Look out, OPEC! U.S. to become top 10 oil exporter by 2020

[Alonso_Castillo]

[Freak80]

Originally Posted by ottomobeale

He was referring to NAFTA. Mexico is a tiny drop compared to China. Bonus is Mexico has zero missiles pointed at us Mexico is not trying to annex the South China Sea.

True. Free trade with China made NAFTA look insignificant.

[Dockside]

Originally Posted by Finn_Jarber

Actually we have been on path to becoming #1 producer in the world for about five years now regardless of your comments about Obama and libs.

Liberals fought fracking tooth and nail, who are you kidding. And they still are.

From the NRDC -

WASHINGTON (March 11, 2011) – "Consumers are paying at the gas pump for Mideast unrest, and Big Oil wants to cash in. President Obama set the record straight Friday, making clear that we can’t drill our way out of this mess.

Following is a statement by Deron Lovaas, federal transportation policy director for the Natural Resources Defense Council:

“The president got it exactly right.

“U.S. oil production is essential. It cannot, though, shield us from global price and supply shocks that we can't control. We can't drill our way out of this. We must break our dependence on oil."

https://www.nrdc.org/media/2011/110311

You libs like that? Obama got it exactly right!

Not

[Milton Miteybad]

Originally Posted by Dockside

Remember when that a-hole Obama and all the libs on CD said we couldn't drill our way to energy independence?

U.S. to become top 10 oil exporter by 2020 - Jul. 11, 2017

Just a bit of perspective here...we may be exporting some crude oil, condensate and natural gas liquids, but that doesn't mean our crude oil imports are down to zero, which would be the case if we were actually energy-independent.

U.S. field production in June, 2017, was roughly 9.3 MMBOPD, according to figures furnished by the EIA. https://www.eia.gov/dnav/pet/hist/Le...s=WCRFPUS2&f=W

That 9.3 MMBOPD figure would include natural gas liquids. Throw in about 1 MMBOPD of biofuel production, and call it 10.3 MMBOPD.

Once again, from the EIA, however, daily U.S. crude oil consumption in 2016 was 19.63 MMBOPD. https://www.eia.gov/tools/faqs/faq.php?id=33&t=6

U.S. production is slightly more than half of its consumption. The crude oil we are exporting is limited in amount (2.25 MMBOPD) and is mostly light crude and NGLs that are a better feedstock for refiners in other countries.

We still have to import about 7 to 8 MMBOPD to meet daily demand in the U.S. That's not a state of energy independence. We're still importing foreign crude oil, but not nearly as much as in past years. While that's a vast improvement, truth be told, we probably will never reach a state of actual "energy independence," in the sense that we produce more crude oil than we consume. Demand for crude oil in the U.S. is simply too great for that to happen.

If you're looking for the American energy miracle, here it is: In April of 1999, the U.S. was producing about 5.8 MMBOPD. Today, we produce nearly twice that, something that was considered completely impossible, according to some observers. American oil production had already passed its peak in 1970, and had been in terminal decline since then, we were told.

I guess the "peak oil" folks didn't give us nearly enough credit for being able to figure out the rock mechanics of shale formations (Wolfcamp, Haynesville, Eagle Ford, etc.) In 1970, as far as petroleum E&P was concerned, the capability to extract hydrocarbons from shale formations was the stuff of science fiction.

But not any more.

[Finn_Jarber]

Originally Posted by Dockside

Liberals fought fracking tooth and nail, who are you kidding. And they still are.

From the NRDC -

WASHINGTON (March 11, 2011) – "Consumers are paying at the gas pump for Mideast unrest, and Big Oil wants to cash in. President Obama set the record straight Friday, making clear that we can’t drill our way out of this mess.

Following is a statement by Deron Lovaas, federal transportation policy director for the Natural Resources Defense Council:

“The president got it exactly right.

“U.S. oil production is essential. It cannot, though, shield us from global price and supply shocks that we can't control. We can't drill our way out of this. We must break our dependence on oil."

https://www.nrdc.org/media/2011/110311

You libs like that? Obama got it exactly right!

Not

Let me repeat what I said, since it went over you head the first time: The US has been on path to becoming #1 producer in the world for about five years now regardless of your comments about Obama and libs.

Will it shield us from global price shocks? No, it won't, but that was never the reason for oil production, so I don't know why you'd even bring it up.