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Reuters: U.S. to overtake Saudi as top oil producer: IEA


visionary

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The bigger problem isn't production, it's consumption. We are already one the highest oil producers in the world, so this doesn't shock me considering new technology and reserves we've found. My thing is usually when news like this is out it's already been known by the people in the trenches, like the oil companies. Why do they insist on pricing gas like we're about to run out and have to protect what we have???

 

They don't. The price of oil has spiked dramatically because of the rapid economic growth of developing economies (especially China, which I believe is now the #2 consumer in the world and doesn't have nearly the reserves that we do).

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Texas pumping more oil than some OPEC countries

http://fuelfix.com/blog/2013/07/10/texas-oil-surges-to-highest-level-since-1984/

 

Drilling activity suggests the boom will continue. There are 835

drilling rigs at work in Texas — about 25 percent of all rigs in the

world, according to the latest Baker Hughes rig count.

As a whole, the United States produced 221 million barrels of crude

in April, with more than a third coming from Texas. Including offshore

oil (about 40 million barrels), more than half of U.S. crude came from

Texas and the Gulf of Mexico.

 

....

and they haven't even developed the Cline formation yet(Initial estimates indicate it contains some 30 billion barrels of recoverable oil.) ....funny how much oil and gas gets found when ya look

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The bigger problem isn't production, it's consumption. We are already one the highest oil producers in the world, so this doesn't shock me considering new technology and reserves we've found. My thing is usually when news like this is out it's already been known by the people in the trenches, like the oil companies. Why do they insist on pricing gas like we're about to run out and have to protect what we have???

 

They don't. The price of oil has spiked dramatically because of the rapid economic growth of developing economies (especially China, which I believe is now the #2 consumer in the world and doesn't have nearly the reserves that we do).

 

That would make more sense if American oil companies like Exxon didn't post a $44 billion profit last year.  I understand what you're saying with other countries and rising demand.  But does that really justify $3, $4, $5 a gallon in OUR country when they're making that kind of profit?

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The Peak Oil crowd seem to be seeing reality finally.....I will miss reading it though

http://reason.com/blog/2013/07/12/peak-oil-peters-out-neo-malthusian-cult

Peak Oil Peters Out: Neo-Malthusian Cult Website The Oil Drum Shuts Down

A few weeks ago the ISEOF board (The Institute for Energy and Our Future that facilitates The Oil Drum), Euan, Super G, JoulesBurn, and Myself, met to discuss the future of The Oil Drum. A discussion we have had several times in the last year, due to scarcity of new content caused by a dwindling number of contributors. Despite our best efforts to fill this gap we have not been able to significantly improve the flow of high quality articles.

The folks over at Marke****ch at the Wall Street Journal speculate:

With news of record-breaking North American oil and gas production seemingly every day, maybe it just got too hard to maintain a site devoted to the notion that the world’s oil production was at or near a peak.

You think? As long as people remain free to benefit from their creativity, then Malthusians will always be wrong.

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Peak oil being pushed back is no reason to continue being dependent on it. It's still a non-renewable resource, and even if cars use less fuel, more cars is going to make up for that.

Given how many other products can be made from oil, we shouldn't go forward with using it all up for everything because the deadline has been pushed backwards.

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it might be renewable ....but that is just a theory(abiotic)

shifting trucking/transport to natural gas is happening which will reduce oil consumption and is cleaner

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I don't understand the logic in making oil a renewable resource when it contributes so much greenhouse gases and other negative effects to the environment. I'd like to see natural gas saved for industry primarily and trucking to start off with; but I want to see us eventually get hydrogen right. It's the most plentiful element / natural resource in the known universe and the by products are cleaner then anything we have to date.

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I like hydrogen and other alternatives such as hydrates,nuclear, but it is not time yet in many applications.

no need to save NG, it and methane are seeping out all around you....into the environment

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Most new technologies will stumble along the way, going through trial and error in order to find the best methods of implimentation. The reaction to that shouldn't be to abandon those technologies and maintain the status quo.

