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American Empire Mistakenly Believes Shale Revolution Will Continue Until 2050 And Beyond – Part 1

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American Empire Mistakenly Believes Shale Revolution Will Continue Until 2050 And Beyond – Part 1

ILLUSTRATIVE: AFP 2019 / Robyn BECK

Written by Dr. Leon Tressell exclusively for SouthFront

  • forecasts for U.S. oil production are extremely over optimistic
  • the decline of U.S. shale oil production will have profound impacts on geo-politics and the U.S. economy

The Trump regime never tires of trumpeting the myth of American ‘energy independence’. The foreign policy establishment in Washington sees America’s emergence as the worlds largest oil producer as giving a huge boost to the achievement of U.S. geo-political goals. In his testimony to the House Foreign Affairs Committee Kenneth Medlock, Senior Director of the Center for Energy Studies at Rice University’s James A. Baker Institute for Public Policy, stated:

“Nevertheless, the growth in US oil production is transforming the status quo and shifting the geopolitical balance. This highlights the importance of the so-called ‘shale revolution’ in achieving US geopolitical and foreign policy aims.”

In recent years we have seen how the U.S. has weaponized its huge production of oil and gas to attack its geo-political rivals.

President Trump’s abandonment of the Iran nuclear deal and reimposition of sanctions on Tehran was based on the premise that the drop in Iranian oil exports would be made up for by U.S. shale oil production. Thus keeping down any inflationary pressures on the global oil market.

Trump’s strategy may have failed to totally stop Iranian oil exports, but the sanctions are inflicting significant economic damage and great suffering on the people, triggering mass protests in Tehran and other cities.

Trump has also used America’s record gas production as a carrot and stick with which to try and undermine Russian exports to Europe. At the recent Davos summit Trump dangled the carrot of cheap American gas to his European allies:

“With an abundance of American natural gas now available, our European allies no longer have to be vulnerable to unfriendly energy suppliers either. We urge our friends in Europe to use America’s vast supply and achieve true energy security. With U.S. companies and researchers leading the way, we are on the threshold of virtually unlimited reserves of energy, including from traditional fuels, LNG [liquefied natural gas], clean coal, next-generation nuclear power, and gas hydrate technologies.”

Trump has also used the stick to force Europe away from Russian gas supplies. Under the terms of the misnamed ‘Protecting Europe’s Energy Security Act of 2019, a sanctions law ironically written by oil and gas rich Texas Senator Ted Cruz, the U.S. has threatened EU countries with sanctions if they participate in helping with the construction of Russia’s Nord Stream 2 pipeline under the Baltic sea.

Ironically, the pipeline has almost been completed and the American sanctions are a case of too little too late.

We could go and look at other cases such as Venezuela where the U.S. has used its position as the world’s top oil producer to try and destroy that nation’s economy.

The record production of oil and gas has fuelled the hubris that underpins the manoeuvres of the American empire as it seeks to undermine and/or destroy its geo-political rivals.

This belief that the Shale Revolution will continue for decades into the future giving the American empire even greater power is based on a fundamentally flawed set of assumptions.

Shale Revolution based on fantasy thinking regarding geology

The prospect of the United States becoming a net exporter of oil or ‘energy independent’ has fuelled fantasy thinking amongst the geo-political strategists of the American empire. Both presidents Obama and Trump have enthusiastically trumpeted this belief.

The myth of American energy independence, thus ending its reliance on oil from the volatile Middle East, is based on Alice in Wonderland forecasts for shale oil and gas production from the highly influential U.S. Energy Information Agency (EIA).

The EIA 2020 forecast is for shale oil production to peak in 2022 at 14 million barrels per day and continue at that level until 2050. The vast majority of this oil production is expected to come from the shale oil pays in just 3 states: Texas, New Mexico and North Dakota. The bulk of this oil production is expected to come from the world’s largest oil field in the Permian basin that runs across Texas and New Mexico.

