U.S. oil industry set to break record, upend global trade

[Elegiac]

My V8 f150? 36 gal tank. 18 miles A gallon. A Toyota Tundra 38 gal. 18 miles A gallon. My Jaguar XJR 21.5 gallon tank 24 miles A gallon (it would be close) get out of your lame little car 12 gallon tank world please. Also even for a car that is 300, fill time is 2 mins max vs 1 hour "super charge" station.

That wasn't what I asked. What I asked was "exactly who drives 500 miles in a day with no breaks?" Your vehicle might be capable of such, but realistically the vast majority of people do not drive on an entire tank from beginning to end.

See, the wonderful thing about electric vehicles is that as long as the infrastructure is in place they can be charged anywhere. Like in the parking garage at work. Or while you're out shopping. Or overnight. That downtime can be translated into fueling time which more than satisfies the requirements of the vast majority of people.

Electric is not just a 'substitute' for gasoline in the same way that hydrogen is; it has the capability of completely changing private transportation as a function of infrastructure.

[Zan15]

Poor Canada, Venezuela and Russia. And other oil dependent economies.

Is this a good thing or a bad thing?


.”

Record production....and yet....prices are going up, up, up.

Ya good old supply and demand of a free market right guys!!

[Rasulis]

but..but... an owl was pushed out of a tree because of the drilling! It needs to stop! we should all ride horses and stop using oil!

for real though, why do we export the oil? We need it here, my V8 is thirsty. Good to see the industry thriving under Trump, aka President of Awesomeness.

Because the US does not have sufficient refining capacity for all the crude that they generate. The majority of the Gulf Coast refineries were converted to refine heavy sour crude in the 1990s. The problem is that currently the US is producing mostly high quality light sweet crude which had to be processed primarily in the west and east coasts facilities.

So we have this strange situation. We are exporting our light sweet crude overseas because we do not have sufficient refining capacity to process those in the US, and we are importing heavy sour crude from Canada, Mexico, Saudi Arabia, etc. to be processed at the Gulf Coast facilities.

[Draco-Onis]

But internal spending on what? External investments make sense - but you can't drive a country's economy off the stock market. They need real $$$ coming in from something they do or produce. From what I've read/seen recently, they are already dialing back their free utilities and gas. And that was six months or a year ago. I can't imagine it's getting better.

Looks like Russia is going to be doubly fucked then. Good stuff.

The women in Saudi Arabia having freedom of movement and being able to shop more will help boost GDP, I think the prince is planning on expanding more of their rights. Saudi Arabia basically has 50% of its labor force under lock and key due to religious law freeing them will help a great deal. The royal family themselves still have tons of money they can use as a stimulus.

And yes unless Russia finds some way to get rid of the sanctions they will be way behind the curve when shit hits the fan.

[Saucexorzski]

Exactly who drives 500 miles in a day with no breaks that isn't a long haul trucker? Lol.

I did that up in CO installing DirecTV systems in Pikes Peak national Forest area. Not every day by any means but general 200-300 with 500-600 miles on some of the really fun but long excursions. Down here in Florida it was much worse though, they would sometimes send me 300 miles south to do 6-8 service calls/new hook ups in areas that are short on techs. But again its not an everyday thing. It is hower my own gas as im not an employee but a contractor. Im sure there are many folks who drive lots of miles to do their job. Not everyone lives in cities and even when they do the work isn't always close.

[Elegiac]

I did that up in CO installing DirecTV systems in Pikes Peak national Forest area. Not every day by any means but general 200-300 with 500-600 miles on some of the really fun but long excursions. Down here in Florida it was much worse though, they would sometimes send me 300 miles south to do 6-8 service calls/new hook ups in areas that are short on techs. But again its not an everyday thing. It is hower my own gas as im not an employee but a contractor. Im sure there are many folks who drive lots of miles to do their job. Not everyone lives in cities and even when they do the work isn't always close.

