Friday, February 16, 2018
"A rise in U.S. shale production over the last several years has created a surplus of oil that is now in high demand from countries overseas. Though support for fracking has dropped slightly, nearly half still favor the idea, but most say if we’re going to do it, we should keep the surplus oil here at home." To see survey question wording, click here.
America's oil exports are booming -- and lifting prices, which in turn has raised the average price of gasoline from $2.29 per gallon to $2.57 in less a year and increases the likelihood for consumer "annoyance."
Pissed Off Fella With a Cowboy Hat
This dude sure doesn't think too much of exporting America's oil resources away:
Click the photo and stand back...
I'd like to see America's refinery system get revamped to be able to handle more LTO so it does not get exported but, you know how that goes:
$65 oil is a good price for my family and my employees families. Its a good price for American consumers. Its just good enough (and OPEC knows it!) for the US shale oil industry to drain itself dry in another 6-7 years. And that's NOT good for America.
America is ranked 10th in the world for proven, developed oil reserves and is the largest consumer of hydrocarbons on the planet by a significant margin. Shale oil is expensive and unprofitable to extract. The shale industry is hundreds of billions of dollars in debt. New shale oil development declines at the incredible rate of over 80% the first 40 months of production life, then over 9% per year thereafter. The rest of the worlds oil reserves are also now depleting. Net export capacity is going down in every producing country except the US and that is only because America has NO meaningful, long term energy leadership. In spite of the hubbub about EV's and batteries, it will be decades before that stuff starts to take a bite out of fossil fuel use.
United States hydrocarbon supplies are NOT limitless, in spite of what the shale industry preaches. If we are going to PUT AMERICA FIRST lets start by ending oil exports, now, and saving for the future.
You know what they say; better to be safe, than sorry.