THIS is the name of the "event" to be held in June, in Houston.
"In the coming years, US crude oil production will continue to increase and essentially all incremental barrels will flow to export markets..."
THIS is the "topic."
HERE is the "lineup" of industry leaders who will speak to advance the export agenda.
HERE is part of what is at "stake."
"The brazenness of the wordage in this announcement and the conference itself is astounding, particularly in light of recent developments in the Middle East and its anti-West rhetoric. Our country's SPR has been drained significantly, oil inventories are down and we are now exporting over 50% of all US tight oil production... while Russia is at war with Ukraine and China threatens the US three times a week.
At current export levels we deplete our countries remaining tight oil resources to absorption/consumption ratios by one year...every year. Because we cannot use all LTO production at levels currently produced does not mean we won’t be able to use in the future. We will need it, desperately, in the future. It is clear that the Eastern Hemisphere, including all of the Middle East, Russia and China, have locked into a long term alliance regarding future oil supplies that will exclude the US.
All the people participating in this X-Port Con shindig ( con is a good term for it, by the way), benefit from oil and natural gas exports financially. Exporting American crude oil to the Netherlands, South Korea and China does NOT enhance our relationships with "important allies" that will come to our aid in the US in time of military need. Except for Heineken and cheap underwear, how important are these countries as trade partners? That is all a lie. Gasoline prices are actually increasing in America again. The US will always need to import oil from others. including petroleum products; 9 MM BOPD in 2022. In 2023, crude oil imports to the US are increasing as exports of LTO increase (EIA). Jobs in the oil and gas sector are important; careers are more important. Our nation's long term energy security is a marathon, not a sprint.
When OPEC announced a cut of 1.6 MM BOPD production last week, Wood Mac estimated it would have a 5-15 cent negative impact on gasoline prices in the US. Using that same math, removing 4.5 MM BOPD of American tight oil exports from the world oil market, and keeping it for our country's future, would potentially cost the US gas consumer 15-30 cents a gallon. The contention that worldwide US oil exports lower the price of gasoline significantly in the US is also a lie. Historically we have proven LNG exports raise home heating and cooking prices in the US and puts America at a distinct industrial disadvantage to the rest of the world.
Importing oil from the Middle East and Russia is over. China now has a call on that production. Where in the West are there oil supplies available to the largest crude and condensate consumer in the world? Canada is about it.
The claim that the Permian Basin has enough Wolfcamp oil in it to last 20 more years and lead our country into an economic transition to renewable transportation fuel is a big 'ol fat whopper. We have a PDP reserve to production ratio in US tight oil of less than three years. Exporting 75% -80% of Permian tight oil that declines 70-90% in the first 32 months of production life, in $12 MM increments of 400K BO each, is insanity.
US hydrocarbon exports are a serious threat to our nation's long term energy security and a prosperous future."
THIS is a comment from a nobody, average US citizen deeply concerned about our country's kids, our long term energy security, and someone who is highly pissed off at the ignorance of current domestic energy policies. All of our nation's oil eggs now lie in the Permian Basin basket and we have allowed coyotes to watch over the chicken coop. America can no longer be using the last of its hydrocarbon resources as foreign policy tools; we don't have enough to spare anymore. In the interest of keeping fur from flying on June 8th, this fella will not be "invited" to speak at 2023 X-Port Con.