U.S. Becomes Biggest Oil Producer After Overtaking Saudi Arabia

[peoli]

Source: EcoWatch

Is President Obama’s “all of the above” energy policy a success? Or a climate failure?

A report issued recently by Bank of America declared the U.S. has now surpassed Saudi Arabia as the world’s largest oil producer. The daily output average for the first quarter of 2104 exceeded 11 million barrels, a significant increase from the previous quarters’ (Sept-Dec 2013) average of 7 million barrels, according to the International Energy Agency.

The expansion of domestic oil production in the U.S. has been significant under President Obama, supported by his “all of the above”—or rather the American Petroleum Institute’s “all of the above”—energy strategy which has overseen a four-fold increase in drilling rigs under his administration.

News of the surge in U.S. oil production was reported almost concurrently with the release of another news item: global climate scientists have again reported historically high levels of atmospheric carbon. As reported by Climate Central, June 2014 was the third month in a row in which carbon dioxide levels in our atmosphere topped an average of 400 parts per million—a level not seen on Earth in at least 800,000 years.

Read more: http://ecowatch.com/2014/07/20/u-s-biggest-oil-producer-overtaking-saudi-arabia/

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This makes me very sad. This is one of the reasons it is hard for me to cheer for Obama like I used to and one of the reasons I can't vote for Hillary. I'll vote for the greenest candidate even if I have to write them in.

[cantbeserious]

1. Oil Death Trains - Unregulated Fracking Poisoning Water Supplies - East Coast Deep Water Drilling

Seems little to be proud of - Instead, why not universally subsidized solar and wind like Germany.

[peoli]

2. Yeah, it makes me the opposite of proud, whatever that is.

[roamer65]

3. So when can we tell the Saudis to piss off?

We need to push fuel economy on vehicles a lot higher, IMHO.

[arcane1]

4. And we're apparently INCREASING our consumption of it.

From the link:
The increase in U.S. oil production also helps accommodate a surge of growth in U.S. oil consumption. In 2013, U.S. oil consumption rose by more than 390,000 barrels per day from its levels in 2012, up to more than 18 million bbd. For the first time since 1999, the use of oil in the U.S. rose more rapidly than in the rest of the world.




No, seriously, WTF?????

[JonGeb]

32. Not really

http://4.bp.blogspot.com/-UmRTuUVy8ys/T5fr8J0QgCI/AAAAAAAACq4/nPPVitvqHbQ/s1600/Screen+shot+2012-04-25+at+8.17.38+AM.png

Oil consumption has been dropping since 2006 rather steadily, there might be month to month spikes, but the overall trend is downward.

[Auggie]

5. No one wins except oil producers and their stockholders

[billhicks76]

15. Poison

While poisoning our aquifers with fracking solvents. Obama do the corporations have embarrassing information about your past or private life to get you go along with them? Is this why you did a 180 on almost every single issue and promise? Did NSA privately outsourced contractors get ahold of this info to gain leverage on you? Inquiring minds want to know!!!!

[msongs]

6. almost all for export nt

[brett_jv]

9. Last I recall, unless the laws have recently changed, producers are not supposed to export crude

Only finished products like gas, kerosene, etc.

Has that changed?

[Divernan]

19. Keystone XL Pipeline: Oil for Export, not for US Energy Security

The oil is refined in Texas and then shipped from the Port Arthur, Texas foreign trade zone, i.e, tax-free!

http://priceofoil.org/2011/08/31/report-exporting-energy-security-keystone-xl-exposed//
(subheadline)
Industry Documents Reveal Scheme to Reach Lucrative Markets Abroad

(Download the full report at the link.)

In pushing for the Obama Administration’s approval of TransCanada’s proposed Keystone XL tar sands pipeline, the North American oil industry and its political patrons argue that the pipeline is necessary for American energy security and its construction will help wean America of dependence on Mideast oil. But a closer look at the new realities of the global oil market and at the companies who will profit from the pipeline reveals a completely different story: Keystone XL will not lessen U.S. dependence on foreign oil, but rather transport Canadian oil to American refineries for export to overseas markets.

The facts:

Keystone XL is an export pipeline. The Port Arthur, Texas, refiners at the end of its route are focused on expanding exports to Europe, and Latin America. Much of the fuel refined from the pipeline’s heavy crude oil will never reach U.S. drivers’ tanks.

Valero, the key customer for crude oil from Keystone XL, has explicitly detailed an export strategy to its investors. Because Valero’s Port Arthur refinery is in a Foreign Trade Zone, the company can carry out its strategy tax-free.

