US soon to be World's top oil producer

[dbackjon]

U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer.
Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.

http://news.yahoo.com/us-may-soon-becom ... nance.html" onclick="window.open(this.href);return false;

[dbackjon]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

[AZGrizFan]

And yet, gas prices continue in the stratosphere.

Nice job, Obama.

[AZGrizFan]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

Do we really need more than that?

[expandspanos]

And yet, gas prices continue in the stratosphere.

Nice job, Obama.

The "Two Party System" is a complete joke.. both "parties" are the same.

[dbackjon]

And yet, gas prices continue in the stratosphere.

Nice job, Obama.

If you were the economic genius you pretend to be, you'd know that gas prices/production are not linked very well - since any excess is siphoned off to the world market.

[biobengal]

I was convinced by a top EROI proponent to consider some oil ETF's..... I bought in a while back and ... The crude price is hovering around immediate post-crash levels.

I sure wish supply would dry up or Iran would get nuclear weapons.

[Baldy]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

And all the thanks goes to:
1, Drilling on PRIVATE lands in North Dakota, Montana, Wyoming, etc.
2. FRACKING!!!!!!!

In 2008, there were a total of 55,085 oil and gas leases in effect on federal land. In 2011, there were just 49,174, a decrease of 11 percent.
In 2008, there were 47.2 million acres of federal land under lease. In 2011, there were just 38.5 million, a decrease of 19 percent.
In 2008, the federal government approved 6,617 oil and gas permits. In 2011, the federal government approved just 4,244 permits, a decrease of 36 percent.

http://www.blm.gov/wo/st/en/prog/energy ... stics.html

jon, quit being a poster child for the low information voter. You're better than that.

[HI54UNI]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

And all the thanks goes to:
1, Drilling on PRIVATE lands in North Dakota, Montana, Wyoming, etc.
2. FRACKING!!!!!!!

In 2008, there were a total of 55,085 oil and gas leases in effect on federal land. In 2011, there were just 49,174, a decrease of 11 percent.
In 2008, there were 47.2 million acres of federal land under lease. In 2011, there were just 38.5 million, a decrease of 19 percent.
In 2008, the federal government approved 6,617 oil and gas permits. In 2011, the federal government approved just 4,244 permits, a decrease of 36 percent.

http://www.blm.gov/wo/st/en/prog/energy ... stics.html

jon, quit being a poster child for the low information voter. You're better than that.

You beat me to it.

Here's the next challenge. I saw a report yesterday that North Dakota will need an additional 3000 MW of power to supply the oil fields and related growth. Are the environmentalists going to let the power companies build the half dozen new power plants that will be needed to supply this? Or will we only be able to pump when the wind blows?

[ASUG8]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

And all the thanks goes to:
1, Drilling on PRIVATE lands in North Dakota, Montana, Wyoming, etc.
2. FRACKING!!!!!!!

In 2008, there were a total of 55,085 oil and gas leases in effect on federal land. In 2011, there were just 49,174, a decrease of 11 percent.
In 2008, there were 47.2 million acres of federal land under lease. In 2011, there were just 38.5 million, a decrease of 19 percent.
In 2008, the federal government approved 6,617 oil and gas permits. In 2011, the federal government approved just 4,244 permits, a decrease of 36 percent.

http://www.blm.gov/wo/st/en/prog/energy ... stics.html

jon, quit being a poster child for the low information voter. You're better than that.

We also have fewer bayonettes and horses these days, Baldy. And aircraft carriers....

[danefan]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

And all the thanks goes to:
1, Drilling on PRIVATE lands in North Dakota, Montana, Wyoming, etc.
2. FRACKING!!!!!!!

In 2008, there were a total of 55,085 oil and gas leases in effect on federal land. In 2011, there were just 49,174, a decrease of 11 percent.
In 2008, there were 47.2 million acres of federal land under lease. In 2011, there were just 38.5 million, a decrease of 19 percent.
In 2008, the federal government approved 6,617 oil and gas permits. In 2011, the federal government approved just 4,244 permits, a decrease of 36 percent.

http://www.blm.gov/wo/st/en/prog/energy ... stics.html

jon, quit being a poster child for the low information voter. You're better than that.

Can't most if not all of your decrease in numbers above be explained by the Administration's purging of inactive leases that were at below-market pricing.

