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Hot Topic (More than 10 Replies) U.S. Just Became a Net Oil exporter, First in 75 years! (Read 162 times)
Seawolf
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U.S. Just Became a Net Oil exporter, First in 75 years!
Dec 6th, 2018 at 1:22pm
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Finally!!


The shale revolution has transformed oil wildcatters into billionaires and the U.S. into the world’s largest petroleum producer, surpassing Russia and Saudi Arabia. The power of OPEC has been diminished, undercutting one of the major geopolitical forces of the last half century. The cartel and its allies are meeting in Vienna this week, trying to make a tough choice to cut output and support prices, risking the loss of more market share to the U.S.

American Oil Renaissance
U.S. net imports of crude oil and refined petroleum products


Sources: 1918-1948 courtesy of Michael Lynch and adapted from American Petroleum Institute's 'Petroleum Facts and Figures 1959'; for 1949-2017 U.S. EIA 'Monthly Energy Review'. 2018 and 2019 are forecast from the EIA.

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“We are becoming the dominant energy power in the world,” said Michael Lynch, president of Strategic Energy & Economic Research. “But, because the change is gradual over time, I don’t think it’s going to cause a huge revolution, but you do have to think that OPEC is going to have to take that into account when they think about cutting.”




The U.S. sold overseas last week a net 211,000 barrels a day of crude and refined products such as gasoline and diesel, compared to net imports of more than 2 million barrels a day on average so far in 2018, and an annual peak of more than 12 million barrels a day in 2005, according to the U.S. Energy Information Administration.

https://www.bloomberg.com/news/articles/2018-12-06/u-s-becomes-a-net-oil-exporte...


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« Last Edit: Dec 7th, 2018 at 2:40am by admin »  


"Without morals a republic cannot subsist any length of time; they therefore who are decrying the Christian religion, whose morality is so sublime and pure (and) which insures to the good eternal happiness, are undermining the solid foundation of morals, the best security for the duration of free governments."

Charles Carroll, signer of the DOI
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Re: U.S. Just Became a Net Oil Producer, First in 75 years!
Reply #1 - Dec 6th, 2018 at 1:25pm
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But...  But....  What happened to coal?

Greg
  

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Re: U.S. Just Became a Net Oil Producer, First in 75 years!
Reply #2 - Dec 6th, 2018 at 4:15pm
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Greg55_99 wrote on Dec 6th, 2018 at 1:25pm:
But...  But....  What happened to coal?

Greg


You understand you don’t just flip a switch, right? Hey give Obama some credit. Didn’t he sign off on somelegislation that paved the way for some of this. I think he did.
  
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Re: U.S. Just Became a Net Oil Producer, First in 75 years!
Reply #3 - Dec 6th, 2018 at 4:37pm
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Why are we still the KSA's army?
  

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Waking in a Wally Wonderland
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Re: U.S. Just Became a Net Oil Producer, First in 75 years!
Reply #4 - Dec 6th, 2018 at 4:41pm
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Ronald Reagan destroyed the Soviet economy both with an arms race and the orchestrated drop in the price of petroleum.  Saudi Arabia worked together with Reagan and Thatcher, as did BP.

" As oil production dropped in the 1988-1991 period, FSU oil exports plummeted (Figure 2 - Difference between production and consumption). Given the combination of a low quantity of oil exported, and low sales price of oil exports, the FSU found itself in financial difficulty-it could not afford to pay for food imports, which it badly needed, and the country collapsed. "  https://www.businessinsider.com/oil-prices-and-the-fall-of-the-soviet-union-2011...


Now, the US is a net oil exporter, it will be even easier to deal with Putin just as Reagan dealt with the Evil Empire.  (Unless we blow up our good relationship with Saudi Arabia)
  

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Re: U.S. Just Became a Net Oil Producer, First in 75 years!
Reply #5 - Dec 7th, 2018 at 12:27am
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Are we not the largest oil CONSUMER?

  

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Re: U.S. Just Became a Net Oil Producer, First in 75 years!
Reply #6 - Dec 7th, 2018 at 1:54am
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Waking in a Wally Wonderland wrote on Dec 6th, 2018 at 4:41pm:
Now, the US is a net oil exporter, it will be even easier to deal with Putin just as Reagan dealt with the Evil Empire.  (Unless we blow up our good relationship with Saudi Arabia)


Not really:

In 2017, the United States exported about 6.38 MMb/d of petroleum to 186 countries, of which about 18% was crude oil and 82% was non-crude oil petroleum. The resulting net imports (imports minus exports) of petroleum were about 3.77 MMb/d.

https://www.eia.gov/tools/faqs/faq.php?id=727&t=6

And, from the OP link:

Given the volatility in weekly data, the U.S. will likely remain a small net importer most of the time.


  

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Re: U.S. Just Became a Net Oil exporter, First in 75 years!
Reply #7 - Dec 7th, 2018 at 4:19am
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Again?

I thought Seawolf had already informed us of the great news already? Grin

  

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Re: U.S. Just Became a Net Oil exporter, First in 75 years!
Reply #8 - Dec 7th, 2018 at 6:17pm
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Luther wrote on Dec 7th, 2018 at 4:19am:
Again?

I thought Seawolf had already informed us of the great news already? Grin


Give us a link.
  


"Without morals a republic cannot subsist any length of time; they therefore who are decrying the Christian religion, whose morality is so sublime and pure (and) which insures to the good eternal happiness, are undermining the solid foundation of morals, the best security for the duration of free governments."

Charles Carroll, signer of the DOI
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Re: U.S. Just Became a Net Oil exporter, First in 75 years!
Reply #9 - Dec 7th, 2018 at 8:51pm
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Seawolf wrote on Dec 7th, 2018 at 6:17pm:
Give us a link.

You've got a groupie.
  

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