U.S. oil boom helps thwart OPEC (employment, Barack Obama, economy)
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Surging U.S. oil production and greater energy conservation are helping keep a lid on oil prices worldwide and may be limiting the sway OPEC holds over world markets.
U.S. oil output rose by 14% in 2012, BP reported last week in its annual statistical review. The million barrel-per-day jump in output was the largest increase for any country in 2012, and the fastest single year increase in U.S. history.
"The tidal wave of oil coming out of the United States helped to [quench] the market's thirst," said Blake Clayton, a Fellow for Energy and National Security at Council on Foreign Relations. "Tremendous increases in energy efficiency in the United States and Europe are helping to soften the market."
Though currently teetering close to the $100-a-barrel mark, oil prices have not crossed the $100 line in over a year.
That's less money in arab oil producing countries to be sold to the US to buy arms to fight against us. Of coarse it doesn't help that our own government is supplying a lot of those arms....
Surging U.S. oil production and greater energy conservation are helping keep a lid on oil prices worldwide and may be limiting the sway OPEC holds over world markets.
U.S. oil output rose by 14% in 2012, BP reported last week in its annual statistical review. The million barrel-per-day jump in output was the largest increase for any country in 2012, and the fastest single year increase in U.S. history.
"The tidal wave of oil coming out of the United States helped to [quench] the market's thirst," said Blake Clayton, a Fellow for Energy and National Security at Council on Foreign Relations. "Tremendous increases in energy efficiency in the United States and Europe are helping to soften the market."
Though currently teetering close to the $100-a-barrel mark, oil prices have not crossed the $100 line in over a year.
That's less money in arab oil producing countries to be sold to the US to buy arms to fight against us. Of coarse it doesn't help that our own government is supplying a lot of those arms....
With US becoming the #1 oil producer, we will soon be in a position to cancel our "oil for guns" deal with the Saudis.
There is a lot of demand on China etc keeping prices up, but the US oil boom is good for the US no matter how you look at it.
You guys on the left have been whining for nearly 5 years that supply has nothing to do with the price of oil.. Are you now admitting you guys were wrong once again?
I have to wonder about something. The oil discoveries and production from PRIVATE lands in the Dakotas and Montana are great things. They have spurred economic growth for the entire country, between their direct employment of oil producers, their suppliers and fabricators throughout the country. We have had a very slight increase in GDP in this country the last 4 years, which Obama likes to claim are due to his economic policies. Without the oil production increase would we have a net GDP growth? Or did we end up with net growth solely due to this oil field production? Production that happened, not due to Obama's economic policies, but rather in spite of them? Did this private enterprise save Obama's azz in spite of the feds actions to shut them down with the EPA, regulations and taxes?
I have to wonder about something. The oil discoveries and production from PRIVATE lands in the Dakotas and Montana are great things. They have spurred economic growth for the entire country, between their direct employment of oil producers, their suppliers and fabricators throughout the country. We have had a very slight increase in GDP in this country the last 4 years, which Obama likes to claim are due to his economic policies. Without the oil production increase would we have a net GDP growth? Or did we end up with net growth solely due to this oil field production? Production that happened, not due to Obama's economic policies, but rather in spite of them? Did this private enterprise save Obama's azz in spite of the feds actions to shut them down with the EPA, regulations and taxes?
Yes, we'd still have an increase in the GDP
1) The demand on gas didnt change because we discovered more, just the supply, and since the price fell, it might actually have reduced the GDP..
2) The increase in the GDP is because the economy is slighly turning around, and because of government increase in spending..
You guys on the left have been whining for nearly 5 years that supply has nothing to do with the price of oil.. Are you now admitting you guys were wrong once again?
Surging U.S. oil production and greater energy conservation are helping keep a lid on oil prices worldwide and may be limiting the sway OPEC holds over world markets.
U.S. oil output rose by 14% in 2012, BP reported last week in its annual statistical review. The million barrel-per-day jump in output was the largest increase for any country in 2012, and the fastest single year increase in U.S. history.
"The tidal wave of oil coming out of the United States helped to [quench] the market's thirst," said Blake Clayton, a Fellow for Energy and National Security at Council on Foreign Relations. "Tremendous increases in energy efficiency in the United States and Europe are helping to soften the market."
Though currently teetering close to the $100-a-barrel mark, oil prices have not crossed the $100 line in over a year.
THANK YOU for the FREE MARKET and CAPITALISM!
Imagine where we would be if the Obama admin hadn't cut back on the oil leases on public land!
(CNSNews.com) – Since President Obama took office, both the number of new drilling operations started on federal lands and the number of new leases for oil operations on federal lands has decreased, Bureau of Land Management (BLM) data show.
In fiscal year 2008, the last official year of the President George W. Bush’s administration, 5,044 new oil wells were started, meaning that actual drilling began, which is what oil firms refer to as “spudding in” or to “spud” a well bore. In FY 2009, however, in Obama’s first year as president, there were 3,267 wells spudded, a decline of 1,777.
Fiscal year 2008 was from October 2007 through September 2008; fiscal year 2009 was from October 2008 through September 2009. President Bush’s last year in office ended on Jan. 20, 2009, when Barack Obama was inaugurated.
In addition, the Obama administration spudded 3,166 new wells in fiscal year 2010 and 3,260 in FY 2011, according to the Bureau of Land Management. That’s still less than the number of wells spudded, per year, under Bush in 2008, as well as the number in 2007 – 5,
- See more at: Number of New Oil Wells and New Leases Have Decreased Under Obama, Data from BLM Show | CNS News
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