Let us put to one side the EIA’s failure to factor in the impacts of recessions, environmental disasters and its highly unrealistic assumption that energy consumption in America will only grow by 0.3% a year until 2050.

A growing body of evidence suggests that the EIA is basing its forecasts on very unrealistic assumptions regarding the geology of American shale plays.

The highly respected Desmog news has warned since 2018 that forecasts for shale oil production were highly unrealistic, makes the humorous observation that ‘Rocks don’t care if CEOs promise oil’ and that the EIA, ‘can’t make oil appear where there isn’t any.’

More and more evidence is emerging that the shale oil plays maybe nearing peak production which will be followed by decline.

Last November IHS Markit, which has 5,000 analysts providing economic data to over 50,000 customers worldwide, produced a report that predicted that U.S. shale oil production is headed for a ‘Major Slowdown’.

According to Raoul LeBlanc, vice president for North American uncoventionals, IHS Markit, shale oil production will peak by 2020 and that by 2021 U.S. oil production growth will have halted:

“Going from nearly 2 million barrels per day annual growth in 2018, an all-time global record, to essentially no growth by 2021 makes it pretty clear that this is a new era of moderation for shale producers. This is a dramatic shift after several years where annual growth of more than one million barrels per day was the norm.”

The problem oil companies face is that the decline rate of shale oil wells are frighteningly rapid at a rate of 70% in the first year and 30% in the second year of operation. This means they have to keep pumping and drilling new wells like mad to just to keep up production levels.

The Journal of Petroleum Technology has pointed that this poses major problems for the U.S. shale industry:

“These high late-stage decline rates represent a clear challenge for current reserves and ultimate recovery estimates from wells that were expected to produce economically for 30 or more years.”

This is in sharp contrast to conventional oil wells which have an average decline rate of 6.7% and have much longer lives. Most of the world’s giant oil fields were discovered in the first half of the 20th century yet are still producing over 50% of global oil supply.

The IHS Markit report has found that the base decline rates of more than 150,00 producing oil wells in the Permian basin rose from 34% in 2018 to 40% in 2019.

According to Raoul LeBlanc:

“Base decline is the volume that oil and gas producers need to add from new wells just to stay where they are—it is the speed of the treadmill. Because of the large increases of recent years, the base decline production rate for the Permian Basin has increased dramatically, and we expect those declines to continue to accelerate. As a result, it is going to be challenging, especially for some companies with cash constraints, just to keep production flat.”

Further cold water on the EIA’s super optimistic forecasts for American shale oil production comes from Mark Papa, a closely followed pioneer of the shale industry and CEO of independent oil and gas company Centennial Resource Development.

At a gathering of oil industry executives in 2018 Papa warned that there was a growing shortage of tier 1 acreage i.e. oil wells with the highly productive sweet spots. Papa stated that the U.S. shale industry faces a major challenge posed by the geology of shale plays:

“There are good geological spots in shale plays and weaker geological spots, and a lot of the good geological spots have already been drilled.

“My theory is that you’ve got basically resource exhaustion that is beginning to take place. It’s no secret that you’ve only got three shale oil plays in the U.S. of any consequence. The rest of them don’t amount to a hill of beans.”

Papa further warned that the American shale industry will face major changes in the 2020s as most oil plays face rapid depletion rates and that OPEC oil will become more important as the decade progresses. He believes that the second and third biggest oil plays: the Eagle Ford in Texas and Baaken in North Dakota have already peaked forcing drillers to move to far less productive acreage.

Permian Basin which contains the highest producing plays in America is flat lining

Of greater concern are the reports warning that the Permian basin, the jewel in the crown of America’s fracking industry, is approaching peak production.

In 2018 Paul Kibsgaard CEO of Schlumberger, one of the oil industry’s largest service provider, warned, “We are already starting to see a similar reduction in unit well productivity to that already seen in the Eagle Ford, suggesting that the Permian growth potential could be lower than earlier expected.”

