GasBuddy Blog

GasBuddy News Article

votes

U.S. on target to become world's largest oil producer

GasBuddy Blog -- If the U.S. should indeed surpass Saudi Arabia as the world’s largest oil producer, as the Associated Press reports, shouldn’t that mean lower gasoline prices for Americans? Don’t be too quick to make that bet... palatial casinos are built on such odds.

AP reports that the U.S. is on track for a 7% increase in oil production this year to an average of 10.9 million barrels per day. And the U.S. Dept. of Energy is forecasting that U.S. production of crude and other liquid hydrocarbons will average 11.4 million barrels per day in 2013. AP says that would be a new record and would fall just below Saudi Arabia’s output of 11.6 million barrels per day.

More bullish forecasts come from Citibank, whose analysts say U.S. oil...

Read the Full Article

Submitted Nov 02, 2012 By: PD

Back To News

Category: GasBuddy Official Blog > Topics	Add to favorite topics Post New Topic

Author	Topic: U.S. on target to become world's largest oil producer	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

GasHunter0007 Veteran Author California Posts:289 Points:167,625 Joined:Oct 2012	Message Posted: Nov 6, 2012 10:12:53 PM Ignore GasHunter0007 Report Abuse Hurry up so we can export them and bill the tax payers. What a sweetheart deal it is!
speedway2hi Rookie Author Indiana Posts:53 Points:340,410 Joined:Sep 2008	Message Posted: Nov 6, 2012 2:08:16 PM Ignore speedway2hi Report Abuse Spot on, runinoutagas!
runinoutagas Champion Author San Bernardino Posts:10,496 Points:1,617,485 Joined:Oct 2008	Message Posted: Nov 4, 2012 7:24:56 PM Ignore runinoutagas Report Abuse Good point, Karisholman. — The U.S. Gov't does, however receive monies from leasing (Federal) Government land to private oil companies for exploratory drilling (and production IF oil is struck). The State of Alaska, likewise for State lands. The Gov't of Alaska is able to 'cut' it's citizens a check due to the fact that its citizens have been able to some extent keep their State Government small and efficient enough that after Government expenditures, there is enough money left over to 'cut' such a check. If our Federal Government were similarly pared-down to a workable size and efficiency, the same Could apply; but as things stand, You can see that the National Government is so deeply involved in huge unmanageable programs requiring such (the word 'huge' is inadequate as are words available in our language tor the describing thereof) quantities of money to finance those myriad 'huge' programs — that our Federal Government is so far into the 'Red Ink' that it is hard to say whether such expenditures will ever be able to be brought back into line with receipts — much less have the ability to 'cut' U.S. Citizens a check for a share of the 'royalties' received for the use of Federal lands. Even if the entire wealth of all the 'wealthy' of this Nation were taken from them to pay down this 'Red Ink', it would only amount to a "drop in the proverbial 'bucket'"; and then the 'wealthy' would no longer be so; but would be counted among the destitute instead; and could no longer be 'tapped' as a means of further addressing the 'Red Ink'. In fact, if ALL the people of this nation were in like manner 'tapped-out' to pay-down this 'Red Ink', it would still not be enough. In other