Carpe Diem

The Great American Energy Boom: US was the world’s No. 1 petroleum producer in July for the 9th straight month

saoil

The Energy Information Administration (EIA) released new data on Friday for international energy production during the month of July. For the ninth straight month in a row starting last November, total petroleum production (includes crude oil and other petroleum products like natural gas plant liquids, lease condensate, and refined petroleum products) in “Saudi America” at 12.4 million barrels per day (bpd) in July exceeded petroleum production in Saudi Arabia, which produced 11.94 million bpd (see chart above). Also for the ninth month in a row, “Saudi America”: a) took the top spot as the world’s No. 1 petroleum producer during the month of July, and b) produced more petroleum products in July than the combined petroleum output of all of the countries in Europe, Central America, and South America at 12.11 million bpd. America’s output of more than 12 million bpd in July marked the fourth straight month that total petroleum production in the US has exceeded 12 million bpd. Further, the amount of oil products produced in July at 12.4 million bpd  was the highest output of petroleum products ever recorded, according to EIA data going back to 1980.

July’s record-setting petroleum production is more evidence that America’s Shale Revolution is taking us from “resource scarcity” to a new era of “resource abundance” as the US now consistently produces more petroleum products than Saudi Arabia, and for nine straight months has led the world in petroleum production. This energy bonanza in the US — described as the “energy equivalent of the Berlin Wall coming down” — would have been largely unthinkable even five years ago. But then thanks to the revolutionary drilling and extraction techniques (hydraulic fracking and horizontal drilling) developed by a small group of America’s “petropreneurs,” we’ve unlocked vast oceans of shale oil and gas across the country and the US has been the world’s No. 1 producer of petroleum for nine months running. Welcome to The Great American Energy Boom. 

3 thoughts on “The Great American Energy Boom: US was the world’s No. 1 petroleum producer in July for the 9th straight month

  1. Gee, the oil and gas barons must be the ones making the money from the U.S. energy boom.

    Who are these oil and gas barons?:

    …”nearly half of the shares of U.S.-based oil and natural gas companies are held by public and private pension and retirement plans, including 401(k)s, and IRA’s, and individual investors outside those plans own another 20 percent of the industry’s shares. By contrast, as we will also see, corporate-management owns less than 3 percent of the oil and natural gas industry, including just one-half of one percent of the integrated oil and natural gas companies.”

  2. Call me “Jack Frack.”
    These energy charts by Perry are amazing. How long can the production go up? Will oil prices sink? And…
    Where’s the “Bushanol”?
    That’s ethanol made from plants as mandated and subsidized by President Bush jr.? You know, the cellulosic stuff…”Bushanol.”

  3. According to a report released Tuesday by the International Energy Agency, production of shale oil in the United States and worldwide will provide only a temporary respite from reliance on the Middle East…
    The agency’s assessment of world supplies is consistent with an estimate by the United States Energy Department’s Energy Information Administration, which forecasts higher levels of American oil production from shale to continue until the late teens, and then slow rapidly.

    http://www.nytimes.com/2013/11/13/business/energy-environment/shales-effect-on-oil-supply-is-not-expected-to-last.html

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>