This is supported by Javier Blas, chief energy correspondent for Bloomberg News who recently tweeted that oil production in both the Permian and Baaken are slowing down:

American Empire Mistakenly Believes Shale Revolution Will Continue Until 2050 And Beyond – Part 1

Click to see the full-size image

David Hughes, a scientist who worked for 32 years with the Canadian Geological Survey, has carried out an exhaustive analysis of the EIA claims for U.S. shale production up to 2050. His 177 page report SHALE REALITY CHECK 2019 Drilling into the U.S. Government’s Optimistic Forecasts for Shale Gas & Tight Oil Production Through 2050 concludes that EIA forecasts through 2050 are,’extremely optimistic for the most part, and are therefore highly unlikely to be realized.’

In the chapter of his report on the Permian basin Hughes notes that:

“… in Reeves County, which was the top producing county in the Permian Basin as of April 2019, well productivity appears to have flat-lined in 2018. Reeves County has seen the most horizontal wells drilled since 2011 of any county, and the flat-lining of productivity gains suggests sweet spots there may be reaching their limits and over-drilling may be taking its toll. … Over-drilling will not increase ultimate recovery, although it may allow resources to be recovered sooner.”

Hughes examines the top 3 plays in the Permian basin (Spraberry, Wolfcamp and Bone Spring) in forensic detail. His analysis of the Spraberry play which is the highest producing play in the Permian basin reveals how the EIA forecast for shale oil production up-to 2050 is totally unrealistic and impossible to achieve.

Spraberry Play in the Permian Basin

The Spraberry play contains over 44,922 wells. To achieve the EIA forecasted levels of production it would have to achieve well densities of 8.1 per square mile which seems highly unrealistic as spacing wells too close together has the effect of lowering production.

Even worse it appears the EIA is engaging in wilful deception in its forecasts of shale oil production. How else do you explain the EIA forecasting that the Spraberry play will achieve its massive production levels up until 2050 by a 225% overshoot of its own estimates of proven resources plus unproven reserves!

Hughes points out:

“Even if … 100% of the EIA’s proven reserve plus unproven resource estimates could be recovered by 2050, 8.33 billion barrels are missing to meet the EIA production forecast. – The EIA’s reference case production forecast is not consistent with its own estimates of proven reserves plus unproven resources—6.65 billion barrels are available from its estimates, whereas its production forecast requires recovery of 14.98 billion barrels over 2017–2050.”

This begs the question where are the 8.33 billion barrels of missing oil to come from? It would appear that they exist nowhere but in the imaginations of EIA officials.

Hughes conclusion is rather damning for the Shale Revolution narrative

The key findings of his report seriously undermine the whole energy independence narrative of the Washington establishment and should give the geo-political opponents of the U.S. some encouragement.

“Well productivity has increased in most plays through focusing on sweet spots and due to longer horizontal laterals and increased volumes of water and proppant, as well as more fracking stages. The limits of technology and exploiting sweet spots are becoming evident, however, as in some plays new wells are exhibiting lower productivities.”

For the U.S. shale industry to meet EIA forecasts Hughes estimates that the fracking industry would have to increase production not just from the big 3 plays (Permian, Eagle Ford and Baaken) that produce 85% of American oil but also from the older plays that are already in decline. To meet the EIA forecasts, ‘1,892,854 additional wells would be needed by 2050 to meet the forecast, at an overall cost of $13 trillion.’

Hughes concludes that the:

“shale revolution” has sparked calls for “American energy dominance” despite the fact that the U.S. is projected to be a net oil importer through 2050, even given EIA forecasts. Although the “shale revolution” has provided a reprieve from what just 15 years ago was thought to be a terminal decline in oil and gas production in the U.S., this reprieve is temporary, and the U.S. would be well advised to plan for much-reduced shale oil and gas production in the long term based on this analysis of play fundamentals.”

Consequences

The peak and subsequent decline of shale oil production will have an impact upon the American economy and its massive trade deficit. Once again it will become more heavily dependent on oil production from overseas increasing the costs for industry and consumers.