In other words, better management of government owned oil fields to benefit the public ownership....not the oil companies.

[bluehenbillk]

And yet, gas prices continue in the stratosphere.

Nice job, Obama.

Read the article - because the oil in the US is so expensive to get to - multiple times more expensive than say Saudi Arabia's oil - the oil companies need to price of oil to be high or else there is no money in getting oil from methods like fracking.

The bottom line: the energy independence that Romney touts will sure as hell make the oil companies rich & drive up the price at the pump at the same time. It's actually cheaper for us to buy Saudi oil than to get a good chunk of "our own"....

[Ibanez]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

Speaking of hatred....

[Ibanez]

And yet, gas prices continue in the stratosphere.

Nice job, Obama.

The "Two Party System" is a complete joke.. both "parties" are the same.

This is your best post. Quit now.

[Ibanez]

And all the thanks goes to:
1, Drilling on PRIVATE lands in North Dakota, Montana, Wyoming, etc.
2. FRACKING!!!!!!!

In 2008, there were a total of 55,085 oil and gas leases in effect on federal land. In 2011, there were just 49,174, a decrease of 11 percent.
In 2008, there were 47.2 million acres of federal land under lease. In 2011, there were just 38.5 million, a decrease of 19 percent.
In 2008, the federal government approved 6,617 oil and gas permits. In 2011, the federal government approved just 4,244 permits, a decrease of 36 percent.

http://www.blm.gov/wo/st/en/prog/energy ... stics.html

jon, quit being a poster child for the low information voter. You're better than that.

Can't most if not all of your decrease in numbers above be explained by the Administration's purging of inactive leases that were at below-market pricing.

In other words, better management of government owned oil fields to benefit the public ownership....not the oil companies.

That is exactly what happened. Many leases were cut because they weren't being utilized. So, Obama's Admin gave leases to other companies. I know this is true b/c my neighbor is the VP for a small oil company in PA and they were able to get some land leases BECAUSE of those purges.

[89Hen]

The Holiday Inn Express must have been sold out last night.

[dbackjon]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

And all the thanks goes to:
1, Drilling on PRIVATE lands in North Dakota, Montana, Wyoming, etc.
2. FRACKING!!!!!!!

In 2008, there were a total of 55,085 oil and gas leases in effect on federal land. In 2011, there were just 49,174, a decrease of 11 percent.
In 2008, there were 47.2 million acres of federal land under lease. In 2011, there were just 38.5 million, a decrease of 19 percent.
In 2008, the federal government approved 6,617 oil and gas permits. In 2011, the federal government approved just 4,244 permits, a decrease of 36 percent.

http://www.blm.gov/wo/st/en/prog/energy ... stics.html

jon, quit being a poster child for the low information voter. You're better than that.

I know exactly where the oil is coming from, and how it is getting there. And yes, some of it I oppose the methods being used.

My comment was aimed at those here (and that includes most of the Republicans) who keep accusing Obama of being some environmental wacko, when it reality, he has not put restrictions on the oil, coal or gas industries.

[CAA Flagship]

My comment was aimed at those here (and that includes most of the Republicans) who keep accusing Obama of being some environmental wacko....

Guilt by association then. Happy now?

[Gil Dobie]

But, but Obama is KILLING Oil Production...


Another Conk Talking Point BUSTED.

What do you really have to run on, other than Romney is White, and hates gays and loves forced-births?

Obama is half white, says he stopped hating gays.

[LeadBolt]

And yet, gas prices continue in the stratosphere.

Nice job, Obama.

Read the article - because the oil in the US is so expensive to get to - multiple times more expensive than say Saudi Arabia's oil - the oil companies need to price of oil to be high or else there is no money in getting oil from methods like fracking.

The bottom line: the energy independence that Romney touts will sure as hell make the oil companies rich & drive up the price at the pump at the same time. It's actually cheaper for us to buy Saudi oil than to get a good chunk of "our own"....

So what is your explanation for the US Crude market price $22/barrel lower than Brent Sea Crude? Do transportation or taxes play a role?

Also, who profits more from the high gas prices, the government who taxes the sale at an average of $0.50/gal, cost of crude which accounts for $2.66/gal., the refining, distribution, and marketing that account for $0.27/gal, or the oil company's profits that amount to $0.07/gal ?

