U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia
By Grant Smith Jul 4, 2014 11:56 AM ET
The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.
U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.
“The U.S. increase in supply is a very meaningful chunk of oil,” Francisco Blanch, the bank’s head of commodities research, said by phone from New York. “The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”
Oil extraction is soaring at shale formations in Texas and North Dakota as companies split rocks using high-pressure liquid, a process known as hydraulic fracturing, or fracking. The surge in supply combined with restrictions on exporting crude is curbing the price of West Texas Intermediate, America’s oil benchmark. The U.S., the world’s largest oil consumer, still imported an average of 7.5 million barrels a day of crude in April, according to the Department of Energy’s statistical arm. http://www.bloomberg.com/news/.....vertaking-saudi.html
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
You want to forget about the Middle East? Want to forget about giving money to people that totally hate us? Want to break and cripple the economies of said people?
Your looking right at it and you heard it years ago.....
Drill baby drill....And remember, most all of this is coming off PRIVATE land because the Obama Admin and the radical EPA are totally opposed to opening up any significant amount of federal controlled lands for drilling.
If we do open up federal lands, we will easily be able to produce 80% of our needs and import the rest (20%) from Canada and Mexico.
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
Just think of how good a shape the USA will be in 20 or 40 years down the road because we will STILL HAVE US OIL RESERVES. When oil is $900 a barrel we will thank the US President who wouldn't drill it at $60!
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Just think of how good a shape the USA will be in 20 or 40 years down the road because we will STILL HAVE US OIL RESERVES. When oil is $900 a barrel we will thank the US President who wouldn't drill it at $60!
hey....pssst.....tesla.....a president doesn't make oil.....they talk sh!t and make promises to the oil companies....
THEY ARE TOO BIG TO FAIL....much like detroit....oh, and don't forget all the stupid Americans that complain about the cost of gas and yet subscribe to NASCAR and it's use of oil products by the millions......
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Just think of how good a shape the USA will be in 20 or 40 years down the road because we will STILL HAVE US OIL RESERVES. When oil is $900 a barrel we will thank the US President who wouldn't drill it at $60!
LOLOLOLOL....Well what one is it? 20 or 40? That's a generous timeframe you gave yourself there.
Is that when the oil runs out....Again?
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
LOLOLOLOL....Well what one is it? 20 or 40? That's a generous timeframe you gave yourself there. Is that when the oil runs out....Again?
Is oil a finite resource? Will the earth eventually be depleted of oil? Is the price of oil regulated by supply and demand?
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Is oil a finite resource? YES Will the earth eventually be depleted of oil? YES Is the price of oil regulated by supply and demand? Not really... It's mostly driven by speculation of events that may or may not effect the supply.The demand plays a part, but not nearly as much as people tend to think
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
Is oil a finite resource? Will the earth eventually be depleted of oil? Is the price of oil regulated by supply and demand?
1) Of course it is, just like there is a finite amount water on the planet. I do not support the hypothesis of Abiotic Oil.
2) Probably, but not anytime in the foreseeable future....And by foreseeable future, I mean at least 200 years before some 'problems' might arise.
3) I agree with 55 that speculation is a factor, but not to the degree that he/she thinks it does. Ultimately, supply and demand always wins out. Just as it always has since man began to trade.
4) This line of questioning is stupid and doesn't address why Boxy thinks oil will go to $900/ bbl.
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
1) Of course it is, just like there is a finite amount water on the planet. I do not support the hypothesis of Abiotic Oil. 2) Probably, but not anytime in the foreseeable future....And by foreseeable future, I mean at least 200 years before some 'problems' might arise. 3) I agree with 55 that speculation is a factor, but not to the degree that he/she thinks it does. Ultimately, supply and demand always wins out. Just as it always has since man began to trade. 4) This line of questioning is stupid and doesn't address why Boxy thinks oil will go to $900/ bbl.
BP Estimates The World Has just 53.3 Years Of Oil Left But What Does BP Know About Oil??? http://gas2.org/2014/07/03/bp-estimates-world-just-53-3-years-oil-left/ If this figure is correct or not, I have no way of knowing... but as the supply dwindles, the price will increase (Supply & Demand).
