very high. I mean, I’m glad to see it increasing, but it’s not enough.
Russia produces more oil than Saudi Arabia now and is hoping for Iran to get bombed. The falling dollar was supporting war in the ME and our country refuses to drill for it's own energy security. This will mess up Obama's planned destruction of the US also. This is VERY good news all around, I'd say.
Imports would be around 13.5 million barrels per day.
So I guess I’ll let the hardwood grow another two or three years. Those are my ‘heat reserves’.
So I guess I’ll let the hardwood grow another two or three years. Those are my ‘heat reserves’.
Dubai is almost toast already = Goodbye Dubai!
The welcome increase is from Bakken structure production in North Dakota. Drilling is inceasing daily, and the future in that region is very bright. North Dakota is now the fourth most productive oil producing state after Alaska, Texas and California.
You & me both. My gas bill is about $30/mo and I live in AK and I prefer wood heat to alternatives any ways.
Dubai, IMHO, is about to unleash some oil to pay their bills.
Guess again, Dubai has NO oil. Period.
The welcome increase is from Bakken structure production in North Dakota.
Very, very short term. The structure has at the most about
4.3 billion barrels which is located in a very narrow band
running horizontally to the surface. Horizontal drilling
is expensive and even with fracturing, the holes are money
losers after three or four years.
My friend, you are so wrong about the life of Bakken holes. You admit, that it has a reserve of four billion barrels. Think, four billion barrels! It is the largest find in the lower 48 in more than fifty years, and the largest since the Alaska North Slope. All the majors are drilling there; Slumberger and Halliburton are investing big. EOD is paying for rail service. Please,do some homework.
Russia to invest $2 trillion in energy sector, shift focus to Asia
Calgary Herald | November 27, 2009 | Herald News Services
Posted on 11/27/2009 7:53:38 AM PST by thackney
http://www.freerepublic.com/focus/news/2395397/posts
Dubai’s Dramatic Drop—Tough times ahead for the oil-rich Muslim statelet.
FrontPageMagazine.com | Wednesday, February 25, 2009 | Daniel Pipes
Posted on 02/25/2009 5:34:43 AM PST by SJackson
http://www.freerepublic.com/focus/news/2193593/posts
Obama shifts on offshore oil drilling
AP | 8/1 | MIKE GLOVER, Associated Press Writer
Posted on 08/01/2008 6:51:06 PM PDT by Blackirish
http://www.freerepublic.com/focus/news/2055199/posts
Rush to exploit new offshore oil hampered by shortage of drilling ships
IHT, via Drudge | June 18, 2008 | Jad Mouawad & Martin Fackler
Posted on 06/19/2008 7:06:04 AM PDT by Virginia Ridgerunner
http://www.freerepublic.com/focus/news/2033317/posts
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