Sounds like it's DirectTV's problem to figure out. Most people do not require '500 mile range'; if they do, their vehicles are likely to be hydrogen or some other more potent consumable.

[Machismo]

but..but... an owl was pushed out of a tree because of the drilling! It needs to stop! we should all ride horses and stop using oil!

for real though, why do we export the oil? We need it here, my V8 is thirsty. Good to see the industry thriving under Trump, aka President of Awesomeness.

Of course, you are the same guy who wants to destroy the 5th, 6th, and 8th Amendments... no wonder you like Trump so much. You guys share a mutual disdain of individual liberty, limited government, and the United States Constitution.

[Zmaniac17]

Lol we will still have majority gas engines in 20 years. Electric is too short range and 95% of people do not have an hour to waste at a super charger. Even 10 minutes is too long. Let me know when the range is 500 miles With hard accelerations and air conditioning running and charge stations are everywhere and a charge happens in 5 mins or under. Then we can talk.

95% of people work 8 hours a day and sleep for another 8 and that is plenty of time to be charging. I don't know why people make this argument. Why should I even want to stop at a gas station to fill up. That is a waste of time.

5 to 10 years max before battery tech overtakes and passes gasoline in cost and efficiency and refill time. It's already almost there it just isn't being mass produced yet.

Oh how about 620 mile range, 0-60 in 1.9 seconds, 250 mph top speed is that enough? https://en.wikipedia.org/wiki/Tesla_Roadster_(2020) But you might have to break open the piggy bank.

[Tico]

If we want to kill mankind, then it is good news.
No, we are not killing the planet. The planet will survive, doesn't need us. Only we will not survive.

[melodramocracy]

U.S. energy exports now compete with Middle East oil for buyers in Asia.

But Sarah Palin told us that oil drilled here was for people in the US! How can this be?

[oxymoronic]

If you own stock in a U.S. oil company I suppose it's good. I have my doubts about carbon emissions. There is a purposeful lack of study into emissions from fracking.


I just hope it doesn't hamper transition into cheaper and more abundant energy alternatives in the future. I would hate for the U.S. to become more dependent on a finite resource like Saudi Arabia and other oil rich nations. Energy demand will only increase and oil will only decrease. The only way we get to the point where energy is nearly free is by investing in research and new tech.

I just don't want to be the in the last country driving around gas cars while everyone else has brand new clean tech.

uhhh USA currently makes the best electric cars on the road. it will be your choice.

[Zmaniac17]

uhhh USA currently makes the best electric cars on the road. it will be your choice.

Well, that's great, but Americans have to buy them. If gas gets too cheap it removes incentive to buy them. Then American car makers fall behind the rest of the world and are forced to ship over seas to China and Europe. We bailed out the auto industry once already. Lets hope it doesn't happen again.

[Najnaj]

Lol we will still have majority gas engines in 20 years. Electric is too short range and 95% of people do not have an hour to waste at a super charger. Even 10 minutes is too long. Let me know when the range is 500 miles With hard accelerations and air conditioning running and charge stations are everywhere and a charge happens in 5 mins or under. Then we can talk.

Lets talk in a couple of weeks then.

Battery technology is moving so fast it is making your head spin.

[Chakah]

Lets talk in a couple of weeks then.

Battery technology is moving so fast it is making your head spin.

And this is why there is such a push to burn though the oil reserves NOW - in a decade, renewables will be so much cheaper than fossil fuels that the value of the reserves will plummet. You don't want to be a big oil company keeping your powder dry right now.

Renewable Energy Set To Be Cheaper Than Fossil Fuels By 2020, Says Report

[RayenDark]

Good move. The US should become more independent from foreign oil.

Um... We really don't use any oil that we produce in the country. Oil companies make more $$ selling it to other nations than selling it to the american people. Nearly all oil produced in the USA is sold to Asia. We buy our Oil from the middle east instead of using our own.

