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United States Becomes World's Number-One Oil Supplier
- swamp40 13y agoNever thought I'd see this headline. So why is gas 48 cents a gallon in Saudi Arabia, and $3.52 average here in the US?
- slfisher 13y agoI'm sorry, but if Breitbart told me the sun rose today, I'd go to the window to look for myself.
- swamp40 13y agoHere's the original source: http://www.prweb.com/releases/2013/10/prweb11233767.htm http://www.prweb.com/releases/2013/10/prweb11233767.htm
- coloneltcb 13y agoPira Energy Consulting Group. Gee, I wonder if they have any interests or agendas.
- swamp40 13y agoYou guys are a tough sell. The EIA says the same thing: http://www.eenews.net/stories/1059988428 http://www.eenews.net/stories/1059988428 It's a race between the US, Saudi Arabia and Russia - but it's not any kind of propaganda.
- yohann305 13y agoThe true question is: Is this going to help the american citizens on a daily basis?
- chrisbennet 13y agoIs the US the #1 supplier or should is it just the #1 producer of oil? I believe the US is a net consumer of oil.
- jemka 13y agoIn other news, The United States has launched a "Freedom Campaign" against itself to locate and seize weapons of mass destruction.
- WeaselOne 13y agoSadly, no. Nice break down on the why not here: http://peakoilbarrel.com/worlds-largest-oil-producer/ http://peakoilbarrel.com/worlds-largest-oil-producer/ Further to the questions on cost, The "boom" of domestically produced oil is not cheap oil. Fracking for oil costs much more than conventional drilling. More rigs, more steel, more fluids, more people, more water. All requiring much more capital float to frack and re-frack. All for lower yields per well compared to a conventional oil well. Fracking places a new - higher - floor under oil prices. If a glut does develop in supply (i.e. the economic doldrums continue to suppress global consumption rates) and the price were to drop, the companies fracking for oil would be in economic trouble very quickly. The companies fracking for natural gas are struggling to stay afloat for just this reason - a fracked gas well produces a huge initial rush, a glut of gas in storage and market prices below production costs. They're all selling assets and pimping for new sucker-er, investors to stray afloat while they push for export permits to sell off the backlog and drive up prices. Should the economic picture brighten and global consumption rates return to say 2006 levels, we'll see that the production rates and production scaling capabilities of the fracking fields, tar sands, etc., are not in the same league as the conventional oil fields on which our economy was built. Supplies will tighten as they did in '07-'08, prices will rise, drawing in more frackers and the economy will tank. Wash, rinse, repeat.