dave27johnson
Champion Author
Chicago
Posts:1,787
Points:407,150
Joined:Feb 2012
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Message Posted: Jan 31, 2013 12:30:56 AM
That's the trend.
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Tommyguns45
Sophomore Author
Illinois
Posts:212
Points:131,205
Joined:Feb 2012
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Message Posted: Jan 30, 2013 5:44:07 PM
Thats great since we have trillions of feet of natural gas. Sen. Durbin told me it was too hard to get a few years ago when I wrote to him the benefits of compressed natural gas for our vehicles. He doesnt seem to know much about that as he doesnt about guns either except try to ban them.
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humblepie
Champion Author
Toledo
Posts:34,147
Points:2,369,420
Joined:Mar 2006
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Message Posted: Jan 30, 2013 5:29:32 PM
not for at least 4 more years anyway
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SVmike
Champion Author
California
Posts:1,569
Points:319,195
Joined:Dec 2009
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Message Posted: Jan 30, 2013 2:29:06 PM
>> maybe we can join opec.
Why would we want to be an exporter
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schatzila
Champion Author
Los Angeles
Posts:4,939
Points:1,014,670
Joined:Jun 2010
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Message Posted: Jan 30, 2013 1:06:49 PM
who can say?
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qwerty17
Champion Author
New Jersey
Posts:3,645
Points:1,115,950
Joined:Oct 2009
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Message Posted: Jan 30, 2013 12:39:40 PM
maybe we can join opec.
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gbs1
Champion Author
Minnesota
Posts:1,991
Points:740,650
Joined:Mar 2011
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Message Posted: Jan 30, 2013 10:28:08 AM
Amazing
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MrDeath666
Champion Author
Houston
Posts:1,606
Points:242,240
Joined:Sep 2012
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Message Posted: Jan 30, 2013 10:12:27 AM
Great news - but Obama will try to stop this using the EPA.
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boatcatawba
Sophomore Author
Cleveland
Posts:206
Points:143,985
Joined:Dec 2012
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Message Posted: Jan 30, 2013 9:56:55 AM
Good.
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RAJNY
All-Star Author
New York
Posts:575
Points:430,420
Joined:Oct 2011
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Message Posted: Jan 30, 2013 9:53:45 AM
nice
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orphancarguyPE
Champion Author
PEI
Posts:3,838
Points:733,040
Joined:Jan 2011
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Message Posted: Jan 30, 2013 9:46:14 AM
Out of context, these sort of headlines and articles are meaningless, and very misleading. Saudi Arabia production is slowly falling, so even if the US stayed level, it would overtake Saudi Arabia. Russia, in the last days of the Communist era, was significantly 'overproducing' its resources, and not spending anything near what was needed in infrastructure repair, upgrades and replacement (pipelines, pumping stations) because its need for foreign hard currency was so great.
Overproduction can have future drastic consequences to the RATE of production and the TOTAL percentage that is recoverable from conventional wells, dropping both. You might be able to get away with a slight increase for a short while, but you really have to slack off for some time to let the wells recover and not get poisoned by salt and water infiltration. Russia is likely to suffer a 'dip' until a couple of decades of steady re-investment post-Soviet era in infrastructure and new technology kicks in, so again, it is likely misleading as the 'dip' might be temporary. So, being in 'first place' by itself means nothing out of context.
Now, the real context. The US uses 18.7 million barrels of crude oil a day or less, and produces about 10.4 million barrels per day--the VAST majority of which is still from steadily declining conventional oil fields. Crude oil use is falling, and production is up, and between the two, the change looks more significant than it is. The US is VERY dependent on imported crude oil, and will remain so for decades. Tight oil, for all the screaming headlines, is still a very small portion--less than 10%, and not rising significantly fast in spite of what you might think. In fact, if there are no setbacks, and if there are no sudden conventional oil production drop-offs, and everything goes perfectly, the US 'might' be self-sufficient in crude oil by about 2030.
However, that is assuming a lot of 'ifs' come true, and a lot of perfect conditions.
The sad reality about fracked oil and natural gas is that the highest output is the day after you start production, and it drops off steadily and sharply (think, about 38% per year, and from day one) compared to conventional oil and gas wells which can keep producing for decades. Totally different structures, totally different production characteristics. So, the sudden high production misleads people into thinking that the production will continue as it does in conventional, and it doesn't. You have to drill a new well every 18 months or so on average, JUST to keep production steady, not even increase it at all. No mistake--there is a lot of oil and gas, but the cost is even higher in marginal production terms than anticipated. So, 'liquid fuel producer superpower'? Not likely, unless the world--including the US-- wants to pay more than current prices. Its there; it just will not be cheap once the full cost accounting of those endless high cost short term wells are considered.
One other way to look at it--if the constant drilling slacked off even a bit, the total production would tank in about a year's time. And since fracking is so dependent on lots of water being available, and some of the best producing areas are in dry lands, there is another crunch coming.
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Joeski1
Champion Author
New Jersey
Posts:9,984
Points:1,739,885
Joined:Dec 2004
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Message Posted: Jan 30, 2013 9:30:49 AM
ho hum.....
big whoop...
prices are sky high and goin' higher...
what's gonna change it?
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PTBpricer
Champion Author
Virginia
Posts:1,481
Points:204,245
Joined:Jun 2012
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Message Posted: Jan 30, 2013 9:18:07 AM
"Vast unconventional reserves have been unlocked in the U.S., with oil production following gas. This delivery has been made possible not only by the resources and technology, but also by ‘above-ground’ factors such as a strong and competitive service sector, land access facilitated by private ownership, liquid markets and favorable regulatory terms."
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Rappcommuter
Veteran Author
Virginia
Posts:470
Points:553,515
Joined:Apr 2011
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Message Posted: Jan 30, 2013 9:16:42 AM
Just don't expect lower gasoline prices. The global demand (especially from China and India) will ensure that demand keeps up with supply. Even at that, the supply of oil and gas is not infinite.
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jrschl
Champion Author
Louisville
Posts:2,957
Points:679,115
Joined:Jun 2011
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Message Posted: Jan 30, 2013 9:16:19 AM
Let's only hope so. You have seen what it has done for a region with little more than oil & sand, could only help the US.
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K9LO
Champion Author
North Dakota
Posts:2,674
Points:542,030
Joined:Nov 2010
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Message Posted: Jan 30, 2013 9:15:20 AM
Keep the petroleum in the US.
Gasoline is up in Minot ND. The gas prices are almost the highest in ND. Distributors should be ashamed for price gouging the people of Minot, ND.
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mastermariner
Champion Author
Texas
Posts:4,247
Points:493,010
Joined:Jun 2011
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Message Posted: Jan 30, 2013 9:13:52 AM
Remains to be seen
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humblepie
Champion Author
Toledo
Posts:34,147
Points:2,369,420
Joined:Mar 2006
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Message Posted: Jan 30, 2013 9:12:12 AM
not for at least 4 more years
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jwalkerh
Champion Author
Louisiana
Posts:6,127
Points:1,368,645
Joined:Oct 2008
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Message Posted: Jan 30, 2013 9:07:06 AM
Good for the United States.
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merlinCO
Champion Author
Colorado
Posts:1,630
Points:339,445
Joined:Mar 2012
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Message Posted: Jan 30, 2013 9:01:29 AM
Lets join OPEC.
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darshanzala
Veteran Author
Illinois
Posts:301
Points:98,635
Joined:Jan 2013
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Message Posted: Jan 30, 2013 9:01:24 AM
What about closed refineries? The price is always going high whenever news comes of closing some refinery. More oil production will not make any difference.
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