The real question is how much oil is left and should we be burning it or using it for what it is much better suited for... lubricants.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
I'm sure it's not finite....it's like the federal reserve printing more money....oil production is all about WHO controls it.....otherwise it has no value.....
the dollar is worth the oil or worthless dollar is not worth the oil?
Quoted Text
Synthetic diamond (also known as laboratory-created diamond, laboratory-grown diamond, cultured diamond or cultivated diamond) is diamond produced in an artificial process, as opposed to natural diamonds, which are created by geological processes. Synthetic diamond is also widely known as HPHT diamond or CVD diamond after the two common production methods (referring to the high-pressure high-temperature and chemical vapor deposition crystal formation methods, respectively).
Although often referred to as synthetic, this term has been considered somewhat problematic. In the U.S., the Federal Trade Commission has indicated that the alternative terms laboratory-grown, laboratory-created, and [manufacturer-name]-created "would more clearly communicate the nature of the stone", as consumers associate the term synthetic with imitation products – whereas man-made diamonds are actual diamond material (i.e. pure carbon, crystallized in isotropic 3D form).[1]
Numerous claims of diamond synthesis were documented between 1879 and 1928; most of those attempts were carefully analyzed but none were confirmed. In the 1940s, systematic research began in the United States, Sweden and the Soviet Union to grow diamonds using CVD and HPHT processes. The first reproducible synthesis was reported around 1953. Those two processes still dominate the production of synthetic diamond. A third method, known as detonation synthesis, entered the diamond market in the late 1990s. In this process, nanometer-sized diamond grains are created in a detonation of carbon-containing explosives. A fourth method, treating graphite with high-power ultrasound, has been demonstrated in the laboratory, but currently has no commercial application.
The properties of synthetic diamond depend on the details of the manufacturing processes; however, some synthetic diamonds (whether formed by HPHT or CVD) have properties such as hardness, thermal conductivity and electron mobility that are superior to those of most naturally-formed diamonds.
Synthetic diamond is widely used in abrasives, in cutting and polishing tools and in heat sinks. Electronic applications of synthetic diamond are being developed, including high-power switches at power stations, high-frequency field-effect transistors and light-emitting diodes. Synthetic diamond detectors of ultraviolet (UV) light or high-energy particles are used at high-energy research facilities and are available commercially. Because of its unique combination of thermal and chemical stability, low thermal expansion and high optical transparency in a wide spectral range, synthetic diamond is becoming the most popular material for optical windows in high-power CO2 lasers and gyrotrons. It is estimated that 98% of industrial grade diamond demand is supplied with synthetic diamonds.[2]
Both CVD and HPHT diamonds can be cut into gems and various colors can be produced: clear white, yellow, brown, blue, green and orange. Because of the high price of mined diamonds, the ability to produce gem-quality synthetic diamonds threatened to undercut the business of mined diamond producers. De Beers developed spectroscopic devices and techniques to distinguish synthetic and natural diamonds and promoted natural diamonds as superior, in addition to attempting to fix the price of synthetic diamonds.[3][4] Screening devices based on diamond type detection can be used to make a distinction between diamonds that are certainly natural and diamonds that are potentially synthetic. Those potentially synthetic diamonds require more investigation in a specialized lab. Examples of commercial screening devices are D-Screen (WTOCD / HRD Antwerp) and Alpha Diamond Analyzer (Bruker / HRD Antwerp).
OUR CHAIN IS BEING YANKED BY WAR/OIL/FEDERAL RESERVE......HOW TO MAKE A VACUUM
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
If matter can neither be created or destroyed, how can anything on earth be finite? If oil is hydrogen and carbon, how are they being destroyed?
I can't believe in the finite theory, since science has determined it impossible to destroy matter. Matter can only change forms.
Actually, it's mass/energy that can never be created or destroyed, but they can be converted.
In a nuclear reaction one gram of matter being converted to energy has the equivalent energy release as burning 200 tons of coal.
If you burn 200 tons of coal and collect everything, the smoke particles, the ash, the gases, etc and measured their mass, they would total 200 tons, minus one gram.
The heat is energy created by the conversion of the one gram of mass.
Burning anything is basically converting tiny quantities of mass into energy.
Keep in mind that all matter is not really a solid, but an illusion that appears solid, when it is actually mostly space held together by electromagnetic and/or gravitational forces.
So, yes there are currently finite quantities of all types of matter.
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