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Page added on September 29, 2012
U.S. Pumps Most Oil Since 1997 as Energy Independence Grows
U.S. oil production surged last week to the highest level since January 1997, reducing the country’s dependence on imported fuels as new technology unlocks crude trapped in shale formations.
Crude output rose by 3.7 percent to 6.509 million barrels a day in the week ended Sept. 21, the Energy Department reported today. America met 83 percent of its energy needs in the first six months of the year, department data show. If the trend continues through 2012, it will be the highest level of self- sufficiency since 1991. Imports have declined 3.2 percent from the same period a year earlier.
A combination of horizontal drilling and hydraulic fracturing, or fracking, has helped reduce America’s reliance on foreign oil. The same technology unleashed a boom in natural gas output from shale that pushed inventories to a record last year.
“This has been driven by shale, and the two states leading the way are North Dakota and Texas,” said Andy Lipow, president of Lipow Oil Associates LLC, an energy consulting firm in Houston. “It appears that over the next five years, U.S. oil production could climb to well over 8 million barrels a day.”
Oil fell $1.39 a barrel, or 1.5 percent, to settle at $89.98 on the New York Mercantile Exchange. Futures have retreated 9.1 percent since reaching $99 on Sept. 14, the highest settlement in four months.
Decline Forecast
Crude prices are set to decline over the next six to nine months because of rising production from the U.S., David Martin, an analyst at JPMorgan Chase & Co., said at a Sept. 20 conference in London.
A natural gas stockpile surplus helped push futures down to a decade low of $1.907 per million British thermal units in April. Supplies have reached record levels in each of the past three years, Energy Department data show. Inventories are 8.6 percent higher than the five-year average.
Citigroup Inc. estimated in a March report that resurgent U.S. energy supplies could lead to a “reindustrialization” of America that could add as many as 3.6 million jobs by 2020 and increase the gross domestic product by as much as 3 percent.
9 Comments on "U.S. Pumps Most Oil Since 1997 as Energy Independence Grows"
DC on Sat, 29th Sep 2012 10:59 pm
LoL!
Sharpie on Sat, 29th Sep 2012 11:02 pm
Yes, that’s how much oil we’re “pumping”, but what’s left for the consumers after EROI is taken into consideration (net energy)? It’s something like 4:1 for shale, and you must run harder to stay in place to account for declining reserves. The U.S. of Oil hasn’t been energy independent since 1948 and will never become energy independent again, that is a fact.
Beery on Sat, 29th Sep 2012 11:10 pm
Bloomberg, innovators in the art of comedy since 1981.
Plantagenet on Sat, 29th Sep 2012 11:33 pm
The US still imports over 8 million barrels of oil per day. Domestic oil production doesn’t meet 83% of US energy needs, as this article falsely claims—-domestic oil doesn’t even supply 50% of our total oil consumption.
Its bad enough when our politicans lie about US energy indepenence, but its absolutely pathetic when a reporter writes such dishonest drivel.
BillT on Sun, 30th Sep 2012 12:20 am
This is not an article by a reporter. All American reporters are dead. All we have left are shills of corporations who whore for their masters.
America has been sliding down the energy slope for many years. Since we started importing it long ago. We still import it in everything we buy from other countries. We are not only buying the goods, we are buying the energy it took to make them. If all of those factories were still in the States, we would need much more energy than we have today. Think about it.
We have a country that is full of worn out energy plants and systems falling apart.
We have millions of miles of asphalt roads that are slowly crumbling.
We have bridges that are being closed, permanently.
We have 6 inches of dead soil where we once had 6 feet of good topsoil.
WE had educated, logical, thinking citizens, where we now have electro-bots who only see the junk on their latest pod/pad and not the dying world around them. So sad. We deserve what is coming.
Kenz300 on Sun, 30th Sep 2012 12:26 am
Quote — “U.S. oil production surged last week to the highest level since January 1997, reducing the country’s dependence on imported fuels”
———————-
The US has gone from importing over 60% of its oil use to just 40% in the past few years reducing our dependence on foreign sources.
Oil production is increasing.
Fuel economy is improving. 40 MPG is better than 20 MPG.
Biofuels now make up 10% of the fuel supply reducing the need for imports of oil.
Long haul truckers are converting from diesel to LNG.
High oil prices are forcing families and businesses to rethink their energy use. They are making energy efficiency a bigger part of the buying decision when buying a car, truck, appliance or even a light bulb.
The US oil supply is increasing. The demand for oil is decreasing. We are becoming less vulnerable to the oil companies and the oil producing countries.
Natgas on Sun, 30th Sep 2012 1:50 am
Read the lines carefully guys.
Domestic oil production meets 83% of US Energy needs and not the Oil need.
Energy includes energy for Transport, Electricity, Heating, Industrial usage and so on.
This is how the oil companies spread false news. Infact US consumes 18 million b/d. So this 6.5 million dont even meet the 50% of the Oil needs.
Another type of false news is to compare Prius with Corolla even though Prius is much voluminous and have lot more features.
KingM on Sun, 30th Sep 2012 11:39 am
Some more poor reading comprehension skills. It says: “America met 83 percent of its energy needs in the first six months of the year, department data show.”
That includes all sources of energy from coal to hydro to nuclear to oil. Obviously, the 17% deficit is almost entirely the result of imported oil.
Hugh Culliton on Sun, 30th Sep 2012 5:08 pm
I have to call bullshit on this piece of crap propaganda. The US will eventually achieve “energy independence” however. It’ll happen when, because no one paid any attention to reality, the whole house of cards – society, economy et. al. comes crashing down and the only energy being used is fire wood chopped by hand.