from shale? That would certainly help speed up Bill's theory that the middle east is on its way to becoming meaningless.
http://www.weeklystandard.com/weblogs/T ... post_4.asp
US to become number 1 producer of oil
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Bill Glasheen
- Posts: 17299
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There are many possibilities - once the price of oil goes high enough. There is oil we can extract from shale. There is also our enormous reservoir of energy from coal.
It will produce greenhouse gases like any other fossil fuel. But whether or not that matters is still a topic of debate in spite of the certainty reported by some parties.
It too however is limited. But once the Middle East is pumped dry, geopolitics could change considerably. It's the Golden Rule you know - He who has the gold makes the rules.
Black gold that is...
Again though this is temporary. Ultimately we need other semi-permanent or renewable sources to run our economies. My feeling is that it won't come from a single source.
- Bill
It will produce greenhouse gases like any other fossil fuel. But whether or not that matters is still a topic of debate in spite of the certainty reported by some parties.
It too however is limited. But once the Middle East is pumped dry, geopolitics could change considerably. It's the Golden Rule you know - He who has the gold makes the rules.
Black gold that is...
Again though this is temporary. Ultimately we need other semi-permanent or renewable sources to run our economies. My feeling is that it won't come from a single source.
- Bill
I today's global market we cannot assume the increase in production will result in an increase in domestic supplies/sales. The U.S. already produces a lot of oil but much of it is sold internationally while we import oil from other countries. Any increase in production could all be sold internationally as well.
Glenn
Some interesting statistics on the increase in utilization of oil imports:
In 1973 (the OPEC oil embargo was during the winter of 1973-74):
74% of U.S. oil comsumed was produced domestically
17% was imported from OPEC countries
9% was imported from non-OPEC countries
In 1999:
48% was produced domestically
25% was imported from OPEC countries
27% was imported from non-OPEC countries
In 1973 (the OPEC oil embargo was during the winter of 1973-74):
74% of U.S. oil comsumed was produced domestically
17% was imported from OPEC countries
9% was imported from non-OPEC countries
In 1999:
48% was produced domestically
25% was imported from OPEC countries
27% was imported from non-OPEC countries
Glenn
Of course, during that time our consumption has increased while production has decreased, resulting in greater reliance on imports
From http://www.eia.doe.gov/emeu/aer/txt/ptb0501.html
1973:
Production: 10,946,000 barrels per day
Imports: 6,256,000 barrels per day
Exports: 231,000 barrels per day
2005:
Production: 6,830,000 barrels per day
Imports: 13,527,000 barrels per day
Exports: 1,174,000 barrels per day
From http://www.eia.doe.gov/emeu/aer/txt/ptb0501.html
1973:
Production: 10,946,000 barrels per day
Imports: 6,256,000 barrels per day
Exports: 231,000 barrels per day
2005:
Production: 6,830,000 barrels per day
Imports: 13,527,000 barrels per day
Exports: 1,174,000 barrels per day
Glenn
