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Fri Mar 8, 2019, 02:25 PM

America is set to surpass Saudi Arabia in a 'remarkable' oil milestone

https://www.cnn.com/2019/03/08/business/us-oil-exports-saudi-arabia/index.html

New York (CNN Business)Move over, Saudi Arabia. America is about to steal the kingdom's energy exporting crown.

The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy. That milestone, driven by the transformative shale boom, would make the United States the world's leading exporter of oil and liquids.

That has never happened since Saudi Arabia began selling oil overseas in the 1950s, Rystad said in a report Thursday.
"It's nothing short of remarkable," said Ryan Fitzmaurice, energy strategist at Rabobank. "Ten years ago, no one thought it could happen."

The expected breakthrough reflects how technology has reshaped the global energy landscape. Drilling innovations have opened up huge swaths of oil and natural gas resources that had been trapped in shale oilfields in Texas, North Dakota and elsewhere.

Led by shale, US oil production has more than doubled over the past decade to all-time highs. The United States now pumps more oil than any other country, including Russia and Saudi Arabia.

"The shale boom has driven incredible increases in production," said Fitzmaurice. "US production is off the charts."
With ample supply at home, Congress in 2015 lifted the 40-year oil export ban. Overseas oil sales have exploded since then. And the

US Gulf Coast is racing to build facilities that can handle surging foreign demand for US crude.
"Excess fossil fuels from America will find plenty of eager buyers in fast-growing Asia," Per Magnus Nysveen, senior partner at Rystad Energy, wrote in the report.


Maybe we can reduce some of Saudi Arabia's influence on our country too.

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Reply America is set to surpass Saudi Arabia in a 'remarkable' oil milestone (Original post)
IronLionZion Mar 8 OP
theboss Mar 8 #1
TexasTowelie Mar 8 #2
theboss Mar 8 #3
theophilus Mar 8 #4
DFW Mar 8 #5
Yo_Mama_Been_Loggin Mar 9 #6

Response to IronLionZion (Original post)

Fri Mar 8, 2019, 02:27 PM

1. I used to travel to West Texas a lot for work

My company basically had to pull out of our non-oil related field there, because we couldn't pay people enough. Truck drivers are making six figures.

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Response to theboss (Reply #1)

Fri Mar 8, 2019, 03:51 PM

2. Hotel rooms are running $300 a night for mid-range brands.

They can go over $500 a night on the weekends. The hospital in Odessa has been advertising an opening for a respiratory therapist for more than half a year, but can't fill the position because the lodging alone exceeds what can be made on a 12 hour shift.

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Response to TexasTowelie (Reply #2)

Fri Mar 8, 2019, 03:54 PM

3. Yep. I'm in healthcare.

I have a pretty fair travel budget. I stay mainly in Marriott properties. The last trip to Midland. I had to stay in a dump that was a step down from an Econo Lodge, and I had to get a sign-off from by boss to pay the $250 a night.

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Response to IronLionZion (Original post)

Fri Mar 8, 2019, 04:03 PM

4. Wow! We're #1! We're #1! In greasing the skids for environmental catastrophe!

This is so sad that those profiting are doing so off of the decline and fall of human favoring climate. People are not very bright. Natural Selection, I guess. Who will give out the last Darwin Award?

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Response to theophilus (Reply #4)

Fri Mar 8, 2019, 04:11 PM

5. If fracking is the price we have to pay for the title, it's not worth it

I'd be much happier with banning fracking and letting the Saudis strut. It's not like anyone wants to be them anyway.

(Except maybe the Yemenis)

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Response to IronLionZion (Original post)

Sat Mar 9, 2019, 03:04 PM

6. So Trump can stop kowtowing to MBS then.

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