Americas shale revolution ends Saudi Arabia's reign as oil king

[superbeets]

The US is set to be crowned the worlds largest producer of liquid petroleum this week, knocking Saudi Arabia off the top spot for the first time in 2 decades.



The shale oil and gas boom in America has led to output increasing from 8 million barrels a day in 2011 to approaching 12 million barrels.

 

[superbeets]

America’s economy is cooking on shale

 

[Dave007inVegas]

Good to know. I’ll expect to see it reflected in the price of gas any decade now.

 

[roadreeler57]

Good to know. I’ll expect to see it reflected in the price of gas any decade now.

Gas dipped to below $3 a gallon now but still a lot higher than when Obama took office...... www.gasbuddy.com
POLITICSGas $1.84? Exxon sign highlights gas prices the day Obama took office

CHARLIE SPIERING • | OCTOBER 2, 2012 | 12:00 AM


TOPICS: BELTWAY CONFIDENTIAL CHARLIE SPIERING
This photo is making the rounds on Facebook and Twitter, supposedly taken at a gas station in Texas.
It’s true. According to AAA’s Fuel Gauge Report, the national average for a gallon of regular gasoline was $1.84 on the day Obama took the oath of office.
Americans for Prosperity played a similar stunt, teaming up with a gas station to roll back prices to $1.84 for drivers in Michigan.
According to a report, traffic backed up nearly half a mile as drivers waited in line outside the gas station.

http://washingtonexaminer.com/gas-1...ces-the-day-obama-took-office/article/2509585

 

[SheriffJoe]

Everything the Kenyan touches turns to crap!

 

[Acebb]

One thing that sucks about PA is high gas prices. Still averaging over $3.40 a gallon as the Gov signed a tax increase to pay for our 'crumbling infrastructure'

 

[Dave007inVegas]

One thing that sucks about PA is high gas prices. Still averaging over $3.40 a gallon as the Gov signed a tax increase to pay for our 'crumbling infrastructure'

I can’t even begin to tell you how much I don’t miss living in Pa.

My only regret is I didn’t invest in the companies that manufacture orange barrels.

 

[ScottL]

Oil Prices Fall Sharply - Clifford Krauss (New York Times)

Brent crude oil prices sank again on Monday to $88.89 a barrel, leading to a near free fall in gasoline prices in the U.S. and leading energy experts to predict lower prices for the rest of the month.

"Clearly there is a rift in OPEC, and that means we are more likely to see a price war over the next six months. Crude oil is teetering on the brink of collapse," said Tom Kloza, chief oil analyst at GasBuddy.com.

Demand for oil is declining worldwide, particularly in Europe, just as the global market is flooded with oil.

With the U.S. shale drilling boom, domestic production has reached 8.7 million barrels a day, a million barrels a day more than just a year ago. U.S. imports from OPEC countries have been cut in half since 2008.

Saudi Arabia increased its production by 100,000 barrels a day in September, while Libyan production has increased in recent months by more than 500,000 barrels a day.

 

[PatsFan1283]

Gas down to 2.99 here

Once geopolitical tensions in the ME escalate again it'll probably see a spike but the supply is real. The offshore drillers like Transocean have gotten absolutely crushed this year because of low futures contracts

Just 5 years ago it was probably like 60-70% of the production that it is now

 

[Ricboff]

with oil prices in free fall, one trick pony Russia (oil/nat gas) 'likely' may see GDP estimates 'adjusted'


Putin, how are things? You extending your agricultural import sanctions beyond a year? ...how's inflation running?




is he still outsmarting everyone?......any new agreements with China, Mr.Putin?