If American shale oil production goes into decline during the 2020s it will weaken the influence of Washington over oil markets and reduce its ability to destroy the exports of major oil producers such as Iran and Venezuela. Washington will not be able to so easily contain the inflationary pressures on oil prices from taking out the oil production of such major producers.

Oil production from countries that Washington designates as enemies, such as Russia, Iran and Venezuela, will increase in importance on the global market as U.S. shale oil production starts to decline. This will give greater power and influence to OPEC and Russia when it comes to determining oil prices through production cuts/increases.

As the shale industry declines it will add greater impetus to American efforts to control the oil producing countries of the Middle East. Nations from Iraq to Saudi Arabia are developing trade and infrastructure relations with China which the United States takes strong exception to.

Take for example, the recent bombshell admission by Iraq’s caretaker Prime Minister that Trump threatened him with assassination if Iraq proceeds with an oil for infrastructure project with China. In the first phase of this deal Iraq will send 100,00 barrels of oil to China in return for a $10 billion credit. China would finish the building of the country’s electricity grid and other major infrastructure projects including its vital oil and gas sector.

According to Al-Monitor, the Iraqi PM’s financial adviser revealed on 23 December that the, ”most important provision in the China-Iraq agreement is to open an account for Iraq in Chinese banks to deposit oil funds. With that, Iraq can gradually do without its US accounts, according to parliamentary blocs that want to expel US forces from the country.”

The United States sees such economic ties as mortal threats to the entire Petro-dollar system as Iraq would be able to bypass the American control of its oil trade which is denominated in U.S. dollars which are held in account with the Federal Reserve bank in New York.

The Petro-dollar system set up by Kissinger in the 1970s underpins the American control of the global trading system and allows it to maintain a massively over bloated military the scale of which the world has not seen since World War 2.

The American empire’s policy of regime change towards oil rich countries that do no support Washington’s agenda will see no let up. Indeed, it is liable to be stepped up.

As U.S. shale oil production declines it will seek to maintain control over the regions oil production. China’s desire for growing amounts of Middle Eastern oil will intensify this clash for resources, influence and power in the region. Thus leading to greater geo-political and economic conflict.

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Stavros Hadjiyiannis

How long will the shale miracle last for? How far can it go? When will it peak? How rapid will be the post-peak decline? This is the number one question in global politics.

Jake321

A question that will be around for a very very long time as all previous Peak Oil Tropes have been renewed very decade or two.

Bill Wilson

The University of Texas figured out how to get more production for a longer period of time from the oil & gas shale plays. It’s fairly simple since the operators just need to drill more wells parallel to each other so their fractures intertwine so more oil and gas can escape. Thanks to directional drilling, they can make all of the holes from one location. They may start with additional wells at the same depth ( . . . . ) then start positioning more above and below them . . . . . . . . . . . . . . . . . .

Red Pilled ThoughtCrimes

electric cars require certain minerals to manufacture… hence the new energy war will be in africa

USA are at a standstill in the ME now, and their progress is no longer forward

Selbstdenker

And they need electricity to charge. Where is all that electricity coming from at the times it is needed?

Jake321

New natural gas power plants and some inefficient wind mills and solar cells.

Harry Smith

Too sad for USA fighter jets can’t be like Tesla cars.

Nassim7

Electric cars require a grid much more solid than the one the USA has today. The grid will not be rebuilt. They are hardly maintaining the existing grid as it is. The biggest distribution company in California has gone bust. The forest fires were largely due to poor maintenance.

If the Americans were so smart, they would use natural gas to fuel their cars – not erratic electricity from wind and solar.

Wegan

In third world countries they have modified some of their cars to that end…in the 80’s. So it should not require a technological leap forward to do that.

FlorianGeyer

You can add the UK to that as well :)

Jake321

On the use of natural gas, I agree. And damm, the stuff is really cheap here due to fracking with no reduction in production projected as it is with oil.

