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U.S. oil production grew more in 2012 - up 779K bbl/day from 2011 - than in any year since 1859...

U.S. oil production grew more in 2012 - up 779K bbl/day from 2011 - than in any year since 1859 when the country's petroleum age began, and the Energy Information Administration predicts a jump of another 900K bbl/day in 2013. It's a surge that's "creating jobs and wealth that didn't exist before," and as this week's events show, more security against overseas turmoil that can disrupt energy supplies.
Comments (13)
  • machiavelli
    , contributor
    Comments (409) | Send Message
     
    All these short term wells pumping tight oil will be gone in 10 years and things will look as grim as ever for the world's energy needs. OPEC babies its output because they know they sit on the the largest reserves in the world while the private companies scrape out every bit they can at an ever increasing pace for short term gains. OPEC is laughing as we become more and more dependent on them. I'm long big oil for the next 10 years.
    18 Jan 2013, 11:28 PM Reply Like
  • dividend_growth
    , contributor
    Comments (2878) | Send Message
     
    You clearly don't understand or don't want to understand because what's happening now conflicts with your peakist worldview.
    19 Jan 2013, 12:50 AM Reply Like
  • machiavelli
    , contributor
    Comments (409) | Send Message
     
    dividend_clown, who are you to say I don't want to understand? I look at charts and real data and that is what makes me believe in dwindling resources. Peak oil has already occurred in conventional oil so it is not difficult to extrapolate that basic idea to the new horizontal/fracked wells but the charts are saying the same thing. Look at any production numbers over 3 years for any tight oil well and you might learn a bit. Oil is going north of $100 and ain't never coming back.
    19 Jan 2013, 01:21 AM Reply Like
  • kmi
    , contributor
    Comments (3975) | Send Message
     
    Peak demand > peak oil.

     

    The malthusian thesis of oil's impending end as we reach a cliff where we can't produce enough is really... a slope... of energy source diversification and demand decline.
    19 Jan 2013, 08:55 AM Reply Like
  • kmi
    , contributor
    Comments (3975) | Send Message
     
    I should also point out OPEC's growing spare capacity... expected to reach 6m brl by 2015..."As a result, the world's requirement for OPEC crude is not expected to reach 2011 levels for another decade, BP said."
    19 Jan 2013, 09:53 AM Reply Like
  • Freedoms Truth
    , contributor
    Comments (833) | Send Message
     
    So true. These events refute Peak Oil's implications so Peak Oilers will invent reasons to discount reality.
    Pay no mind. Shale is a whole new resource category and we have lots of it. Shale is to the 21st century what conventional oil and gas was to the 20th century.

     

    If only we could drill in ANWR and offshore -- we'd be energy independent again.
    20 Jan 2013, 01:06 AM Reply Like
  • core777
    , contributor
    Comments (2) | Send Message
     
    I'm an energy expert, they find more oil every year and now we have technologies to get the unobtainable. This combined with efficiencies I would not be long oil no matter how Hugo and OPEC manipulate the market it will go the way of natural gas. The 80's all over again. Wait til we get into the largest pool in the world anwr.
    19 Jan 2013, 01:49 AM Reply Like
  • nasdaqwoody
    , contributor
    Comments (147) | Send Message
     
    Markets have a way of fixing things. It would be nice if government would focus its investment dollars on basic research rather than trying to pick winners (or reward supporters). At some point alternative energy will be able to compete against oil and we will make the switch. Until then, Drill Baby Drill!
    19 Jan 2013, 10:05 AM Reply Like
  • User 353732
    , contributor
    Comments (4785) | Send Message
     
    Two of the 3 great intellectual frauds of our time are
    1. Peak oil
    2. Human generated global increase in temperature

     

    (The third is that the US dollar is real money).

     

    The first of these frauds has now been exposed for all who have eyes to see.
    The second soon will be.

     

    North America is on a trajectory of becoming, again, the most important strategic influence( via the export of refined products; LNG and NGLs) on global oil and gas markets and if allowed the US will be the largest producer of liquids in the world before the decade is out.
    In 2013 the US will likely record the greatest increase in oil and liquids production in its history, easily beating the 2012 record.
    19 Jan 2013, 10:43 AM Reply Like
  • GaltMachine
    , contributor
    Comments (1135) | Send Message
     
    "In 2013 the US will likely record the greatest increase in oil and liquids production in its history, easily beating the 2012 record."

     

    I blame Bush for that.
    19 Jan 2013, 12:47 PM Reply Like
  • Ray Lopez
    , contributor
    Comments (1507) | Send Message
     
    Don't be absurd. Peak Oil is real. Do you know populations will increase by 50% in the next 40 years? So this increase of 0.779M barrels is only 0.779/20 = 4% of the USA's daily oil requirements. No big deal. As for AGW (Anthro Global Warming) it's real, but the open question is how bad it will get.
    19 Jan 2013, 04:07 PM Reply Like
  • Freedoms Truth
    , contributor
    Comments (833) | Send Message
     
    Two of the 3 great intellectual frauds of our time are
    1. Peak oil
    2. Human generated global increase in temperature

     

    YUP and add #3 ...

     

    #3. That we can Government-deficit-spend our way to prosperity (aka Keynesianism on crack.)
    20 Jan 2013, 01:08 AM Reply Like
  • Bob de'Long
    , contributor
    Comments (696) | Send Message
     
    There are plenty of new shale zones in existening plays, plenty of existing-play geographic-extensions, plenty of new plays, and plenty of plays that we don't know about yet.
    19 Jan 2013, 06:48 PM Reply Like
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