U.S. to become biggest oil producer - IEA

[sMiLeYz]

http://money.cnn.com/2012/11/12/news...P_LN&hpt=hp_t1

The United States will overtake Saudi Arabia to become the world's biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

ERRRMGERRDDD OBAMA IS BAD FOR ENERGY. WE NED TO OPEN ALASKA, YELLOWSTONE AND DA GULF OF MEXICO FOR OIL RIGHT NEOWWWWW.

[EagleKeeper]

Right!

That will require getting the oil out of shale
Also not sending our resources overseas and importing because of geographic convienence

[yllus]

Originally Posted by EagleKeeper

Also not sending our resources overseas and importing because of geographic convienence

That would require nationalization of the U.S. oil industry.

[Genx87]

Imagine if we did open up ANWR back in 05. Oil production would be coming online right now.

[Thump553]

I recall reports from a few weeks back that the USA is expected to be the world's largest oil and natural gas producer next year.

I view this as both bad and good. Good because it helps jobs here and our economy. Since oil is basically a world production it won't do any more to push gasoline prices lower here than increased production in some other country. Bad for the following reasons:

(a) Other big producers (the Saudis intentionally, Iraq and Libya due to conflict) are sitting on their capacity. Some day-and I personally don't think it is that far off-we are going to reach an increasing shortage of crude oil. I'd like the USA to have the capacity then rather than piss through it now so we can drive our SUVs for ten cents a gallon less

(b) the whole greenhouse gas/global warming thing-I don't want the USA to take it's eye off the ball, long range speaking.

(c) we really need to wean ourselves from the oil habit and are only making baby steps to do so.

[charrison]

Originally Posted by sMiLeYz

http://money.cnn.com/2012/11/12/news...P_LN&hpt=hp_t1



ERRRMGERRDDD OBAMA IS BAD FOR ENERGY. WE NED TO OPEN ALASKA, YELLOWSTONE AND DA GULF OF MEXICO FOR OIL RIGHT NEOWWWWW.

Drill baby drill is a policy that democrats thought was stupid, but it is working out quite well on private lands with new technology.

[charrison]

Originally Posted by Thump553

I recall reports from a few weeks back that the USA is expected to be the world's largest oil and natural gas producer next year.

I view this as both bad and good. Good because it helps jobs here and our economy. Since oil is basically a world production it won't do any more to push gasoline prices lower here than increased production in some other country. Bad for the following reasons:

(a) Other big producers (the Saudis intentionally, Iraq and Libya due to conflict) are sitting on their capacity. Some day-and I personally don't think it is that far off-we are going to reach an increasing shortage of crude oil. I'd like the USA to have the capacity then rather than piss through it now so we can drive our SUVs for ten cents a gallon less

(b) the whole greenhouse gas/global warming thing-I don't want the USA to take it's eye off the ball, long range speaking.

(c) we really need to wean ourselves from the oil habit and are only making baby steps to do so.

a. shale formations exist world wide, we could be awash in oil again here soon.

b. Cheap natural gas is taking a huge bite of coal in the US for electricity production, driving CO2 emission down.

3.Natural gas is a big step in that direction.

[brandonbull]

Originally Posted by Genx87

Imagine if we did open up ANWR back in 05. Oil production would be coming online right now.

And on it's best day, ANWAR would only meet 5% of our oil demand.

[charrison]

Originally Posted by brandonbull

And on it's best day, ANWAR would only meet 5% of our oil demand.

On its best day before fracking, north dakota only produced 100k/barrels a day. Today the state is producing 5x and it is still on the rise.

[nehalem256]

Originally Posted by charrison

Drill baby drill is a policy that democrats thought was stupid, but it is working out quite well on private lands with new technology.

Interesting. So this thread is really about how Sarah Palin was right

[Genx87]

Originally Posted by brandonbull

And on it's best day, ANWAR would only meet 5% of our oil demand.

So because something only adds 5% of our demand we shouldnt do it? This is silly reasoning. Do you have any idea of aggregates?

[techs]

Originally Posted by nehalem256

Interesting. So this thread is really about how Sarah Palin was right

Actually she was dead wrong. We could have drilled everywhere and not substantially increased our production.

It was engineers figuring out how to get more oil and gas from current wells that provided new technology. The new oil and gas is mostly coming from old wells that were drilled years ago.

As to ANWR the new recovery techniques are actually proof that we shouldn't have been drilling there. We should wait until the technology for drilling in such extreme conditions improves. Especially since it wouldn't have lowered oil prices a penny and not even made us more secure as a nation.

[Genx87]

Originally Posted by techs

Actually she was dead wrong. We could have drilled everywhere and not substantially increased our production.