words, we are all in 'hock' above our ears, and at the present rate, it will take a LONG time, Generations, to pay it down. We REALLY NEED to cut down the size of Government. As our Decleration of Independence states: "... That to secure [our certain unalienable (Creator-Endowed)] rights, Governments are instituted among Men, deriving their just powers from the consent of the governed. ...". Governments that exceed this, deeming everything under the sun a "right", must take from You all that You have in order to "provide" for You your so-called "rights", thus depriving You almost or entirely altogether, of Your True "Creator-Endowed" Rights. Those who manage said transfer of wealth become all-powerful tyrants, most of the wealth somehow 'disappearing' as it filters through their 'sticky fingers'. We need a return to first (and basic) principles.
Karisholman Veteran Author Nevada Posts:281 Points:168,160 Joined:Oct 2012	Message Posted: Nov 4, 2012 4:04:49 PM Ignore Karisholman Report Abuse The use of Oil and gas reserves in Alaska, pays its citizens. Is there a plan to at least reduce taxes or share wealth from tapping these reserves with US citizens?
sparky808 Champion Author Honolulu Posts:2,993 Points:596,760 Joined:Sep 2011	Message Posted: Nov 3, 2012 7:30:04 PM Ignore sparky808 Report Abuse Not if Nobama can have HIS way.
johnbwilk Rookie Author Georgia Posts:6 Points:7,070 Joined:Oct 2012	Message Posted: Nov 3, 2012 10:44:36 AM Ignore johnbwilk Report Abuse I think it is interesting that Mexico and other countries sell there nationally produced oil in their country at much lower prices. Does this make us an unofficial member of OPEC?
remay Champion Author Houston Posts:6,963 Points:2,116,640 Joined:May 2006	Message Posted: Nov 3, 2012 8:56:58 AM Ignore remay Report Abuse I still have a hard time with this concept... maybe its because we probably won't reap the BENEFITS (due to exporting!).
mantarran Rookie Author Colorado Posts:37 Points:26,660 Joined:Oct 2012	Message Posted: Nov 3, 2012 8:41:17 AM Ignore mantarran Report Abuse it is not even a question! we will just export the oil and continue to buy our oil from the middle east and OPEC will continue to inflate prices. domestic production will not lower prices - need to get rid of opec.
garyr86 Champion Author Michigan Posts:1,995 Points:603,580 Joined:Dec 2010	Message Posted: Nov 3, 2012 8:08:57 AM Ignore garyr86 Report Abuse Now lets not import any oil from Venezuela where the price of gas is under 25 cents a gallon.
paulweb All-Star Author Ohio Posts:806 Points:353,420 Joined:May 2011	Message Posted: Nov 3, 2012 8:08:44 AM Ignore paulweb Report Abuse It will be good not to be held hostage to middle east oil; but we should be working to end our oil addiction.
boldrph Champion Author Topeka Posts:18,366 Points:3,449,690 Joined:Oct 2002	Message Posted: Nov 3, 2012 7:10:28 AM Ignore boldrph Report Abuse boom and bust ... boom and bust ... we've seen this before. check back in 20 years and we'll be importing all our oil again.
Hop1LA Champion Author Baton Rouge Posts:3,309 Points:1,175,520 Joined:Apr 2008	Message Posted: Nov 3, 2012 7:07:48 AM Ignore Hop1LA Report Abuse Yesterday's news
silverfoxv65 Champion Author Michigan Posts:4,475 Points:1,228,925 Joined:Sep 2009	Message Posted: Nov 3, 2012 7:04:05 AM Ignore silverfoxv65 Report Abuse Bull these reporters will say anything just to have something to write!
