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U.S. could surpass Saudi oil output by 2020



NEW YORK (AP) — 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% 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.

This one seems contrary to conventional wisdom, doesn't it?
 
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U.S. could surpass Saudi oil output by 2020

This one seems contrary to conventional wisdom, doesn't it?

Does it though? Much of this boom seems to be coming from new technologies (ie fracking/horizontal drilling) that allow us to access more oil that was not previously recoverable.

I don't think most people argue that production is down -- only complain about the permit process for the most part lately -- which if sped up could open up more wells more quickly. The real question is -- does more oil simply mean a lower price -- and that is a tough one to answer without looking at demand and other factors around the world etc.
 
Does it though? Much of this boom seems to be coming from new technologies (ie fracking/horizontal drilling) that allow us to access more oil that was not previously recoverable.

I don't think most people argue that production is down -- only complain about the permit process for the most part lately -- which if sped up could open up more wells more quickly. The real question is -- does more oil simply mean a lower price -- and that is a tough one to answer without looking at demand and other factors around the world etc.

It seems logical to think that a greater supply would equal lower prices, but then, there are a lot of other factors at work here. Cost of recovery is one big one, of course. We may be able to surpass Saudi Arabia in oil production, but their reserves are a lot cheaper to access than ours are.

Isn't fracking a method of recovering natural gas rather than oil?
 
It seems logical to think that a greater supply would equal lower prices, but then, there are a lot of other factors at work here. Cost of recovery is one big one, of course. We may be able to surpass Saudi Arabia in oil production, but their reserves are a lot cheaper to access than ours are.

Isn't fracking a method of recovering natural gas rather than oil?

Fracking is used in both shale oil and shale gas drilling.
 
If Romney gets elected. He better keep his promises on Drilling oil in America too. He better keep his promise to shut down the EPA and expand the coal industry as well natrual gas. Or Democrats will win in 2016 we dont want to see another 4 years of hell again do we? Democrats won 4 years ago because Bush was such an idoit and Bush helped the Rich get Richer and the Poor and the middle class get poorer. And Bush helped banks and wall street instead of the working people. Thats the reason Obama won. And i dont want to see these days again as long im alive.
 
It seems logical to think that a greater supply would equal lower prices, but then, there are a lot of other factors at work here. Cost of recovery is one big one, of course. We may be able to surpass Saudi Arabia in oil production, but their reserves are a lot cheaper to access than ours are.

Isn't fracking a method of recovering natural gas rather than oil?

kind of why it would be nice if the easier to obtain oil were made available. but you seem to be discounting the jobs benefit. it not a single facet thing. there is no question that SA can get oil out the ground cheaper than we can but you will also find that we're exporting right much of that oil and the real benefit of that is that OPEC cant just decide to raise prices when we can just not buy their oil. its good to be in the driver's seat.
 
If Romney gets elected. He better keep his promises on Drilling oil in America too. He better keep his promise to shut down the EPA and expand the coal industry as well natrual gas. Or Democrats will win in 2016 we dont want to see another 4 years of hell again do we? Democrats won 4 years ago because Bush was such an idoit and Bush helped the Rich get Richer and the Poor and the middle class get poorer. And Bush helped banks and wall street instead of the working people. Thats the reason Obama won. And i dont want to see these days again as long im alive.

If Romney gets elected, the Republicans will point to the increase in oil production as a result of having a Republican in the White House. When it's pointed out that the increase started during the Obama administration, they'll find some reason to credit the Republicans with it anyway.
 
If Romney gets elected, the Republicans will point to the increase in oil production as a result of having a Republican in the White House. When it's pointed out that the increase started during the Obama administration, they'll find some reason to credit the Republicans with it anyway.


don't you mean despite Obama ?
 
Mitt is much smarter than George Bush. He should be able fix this problem on the oil and auto industry. Part of the answer is to get rid of the EPA!
 
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If Romney gets elected, the Republicans will point to the increase in oil production as a result of having a Republican in the White House. When it's pointed out that the increase started during the Obama administration, they'll find some reason to credit the Republicans with it anyway.

Obama attempted to stifle oil production by not issuing permits. When prices went up free market forces won anyway and private producers drilled anyway. That is why production is up. If romney opens the door to drilling on public lands then oil production will go up even higher and he will deserve the credit for the benefits our economy will enjoy.
 
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