It was engineers figuring out how to get more oil and gas from current wells that provided new technology. The new oil and gas is mostly coming from old wells that were drilled years ago.

As to ANWR the new recovery techniques are actually proof that we shouldn't have been drilling there. We should wait until the technology for drilling in such extreme conditions improves. Especially since it wouldn't have lowered oil prices a penny and not even made us more secure as a nation.

We have been drilling the north slope for over 40 years. The technology has been proven for decades.

[nehalem256]

Originally Posted by techs

Actually she was dead wrong. We could have drilled everywhere and not substantially increased our production.

It was engineers figuring out how to get more oil and gas from current wells that provided new technology. The new oil and gas is mostly coming from old wells that were drilled years ago.

As to ANWR the new recovery techniques are actually proof that we shouldn't have been drilling there. We should wait until the technology for drilling in such extreme conditions improves. Especially since it wouldn't have lowered oil prices a penny and not even made us more secure as a nation.

Do I really need to point out the inherent contradiction in what you said?

[charrison]

Originally Posted by techs

Actually she was dead wrong. We could have drilled everywhere and not substantially increased our production.

It was engineers figuring out how to get more oil and gas from current wells that provided new technology. The new oil and gas is mostly coming from old wells that were drilled years ago.

You are in fact dead wrong. The increase in oil production is being driven by new will drilled with new technology. The new wells are much deeper and extend horizontally once they hit the required depth.

[Engineer]

<--- Looks at gas pump prices and asks...."Who has this helped?"

(answer: Oil companies and refiners).

Although I would rather our money stay here with them than go to the Middle East.

[EagleKeeper]

Originally Posted by techs

Actually she was dead wrong. We could have drilled everywhere and not substantially increased our production.

It was engineers figuring out how to get more oil and gas from current wells that provided new technology. The new oil and gas is mostly coming from old wells that were drilled years ago.

As to ANWR the new recovery techniques are actually proof that we shouldn't have been drilling there. We should wait until the technology for drilling in such extreme conditions improves. Especially since it wouldn't have lowered oil prices a penny and not even made us more secure as a nation.

How do you develop the technology if you do not get your hands frozen.

No lab is going to be able to simulate the North slope.
You need to take ideas from the lab and try them out; tweaking and passing back the information.

[Svnla]

I do not know about oil but we have a freaking huge load of natural gas from the Hainsville and Barnett Shales down here.

So much so that the drilling companies have to cut back, laid off people, and the price of natural gas went down, over 50% from the hay days = http://www.eia.gov/dnav/ng/hist/n9132us3m.htm

[EagleKeeper]

Originally Posted by nehalem256

Do I really need to point out the inherent contradiction in what you said?

This is techs

Anything that would have a Repub in the positive light is a failure

[nehalem256]

Originally Posted by EagleKeeper

How do you develop the technology if you do not get your hands frozen.

No lab is going to be able to simulate the North slope.
You need to take ideas from the lab and try them out; tweaking and passing back the information.

He knows that. And in fact made that exact claim in the preceding paragraph.

[EagleKeeper]

Originally Posted by Svnla

I do not know about oil but we have a freaking huge load of natural gas from the Hainsville and Barnett Shales down here.

So much so that the drilling companies have to cut back, laid off people, and the price of natural gas went down, over 50% from the hay days = http://www.eia.gov/dnav/ng/hist/n9132us3m.htm

Problem exists getting the raw material from the supplier to the retailer and/or consumer.

[Ausm]

I thought the Democrats were reducing the amount of oil we were producing? Who would have thunk!

[charrison]

Originally Posted by Engineer

<--- Looks at gas pump prices and asks...."Who has this helped?"

(answer: Oil companies and refiners).

Although I would rather our money stay here with them than go to the Middle East.

The oil/gas boom is generating quite few jobs that pay well in the US. Right now horizontal fracking is done mostly inthe US, when it spreads to the rest of the world we could see the return of cheaper(oil needs to be around 60/barrel for this to work) oil again.

[charrison]

Originally Posted by Ausm

I thought the Democrats were reducing the amount of oil we were producing? Who would have thunk!

Well if were not for private lands and new tech,they would do so.

[Svnla]

Originally Posted by EagleKeeper

Problem exists getting the raw material from the supplier to the retailer and/or consumer.

Well, they are trying to build the infrastructure to accomodate the new found bounty. I think they are building a few refineries in South of Louisiana right now.

Not only the lack of transportation, the slow down of economy from China, India, and other developing nations are dragging down the demand.

Lower demand plus higher supply = price crashing.

But US companies with high usage of natural gas such as electricity providers, chemicals are raking in busloads of money from the much cheaper energy.