gravityhurts Champion Author North Carolina Posts:4,088 Points:936,530 Joined:Sep 2008	Message Posted: Nov 3, 2012 7:03:29 AM Ignore gravityhurts Report Abuse Good news comes with caution. At what cost.
FrankTA2 Champion Author New York Posts:4,293 Points:1,094,560 Joined:Jun 2007	Message Posted: Nov 3, 2012 7:01:12 AM Ignore FrankTA2 Report Abuse Excellent, we shouldn't have to depend on the middle east any more.
friday21 Champion Author Toronto Posts:5,335 Points:684,410 Joined:Jul 2010	Message Posted: Nov 3, 2012 7:00:41 AM Ignore friday21 Report Abuse Drill baby drill
rkt wgn Champion Author St. Louis Posts:15,347 Points:2,708,920 Joined:Dec 2004	Message Posted: Nov 3, 2012 6:57:54 AM Ignore rkt wgn Report Abuse Way to go
minnesotagirl Champion Author Milwaukee Posts:5,858 Points:1,229,965 Joined:Oct 2009	Message Posted: Nov 3, 2012 6:57:53 AM Ignore minnesotagirl Report Abuse Old news
dhawk24 Champion Author Maine Posts:7,795 Points:1,591,760 Joined:Jul 2008	Message Posted: Nov 3, 2012 6:57:11 AM Ignore dhawk24 Report Abuse Good news!!
AGAS1969 Champion Author Dayton Posts:2,683 Points:544,945 Joined:Aug 2011	Message Posted: Nov 3, 2012 6:56:22 AM Ignore AGAS1969 Report Abuse Thanks Mr. President !
biza4u Champion Author New Haven Posts:8,518 Points:1,626,925 Joined:Jan 2007	Message Posted: Nov 3, 2012 6:56:16 AM Ignore biza4u Report Abuse Old news
Hunter724 Champion Author New Hampshire Posts:8,116 Points:1,645,100 Joined:Sep 2008	Message Posted: Nov 3, 2012 6:55:29 AM Ignore Hunter724 Report Abuse Old news..
BEngr Champion Author Illinois Posts:6,706 Points:1,579,040 Joined:May 2008	Message Posted: Nov 3, 2012 6:55:00 AM Ignore BEngr Report Abuse Well we are making headway. But dont count on it lowering gas prices at the pump.
racerdj Champion Author Indianapolis Posts:9,810 Points:2,055,600 Joined:Jun 2003	Message Posted: Nov 3, 2012 6:54:40 AM Ignore racerdj Report Abuse Our production should really increase after Tuesdays election!
flsharktooth All-Star Author Jacksonville Posts:895 Points:618,040 Joined:Apr 2011	Message Posted: Nov 3, 2012 6:54:32 AM Ignore flsharktooth Report Abuse they are going to export the gas and keep prices high
dave364 Champion Author Lansing Posts:4,943 Points:1,436,425 Joined:Nov 2007	Message Posted: Nov 3, 2012 6:52:40 AM Ignore dave364 Report Abuse go get them
Ratso Champion Author Ohio Posts:18,784 Points:2,683,620 Joined:Sep 2003	Message Posted: Nov 3, 2012 6:51:02 AM Ignore Ratso Report Abuse Does that mean when we do become the worlds largest oil producer, that we will be paying the same rate as Saudi Arabia, .35 / gal ???
garytave Sophomore Author Florida Posts:117 Points:394,165 Joined:Aug 2011	Message Posted: Nov 3, 2012 6:50:47 AM Ignore garytave Report Abuse more old news
Pointtx Champion Author Austin Posts:3,231 Points:723,805 Joined:Mar 2011	Message Posted: Nov 3, 2012 6:50:35 AM Ignore Pointtx Report Abuse Deja vu.
subnuke Champion Author Atlanta Posts:7,498 Points:1,507,415 Joined:Sep 2008	Message Posted: Nov 3, 2012 6:48:44 AM Ignore subnuke Report Abuse ok
joko0 Champion Author New Jersey Posts:1,965 Points:564,640 Joined:Oct 2008	Message Posted: Nov 3, 2012 6:47:55 AM Ignore joko0 Report Abuse The industry will play with the numbers to increase prices!
