U.S. Oil Production Set to Surpass Imports For First Time in 20 Years

[bripat9643]

Booming shale plays in North Dakota and Texas are juicing the nation's oil output and reducing our dependence on foreign imports

By Meg Handley
March 20, 2013 RSS Feed Print
U.S. could soon produce more oil than it imports from abroad.

The U.S. could soon produce more oil than it imports from abroad.

The domestic oil boom is poised to reach another milestone as projections have the nation's monthly crude oil production outpacing imports for the first time in almost 20 years.

Buoyed by booming shale plays in North Dakota and Texas, U.S. oil production will be 2 million barrels a day higher than imports by the end of 2014, according to the U.S. Energy Information Administration's Short-Term Energy Outlook.

"This projected change is primarily because of rising domestic crude oil production, particularly from shale and other tight rock formations in North Dakota and Texas," the agency noted on its website Wednesday.

U.S. Oil Production Set to Surpass Imports For First Time in 20 Years - US News and World Report

 

[waltky]

Uncle Ferd says, "Yea - tell `em dey can sit on dey's camels an' pound salt fer all we care...

Rising US Oil Production May Cut Saudi Influence In Washington
October 25, 2013 ~ Economists say the United States is in the process of passing Russia and Saudi Arabia to become the world’s largest oil producer. This means less dependence on oil imports, stronger economic growth, and more latitude in dealing with political problems with Saudi Arabia and the rest of the Middle East.

The growing use of advanced oil extraction techniques like “fracking” is boosting U.S. oil production sharply, according to the American Petroleum Institute’s Chief Economist John Felmy. He says experts are still toting up production figures, but the United States is either the world’s largest oil producer or soon will be. Felmy says the increase in domestic oil and gas production has sharply cut the proportion of U.S. oil demand that must be met by imports. “Thirty five to 40 percent net basis, so that is a significant decline from 60 percent,” he said.

The president of Strategic Energy & Economic Research, Michael Lynch, says rising oil supplies put downward pressure on oil prices, boosting U.S. economic growth. “Consumers would have more money in their pockets after paying for gasoline and other things, inflation should be lower, also the cost of electricity, natural gas, plastics and transportation all go down,” he said. Worry about the supply and price of oil is one reason the United States dispatched more than half a million troops to fight in the first Gulf War in 1990 when Iraq seized Kuwait right next to Saudi Arabia.

Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area where Tidelands Oil Production Company, owned by Occidental Petroleum Corporation, operates near Long Beach, California

Analyst Simon Henderson of the Washington Institute for Near East Policy says fewer concerns about oil will make it harder for U.S. officials to persuade voters to pay the high costs of military actions to help Saudi Arabia in the future. “We have to pay attention to the Middle East because of its impact on the world oil market and on energy here in the United States becomes a weaker argument," he said. "And people out in Minnesota, or wherever, are going to say ‘why are we bothered?’ about Saudi Arabia. “ Henderson says Saudis are already complaining that Washington is ‘tone deaf” to Saudi concerns about rival Iran’s growing strength and unwilling to take strong action to end the civil war in Syria.

In the past, the Saudis helped Washington when they restrained rising oil prices by increasing their oil production. Henderson says fraying relations with Washington could make them less willing to continue such actions. But an analyst at the Institute for the Analysis of Global Security, Anne Korin, says oil prices have gone up several fold in recent years, in spite of Saudi actions. “The common interest that U.S. policy makers have perceived to have had with Saudi Arabia is of course, keeping the price of oil at bay (from soaring)," he said. "I think that has been a completely hallucinatory [untrue] perception.” She says Saudi leaders are likely to keep oil prices high in the future because they need more revenue. Korin says Saudi leaders were shaken by Arab spring revolts in other nations and greatly increased social spending in the hope of defusing discontent that might threaten their grip on power. But growing U.S. oil production is likely to reduce Saudi influence on how much Americans pay to fill up their gas tanks.

Rising US Oil Production May Cut Saudi Influence In Washington

 

[JakeStarkey]

The reactionaries and libertarians will all praise Obama for a better economy and a more stable national security.

 

[percysunshine]

All on private land to...imagine that.

 

[Politico]

We're not reducing dependence on shit. It is being sold to other nations like most of the stuff we already produce.

 

[healthmyths]

We're not reducing dependence on shit. It is being sold to other nations like most of the stuff we already produce.

Wow no wonder people say "opinions are like bird shit..everyone has one and all are crap"!

What kind of stupid statement is "we're not reducing"??
"U.S. crude oil imports will fall significantly from a peak of $335 billion to $160 billion in 2020 a decline of 32%"
U.S. crude oil imports dependency to decline 32% by 2020

THIS means dummy we are producing more oil for our USE then we import dumb f...k!
Pretty plain. Simple fact.

Now for you next stupid statement: "sold to other nations"..
YEA!!!! GREAT !!!! that means the USA is making money dumb f...k!!!
GEEZ people like you with obviously NO or little understanding of economics is a true indictment of our poor education system!
Did you actually graduate from high school?

 

[francoHFW]

AND MORE SAFELY under RATIONAL Dem regulation. Like most things, drilling on federal land sounds great until you actually look into the details- like saying Dems are anti-energy and anti-business and all the other Pubcrappe...

 

[JimH52]

AND MORE SAFELY under RATIONAL Dem regulation. Like most things, drilling on federal land sounds great until you actually look into the details- like saying Dems are anti-energy and anti-business and all the other Pubcrappe...

I am sure the GOP will spin this in some way to make the President look bad. That is their job.

 

[zeke]

All on private land to...imagine that.

Exactly where it should be. Imagine that.

 

[percysunshine]

We're not reducing dependence on shit. It is being sold to other nations like most of the stuff we already produce.

Don't be silly. The US is a net importer of crude.

 

[francoHFW]

Gas down 28 cents a gallon since last year...intelligent long term Dem policy always better than Pub cronyism, bubbles, corruption, greed, insider bs, risk taking...

 

[Redfish]

Gas down 28 cents a gallon since last year...intelligent long term Dem policy always better than Pub cronyism, bubbles, corruption, greed, insider bs, risk taking...

gas prices always go down in the fall. it has nothing to do with politics, greed, corruption, or any other bullshit that you libtards can come up with.

 

[Redfish]

AND MORE SAFELY under RATIONAL Dem regulation. Like most things, drilling on federal land sounds great until you actually look into the details- like saying Dems are anti-energy and anti-business and all the other Pubcrappe...

do you have any idea how many oil platforms are pulling oil out of the gulf at this very minute?

obozo has not put any more regulations on oil drilling, all he has done is refused to grant new leases and drilling permits---which has cost thousands of jobs and billions in tax revenue to the federal govt.

 

[jon_berzerk]

AND MORE SAFELY under RATIONAL Dem regulation. Like most things, drilling on federal land sounds great until you actually look into the details- like saying Dems are anti-energy and anti-business and all the other Pubcrappe...

gas prices go down in the fall

home heating oil rises

diesel remains high

 

[Redfish]

AND MORE SAFELY under RATIONAL Dem regulation. Like most things, drilling on federal land sounds great until you actually look into the details- like saying Dems are anti-energy and anti-business and all the other Pubcrappe...

gas prices go down in the fall

home heating oil rises

diesel remains high

amazing how supply and demand affect prices isn't it

 

[TNHarley]

Gas down 28 cents a gallon since last year...intelligent long term Dem policy always better than Pub cronyism, bubbles, corruption, greed, insider bs, risk taking...

I bet you cant even keep a strait face when you post, can ya?
ima start calling you truthdean

 

[Politico]

I know I couldn't.