[oxymoronic]

Well, that's great, but Americans have to buy them. If gas gets too cheap it removes incentive to buy them. Then American car makers fall behind the rest of the world and are forced to ship over seas to China and Europe. We bailed out the auto industry once already. Lets hope it doesn't happen again.

we didnt bail out the auto industry you uneducated person you. we gave a couple of them loans which was repaid. also FORD did not get a loan. so how the fuck is that the auto industry in USA when ford is our biggest and did not get a fucking loan? i hate how ignorant people try to act. you know this shit, yet you say dumb talking points that you have to know that are fucking wrong. why?

just noticed that is a lot of fucks... guess i get mad when people do this dumb shit to make their view point sound better.

- - - Updated - - -

Um... We really don't use any oil that we produce in the country. Oil companies make more $$ selling it to other nations than selling it to the american people. Nearly all oil produced in the USA is sold to Asia. We buy our Oil from the middle east instead of using our own.

you would think ME would sell to asia directly and there would be no need for all this extra shipping. gotta love trade deals.

- - - Updated - - -

Lets talk in a couple of weeks then.

Battery technology is moving so fast it is making your head spin.

once that cheap tesla actually comes out and in good numbers you can forget about gas. i want the acceleration that electric offers before driver less cars are required.

[Misuteri]

The world market, and US prices, really won’t see a sizable price drop for a barrel of oil.

The strengthening of the Indian and Chinese markets alone will eat up a million barrels a day.

The oil market is only really regulated by one thing, maintaining daily and monthly needs or a bit less.

World output could likely be increased 10-15% without too much of an issue but the corresponding drop in prices would kill the incentive to do so.

The best thing about this is we can’t be strangled as badly from foreign supply disruptions. It’s one thing if it’s $80 with no supply problems and an entirely different thing if it’s $150 with no supply. You’re better off having $150 with a supply even though it messes things up from an inflationary standpoint.

Like it not the world economy is driven by oil and not just gasoline. Plastics, pharmaceuticals, fertilizers, feedstock and countless other products would not exist without crude. Typically less than half of a barrel of oil is ever refined into gasoline.

[Zmaniac17]

we didnt bail out the auto industry you uneducated person you. we gave a couple of them loans which was repaid. also FORD did not get a loan. so how the fuck is that the auto industry in USA when ford is our biggest and did not get a fucking loan? i hate how ignorant people try to act. you know this shit, yet you say dumb talking points that you have to know that are fucking wrong. why?

just noticed that is a lot of fucks... guess i get mad when people do this dumb shit to make their view point sound better.

That was uncalled for. Maybe auto industry was a bit to all encompassing of a word, but it was 60 billion dollars to Chrysler and General Motors which is most of the industry in the U.S. and a hell of a lot of money. There was no guarantee they were going to be able to pay it back either. Thankfully they made it back on their feet, but it could have been a seriously bad situation for employees and taxpayers.

Suffice it to say, it was a bad thing that we don't want to repeat. That was my point.

Bailouts can take the form of loans, bonds, stocks or cash. They may require reimbursement. I am not uneducated.

[Stop Pretending]

My V8 f150? 36 gal tank. 18 miles A gallon. A Toyota Tundra 38 gal. 18 miles A gallon. My Jaguar XJR 21.5
gallon tank 24 miles A gallon (it would be close) get out of your lame little car 12 gallon tank world please. Also even for a car that is 300, fill time is 2 mins max vs 1 hour "super charge" station.

As for who drives it, long road trips, not a daily thing but I did GA to south Florida on a monthly basis. Also, when I do need to fuel I don't want to wait an hour.

You drive some crappy vehicles. I used to be young and dumb, and enjoyed the V-8s. Had a GTO and Vette, then I realized that a turbo slapped on a 6 is way better. Now we have electric cars that demolish everything, but stick to your outdated 8.

[Shadowferal]

Hmf...we'll never see $1/gal...