by rockdoc123 » Thu 16 Feb 2017, 13:12:46
$this->bbcode_second_pass_quote('', '2')005 or thereabouts was the peak in conventional oil. It's when GW Bush announced his intent to change the definition of petroleum. It now includes corn ethanol, biodiesel, propane and butane.
As you have been told countless times this is incorrect. The definition that EIA has for crude production does not include corn ethanol, biodiesel and only includes propane and butane if it is part of the production stream prior to being separated at the refinery.
$this->bbcode_second_pass_quote('', 'A') mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include:
Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casinghead) gas in lease separators and are subsequently commingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included;
Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals;
Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.
Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content.
$this->bbcode_second_pass_quote('', 'b')ut there is a price that destroys economies. We know it. It's around $70/barrel. There is also a price oil companies need to produce new oil. It's $71/barrel