[FoRK] US Reaches Peak Oil!

Stephen Williams sdw at lig.net
Mon Oct 7 18:09:28 PDT 2013

Oh, did you mean a different kind of peak?

> Unthinkable just a few years ago, North America is now well on its way to energy independence, with the percent of U.S. 
> imports from overseas expected to continue to drop. Already, the U.S. had cut back imports from Africa.
> "We are about 6 million barrels a day shy of it (energy independence) in the U.S. and we're 3.5 million barrels a day (short 
> of it) in North America," said Edward Morse, global head of commodities research at Citigroup. "The question is not whether 
> North America will be a net exporter to the rest of the world. The question is whether the president will choose to lift the 
> restriction on the export of U.S. crude oil."

> According to /The Wall Street Journal/, the U.S. is overtaking Russia as the world's largest producer of oil and gas. The U.S. 
> EIA reports that the U.S. produced the equivalent of about 22 million barrels a day of oil, natural gas and related fuels in 
> July, and Russia forecast its output at 21.8 million barrels a day, according to the /Journal/. 
> But Morse said that, according to his calculations, the U.S. has already surpassed Russia. 
> Citigroup data show the U.S. surpassed Russian natural gas production in 2009, and in 2012, the U.S. produced 65.7 billion 
> cubic feet a day, versus Russia's 57.1. That's 11 million barrels of oil equivalent, versus 9.82. Add to that U.S. production 
> of oil and natural gas liquids of 11 million barrels a day at the end of 2012, and the U.S. surpasses Russia, which produced 
> 10.6 million barrels a day. 
> "Yes we are the largest oil producer in the world, but we are the largest oil consumers in the world," said Gheit. "If we 
> produce 9 million barrels a day of crude oil in addition to natural gas, we are consuming more than double that. Russia is a 
> net exporter of crude but we are a net importer of crude, to the tune of 7 million barrels a day. It's a fact, and one 
> important thing is that our production costs are the highest in the world."

Damn you Obama! [shakes fist]


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