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Most new technologies will stumble along the way, going through trial and error in order to find the best methods of implimentation. The reaction to that shouldn't be to abandon those technologies and maintain the status quo.

certainly, but neither do you expand the new tech much w/o fixing it's stride first

 

unless you like waste and inefficiency

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The bigger problem isn't production, it's consumption. We are already one the highest oil producers in the world, so this doesn't shock me considering new technology and reserves we've found. My thing is usually when news like this is out it's already been known by the people in the trenches, like the oil companies. Why do they insist on pricing gas like we're about to run out and have to protect what we have???

 

They don't. The price of oil has spiked dramatically because of the rapid economic growth of developing economies (especially China, which I believe is now the #2 consumer in the world and doesn't have nearly the reserves that we do).

 

That would make more sense if American oil companies like Exxon didn't post a $44 billion profit last year.  I understand what you're saying with other countries and rising demand.  But does that really justify $3, $4, $5 a gallon in OUR country when they're making that kind of profit?

 

Oil is a global market. While you can see minor-to-moderate differences in its final delivery price in different regions of the world, in general, the whole planet is bidding on the same international supply. For example, most of Exxon's profits come from overseas. The company isn't skimming $44 billion off of the backs of hardworking Americans by conspiring with other oil companies to hold prices at American gas stations way above true market value.

 

Look at what's happened to most commodities over the past 15 years or so. The rapid tripling, quadrupling, or even further multplying of prices has been a worldwide phenomenon, one that, again, coincides with unprecedentedly "red hot" growth in the developing world. ("Red hot" growth isn't always considered to be a good thing, by the way. Economists will frequently worry about too-fast growth in any given country or region creating large imbalances that often manifest themselves in the form of price bubbles, which seems to fit this conversation all too well.) For example, take a gander at this chart of the price of copper, considered to be one of the most important (if not just the most important) industrial commodities in existence:

 

copper.jpg

 

The quick acceleration in prices hasn't just been limited to things like metals and oil, however. As developing economies have grown, their populations have been able to afford to eat more food, thus resulting in charts like this:

 

World-Bank-Global-Food-Price-Index.png

 

All told, the runaway growth of the developing world over the past decade-plus hasn't just dramatically escalated the price of oil, it's dramatically escalated the price of everything:

 

historicContinuousCommodIndex.png

 

Remember, however, these are commodity prices, not final consumer prices, which are two very different things despite the fact that all consumer goods must, at the end of the day, be made out of commodities. That's its own very long and complicated conversation, so rather than jumping into it and all of the "fun" it would bring, I'd rather just end this post with a Sharknado:

 

preview-the-sharknado-is-coming.jpg

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1. Here's a piece on fracking and earthquakes.

 

Appearantly, the biggest issue isn't the fracking, it is the injection of the waste water (to contain it for environmental issues) into the wells. It has even been tied to an earthquake that destroyed 14 homes.

 

http://news.yahoo.com/distant-seismic-activity-trigger-quakes-fracking-sites-185228026.html

 

2. I wouldn't dismiss the role of oil production in terms of the costs of oil. Here's a good piece on that: http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/13/peak-oil-isnt-dead-an-interview-with-chris-nelder/

 

(and note the talk about costs there is real measurable costs and not longer term less definded costs like increased earthquakes).

 

Now, copper and food have some of the same issues in terms of production and pushing us to produce the commodity from places with lower value (e.g. using less productive land to produce crops and therefore having to use more chemicals/technology to generate a reasonable amount of the crop).

 

Clearly, increased consumption exacerbates the issue. It is a two headed coin.

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  • 3 months later...

Analysis: Awash in oil, U.S. reshapes Mideast role 40 years after OPEC embargo

http://finance.yahoo.com/news/analysis-awash-oil-u-reshapes-191800875.html

In the decades that followed the Organization of the Petroleum Exporting Countries embargo, "you could not make plans in the Middle East or involving Middle East crises, without keeping in mind the considerations of the oil market," Henry Kissinger, who was Secretary of State during the 1973 oil shock, said on Wednesday.

"But that is now changing substantially with the, I wouldn't say 'self sufficiency' but narrowing the gap between supply and demand in North America, that is now of huge strategic consequence," Kissinger said at a conference hosted by the group Securing America's Future Energy.

