Kofi Bofah

U.S. Oil Supply: Drilling Down to the Facts

Fitzman:

A big reason for the decline in production were the profit sharing agreements that allowed the national oil companies to acquire larger portions of the production at higher prices. And yes, Nigerian rebels took a large percentage of Nigerian oil off-line by blowing up pipelines.

Remember, a large field has been discovered off the coast of Brazil.

Also, Thunder Horse in the Gulf of Mexico is well on the way to be exploited - increasing U.S. production.


On Dec 17 08:55 AM The FItzman wrote:

> your article insinuates that america is not in an oil crisis. yet,
> here are the scary facts presented in a different perspective::

>
>
> 1) in spite of $145/barrel oil, year over year production at the
> three biggest US oil producers was down (XOM, CVX, COP)
>
> 2) the oil market is a global market. the US imports 65-70% of its
> oil, and the direct benefactors are russia, saudi, iran, iraq, venezuela.

>
>
> 3) the world is entering an era where worldwide oil supply will not
> keep pace with worldwide oil demand. any country therefore that is
> strategically dependent on importing 70% of its oil is therefore
> not only exposed, but is has an unsustainable economic strategy.

>
>
> 4) the extreme debt run up in the last 8 years will pressure the
> US dollar further as exhibited by yesterday's nearly 2% drop in the
> US dollar index. since oil is priced in US dollars (at least for
> now), a continued weak dollar merely exascerbates the problem.

>
>
> 5) the current low prices for oil and gasoline are a direct result
> of failed bush and republican economic policy: deregulation of the
> financial markets, idiotic energy policy, and deeply flawed tax and
> spend policy (i.e. tax breaks for the ultra-wealthy and huge fiscal
> deficits at the expense of the middle class). current low oil prices
> are NOT the result of huge new supply, but rather due to a drastic
> reduction in oil demand caused in part by the $145/barrel price of
> oil earlier in the year.
>
> to paint a rosy picture from these facts is not only unwise and unpatriotic,
> it's downright dangerous. from an economic perspective US reliance
> on foreign sources for 70% of its oil (and growing) is simply unsustainable
> and will lead the US into the economic abyss (are we already there??)
> if not corrected.

U.S. Oil Supply: Drilling Down to the Facts

Sorry for the confusion.

There is a difference between crude oil and finished petroleum products (gasoline/ jet fuel / asphalt).

Crude oil + finish petroleum product imports = 13.5 Mmbd in 2007.

Crude oil = 10 MMbd in 2007.

Here is the chart from the Department of Energy:
tonto.eia.doe.gov/dnav...

The math is correct. Those top 15 nations are responsible for over 93% of strictly crude oil supply.

I am sorry for the confusion.

And yes, the U.S. does import roughly 60% of crude oil + finished petroleum products used. But out of that 60% - a very large fraction is supplied from regimes friendly to the U.S.

On Dec 17 01:11 PM Kofi Bofah wrote:

> Let me go in and check my math - and post up the table that I got
> the info from. I put a hyperlink somewhere in the article.
>
> I got the stats straight from the Department of Energy.

U.S. Oil Supply: Drilling Down to the Facts

Let me go in and check my math - and post up the table that I got the info from. I put a hyperlink somewhere in the article.

I got the stats straight from the Department of Energy.


On Dec 17 11:02 AM Bob Belsito wrote:

> I could not follow the math. Help me out here.The author states that
> we
>
> import 13.5MMbd and then lists 15 nations from whom we import

>
>
> 9.3BBpd and says that represents over 90% of our imports when

>
> in actuality is is closer to 69%??????
>
> What am I missing here. It also appears that his article suggests

>
> that we import about 60% of oil used. Is that correct?