ceo_energemsier + 1,818 cv August 17, 2019 US Petroleum Demand Strongest Since 2007 Quote Share this post Link to post Share on other sites
James Regan + 1,776 August 17, 2019 (edited) 15 minutes ago, ceo_energemsier said: US Petroleum Demand Strongest Since 2007 Like it or not it must be said that the US is definitely a huge player at the moment. Is this momentum sustainable? Edited August 17, 2019 by James Regan Quote Share this post Link to post Share on other sites
Jan van Eck + 7,558 MG August 17, 2019 13 hours ago, James Regan said: Like it or not it must be said that the US is definitely a huge player at the moment. Is this momentum sustainable? Of course it is. In the past, oil was found by drilling a hole in the ground and seeing if oil would come gushing out. Then technology advanced to the point where now, oil can be extracted from inside hard layers of sand and rock. Technology is developing to extract oil from pools of open sand, basically a mining exercise. Oil can be extracted from coal. Technology will continue to develop very clever ways to extract oil out of the ground, and to craft oil from other carbons in the ground. New technology is just now coming on-line to make pure gasoline out of vast bales of waste plastic. The USA consumes lots of oil, so inevitably the USA will be a technical leader in finding it, extracting it, converting it, and making it available. Don't underestimate what Americans can achieve; they are by their nature a clever people. Very clever. 1 Quote Share this post Link to post Share on other sites
wrs + 893 WS August 17, 2019 Yet the media treats us to stories of falling demand around the ROW. I guess the US is the exception? Quote Share this post Link to post Share on other sites
Ward Smith + 6,615 August 17, 2019 3 hours ago, wrs said: Yet the media treats us to stories of falling demand around the ROW. I guess the US is the exception? There's another way to look at this. Back in 2005 shale oil production was nil, and the gap between demand and production was over 14 million bbls per Day. This while the president claimed we were going to (somehow) become energy independent. Fast forward to today and the positions are reversed. Not only are we producing over 12 million bbls per day (sorry Hubbert), but add in NGL (which displaces petroleum feedstock for plastics production) at about another 4 million bbls per day and the US demand from the perspective of all our suppliers isn't just lower, it's practically non existent! America went from being the number one customer on the planet for crude to what? Saudi Aramco had to resort to buying refineries here to compel them to use Saudi crude. This picture gives OPEC nightmares 2 Quote Share this post Link to post Share on other sites
Douglas Buckland + 6,308 August 19, 2019 Only if the shale oil miracle is sustainable! Recently it is showing signs of cracks. I suppose the question is simply, how certain are we that the shale oil industry has what it takes to keep going, at it's present level or greater, for the next 10 or 20 years? If it falters and fails in the next 5 years, we have painted ourselves into a corner. Quote Share this post Link to post Share on other sites
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