Do you want that $2.66/gal go to our enemies or stay in the US to create jobs and fund pensions?

Source: http://online.wsj.com/article/SB1000087 ... 18536.html" onclick="window.open(this.href);return false;

Additional info on gasoline taxes by state: http://www.gaspricewatch.com/web_gas_taxes.php" onclick="window.open(this.href);return false;

[Baldy]

And all the thanks goes to:
1, Drilling on PRIVATE lands in North Dakota, Montana, Wyoming, etc.
2. FRACKING!!!!!!!

In 2008, there were a total of 55,085 oil and gas leases in effect on federal land. In 2011, there were just 49,174, a decrease of 11 percent.
In 2008, there were 47.2 million acres of federal land under lease. In 2011, there were just 38.5 million, a decrease of 19 percent.
In 2008, the federal government approved 6,617 oil and gas permits. In 2011, the federal government approved just 4,244 permits, a decrease of 36 percent.

http://www.blm.gov/wo/st/en/prog/energy ... stics.html

jon, quit being a poster child for the low information voter. You're better than that.

Can't most if not all of your decrease in numbers above be explained by the Administration's purging of inactive leases that were at below-market pricing.

In other words, better management of government owned oil fields to benefit the public ownership....not the oil companies.

The costs of the leases are up for debate, but that really isn't the issue here.
The government just can't purge a lease. They can refuse to renew the lease when it expires. What the Obama administration did was cut the length of leases from 10-15 years down to 5-10. That was a pretty coy move considering the amount of time it takes to do all the geological and seismic testing, exploratory drilling, etc. that can take much longer than 5 years. Not to mention the intentional delays in getting the required permits. It seems like a clever plan to cut production through the guise of making the oil companies "drill quicker" by forcing them to meet time restrictions they aren't able to meet.

[danefan]

Can't most if not all of your decrease in numbers above be explained by the Administration's purging of inactive leases that were at below-market pricing.

In other words, better management of government owned oil fields to benefit the public ownership....not the oil companies.

The costs of the leases are up for debate, but that really isn't the issue here.
The government just can't purge a lease. They can refuse to renew the lease when it expires. What the Obama administration did was cut the length of leases from 10-15 years down to 5-10. That was a pretty coy move considering the amount of time it takes to do all the geological and seismic testing, exploratory drilling, etc. that can take much longer than 5 years. Not to mention the intentional delays in getting the required permits. It seems like a clever plan to cut production through the guise of making the oil companies "drill quicker" by forcing them to meet time restrictions they aren't able to meet.

You're telling me those long-term multi-year oil leases signed didn't have options for both parties at certain points along the way based on drilling progress? I would be super surprised if they didn't.

[CAA Flagship]

Additional info on gasoline taxes by state: http://www.gaspricewatch.com/web_gas_taxes.php" onclick="window.open(this.href);return false;

Interesting list. Taxes are clearly not regional.
NJ 32.9
NY 69.6

NC 57.6
SC 35.2

[LeadBolt]

Additional info on gasoline taxes by state: http://www.gaspricewatch.com/web_gas_taxes.php" onclick="window.open(this.href);return false;

Interesting list. Taxes are clearly not regional.
NJ 32.9
NY 69.6

NC 57.6
SC 35.2

Taxes are clearly not regional. No, but transportation and distribution costs tend to be. No break down on those that I could find.

[Baldy]

The costs of the leases are up for debate, but that really isn't the issue here.
The government just can't purge a lease. They can refuse to renew the lease when it expires. What the Obama administration did was cut the length of leases from 10-15 years down to 5-10. That was a pretty coy move considering the amount of time it takes to do all the geological and seismic testing, exploratory drilling, etc. that can take much longer than 5 years. Not to mention the intentional delays in getting the required permits. It seems like a clever plan to cut production through the guise of making the oil companies "drill quicker" by forcing them to meet time restrictions they aren't able to meet.

You're telling me those long-term multi-year oil leases signed didn't have options for both parties at certain points along the way based on drilling progress? I would be super surprised if they didn't.

I don't want to get that far into the weeds, but from what I understand there is a primary and secondary lease. The lessee has the rights to the land for the entire term of the primary lease. Once the primary expires and no drilling activity has occurred, the least is over. However, the secondary lease kicks in if there is oil or gas production and the primary expires protecting the lessee's rights.