Economy 53,072 Posted June 21, 2019 Share Posted June 21, 2019 http://energyfuse.org/u-s-sets-record-for-oil-production-growth-in-2018-u-s-expected-to-drive-global-supply-growth-through-2024/ In 2 years the US is expected to be a net exporter of oil meaning it sells more Oil than it Imports This will be the first time in 75 years Link to post Share on other sites More sharing options...
imnotyourbabe10 6,120 Posted June 21, 2019 Share Posted June 21, 2019 Phew, saving us from all that windmill cancer! https://www.newsweek.com/donald-trump-wind-power-windmills-noise-cancer-renewable-energy-birds-1384338 Link to post Share on other sites More sharing options...
Economy 53,072 Posted June 21, 2019 Author Share Posted June 21, 2019 16 minutes ago, imnotyourbabe10 said: Phew, saving us from all that windmill cancer! https://www.newsweek.com/donald-trump-wind-power-windmills-noise-cancer-renewable-energy-birds-1384338 Yeah I remember the cancer thing. It made me LMAO so hard Anyway US shale is a ticking time bomb Once cars go electric and demand for gasoline Plumets, light grade oil like that from Shale will Plumet in price Link to post Share on other sites More sharing options...
imnotyourbabe10 6,120 Posted June 21, 2019 Share Posted June 21, 2019 Just now, Economy said: Yeah I remember the cancer thing. It made me LMAO so hard Anyway US shale is a ticking time bomb Once cars go electrict and demand for gasoline Plumets, light grade oil like that from Shale will Plumet in price Thank you for the always informative posts! I know we may have differing views (I'm a little bit socio-anarchist/watch the system burn about political-economic topics) but there is a reality we must deal with regardless -- I appreciate your insight! Hope you have a good weekend! Link to post Share on other sites More sharing options...
Economy 53,072 Posted June 21, 2019 Author Share Posted June 21, 2019 Just now, imnotyourbabe10 said: Thank you for the always informative posts! I know we may have differing views (I'm a little bit socio-anarchist/watch the system burn about political-economic topics) but there is a reality we must deal with regardless -- I appreciate your insight! Hope you have a good weekend! I'd like to hear ur opinion on US shale Thanks btw Link to post Share on other sites More sharing options...
GypsyVida 5,960 Posted June 21, 2019 Share Posted June 21, 2019 Is this because the US is reducing the amount of oil it consumes therefore the amount it sells will outweigh the amount it uses? Or because its starting to extract more oil? currently streaming Zombieboy Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted June 21, 2019 Share Posted June 21, 2019 56 minutes ago, Economy said: Yeah I remember the cancer thing. It made me LMAO so hard Anyway US shale is a ticking time bomb Once cars go electric and demand for gasoline Plumets, light grade oil like that from Shale will Plumet in price Actually 50 to 60 $ a barrel is barely profitable for the Bakken shale reserves...that's counting equiptment and transportation plus labor to set up oil extraction, ... After the initial investments are recouped the shale cost will fall... I am guessing that oil prices will be artificially inflated till that happens. . like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Economy 53,072 Posted June 21, 2019 Author Share Posted June 21, 2019 2 minutes ago, GypsyVida said: Is this because the US is reducing the amount of oil it consumes therefore the amount it sells will outweigh the amount it uses? Or because its starting to extract more oil? Mainly because of the shale boom Oil production increased over 1 Million barrels a day last year alone an over 10% increase Production is mostly surging in the US because: - Shale is quick to set up with modern technology - OPEC is holding back and they don't allow private investment and Russia is collaborating with them - the only other Nation with major Oil Reserves (Canada) has slower investment right now because of tough environmental standards companies don't want to adhere to and also pipeline project approval issues So the US is the perfect place to invest in right now if ur an oil company. Mind you because of Shales short cycle nature and current fast extraction production may peak as early as 2024 depending on several factors Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted June 21, 2019 Share Posted June 21, 2019 9 minutes ago, GypsyVida said: Is this because the US is reducing the amount of oil it consumes therefore the amount it sells will outweigh the amount it uses? Or because its starting to extract more oil? Demand growth will slow compared to