America just reclaimed the title of #1 global oil producer.

[MicroBrew]

The last time the US was #1 was in 1973.
The US has been steadily increasing oil production for several years now, so this is no surprise.

https://money.cnn.com/2018/09/12/investing/us-oil-production-russia-saudi-arabia/index.html
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But people will still say we support Saudi cause we need their oil. We support them for a whole host of reasons.

 

[VivaRevolution]

 

[Fluffernutter]

But people will still say we support Saudi cause we need their oil. But we support them for a whole host of reasons.

I assumed we support them because they buy billions and billions of dollars worth of our stuff that go pew pew pew.

Military Industrial Complex > Big Oil

 

[Rygu]

Go Ameria!!!!!!

 

[MicroBrew]

I assumed we support them because they buy billions and billions of dollars worth of our stuff that go pew pew pew.

Military Industrial Complex > Big Oil

It's still a drop in the bucket compared to our GNP. And if selling weapons was a primary reason, why don't we sell to Iran, Russia and China ? They surely have the money and would love to get their hands on American weaponry.

 

[snakedafunky]

The last time the US was #1 was in 1973.
The US has been steadily increasing oil production for several years now, so this is no surprise.

https://money.cnn.com/2018/09/12/investing/us-oil-production-russia-saudi-arabia/index.html
-
But people will still say we support Saudi cause we need their oil. But we support them for a whole host of reasons.

I think oil is still the number one reason. Same for Iraq.
What the US needs is them not messing with their oil getting into the market.
So that everyone else can buy it from them. If that wouldn't be the case the US produced oil would also be caught up in the oil market tumble.

 

[MicroBrew]

I think oil is still the number one reason. Same for Iraq.
What the US needs is them not messing with their oil getting into the market.
So that everyone else can buy it from them. If that wouldn't be the case the US produced oil would also be caught up in the oil market tumble.

But we didn't even get hold of Iraq's oil. China was the 1st country to sigh a contract with the post war Iraqi government. We have spent over 1 trillion$ on Iraq . Iraq has been a colossal financial drain.

 

[NoDak]

It's probably best paraphrased by political intelligence consultant Gary K. Busch:

"There were lessons learned in the production of fracked oil and gas in the United States with OPEC’s desire to drive the US industry to its knees and start an oil pricing war to make fracking uncompetitive. Instead of folding up their hands, US producers innovated new processes and introduced new technologies which drove down operating costs. Now, OPEC cannot compete and is fighting a losing battle to drive out US shale. America will be self-sufficient in energy by late 2019.

There are numerous new techniques being applied including smart drill-bits with computer chips that can seek out cracks in the rock and adjust the drilling accordingly, fully degradable fracture balls and seats to isolate zones during well stimulation that eliminates previous limitations on lateral lengths and maximizes estimated ultimate recovery while reducing risks and costs as well as expandable tubulars, more cost-effective rotary steerable systems, and intelligent drill pipe for high-rate bottomhole data telemetry drilling to depths no longer limited by initial hole diameter.”

 

[snakedafunky]

But we didn't even get hold of Iraq's oil. China was the 1st country to sigh a contract with the post war Iraqi government. We have spent over 1 trillion$ on Iraq . Iraq has been a colossal financial drain.

Yeah, that was the objective. Other countries buying the oil from the middle east. The US doesn't buy its oil from the middle east at least not a lot.
The reason Saddam was removed was that in the end of the 90's he started to mess with Iraqi oil getting to the market.
That's a big no-no for American. And by the beginning of the 2000's Saddam has become too irrational for the US.
They would have invaded Iraq no matter what. That's why the left him in power after the first gulf war.
They thought removing him would mess with the oil supply. Until then he was still a "reliable" partner in regards to oil.

The Saudi Royal family would be removed as well if they would do that.

 

[NoDak]

Manufacturing is Next (circa late 2020).

 

[NoDak]

Go Ameria!!!!!!

Yeah @MicroBrew please correct that. It's maddening.

 

[NoDak]

U.S. Oil Vanishing From Chinese Tariffs Reveals America's Clout

The removal of U.S. crude from goods targeted by Chinese tariffs is a sign that America has become too big to ignore in the oil market.

Less than two months after threatening to impose levies on imports of U.S. crude, the world’s biggest oil buyer has now spared the commodity. Only fuels such as diesel, gasoline, propane will be hit with duties, according to China’s commerce ministry. That’s after the nation’s buyers, including top refiner Sinopec, began shunning American supplies to avoid the risk of tariffs.

China’s original plan to target U.S. crude came at an inopportune time for the country’s buyers. Sinopec’s trading unit, Unipec, was embroiled in a dispute with Saudi Arabia, saying the producer’s prices were costly and cutting purchases just as it was boosting American imports. Two months on, refiners were faced with the risk of supply disruptions from Iran to Venezuela and paying more to take advantage of booming U.S. output.

 

[Rod1]

Thats not the only "good" thing, the other "good" thing is that all that drilling technology is going to make American companies a lot of money in drilling contracts all around the world

And i said "good" news, because while cheap energy is amazing for everyone, it also means that global warming will not be "solved" via free market, we are globalizing the liabilities of using fossil fuels and it will mean that in 100 years trillions of shoreline investments will be lost.

 

[NoDak]

Depending on how "here to stay" is defined, I'd say yes because despite the potentially destructive factors, shale investments have a lower barrier of entry and increasingly well understood risk vs. profit dynamics. North Dakota is also siphoning billions into its sovereign wealth fund, it's magnificent.

National Interest: Don't Bet Against American Shale

The United States stands on the precipice of global energy supremacy. Over the past decade, the confluence of innovative drilling techniques with favorable market and regulatory conditions has made the extraction of tight domestic resources economical. This has resulted in an energy boom which has transformed fears of American energy shortages into proclamations of energy dominance. But is it here to stay?

Not long ago, the U.S. was threatened with declining oil reserves and a growing reliance on energy imports. However, now it is the largest producer of petroleum liquids and natural gas in the world. With the termination of the Crude Export Ban in 2015, shipments of cheap American oil and gas are entering the world’s busiest energy markets and changing the playing field.

U.S. exports have degraded the Organization of Petroleum Exporting Countries (OPEC)’s market influence and bolstered U.S. foreign-policy leverage. Furthermore, record-setting American onshore production is also driving a resurgence in U.S. manufacturing.

Demand for new infrastructure, technology, and skilled labor in the oil and gas value chain has become a reliable engine of economic growth. Lower feedstock and energy prices also translate to cost advantages for domestic heavy industries, increasing America’s global competitiveness.

Shale’s value to U.S. energy security is a function of the sector’s long-term economic viability. So long as tight oil and gas projects continue to pump, the United States is better prepared to weather global energy shortages and price spikes.

 

[trident]

The last time the US was #1 was in 1973.
The US has been steadily increasing oil production for several years now, so this is no surprise.

https://money.cnn.com/2018/09/12/investing/us-oil-production-russia-saudi-arabia/index.html
-
But people will still say we support Saudi cause we need their oil. We support them for a whole host of reasons.

It's true. We only get about 14% from SA. Compared to 15% from Canada, 15% from Mex/Venenzuala 10% from Africa and producing 40% ourselves.

 

[ultramanhyata]

Oil is the new coal.

 

[JohnnySagebrush]

What’s crazy is that we still produce only half of what we use. We still need imports for various reasons.

 

[NoDak]