USA To Become Worlds Largest Oil Producer... By Far!

[Economy 52,842]

https://www.google.ca/amp/s/oilprice.com/Energy/Energy-General/Shale-CEO-US-To-Be-The-Worlds-Top-Oil-Producer-By-Fall.amp.html

 

In just a few months the US is expected to surpass Russia as the largest oil producer with 11 Million barrels a day of crude oil production

 

By mid next decade US oil production could hit as high as 15 Million barrels a day according to some projections

 

However because the US is producing oil at a very fast pace in relation to its reserves, it's possible once production peaks it could quickly fall off a cliff.

 

However that in part depends on how many further advances there are in extraction technology and how many new barrels are unlocked as extractible reserves as a result

[ItsTommyBitch 12,640]

 

[iCpro 14,846]

Thats a good idea, lets become more reliant on a product that will run out in less than 20 years 

[iCpro 14,846]

Meanwhile other countries such as New Zealand are slowly ending oil exploration and production to transition to a world without it, which is what every country should be doing.

[ryanripley 86,575]

[Economy 52,842]

1 hour ago, iCpro said:

Meanwhile other countries such as New Zealand are slowly ending oil exploration and production to transition to a world without it, which is what every country should be doing.

Well I can give u several reasons why that's not realistic

 

#1 the world still needs it. A producer as large as the US trying to end it would cause severe problems

 

#2 US crude from shale which is where the boom is coming from is a light sweet crude low in sulfur. It actually pollutes less than most grades of oil. Shutting down US Production would increase reliance on heavy oil from elsewhere which is worse. In fact in 2020 new international laws from shipping means boats cannot emit more than a certain amount and many shipping companies plan on switching engines to accommodate lighter crude which is rising in availability thanks to the US

 

#3 countless products use crude oil as an important Ingredient like: asphalt, shingles, plastics, rubber tires, oil based lubricants and paints etc etc etc. So not burning fossil fuels for transportation will still leave a need for a lot of oil consumption (just a lot less than now). Also heavier forms of transportation like trucks and airplanes are unlikely to commercially be able to rely on electric engines as quickly as personal vehicles

 

#4 Shale Oil produces natural gas as a bi-product that comes with it. The cheap abundant new supply of natural gas makes it economical to replace a lot of Coal plants with natural gas which has been happening globally. Natural Gas emits little more than half of what coal does!

 

US shale is not as suitable for making products like I mentioned on reason 3 because it's too light but until we stop using gasoline it's a great substitute for lower emissions than heavier oils that require more refining and contain more silver... Also, even after we stop using gasoline... Light oil can be used to blend oils that are too heavy even for certain products

 

PS: I assume by 20 years you meant US oil reserves?

[NCgaga 4,345]

2 hours ago, Economy said:

Well I can give u several reasons why that's not realistic

 

#1 the world still needs it. A producer as large as the US trying to end it would cause severe problems

 

#2 US crude from shale which is where the boom is coming from is a light sweet crude low in sulfur. It actually pollutes less than most grades of oil. Shutting down US Production would increase reliance on heavy oil from elsewhere which is worse. In fact in 2020 new international laws from shipping means boats cannot emit more than a certain amount and many shipping companies plan on switching engines to accommodate lighter crude which is rising in availability thanks to the US

 

#3 countless products use crude oil as an important Ingredient like: asphalt, shingles, plastics, rubber tires, oil based lubricants and paints etc etc etc. So not burning fossil fuels for transportation will still leave a need for a lot of oil consumption (just a lot less than now). Also heavier forms of transportation like trucks and airplanes are unlikely to commercially be able to rely on electric engines as quickly as personal vehicles

 

#4 Shale Oil produces natural gas as a bi-product that comes with it. The cheap abundant new supply of natural gas makes it economical to replace a lot of Coal plants with natural gas which has been happening globally. Natural Gas emits little more than half of what coal does!

 

US shale is not as suitable for making products like I mentioned on reason 3 because it's too light but until we stop using gasoline it's a great substitute for lower emissions than heavier oils that require more refining and contain more silver... Also, even after we stop using gasoline... Light oil can be used to blend oils that are too heavy even for certain products

 

PS: I assume by 20 years you meant US oil reserves?

Dropping some oil knowledge like it's nothing.  Anyway, it's a smart move, but hopefully the US will (in a smart and profitable way) move away from the light crude in the next 40 years. 

[alextruper17 8,908]

[GypsyBabe 22,836]

1 hour ago, alextruper17 said:

Its so bad but I scream laughing at these oil memes. 

[Economy 52,842]

11 hours ago, alextruper17 said:

 

9 hours ago, GypsyBabe said:

Its so bad but I scream laughing at these oil memes. 

These memes are outdated tho. The US hasn't imported almost any oil from these unstable regions for years

 

US domestic production growth has reduced imports. And Canada's rising Production has also offset most middle Eastern oil

 

The only major supplier left from middle East to the US is Saudi Arabia but the US isn't in bad terms with them

[PhoenixPharmer 1]

I am waiting for that moment to come...still

[Economy 52,842]

1 hour ago, PhoenixPharmer said:

I am waiting for that moment to come...still

US is already #2. Its not like it hasn't been climbing quickly