Posted on 02/10/2012 8:09:59 PM PST by lbryce
The United States has long been seen as a nation in its twilight as an oil producer, facing a relentless decline that began when President Richard Nixon was in the White House. He and every president since pledged to halt the U.S. slide into greater dependence on foreign oil, but the trend seemed irreversible—until now. Forty-one years later, U.S. oil production is on the rise.
U.S. oil fields yielded an estimated 5.68 million barrels per day in 2011—their highest output since 2003, thanks largely to a surge of new production from shale oil that lies beneath the Great Plains. The rush so far is centered in North Dakota, where oil production has quadrupled since 2005, but drilling is set to spread across the prairie and beyond.
"A 'great revival' in U.S. oil production is taking shape," said Jim Burkhard, managing director of the energy consultancy IHS Cambridge Energy Research Associates in testimony last month before a U.S. Senate committee. The resurgence provides the United States a welcome measure of energy security at a time of global economic uncertainty and geopolitical risk, he said.
Yet the U.S. government's own energy analysts and many experts see a limit to this new gusher. The technological advances that have driven the revival—high-volume hydraulic fracturing combined with horizontal drilling—can only squeeze so much more crude out of the U.S. landscape, they say. Projections are that U.S. oil production will never again reach the lofty heights of the 1960s, even without environmental concerns slowing development or hampering industry with new costs.
(Excerpt) Read more at news.nationalgeographic.com ...
And how many more gallons of gasoline modern refineries can get out of a barrel of oil. Lots.
So I'm not suprised we need less raw material to achieve even more results.
/johnny
And self-sufficiency is twice the 1970 production peak.
But the $10-$20 a barrel oil is pretty much tapped out.
Obama keeping the price of gas up so his rich oil buddies can make more money. (Where did I hear something like that before?)
Obama keeping the price of gas up so his rich oil buddies can make more money. (Where did I hear something like that before?)
1.5 trillion barrels in the green river basin. 60 years supply if we develop what we have. Much of it on federal ground which would go along way towards paying off our debt
Only the fact that the vast majority of the Williston Basin is NOT Federal Land has kept the Bakken/Three Forks boom going.
Federal Leases have been shut down throughout the Rocky Mountains by the Government, but there is no compelling reason the Government can use to shut down drilling on private land.
It's policy that has kept the lid on production.
Between Canada and the US there is an immense amount of oil and gas......but where is the will.
Yep. It went the way of the $5,000 new (1/2 ton) pickup, cigarettes under a buck a pack, the payphone, and the 50 cent burger...(Yes, the tech is spendy, but inflation takes a big bite, too--not to mention all the gubmint hoops.)
...facing a relentless decline that began when President Richard Nixon was in the White House... Forty-one years later, U.S. oil production is on the rise. U.S. oil fields yielded an estimated 5.68 million barrels per day in 2011 -- their highest output since 2003, thanks largely to a surge of new production from shale oil that lies beneath the Great Plains. The rush so far is centered in North Dakota, where oil production has quadrupled since 2005, but drilling is set to spread across the prairie and beyond.The amount of fuel used per day went up during that time, thanks to a rising population (nearly 50%) and despite mandated higher vehicle fuel economy. The percentage of our petroleum that is imported fell mostly due to the Obama Recession, declining employment, sales declines, fewer miles driven, and less consumed. Some small percentage of the import decrease is due to increased US production, but as noted above, the US has increased exports because of the market price. That supply has been steady, give or take the overthrow of Gaddafy and sanctions on Iran.
Short-Term Energy Outlook
U.S. Crude Oil and Liquid Fuels
http://www.eia.gov/forecasts/steo/report/us_oil.cfm
The long range forcast shows a 1% growth average per year.
http://www.eia.gov/forecasts/aeo/er/pdf/tbla14.pdf
Things are improving, but not as well as that graph shows. Or only for selected areas and not the nation as a whole.
Not quite that bad. A key to remember is the breakdown of our petroleum total usage. Included in that number of ~19 MMBPD is 2.3 MMBPD of natural gas liquids. The refineries have provided a portion of that but the field production is growing with the shale natural gas production.
Petroleum Product Supplied
http://www.eia.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_m.htm
Which is exactly why I "hope" for $6 per gallon gasoline come November 6th.
You’ll get no argument on that from me.
You’ll get no argument on that from me.
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