Re: Surging American Exports Keep Oil and Gas Prices in Check

Recommended Posts

While it's certainly true that on a total liquids basis the US is a net exporter, because of biofuels production and refinery gains, the fact remains that based on the most recent EIA data (weekly supply estimates, four-week running average), the US is a net crude oil importer, with US refineries dependent on net crude oil imports of 2.3 million bpd.  To put this in perspective, it's about 50% larger than the peak crude oil production rate from Prudhoe Bay, the largest conventional oil field ever found in the US. 

Meanwhile, Hart Energy puts the US oil production decline rate at 34%/year. In the following article, they estimate that we need to replace 100% of current US oil production every three years, just to maintain current production: "Why US Shale Production Declines Are Higher Than You Might Think."  

In other words, Hart Energy estimates that US producers need to put on line the productive equivalent of the peak production from Prudhoe Bay about every seven weeks, just to offset declines from existing production. 



  • Upvote 1

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.