• 2 hours Saudi Arabia Ready to Start Pumping More Oil
  • 3 hours Why Alberta Will Win The War Over Trans Mountain
  • 18 hours How is Pruitt still around?
  • 2 hours Price Determines Demand (and Supply)
  • 10 hours Brent Crude Oil Tops $80!
  • 2 days $1 for a Journey on the Loop
  • 2 hours North Dakota: Initial well productivity trending higher, will a rising Gas/Oil ratio negatively impact EURs?
  • 2 days HAPPY RIG COUNT DAY!!
  • 5 hours Trump Could 'Punish' Venezuela With Oil Sanctions Immediately After Presidential Vote
  • 2 days Don't Forget About Venezuela With All the Iran Excitement ...
  • 2 days Top Google Engineers Say Renewable Energy Simply Won't Work
  • 2 days Most Likely Fossil Fuel Future
  • 2 days Russia/Germany Pipeline Really A Security Threat for US?
  • 2 days Two in one: Maduro And Erdogan Wish Each Other Luck Before Respective Elections
  • 19 hours California to mandate solar on new homes
  • 3 days Australian businesses going renewable
Alt Text

Bank Of America: Oil Prices Could Hit $100 Next Year

Plummeting inventories and soaring global…

Alt Text

Iran Accuses U.S. Of Pushing Up Oil Prices

Iranian oil minister Bijan Zanganeh…

Robert Rapier

Robert Rapier

More Info

Trending Discussions

The U.S. Could Set 5 Energy Production Records This Year

USA

As I indicated in my previous article, I believe President Trump missed a golden opportunity to highlight energy in his State of the Union address last week. Instead, energy was scarcely mentioned. The president devoted about 30 words of the nearly 5,200-word speech to the state of American energy.

The President could have said, “Today America is the world’s foremost energy superpower.”

According to the 2017 BP Statistical Review of World Energy, the U.S. was ranked:

• #1 in oil production*

• #1 in natural gas production

• #1 in nuclear power

• #1 in geothermal power

• #1 in biofuels production

• #2 in solar power

• #2 in wind power

• #3 in coal production

• #4 in hydropower

The president could have said, “The U.S. produces more energy than any other country.”

President Trump could have said, “The U.S. leads in more categories of energy production than any other country.”

He probably should have pointed out that this year the U.S. will almost certainly break the all-time production record for crude oil production. This is a record that has stood since 1970. Newly released data from the Energy Information Administration (EIA) show that in November, U.S. oil production exceeded 10 million barrels per day (BPD) for the first time since 1970.

The president could have pointed out that U.S. natural gas production, which has already risen by more than 50 percent since 2005, will likely set a new all-time high this year.

Related: The Shale Boom Might Not Last Long

In fact, this year the U.S. will likely set new production records for oil, natural gas, solar and wind power, as well as biofuels.

The president could have talked about his executive orders that jump-started the stalled Dakota Access and Keystone XL pipeline projects. Oil now flows through the Dakota Access Pipeline, and TransCanada (Keystone’s backer) is moving forward after being blocked for years by the Obama administration.

Those are a few of the things he could have said about the state of energy production in America. Maybe next year.

* According to the BP Statistical Review, U.S. crude oil production jumped ahead of Saudi Arabia and Russia in 2014. This is in part because BP’s definition of “oil” includes natural gas liquids (NGLs), which have surged in the U.S. along with natural gas production. Without the NGLs, the U.S. would have been behind Saudi Arabia, and possibly Russia as well, in total oil production. However, even without the NGLs, U.S. oil production has surged in the past decade and is on a trajectory that could overtake Saudi Arabia and Russia as early as this year.

By Robert Rapier

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News