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Is it? http://www.energy.gov/maps/us-crude-oil-production-surpasses-net-imports http://www.energy.gov/maps/us-crude-oil-production-surpasses... The OPEC was ab
by zubiaur 11y ago
Is it?
http://www.energy.gov/maps/us-crude-oil-production-surpasses-net-imports http://www.energy.gov/maps/us-crude-oil-production-surpasses...
The OPEC was able to put itself in that position due to limited worldwide supply. That has changed. Its no longer rational nor convenient for them be a supplier of the spare demand in an environment where doing so would keep prices high and encourage investment in oil production capacity outside OPEC, thus further eroding spare demand and market share.
- PhantomGremlin 11y agoThe grandparent post said: The USA are still a net importer of oil that is still true. What the graph you linked to tells you is that the USA is now producing more than 50% of its total consumption. It still imports the rest. You need to sum both entries on your graph to get the total. E.g. here's a quote from another govt agency: In 2014, the United States consumed a total of 6.97 billion barrels of petroleum products, an average of about 19.11 million barrels per day. http://www.eia.gov/tools/faqs/faq.cfm?id=33&t=6 http://www.eia.gov/tools/faqs/faq.cfm?id=33&t=6
- zubiaur 11y agoTrue, and under current regulations the US will always be a net importer, since oil exports are forbidden.