Bill Wilson

Check out this website for the reason why CNG use hasn’t taken off in the US. http://www.ngvtexas.com Most cng users in the US are municipal and commercial fleets that have their own refueling stations. The late T. Boone Pickens created a company that’s been building cng refueling stations for commercial trucking along the interstates.

Jake321

And if not used directly, it is the fuel of economic choice to generate the electricity for those electric cars. It can also be converted to much cleaner diesel as is done in Switzerland.

Mattias Dahlström

Several cities around the Bay Area in California, including Oakland, are banning the use of natural gas in new house production. “Use clean electricity” instead.

AlexanderAmproz

Yom Kippur and Christmas didn’t last for ever,Theocratic Crusades too ….

Xoli Xoli

Openly oil stealing is the last resort just like in Syria.

Jake321

Without Mideast oil, the US would do just fine. Without Mideast oil, Europe, Japan and China would be in deep doo doo.

Xoli Xoli

I like critic’s but not liars So you are lier.Lost soul because killers and Satanists.

Jake321

What did I lie about? The US doesn’t need Syrian oil or much of any other Mideast oil. That doesn’t mean Trump doesn’t want to take Syrian oil for other reasons or secure Mideast oil to protect the global economy, which is largely our economy. And on that last comment of yours, And so’s your old man, kid. Or takes one to know one, junior.

Xoli Xoli

Look like you are blind liar all USA refineries are fill with Saudi,Iran,Iraq,Libya ,kuwait,and Syrian oil.When USA try to drill close to its shoreline half of sea species died.Because of lack of expertise.

Jake321

Canada and Mexico provide most of our imported oil. All the Mideast countries combined provide about 15%. Try to get the basics correct, kid. Oh, if you missed it, this article was about shale oil not off shore drilling. Which has been increasing anyway along with shale production over the recent past. Try to keep up.

Xoli Xoli

Still stolen from Mexico and Canada while Middle East is a hub

Xoli Xoli

It is good to behave like you on a government payroll and are paid to lie.You will die in own lies and end up in hell.

Selbstdenker

What is missing in above assessment is, that North stream 2 is not a new pipeline tp provide Russian gas to Germany, but the capacity enhancement to the already operational North stram pipelines. It would double the transport capacity when in operation.

Harry Smith

And there is another wonderful bonus. Just compare fracking regions with seismic map of USA. I hope you remember from your physics class that liquid transmits pressure in every direction and without losses.

Nassim7

U.S. Top Shale Oil Fields Decline 10 Times Faster Than Global Oil Industry

https://srsroccoreport.com/u-s-top-shale-oil-fields-decline-10-times-faster-than-global-oil-industry/

verner

yep you drill an awful lot of holes and fracture them and at best can have production over say 2 years and then it’s drying up which requires more holes and more fractioning and alife span of the drilles site of say 2 years – so far secondary and tertiary recovery doesn’t give all that much in return so, all in all, fracking is a losing proposition. particularly on the environmental side.

FlorianGeyer

Is the certain decline of US Shale oil and gas the real reason for the drive to steal the reserves of Iran, Iraq,Libya,Venezuela and Russia.

The US elite likely know that many US fracking companies are on Low Interest Life Support and technically bankrupt.

US wealth is an illusion anyway, due to the 23 trillion dollar national debt.

Its no different to a flash bastard that flaunts the wealth of a fancy car, whereas in reality the car is the property of a bank.

ButtonPlay

as long as they have the big millitary it is not easy to send the Repo man and get your car back

FlorianGeyer

The US military is what it is, and what it is is not what the US military think it is. The last true US soldiers died in places like IwoJima.

Jake321

But a hell of a lot more Japanese died in Hiroshima and Nagasaki.

Bogusław Bogdanoff

More American veterans died from opioid overdose, alcoholism and mistreatment in the last 20 years than your nuclear bombs ever killed

Jake321

And? Anyway, to play your silly game, that number pales in comparison to the tens of millions of Russian men who have killed themselves from just Vodka binging in the same time frame.