production... like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Economy 53,072 Posted June 21, 2019 Author Share Posted June 21, 2019 Just now, Woolfsmck said: Actually 50 to 60 $ a barrel is barely profitable for the Bakken shale reserves...that's counting equiptment and transportation plus labor to set up oil extraction, ... After the initial investments are recouped the shale cost will fall... I am guessing that oil prices will be artificially inflated till that happens. . What I was getting at is that many Oil uses like plastics, asphalt, shingles, Petro chemicals, fertilizers, pesticides etc demand is norlt expected to fall anytime soon and those use more medium to heavy crude grades The fall in demand will likely begin with gasoline (everything indicates demand will fall first with that) and gasoline is what uses more light oil which is what shale mainly is Places that produce heavy oil may still have a market in 20-30 years (tho prices will be lower) but shale will suffer more because Light Oil will be the least needed Light Oil may still be used for blending and a few other applications but overall a lot less will be needed once electric cars really take off I suspect for a solid 10-15 years it will be fine tho Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted June 21, 2019 Share Posted June 21, 2019 1 minute ago, Economy said: Mainly because of the shale boom Oil production increased over 1 Million barrels a day last year alone an over 10% increase Production is mostly surging in the US because: - Shale is quick to set up with modern technology - OPEC is holding back and they don't allow private investment and Russia is collaborating with them - the only other Nation with major Oil Reserves (Canada) has slower investment right now because of tough environmental standards companies don't want to adhere to and also pipeline project approval issues So the US is the perfect place to invest in right now if ur an oil company. Mind you because of Shales short cycle nature and current fast extraction production may peak as early as 2024 depending on several factors Current drilling sites will have reduced productivity because fracking only lasts so long... They expect to continually develope new sites as production dictates. So far only a fraction of the total bakken deposits are tapped. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Woolfsmck 2,763 Posted June 21, 2019 Share Posted June 21, 2019 I think the reduced demand because of electric cars and conservation efforts is awsome....bad for some oil people tho. like a cat in a sil, I observe life, moving and still. My words give a clue,look inside to see whats true Link to post Share on other sites More sharing options...
Economy 53,072 Posted June 21, 2019 Author Share Posted June 21, 2019 Just now, Woolfsmck said: Current drilling sites will have reduced productivity because fracking only lasts so long... They expect to continually develope new sites as production dictates. So far only a fraction of the total bakken deposits are tapped. While that's true... There's less left when u look at 1st tier geological land or AK "sweet spots" which are the most productive I remember reading that 2 of the 3 biggest plays are starting to exhaust their sweet spots The Eagle Ford and the Bakken within a few years may struggle just to stay flat in production unless technology significantly improves productivity to offset it The Permian on the otherhand has barely scratched the surface because the resource size is quite large Here in Canada Shale is also expected to be the main sources of future growth mainly from the Bakken (also in our territory) and the Montley and Durnavey formations They are roughly the resource size of the Bakken and eagle ford we don't have anything as prolific as the Permian Also our pipeline issues and environmental rules will never allow a boom as big as the US is having... Link to post Share on other sites More sharing options...
Economy 53,072 Posted June 21, 2019 Author Share Posted June 21, 2019 Just now, Woolfsmck said: I think the reduced demand because of electric cars and conservation efforts is awsome....bad for some oil people tho. Yeah. The dates for peak demand vary widely by estimates but the central most accepted time range is somewhere between 2030 and 2035 But because some uses for oil outside transportation fuel will still be rising and offsetting some of the decline in gasoline demand it's expected to be a slow fall not a collapse in oil demand Again tho, I believe light Oil will suffer the greatest but that's my personal opinion I could be wrong Link to post Share on other sites More sharing options...
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