The United States is less reliant each month on Middle East energy, thanks to increasing production of both oil and natural gas from technologies such as hydraulic fracturing, or fracking, which allows extraction of oil and gas from shale deposits.

The country could be energy self-sufficient - producing enough to meet its own needs - by 2020, according to several analyses, and a debate has begun on whether to end an effective ban on U.S. crude oil exports.

 

 

 

Texas production could double by 2020, industry regulator says

http://fuelfix.com/blog/2013/10/17/texas-could-rank-with-worlds-largest-oil-producers-by-2020-industry-regulator-says/?cmpid=businesshcat

 

Booming resource plays that show no signs of slowing could push Texas’ crude oil production to 4 million barrels per day by 2020, doubling its 2012 rate, a top state industry regulator said Thursday.

That would “put us in league with some of the biggest oil producers on the planet,” said Barry Smitherman, chairman of the Texas Railroad Commission, at an oil and gas conference hosted by Bloomberg.

Smitherman spoke during a morning panel on the outlook for U.S. oil production and prices, kicking off a tightly packed day’s worth of industry insight at the Museum of Natural Science in Houston.

 

..

“Every time I have a presentation, my numbers are outdated by the time I put the slides together,” he said.

The United States’ increase in oil production — which jumped to 6.5 million barrels per day in 2012 from 5.4 million barrels per day in 2010 — has kept commodity prices contained even while Iran and Libya curb supply levels, said Francisco Blanch, head of global commodities and derivatives research and Bank of America Merrill Lynch.

“I love the narrative that we lost Iran and Libya and we gained Texas,” Smitherman said.

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If this guy's invention takes off both Saudi Arabia and Texas will be broke within five years :)

 

http://voiceofrussia.com/us/2013_10_19/New-device-to-convert-waste-into-energy-5602/

 

I hope it works out for him ,but what is left out is usually rather important in those things ....did you know your car will run on water?

 

besides we are so full of **** we will control that market as well  ^_^

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I hope it works out for him ,but what is left out is usually rather important in those things ....did you know your car will run on water?

 

besides we are so full of **** we will control that market as well  ^_^

 

Asked him about that.  The one significant problem with his method seems to be time lag.  The microbrial process seems  to take a while, but the potential of generating energy via organic waste while purifying water seems like it could be a great contribution.  If we can keep adding puzzle pieces and adjusting the calculus, eventually we might arrive at a better balance.

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  • 8 months later...

three yrs early....my homeboys be working it

 

U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

http://www.bloomberg.com/news/2014-07-04/u-s-seen-as-biggest-oil-producer-after-overtaking-saudi.html

 

Record Investment

“There’s a very strong linkage between oil production growth, economic growth and wage growth across a range of U.S. states,” Blanch said. Annual investment in oil and gas in the country is at a record $200 billion, reaching 20 percent of the country’s total private fixed-structure spending for the first time, he said.

A U.S. Commerce Department decision to allow the overseas shipment of processed ultra-light oil called condensate has fanned speculation the nation may ease its four-decade ban on most crude exports. Pioneer Natural Resources Co. and Enterprise Products Partners LP will be allowed to export condensate, provided it is first subject to preliminary distillation, the companies said June 25.

The decision was “a positive first step” to dispersing the build-up of crude supply in North America, Bank of America said in a report on June 27. The U.S. could potentially have daily exports of 1 million barrels of crude, including 300,000 of condensate, by the end of the year, according to a June 25 report from Citigroup Inc.

 

 

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What benefit do the vast oil fields of America offer Americans that a factory employing the same number of people wouldn't? I know Alaskans actually get money from it. How are other Americans benefitting from the rest of that ocean of wealth? I'm honestly curious.

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Obviously, there are jobs involved. Somebody has to drill the wells, and maintain them. Then there's refining, and shipping. Although those jobs would still be here, if we were importing crude, too.

There's also things like helping our balance of trade (which really sucks, and needs all the help it can get). Although those benefits are a lot more nebulous and harder to measure.

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