U.S. to overtake Saudi as largest oil producing nation globally

[BostonPirate]

http://money.cnn.com/2012/11/12/news/economy/us-oil-production-energy/index.html?iid=HP_LN&hpt=hp_t1

The graph above shows an estimate on when it will happen. aproximately 2020. I think it may happen sooner, personally. I think an estimate of 5 to 8 years for it to happen.

My question is this... Will it change our national relationship with the Oil Market and industry in any considerable way?

America has been dreaming of this day, politicians have used it against each other for a decade now, and I guess my question for all of us is, after you go fill your tank, and consider climate change, do you think it's all been worth it?

Has Drill baby drill helped anyone but the politicians, the stock holders and the board of directors of the Global oil industry?

"The United States, which currently imports around 20% of its total energy needs, becomes all but self sufficient in net terms -- a dramatic reversal of the trend seen in most other energy importing countries," the IEA stated.
The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable.
From 2008 to 2011, U.S. crude oil production jumped 14%, according to the U.S. Energy Information Administration. Natural gas production is up by about 10% over the same period.

You are soon going to be energy independent as an american. Feel any different?

 

[Kulindahr]

It helps the economy by keeping dollars at home. What it does to our air and water is another matter.

I'm trying to see what our reality-challenged 'conservative' JUBbers will say about this, since according to the Limbaugh Line, Obama is ruining our domestic oil production.

 

[JayHawk]

The biggest influence this will have is taking away a major reason we were allied with people who could barely stand the sight of us. It also removes the vast financial resources from the desert and the desert will revert back to its previous desolate state.

 

[Sausy]

It helps the economy by keeping dollars at home. What it does to our air and water is another matter.

I'm trying to see what our reality-challenged 'conservative' JUBbers will say about this, since according to the Limbaugh Line, Obama is ruining our domestic oil production.

Much of that depends on if we'll be able to...or will the NIMBY environmentalists stop or slow down dramatically. On Federal lands it is getting worse under Obama...thankfully our reliance on unstable or autocratic regimes has dramatically lowered. We MUST make sure we employ the most environmentally sensitive technologies possible, and not give carte blanche to the energy companies to do whatever the hell they wanted. And renewables over time should transition into a far greater share of our energy sources. Other nations like China are finding vast reserves of gas and oil and WILL develop them over the next couple of decades.... clean energy on a mass scale will come in time but it's not here yet. And to force it with inane Kyoto type international protocols many developing countries will laugh off won't make us any more prosperous even if it makes the environmental lobby feel good.

 

[JayHawk]

Partly true... but it could merely align those states with another power that needs oil... China.

That is fine... let them as the tap runs down allow the middle east to gouge china on oil cost... no problem for me at all. You see China already supplies them with Arms and technology after they retro fit it from our technology. They are already aligned but the middle east wants our money.

 

[Kulindahr]

Sausy, GC is right -- domestic production on federal lands is up while Obama's been in office. OTOH, it isn't up by very much, but from a strategic perspective that's a good thing, something conservatives should applaud: it means we're keeping a supply for the future.

 

[Sausy]

Looked at the overall numbers and there has been downward movement... 13% reduction since 2010 which in part due to the BP disaster in the Gulf. Saw some fact check answer to Mitt Romney's charge of a dramatic reduction in gas/ oil production on federal lands and the truth is definitely more nuanced. It's not way down but it is down. What the trend has been recently is important...and I am not going to blindly say Obama will fuck things up but he is under enormous pressure by environmentalists to block gas and oil exploration wherever possible. The projections are only in the ballpark if the conditions allow for it and there isn't as much hamstringing because of environmentalists. That certainly isn't clear looking at things as they are now.

 

[rareboy]

I'm sure that Europe and China will be fine with getting all the oil they can use from Saudi Arabia.

It is important for everyone to remember though that oil is a global resource and all the oil in the world won't save any of us from economic Armageddon if other parts of the world aren't supplying to meet demand.

And all the American oil that is being pumped? In a minute, the multi-nationals would sell it out to the highest bidder and leave the American people standing in line-ups at the pump if they couldn't get the price they wanted.

It is just their nature.

But it is good that the US weans itself off foreign oil supplies if it can produce and refine at home. Much more secure.

 

[BostonPirate]

So if we as a nation are going to be paying the same rates as the global market for the oil, And the extra cash will go to the oil corps, what do you all think the chances are that gas prices change or that the oil companies will hire more people?

 

[frankfrank]

Canada is far exceeding Saudi Arabia in our oil imports. And we import more oil from non-OPEC countries than OPEC ones.

With increasing production the US should be able to reduce imports completely.

I think that the U. S. is already self-sufficient on oil, if Canadian oil is included. But that's on paper, only - instead, we export a lot of oil that should be kept here, which means that we have to IMPORT more to replace the oil that we exported. Stupid!!!

Why is the U. S. exporting so much oil, when it only requires us, in turn, to buy oil from despots that we do not like?

I haven't seen a statistical analysis of how much domestic oil gets exported, versus how much is actually used by us.

 

[Kulindahr]

Looked at the overall numbers and there has been downward movement... 13% reduction since 2010 which in part due to the BP disaster in the Gulf. Saw some fact check answer to Mitt Romney's charge of a dramatic reduction in gas/ oil production on federal lands and the truth is definitely more nuanced. It's not way down but it is down. What the trend has been recently is important...and I am not going to blindly say Obama will fuck things up but he is under enormous pressure by environmentalists to block gas and oil exploration wherever possible. The projections are only in the ballpark if the conditions allow for it and there isn't as much hamstringing because of environmentalists. That certainly isn't clear looking at things as they are now.

The thing about government land is that oil companies have been sitting on leases they got, holding the lease but doing nothing. Obama was right to pull the leases of companies that weren't doing anything with them. How to get those used is an interesting question.

As for environmentalists, a distinction has to be made between actual environmentalists and envirofreaks (environazis), who tend to be brainless and think that protecting the environment is sort of like cleaning one's kitchen: they're more interested in what makes them feel good about the result than whether there's any scientific basis. We have a bunch here who keep blocking the slurrying of sediment in a reservoir to dredge it, because it sends that sediment to the beach -- even though that's where the sediment would go naturally... and the local marine life is being deprived of the nutrients that sediment used to provide!!!

 

[Just_Believe18]

Sausy, read Kulindahr's response. It's not what you think.

As the OP stated, the U.S. is set to overtake Saudi Arabia as the largest fossil fuel producing nation globally. That is a fact. The Obama Administration is encouraging the natural gas boom much to the chagrin of environmental groups. I'm very torn on this issue. On one hand, I think it's great we are well on track to ending our dependency on oil. However, there is no regulation to protect the environment and water supplies of our nation with all of the hydraulic fracturing that is going on in this country.