20 votes

Beyond the Petro Dollar: U.S. soon to become world's top oil producer

NEW YORK (AP) — U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer.

Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.

The boom has surprised even the experts.

"Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says Jim Burkhard, head of oil markets research at IHS CERA, an energy consulting firm.

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we'll probably have to export most of it too

to pay off our debt

peak oil

Peak oil is a myth! Oil reserves replenish themselves.

Oil reserves take thousands of years to replenish

So the question is are they being replenished at the rate being used, I don't think so. Oil is basicly a finite resource, we don't know exactly when peak will be, but at our consumption rate it will come.

Evidence Please

your statement sounds more like opinion than anything based on fact.

oh sorry, your right

oil gets made magicly in a few minutes if you have a magic oil making genie!

still no facts

are you too lazy to provide corraborating evidence to support your statement?

or are you just an opinionated windbag trying pass opinion as fact?

you made the claim that:

"Oil reserves replenish themselves" so please provide the evidence? I believe we both agree they do replenish, it's a matter of how long it takes. And I don't need to resort to name-calling to prove my point

I made no claim

you made the claims. I only asked you to back them up which you refuse to do. So either your claims are total BS or you are just too lazy to back them up. Either way you are discredited.

This looks promising

With this technology it looks possible to replenish the oil supply continuously without drilling. http://www.jouleunlimited.com/

Is that the one made by Ronco?

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Patriot Cell #345,168
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Those who make peaceful revolution impossible will make violent revolution, inevitable.

indeed

Pax Vobiscum

There is probably oil everywhere. The higher the price the higher the tax.

donvino

federal tax on gasoline is a FIXED 18.4 cents per gallon

The United States federal excise tax on gasoline is 18.4 cents per gallon (4.86 ¢/L) and 24.4 cents per gallon (6.45 ¢/L) for diesel fuel.

The state and local tax figure includes fixed per gallon taxes as well as taxes that are a percentage of the sales price.

https://en.wikipedia.org/wiki/Fuel_tax

So only State and local tax as a percentage. If there was some sort of "peak oil conspiracy" I think it would be at the Federal level

hmmm

Perfect time for this story ...election time

Thank Goodness

I saw this coming a few years ago. This country is tired of paying the cost of instability, tariffs, and transportation of OPEC oil. The only thing OPEC oil has going for it is that most of Western Europe enjoys being enslaved to energy imports....since they still view the environmentard book "Silent Spring" as a valid prophecy. Our increasingly sovereign country is nearly done with the backward Middle East. We have at least 95+ years worth of proven natural gas reserves if even if we replace every coal power plant, semi truck, and nuclear plant. And best of all its usually cheaper. And think about the JOBSSS.

Even in most of europe, Natural Gas is being revisited as the cheap, efficient, and clean energy of the future.

Natural Gas, Geothermal, and Oil is the future for at least the next 20 years. All we need is a few more pipelines to decrease transportation costs and this country will have a cheap, domestic resource that would definitely fuel a recovery. And think of all the roads and bridges that would be fixed thanks to the drastic increase in tax revenue.

Thanks OP for posting this.

Whatever it takes

Lower fuel prices are a necessity imo.

donvino

"Please stay dependent on OIL!"

Every POTUS since Jimmy Carter has been promising "energy independence" for the United States. So why are America's vital national interests STILL centered on the oil fields in the Middle East 40 years later?

The answer is because that is the way the political establishment wants it.

Without our dependence on oil there would not be anywhere near the support we have for our interventionist foreign policies and endless wars.

The Petro Dollar has been a curse for the American people. It has destroyed our manufacturing economy, making us almost completely dependent on imported goods. It has seduced us into allowing the federal government and the Federal Reserve System to bankrupt our nation and destroy our currency.

The mantra of "Drill Baby Drill" and "encouraging" reports of increased domestic oil production appeal to our nationalism but leave us enslaved to an economy based on fossil fuels in general and oil in particular. Even if we doubled our oil production we would still be dependent on the global economy for our energy and at the mercy of the international trade and environmental organizations that threaten our sovereignty.

On the other hand, if Americans became "panicked" enough about the very REAL energy crisis, we might just stumble across a solution that would truly make us energy independent, like Thorium liquid salt breeder reactors.

******************************
The Virtual Conspiracy

I think you have some valid points.

Had to jump into this seeing that you got down voted, you have some real valid points. I would like to add a couple. If you notice the OPEC countries, for the most part, are very unproductive in their economies, they are dependent on the oil revenues for everything. Its like a crutch and causes dependency, the petrodollar has hurt us in the same way. If we compare the very productive Japanese economy with those of OPEC its interesting. Japan has no oil, very little agriculture, basically no natural resources and look at what they produce! We have a window of opportunity to turn this around, but just like a huge oil tanker it can't turn quickly. The country needs to work on sustainability, not only with alternate fuels, but with agriculture, water use, and natural resources as well.

