Tag Archive | "Gulf of Mexico"
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Considerable Gold Rush buzz is streaming throughout the news media about U.S. oil production. According to the Economist, “On November 12th the International Energy Agency (IEA), the rich world’s energy club, forecast that America could become the world’s largest oil producer by 2020, outstripping Saudi Arabia and Russia.” Similar exhilarating headlines are found in Forbes, Bloomberg, […]
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According to an American Petroleum Institute (API) TV commercial, “The U.S. has enough untapped oil and natural gas resources to power more than 60 million cars and heat 160 million households for 60 years. But unlike many countries, our Congress puts much of it off-limits. A majority of Americans say that should change. Today’s technology […]
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The American Petroleum Institute (API) is opposed to raising taxes on the oil and gas industries. According to the API, the preferred approach is increasing access to domestic energy. That would add 530,000 jobs and create $194B in new revenue, according to a recent API TV ad. The API assumption is that there are accessible […]
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Several decades ago the United States was a major exporter of crude oil. There was plenty of secure, domestic crude oil to make gasoline for passenger cars. Gasoline prices were generally stable. Now the United States imports 60 percent of its crude oil needs. That means availability of gasoline for 137 million passenger cars is […]
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Production is falling at United States oil reservoirs in the lower 48 states, Alaska, and the Gulf of Mexico as shown in the following figures. United States crude oil imports, therefore, are increasing and are now 60 percent of oil consumption in contrast to several decades ago when the United States was a major oil […]