US oil production is at record levels, despite claims to the contrary

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JPP righties may just be ignorant of the facts....but their "Obama is stifling US oil production" mantra is not true.


The U.S. oil rig count rose to a record as energy producers boosted exploration of the fuel to take advantage of crude prices over $100 a barrel.

The count rose by 28 to 1,293, the highest level since Baker Hughes Inc. separated oil and gas counts in 1987, the Houston-based company said on its website. Natural-gas rigs fell by 19 to 691, the eighth consecutive decline.

“Oil rigs will continue to rise through the spring,” James Williams, an economist for energy research firm WTRG Economics in London, Arkansas, said in a telephone interview. “We could see even bigger jumps if there are conflicts with Iran.”

Oil rigs made up 65 percent of the total, the most since 1987, according to Baker Hughes data.

Oil for April delivery fell $2.75, or 2.5 percent, to $106.09 a barrel on the New York Mercantile Exchange at 1:20 p.m. East Coast time after President Barack Obama said a pre- emptive strike on Iran might generate “sympathy” for the Persian Gulf country, easing concern that an attack would take place. The price has settled over $100 every day since Feb. 10.

Natural gas for April delivery rose 2.3 cents, or 0.9 percent, to $2.486 per million British thermal units on the Nymex as the power-plant fuel helped fill the gap left by 18 offline U.S. nuclear reactors.

West Texas Intermediate crude was trading in New York at $91.62 above the equivalent amount of gas at 1:16 p.m. New York time.

The total energy rig count rose by eight to 1,989. The count is up 17 percent from a year ago.

Gas stockpiles totaled 2.51 trillion cubic feet last week, the Energy Department said. That’s the highest inventory level for this time of year in at least 10 years as new technology boosts output from existing wells, according to data compiled by Bloomberg.

U.S. oil production was virtually unchanged last week at 5.81 million barrels, according to the Energy Department.

Output reached 5.89 million in November, the most since June 2003.



http://www.telegram.com/article/20120302/NEWS/103029612/1002/business
 
Granule said:
And yet drivers are still hemorrhaging at the wallet. Where's the good news, people?
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American drivers are forced to compete with unprecedented demand from India and China, where newly-prosperous middle-classes have swelled the thirst for fuel.
 
Fuck you welder boy, I saw the second highest democrat economist get his ass handed to him. I'll cite you've never been in a college economics class have you welder BOY?
 
Producing more oil domestically will enrich the U.S. economy, particularly U.S. oil companies and their workers. With oil so valuable, it may be a good idea, though the value must be weighed against environmental consequences. But it will have no discernible impact on gas prices, because it will change the world's supply/demand balance for oil by less than 2 or 3 percent over a decade or more.


In fact, the impact on gas prices would probably be about the same as the recent increase in U.S. fuel economy standards will have over the next 20 years: somewhere between very little and none.


http://www.usnews.com/debate-club/i...ices/the-us-cant-control-the-world-oil-market
 
The Dude said:
Same tired argument Dummycrats used 10 years ago. But thanks oil investors luv faux shortages.
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What "shortage"?

Demand is high, so prices are too. India and China are using more oil as their populations become more prosperous.

How much of the world's known oil is in the USA?

Maybe 3%. We consume nearly 25%. If we drilled without regard to existing law, which is what you seem to want, we still wouldn't produce enough to satisfy our own domestic needs. And the oil we produce would go to the highest bidder, not just the US.

http://view.digipage.net/?userpath=00000001/00005935/00049131&page=2
 
We are by far the largest user. Oil was under 20 in 1999. Having billions and billions of more barrels would lower the price like when obuma opens the strategic reserve u moron.
 
The Dude said:
We are by far the largest user. Oil was under 20 in 1999. Having billions and billions of more barrels would lower the price like when obuma opens the strategic reserve u moron.
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Temporarily, yes.

Not a viable long-term solution, is it?

Ken Salazar said he would consider tapping oil from Alaska's Arctic National Wildlife Refuge by drilling outside its boundaries if it can be shown that the refuge's wildlife and environment will remain undisturbed.

http://www.adn.com/2009/03/16/724855/white-house-open-to-directional.html#storylink=cpy
 
Don't get me wrong troll, I don't want $20 pil or $2 gas. I favor stupid poor people paying 5 gallon before they consider supply issues.
 
The Dude said:
Don't get me wrong troll, I don't want $20 pil or $2 gas. I favor stupid poor people paying 5 gallon before they consider supply issues.
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Our retail prices are far lower than consumers pay in many other countries. Should we stop subsidizing the oil companies with taxpayer dollars, since their employees cheer when pump prices (and profits) rise?
 
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