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For a 2 million b/d oil production rate, well saturation occurs in 2034. For a 1.5 million b/d oil production rate, well saturation occurs in 2045. For a 1 million b/d oil production rate, well saturation occurs in 2065. Policymakers will have to decide which is best for the US economy.
“Something is rotten in the State of Montana and it smells like moldy shale,” Mr. Brackett wrote in a note to clients. “Montana production of oil is down 38% from its 2006 peak of more than 100,000 barrels per day.”
http://www.ogj.com/articles/print/vol-110/issue-4/exploration-development/bakken-s-maximum.html
Current US oil consumption is 18.7 b/d. Bakken represents a very helpful volume of production, yes, but it isn't going to wean the country off of imported oil.
If we have so much oil I wonder why Brent Oil prices have been over $100/barrel over most of this year? And the prices are predicted to remain at over $100 for rest of this year and next according to EIA?
If we have so much oil I wonder why Brent Oil prices have been over $100/barrel over most of this year? And the prices are predicted to remain at over $100 for rest of this year and next according to EIA?
The U.S. imports about 270m barrels of crude oil monthly, while exporting less than 2m barrels of crude. I'm not exactly sure of the reason for these exports, but they're most likely some form of swap (crude oil differs markedly in chemistry, so not all barrels are interchangeable).
Now, here's an important point: The United States is both an exporter and an importer of gasoline at the same time. It's like we're two different countries. A lot of the oil produced in the U.S. gets refined into gasoline in Louisiana, Texas, and Mississippi. It then goes into pipelines for distribution to East Coast states and other areas where gas is consumed.
But those pipelines, Rob Smith says there are too few of them and they're not big enough.
SMITH: These pipelines are essentially filled to the brim, so to speak, and yet the East Coast markets still don't have enough gasoline. So they're forced to import.
GJELTEN: The East Coast imports gasoline even though there's more than enough gasoline available down south. So the gasoline down there gets exported, mostly to Latin America. And now the U.S. is officially exporting more gas than its importing.
Kind of like consuming power from the grid, and then selling back your solar power.What is really wacky is we export oil, then import other oil.
As I understand it it's a logistics thing. A decent amount of Alaskan crude goes to Japan.The U.S. imports about 270m barrels of crude oil monthly, while exporting less than 2m barrels of crude. I'm not exactly sure of the reason for these exports, but they're most likely some form of swap (crude oil differs markedly in chemistry, so not all barrels are interchangeable).
Kind of like consuming power from the grid, and then selling back your solar power.
Huh, this is weird. Just this weekend we had a new all-time high for gasoline prices in Germany. Average was 1.692 €/liter or 6.40€ /gallon. They blame high oil prices.
Article (in German):
Benzinpreis steigt auf Rekordhöhe | tagesschau.de
Beyond false. Fracking causes earthquakes and poisons aquifers just for *starters*, and then there's the misuse of fresh water resources.Re:
(a)Needs to be deconstructed. Environmental "damage" is tiny compared to most other energy sources, from hydro (flooded valleys, usually the very best valleys), to normal (much shallower) drilling, to solar and wind (which remove large swathes of real estate from other uses, notably including tourism--see Wales and Scotland for egregious examples). Further, new tech ("GasFrac") uses gelled butane from the well itself instead of water, so no drain of water resources, nor injection underground, nor cleanup of "used" water, is actually necessary.
Beyond false. Fracking causes earthquakes and poisons aquifers just for *starters*, and then there's the misuse of fresh water resources.