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The U.S. will overtake Russia and Saudi Arabia to become the world’s largest oil producer...

The U.S. will overtake Russia and Saudi Arabia to become the world’s largest oil producer this year, thanks to the boom in tight oil, rising production of biofuels and expected cuts in OPEC supply, BP says in its latest energy outlook. Other potential shale operators, such as China, lack the unique combination of factors that have helped launch the U.S. shale revolution.
Comments (9)
  • Guardian3981
    , contributor
    Comments (1847) | Send Message
     
    And next year prices will still be trending up...
    16 Jan 2013, 10:27 AM Reply Like
  • GaltMachine
    , contributor
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    Weird considering the President says we only have 2.5% of the world's oil reserves.

     

    Lies, damn lies, and then there are statistics.
    16 Jan 2013, 10:28 AM Reply Like
  • ProfCD
    , contributor
    Comments (4) | Send Message
     
    President Obama does not have a clue. He still relies on AL Gore and First Solar for all his idiotic energy and environmental facts.
    16 Jan 2013, 10:41 AM Reply Like
  • charliezap
    , contributor
    Comments (1103) | Send Message
     
    Actually, the US had only 1.9% of proved reserves at the end of 2011, and 8.8% of production in 2011. Undoubtedly, the US share of production and reserves increased in 2012, thanks to new reserves from fracking. Go see the report yourself (links below). From all of the political rhetoric, you would think the president is out there with his finger in the drill hole, trying to hold back production!

     

    BP .pdf:
    http://bit.ly/SKH9Zr

     

    BP .xlsx:
    http://bit.ly/We0sGZ

     

    Latest production #'s:
    http://1.usa.gov/zWEk2c
    16 Jan 2013, 12:54 PM Reply Like
  • Hendershott
    , contributor
    Comments (1473) | Send Message
     
    Never let the facts get in the way of a good theory, particularly a good conspiracy theory.
    16 Jan 2013, 01:10 PM Reply Like
  • GaltMachine
    , contributor
    Comments (1129) | Send Message
     
    charlie,

     

    The phrase "proven reserves" is the exact sort of misleading statistic that I am describing. Complete BS when it comes to accurately measuring our potential energy production.

     

    I have no doubt that as long as the enviro whackos can be set aside that we will achieve incredible leaps forward in our energy production. We have hundreds of years worth of traditional fossil fuels left in this country and that 1.9% figure is just purposely misleading for someone with a tendentious agenda. It is used precisely to further a particular political agenda and viewpoint and is misleading at best and downright dishonest at its worst.

     

    http://1.usa.gov/VmF2cI
    "For oil and natural gas, a major distinction in measuring quantities of energy commodities is made between proved reserves and undiscovered resources. Proved reserves are those amounts of
    oil, natural gas, or coal that have been discovered and defined, typically by drilling wells or other exploratory measures, and which can be economically recovered. In the United States, proved
    reserves are typically measured by private companies, who report their findings to the Securities and Exchange Commission because they are considered capital assets. In addition to the volumes of proved reserves are deposits of oil and gas that have not yet been discovered, which are called undiscovered resources. The term has a specific meaning: undiscovered resources are amounts of oil and gas estimated to exist in unexplored areas. If they are considered to be recoverable using
    existing production technologies, they are referred to as undiscovered technically recoverable resources (UTRR). In-place resources are intended to represent all of the oil, natural gas, or coal contained in a formation or basin without regard to technical or economic recoverability. "
    16 Jan 2013, 03:31 PM Reply Like
  • charliezap
    , contributor
    Comments (1103) | Send Message
     
    Galt

     

    Thank you for your link, which I think covers the issues related to measuring resources very well. I also have no problem with the term "proved reserves" which I think counts the resources (oil) that can be recovered at today's prices and with today's technology. Each year, new drilling and new technology will add to proved reserves, while consumption will draw down proved reserves. I agree there's more out "there", as described in the pyramid in your link, but it may much higher prices to bring it all to market.
    16 Jan 2013, 09:01 PM Reply Like
  • june1234
    , contributor
    Comments (2342) | Send Message
     
    If so that's a positive switch. More than one sheik in middle east being revived after hearing that news. Unfortunately the price of oil and commodities in general has little to do with supply and demand these days with all those paper commodity etfs out there
    16 Jan 2013, 10:36 AM Reply Like
  • Hubert Biagi
    , contributor
    Comments (687) | Send Message
     
    As it should be. A lot has to happen between sourcing the oil and having it magically appear as gasoline at your local pump. There is exploration, drilling, refining, storage, transportation, distribution, etc., etc. Not to mention government regulations, environmental concerns, accidents, and world politics. There are lots and lots of variables and risks in this complicated infrastructure we all take for granted. At every step, big investments are required and those investors expect big returns on those investments. Nothing wrong with that, unless you think the government could do a better job?
    16 Jan 2013, 11:08 AM Reply Like
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