How much more oil do we have to produce: Swingers Discussion 218397

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TOPIC: How much more oil do we have to produce

Created by: sweettart Original Starting post for this thread:
Before the price at the pump begins to fall? U.S. oil production is at its highest level in 20 years, while at the same time U.S. oil demand is at a 17-year low. oil production is up 40 percent since 2008, The U.S. is expected to produce 7.3 million barrels per day this year, up from 6.4 million in 2012. As would be expected, the amount of oil the U.S. is importing is declining. Imports totaled about 7.7 million barrels per day in the month of February, down 1.2 million barrels per day from he same time last year. U.S. oil demand for 2012 was 18.56 million barrels per day, down 2 percent from the year earlier and its lowest annual level since 1996, according to the EIA. Oil demand fell every month last year, except for May.

Created by: sweettart
Original Starting post for this thread:

Before the price at the pump begins to fall?

 U.S. oil production is at its highest level in 20 years, while at the same time U.S. oil demand is at a 17-year low.
oil production is up 40 percent since 2008, The U.S. is expected to produce 7.3 million barrels per day this year, up from 6.4 million in 2012. As would be expected, the amount of oil the U.S. is importing is declining. Imports totaled about 7.7 million barrels per day in the month of February, down 1.2 million barrels per day from he same time last year.
U.S. oil demand for 2012 was 18.56 million barrels per day, down 2 percent from the year earlier and its lowest annual level since 1996, according to the EIA. Oil demand fell every month last year, except for May.

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User Details are only visible to members.	You misunderstand.... Venezuela subsidizing gas bought from US refineries only costs Venezuela money.
Chesapeake VA			Username hidden (12182 post)

User Details are only visible to members.	Yes in many countries gasoline is subsidized, sometimes so heavily that it's nearly free. Free of course only to the person at the pump. Someone's still paying for it.
Chesapeake VA			Username hidden (12182 post)

User Details are only visible to members.	Libya pays 52 cents a gallon. I read that in Venezuelan subsidizes the price of gas bought from U.S refinaries, and because the price is so low Venezuelans who have no incentive to use fuel efficiently,driving up demand while raising fuel costs on on U.S consumers.
Dallas TX			Username hidden (2225 post)

User Details are only visible to members.	Did you know, that gas price in Venezuela is like two cents a gallon?
Colts Neck NJ			Username hidden (12740 post)

User Details are only visible to members.	Even if each barrel of oil was free, after the market leveled the price would still go up. Fuel is not exempt from inflation, and is also controlled by what people will pay. Even if there is a unlimited CHEAP supply. If people are willing to pay $100 a gallon someone will charge $100 a gallon. I would! Thirty five years ago I was buying imported surplus 1911s, I would clean them up, Teflon treated them, and then sold them for 5 times what I paid. BECAUSE? Somebody was willing to buy them.
Sanford NC			Username hidden (18904 post)

User Details are only visible to members.	No, it's not a lie per se. More like only one piece of the puzzle. Oil prices are on a supply and demand basis, but they also are driven by what people perceive to be the supply (and demand) in the future. While US domestic production may increase, the oil we're allowed to get is in progressively more difficult places (such as deep water in the Gulf). When the deposits in North Dakota and (if we're ever allowed to) Colorado oil shale are fully developed, then we'll have a better continuing supply, but it probably will just be enough to keep up with increasing demand and at least protect us from overseas supply problems.
Chesapeake VA			Username hidden (12182 post)

User Details are only visible to members.	So that means all the talk about needing to produce more domestice oil in order to proctect us from fluctuations in the world market was a lie. Also at this rate gas will be $5.00 by summer.
Dallas TX			Username hidden (2225 post)

User Details are only visible to members.	Far, far more to be able to flood the market enough to drive prices down. The price at the pump has a number of components, but the price of crude oil is by far the largest component. The price of crude oil is high due to very strong demand from much of the developing world (India and China especially) and the declining US dollar. If the value of the US dollar fell by 50% tomorrow, the price of crude would double instantly. The price of the crude oil to make gasoline is around $2.20 a gallon right now, sold in bulk. By the time you ship the crude, refine it, ship it again, tax the shit out of it and have everyone along the way make a little bit of money, you get where you are now. Keep in mind the gasoline you buy today was made from oil bought 30-60 days ago, so the movement in pump prices generally lags 30-60 days behind the crude oil price movements.
Chesapeake VA			Username hidden (12182 post)

User Details are only visible to members.	As long as the Fed continues to print worthless money the price of gas will rise. Fuel is subject to inflation like anything else.
Sanford NC			Username hidden (18904 post)

User Details are only visible to members.	Before the price at the pump begins to fall? U.S. oil production is at its highest level in 20 years, while at the same time U.S. oil demand is at a 17-year low. oil production is up 40 percent since 2008, The U.S. is expected to produce 7.3 million barrels per day this year, up from 6.4 million in 2012. As would be expected, the amount of oil the U.S. is importing is declining. Imports totaled about 7.7 million barrels per day in the month of February, down 1.2 million barrels per day from he same time last year. U.S. oil demand for 2012 was 18.56 million barrels per day, down 2 percent from the year earlier and its lowest annual level since 1996, according to the EIA. Oil demand fell every month last year, except for May.
Dallas TX			Username hidden (2225 post)

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TOPIC: How much more oil do we have to produce

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