fightbigoil71 Champion Author Milwaukee Posts:7,557 Points:1,543,930 Joined:Nov 2008	Message Posted: Nov 3, 2012 6:47:34 AM Ignore fightbigoil71 Report Abuse Yesterday's story -
pfone1847 Champion Author Illinois Posts:3,181 Points:622,605 Joined:Oct 2010	Message Posted: Nov 3, 2012 6:47:33 AM Ignore pfone1847 Report Abuse blah blah blah
swede Champion Author Cleveland Posts:3,762 Points:1,675,025 Joined:Feb 2003	Message Posted: Nov 3, 2012 6:45:34 AM Ignore swede Report Abuse old news
WR-INC Champion Author Twin Cities Posts:39,486 Points:3,623,360 Joined:Dec 2002	Message Posted: Nov 3, 2012 6:44:29 AM Ignore WR-INC Report Abuse There's no reason to produce if it just is going to sit in tanks.
tbgasmizer Champion Author Ontario Posts:6,053 Points:1,229,770 Joined:Oct 2009	Message Posted: Nov 3, 2012 6:43:11 AM Ignore tbgasmizer Report Abuse Repost
JLSindy Champion Author Cleveland Posts:3,486 Points:672,290 Joined:Aug 2005	Message Posted: Nov 3, 2012 6:42:21 AM Ignore JLSindy Report Abuse GasPriceHelp4U has it right - maybe some of it is pon the way to NY and NJ now!!!
FieroGT Champion Author Twin Cities Posts:14,317 Points:2,504,385 Joined:Mar 2005	Message Posted: Nov 3, 2012 6:41:02 AM Ignore FieroGT Report Abuse Does that mean that pump prices will go down, like way down?
GasPriceHelp4u Champion Author Dayton Posts:2,682 Points:567,825 Joined:Jul 2008	Message Posted: Nov 3, 2012 6:40:45 AM Ignore GasPriceHelp4u Report Abuse Next step, keep and supply them to our consumers in the US!!!
billy44bo Champion Author Mobile Posts:7,198 Points:1,488,940 Joined:Feb 2008	Message Posted: Nov 3, 2012 6:40:17 AM Ignore billy44bo Report Abuse Stop sending the gasoline offshore and just think how much lower the price would be.
epf Champion Author Grand Rapids Posts:6,329 Points:1,890,380 Joined:May 2004	Message Posted: Nov 3, 2012 6:40:01 AM Ignore epf Report Abuse Oil is traded globally, no price relief but certainly more control.
malfrog1 Champion Author South Bend Posts:2,191 Points:548,785 Joined:Feb 2011	Message Posted: Nov 3, 2012 6:39:35 AM Ignore malfrog1 Report Abuse keep the oil here
sent4456 Champion Author Toronto Posts:1,325 Points:2,124,035 Joined:Mar 2006	Message Posted: Nov 3, 2012 6:39:33 AM Ignore sent4456 Report Abuse I understand.
bad_sailor Champion Author London Posts:7,773 Points:1,672,370 Joined:Dec 2007	Message Posted: Nov 3, 2012 6:37:39 AM Ignore bad_sailor Report Abuse That's nice.
jrschl Champion Author Louisville Posts:2,957 Points:679,115 Joined:Jun 2011	Message Posted: Nov 3, 2012 6:37:37 AM Ignore jrschl Report Abuse We know.
KentsterPA Champion Author Pennsylvania Posts:1,697 Points:548,900 Joined:Aug 2011	Message Posted: Nov 3, 2012 6:36:10 AM Ignore KentsterPA Report Abuse ok
cheapertvs Champion Author Richmond Posts:10,280 Points:2,740,745 Joined:Jan 2004	Message Posted: Nov 3, 2012 6:35:11 AM Ignore cheapertvs Report Abuse Now if we can just get the price at the pump back to below $ 0.29 per gallon...
jppezz Champion Author New Mexico Posts:8,586 Points:1,691,585 Joined:Jun 2008	Message Posted: Nov 3, 2012 6:34:52 AM Ignore jppezz Report Abuse Old news.
Beau2140 Champion Author New York Posts:8,291 Points:1,656,185 Joined:Oct 2008	Message Posted: Nov 3, 2012 6:34:19 AM Ignore Beau2140 Report Abuse Stop exporting our fuel products.
Yankee829 Champion Author Dallas Posts:2,201 Points:558,615 Joined:Sep 2010	Message Posted: Nov 3, 2012 6:34:01 AM Ignore Yankee829 Report Abuse Old...