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The Oil And Gas Situation: A Time For Setting Records

They say numbers don’t lie, and the last two weeks for the U.S. oil and gas industry have seen the announcements of some pretty amazing numbers. These are numbers that demonstrate exactly how productive and efficient the business has become, and numbers that must be put into some context to understand how extraordinary they really are.

So, as we move into mid-December 2018, let’s give it a shot:

The U.S became a “net exporter” of petroleum liquids for the first time 75 years. – That’s right, the week of November 30 through December 5 saw the United States of America actually export more crude oil and other oil-derived liquids than it imported from other countries. The key part of that sentence is “other oil-derived liquids,” which include gasoline, diesel and other refined products. Rolling all of those products into the equation, the U.S. exported about 211,000 barrels per day more than it imported for the week, as reported by Bloomberg.

The U.S. did not become a net exporter of “crude oil,” as some others in the energy news media mistakenly reported. As Robert Rapier reported at Forbes.com over the weekend, our country is still a sizable net importer of crude alone, an equation that will not be reversed anytime soon.

Regardless, the fact that the U.S. had higher volumes of oil-derived liquids moving out of its various ports than it had coming for a full week is an extraordinary change of circumstance from just a decade ago, a true sea change delivered by the ability to extract oil from the nation’s shale formations.

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2 thoughts on “The Oil And Gas Situation: A Time For Setting Records

  1. Jimmy Macafee - December 10, 2018

    Butbutbutbut…I thought Barry Soetoro (the Butthurt One) made all this happen!
    Barry Soetoro = Commander McBragg. Questions: did Commander McBragg open up Anwar?
    Open the Keystone? Support fracking? Support clean coal?

  2. guidvce4 - December 11, 2018

    I still remember a teacher when I was in grade school telling us that the world would run out of oil in 20 years. That was 65+ years ago. And the left beat that drum for how long? Just changing the number of years when making the dire predictions of a doomed industry.
    Thus, the push for solar and wind to save us all. Oh, and dependence on the guvmint to solve the problem when the end came. lol.

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