There is an abundance of energy that can be safely used, but the age of oil is coming to an end. I know little about thorium, but solar, wind, bio fuels, geothermal, tidal wave and basin, fusion and fission all should be developed.

Ummm dude

Japan imports all of its oil, and it uses quite alot. AS for their electricity, they had nuclear....but now they are giving up that. Thus they will need to import more oil,gas, or coal. There is nothing that can even compare to these resources. European countries have been subsidizing wind and solar since the 70s....yet even after all that subsidies, less than 10% of their energy originates from those "green" resources. You supposedly want Biofuels? That inefficient, wasteful, and failed fuel that is just the non-fossilized version of oil? Come on dude.. And dont forget that bio fuels take up agricultural land. Thorium? Fusion? Fission? Expensive and dangerous.

Natural Gas is now and is here to stay.

And please stop with this "sustainability" BS. It is central planner doublespeak, and I say that as a devoted conservationist.

Then again, when you speak so highly of "the country" it seems that you already believe in central government. This used to be a libertarian site.

What we have here is a failure to communicate, Dude

"That inefficient, wasteful, and failed fuel that is just the non-fossilized version of oil? Come on dude.. And dont forget that bio fuels take up agricultural land".
I agree with you on the current method of growing bio fuels, but not all bio fuels take agricultural land and depend on fresh water. Check this out: http://www.jouleunlimited.com/ and joule is just one of many new technologies under development. Fermenting corn into a fuel is just plain wrong for a number of reasons, least of which, Its a waste of a great beverage! LOL

What? The Left has a monopoly on what verbiage we use? When I wrote "sustainability" you wrote, "That's central planner double speak"? Ummm Dude, when Gary Johnson (and RP) say borrowing 43 cents from every dollar from China, they say that's not sustainable, I'm thinking they're right.

If we simply refuse to recognize the energy problems and abdicate any discussion of the environment to the leftist central planners, it's a prescription for failure. As a conservative libertarian, I don't see it as incompatible to both conserve energy and the environment, as well as conserving our constitution.

Hahaha leftists have invaded this site

go back to the daily kos and spew your anti market nonsense.

This is about the only response this drivel deserves.

So is Lindsey Williams' false

So is Lindsey Williams' false claim that U.S. has enough crude oil in North Alaska to feed the country for 200 years true? Nope.

hmm.. will have to add to my collection

thanks for the post

I'm drilling wells in Texas

best investment ever

This isn't "news" according to

Lindsey Williams and his book "Energy Non-Crisis"...Lindsey claims America has had it for years. Just waiting for the "right time" it is is needed. Guess now is the time - since they are making a formal announcement. If we go to war in Iran, we'll need our very own source of oil - which we've supposedly had all along. How convenient.

Haven't read the book -

but it's not going to be a "non-crisis" if we end up destroying
our water resources in the process of trying to squeeze out another
few years of fossil fuel supply...

Michael Nystrom's picture

Guess now is the time indeed

I didn't think it would be this early. Thought that "the time" would come much later. But maybe it is later than I think.

All art is only done by the individual. The individual is all you ever have, and all schools only serve to classify their members as failures. E.H.
ytc's picture

Good. NOW we can call ALL of our troops back from

the Middle East.

non-sense!

"Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says Jim Burkhard, head of oil markets research at IHS CERA, an energy consulting firm." - A pack of lies.

The only reason the US hasn't been the "top" oil producer is because an agreement was made with OPEC nations that America would allow OPEC to provide the majority of oil in return they would only sell oil in US dollars. This is what made the dollar the reserve currency of the world.

Now that the dollar is falling apart they are getting ready to lose the reserve currency status which makes the agreement worthless. Also, Saudi Arabia isn't the largest producer of oil right now, Russia is.

The bold effort the present bank had made to control the government ... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it-Andrew Jackson

Almost right....

Actually, the dollar was made the world reserve currency due to the 1944 Bretton woods agreement because the US currency was "as good as gold".

When the dollar and gold connection were severed on Aug 15, 1971, THEN the US during the 70's linked the dollar to oil using Middle East oil producers by having them ONLY transact oil sales in dollars. Also, this time period of the 70's, through the de-linking of gold and re-linking to oil is what led to huge commodity price increases too during the 70's.

So, now the US dollar is technically linked to the commodity in a way that dollars are required by other nations to buy oil from Saudi Arabia, etc in dollars... Hence, the reserve currency status.

But once this ends, the dollar will MOST definitely lose reserve currency status.

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