PBS Nightly Business Report gives wrong impression that Off-shore oil is a big part of our supply

[JohnWxy]

On the Tuesday June 15th airing of PBS's Nightly Business Report they spread a bit of disinformation about off-shore oil nd how much it represents to U.S. total oil consumption. This was part of a conversation giving the impression that Obama's moratorium on deep water drilling for oil - if it became permanent - would be disastrous to the U.S.

http://www.pbs.org/nbr/site/onair/transcripts/oil_executives_get_grilled_on_capitol_hill_100615/

HOFMEISTER: The question for the United States of America and its political leadership is, are we going to participate in the global production of oil resources and produce our own fair share from domestic sources or are we going to be dependent upon every other part of the world and export the risk. And I think that there can be lessons learned from this. There should be lessons learned from this. But to suggest that those rigs were not safely operating after they have been expected, after the blowout, is just simply a political maneuver to gain ground in a situation where I think the White House felt it had lost momentum. It needed to regain momentum and there could be a huge price that this president will pay for having shut down these wells because we don't know when they're going to come back.


HUDSON: I want to ask you about that price in a moment. You mentioned the source of U.S. energy. Let's take a look at where the United States gets its oil from the last year at least. According to the Department of Energy, over half of it came from outside the United States. Only 48 percent was domestically supplied and produced. How does the moratorium impact this?

HOFMEISTER: It means that we're going to decline our oil production. That means we're going to have to import more from abroad because every day when we wake up, we need 20 million barrels of oil to get through the day.
-----------------------------------------------------------------------------------------------------------------------------------------------------------


NOte: 20 million barrels a day is our http://tonto.eia.doe.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_a.htm">Total Crude Oil and Petroleum Products Supplied. So how much of our total oil consumption is domestically produced and how much is from off-shore wells, and of that how much is from deep water wells?

The Energy Information Administration site shows that for 2008, our entire domestic production (5 mill barrels per day) is about http://www.eia.doe.gov/basics/quickoil.html">24.8% of the http://tonto.eia.doe.gov/dnav/pet/pet_cons_psup_dc_nus_mbblpd_a.htm">total consumed(20 million bbls/day). And further, the off-shore oil production (280 thousand bbls /day) was roughly 5.6% of domestic oil production (5 million bbls) and 1.4% of the total supplied. And DEEP-WATER wells provide a fraction of the off-shore oil..I haven't been able to find out what that fraction is.

[elleng]

1. thx for info.

[Strelnikov_]

2. Something is wrong with the offshore numbers

BP Thunderhorse and Atlantis platforms produce 500 k bbl/dy just between them. I have heard figures that 1/3 of domestic production is from GOM offshore.

1/3 we had better learn to live without, IMHO.

[JohnWxy]

3. 1/3rd of 25% of tot consumed, would be about 8% of total consumed. Domestic Prod is about 25% of

total consumed. According to EIA.