In a shrinking U.S. market, Keystone XL is not needed. Since the project was announced, the oil industry acknowledges that higher fuel economy standards and slow economic growth mean declining U.S. oil demand, even as domestic production is booming. Oil from Keystone XL will therefore displace American crude from new, “unconventional” domestic fields in Texas or North Dakota.

[brett_jv]

7. We went from 7 to 11 million bbd over a QUARTER? ... I don't f'ing believe that for a second ...

That is a WAY WAY bigger increase in crude output than has EVER happened in that short of a time period. I call BS. That's probably some 'barrel equivalents' number that includes natural gas as well ... or something like that.

Furthermore, even if we're producing more than KSA, we're still not nearly as important of a producer on the world stage, because we don't EXPORT much. Or at least, we're not supposed to. Finished products (gas, kerosene, etc), yes, but crude? AFAIK, there's been a crude export ban for quite some time, save for a handful of isolated deals ... I think maybe Japan gets some of the Alaskan output, for example.

And HOW exactly is Bank of America an authority on numbers like this?

[dipsydoodle]

10. IF the US overtook anyone it was Russia : not Saudi.

.

[Strelnikov_]

17. Agree

4 M 'blue barrels' per day is one hell of an increase in just one quarter.

[IDemo]

8. Find me a rethug who isn't still screaming "Drill baby, drill!"

Edit - not fast enough with this post, I see...

[n2doc]

11. So we drilled our brains out. Where's the cheap oil?

Weren't the Rethugs screaming that all we needed to do to bring the price of gas down to golden age levels was to 'drill, baby drill"??? Gas is still well over $3.30/ gallon here in Georgia, Was over $4 in California when I last visited a month ago.

I'll bet the rethugs will continue spiting this crap even after every spot in America has an oil or gas well stuck on it, polluting away.

[cstanleytech]

31. They are the main reason we are in the boat we are in and

by they i mean the republicans.
If they didnt control the congress and had less say on scotus and in the senate as well im willing to bet the government would have invested more in alternate sources of cleaner energy like solar but as it is the republicans only goal is more $$$$ for themselves and their campaign donors/bribe givers.

[EEO]

12. Why am I still paying so much then?

[swilton]

13. Imagine

what we could do and the world would be like if those investments in guns over butter were instead invested in wind and solar power

ALTERNATIVELY

if we tried reducing our consumption of fossil fuels and other items promoted by mass culture

[Plucketeer]

14. And here we are...

..hunched over our keyboards, fuming about it.

[DCBob]

16. The only good thing you could say about this is that it has delyed the inevitable catastrophe..

that peak oil will bring. One would hope our leaders would use this opportunity to get serious about alternatives.

[NickB79]

25. Now we just have to worry about the inevitable collapse all that carbon will bring

Fun times.

[Warren Stupidity]

18. Too bad we aren't the biggest renewable energy producer.

Being the world's top producer of fossil fuels is pretty much a crime against humanity.

[tabasco]

20. We've been there before

Used to be US and USSR the top two for a long time.

[truthisfreedom]

21. Drilling for oil, except for the terrible results from fracking and transporting and pipelines, is

not evil by itself. What's evil is burning it. Oil is necessary for modern technology. It's absolutely essential for plastics and many, many necessary chemicals. It's a wonderful natural resource that should not be burned!

[cstanleytech]

30. Burning oil isnt evil...............

stupid yes but not evil.

[Martin Eden]

22. "surge in U.S. oil production"

That should read: surge in U.S. oil extraction.

Rapid depletion of a finite resource is very short-sighted strategy, regardless of the effect on climate.

[Enrique]

23. that explains why the gasoline prices have plummetted

[NickB79]

24. Gasoline is "only" $3.25 here in Minnesota

Not exactly great, but given that we're in prime driving season and the economy has been gradually recovering (ie more people driving to jobs), it's a hell of a lot better than I expected it to be.

[craigmatic]

26. We might produce more but it's not put to use here because gas prices are still high.

[DJ13]

27. I could almost excuse this as Obana looking out for the battered consumers in a recession

*IF* the additional production lowered pump prices, but that hasnt happened, so........

[KoKo]

28. WOW...Quite an Accomplishment! Selling off USA's Resources to WHO?

AND FOR "WHAT?"

When all our own USA Resources (Which Belong to the PEOPLE OF USA) is all gone do we buy from Israel's New Resources (reportedly they have abundant offshore Oil access drilling off GAZA Coast...or Iraq or the other Countries we Invade or do Trade Agreements with?

After all...we are just one BIG Happy Global Economy sharing in the Give Away of our Resources to the Multi-National Oil/Gas Companies.

It's a FREE FOR ALL!

[DeSwiss]

29. K&R

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