Bogusław Bogdanoff

My silly game?? It’s you coming into a discussion boasting about a number of murdered civilians like a psychopath and a complete savage. Shows you how little of actual culture is left in the minds of americans.

RichardD

The US military currently suffers from conventional obsolescence. Which is why further regime change wars have been thwarted for the time being. Now is the time to go after the Jew world order miscreants, Zionists, Israelis and Jews. While the can’t use their NATO flunkies to do their dirty work for them.

Jake321

You go for it, kid. Your suicide vest and Darwin Award await.

verner

it’s already declining, it might be because of low crude prices or that the best and most abundant areas are taken and explored. so my guess is that the shale hype will be over or at least declining seriously by 2025 or so so the morons must secure alternative oil sources, either conventional or shale in places like iraq and iran is a wet wet melania dream for trump not to mention venezuela, that’s a wet wet ivanka come true dream for donald.

Jake321

Yet another prediction from your crystal ball in need of lots of Windex. But you are probably correct. Any decrease in shale production is due to price and NOT available reserves. This article is bull crap. Just another Peak Oil Trope.

ButtonPlay

i think they are well aware of the real prospects, but presidents needs to be re-elected and stockmarkets needs to be hyped up.

Eventhough the prospects are not as rosy as they would like you to believe they still have other instruments to control the oil (albeit less dominant) like having your allies pump up more oil, heavy investments in canada’s oilsands using mini nuclear reactors are underway as we speak (just in time to catch peak oil in the north american continent), also the saudis can be asked to open up the valves a bit.

Should things really go bad than a puppet regime in Venezuela must be installed to keep the spice flowing.

And who knows by 2050 nuclear fusion and thus reliable and affordable electricity for electric cars might finally (fusion perputually always 30 years in the future as it seems) have caught on.

Mikael

American empire….???? Trump regime….??? I red enough . Not “enough” : too much .

RichardD

If the US and our planet didn’t have Christian Zionists, Jews and Israel we wouldn’t have these problems. The way to correct this is via extinction grade dejudification to create a Jew free world. By outlawing Judaism and replacing Israel with a unified Palestine.

Jake321

And who will do that, big boy, you?

RichardD

Habitually lying Zionist shills like you and some of the other hasbara morons spamming these threads with insanity and stupidity can help bring it about.

With rare exception, half of the planet, the half with non Christian majorities, is already essentially Jew free. China has effectively outlawed Judaism. 99% of Jews live in Christendom. That needs to change.

The internet has broken the Jew stranglehold on the media. Americans are turning against Israel, Jews and Judaism in increasing numbers as they learn that they’ve been lied to and victimized by the evil Jew pedophile mass rape cult that you shill for.

The place to start is with removing the baby rapers from the occupied territories. And with passing a UN convention abolishing Judaism similar to what’s been done with slavery and torture. And having it ratified by member nations including the US.

An ICC prosecution against Israel as the planet’s pedophile rape capitol in violation of ICJ &ICC statute wouldn’t hurt. As part of revoking it’s UN membership and transferring it to Palestine.

Jake321

And you, big boy, will make this happen? But I hope your spewing your crap makes you feel better. Now take your meds before the nice men in white jackets lock you away for good.

RichardD

If you were around a few years ago, and maybe you were and changed your handle. You would of been telling us that Syria was a lost cause and the Russians were losers conspiring with the Jews to sell out the Syrians, and we’d be rubbing your nose in your lies and stupidity. Just like I’ve been doing recently on other topics.

You’re such a liar and moron talking out of both sides of your mouth that you deny that 10 IDF positions got hammered in the Golan, and then in the same post admit that they did.

Jake321

You do like very old news that had zero effect. And since that very old news Israel has bombed your Islamist Iranian and Hezbollah butt buddies a hundred times with total impunity send many score home to Iran and Lebanon in body bags. Well, what little was left of them. Beyond that, you included Russia as part of those ancient ineffectual attackers on the ready to use its nukes on Israel. You are totally delusional and down right bonkers. Get help or get fitted for your suicide vest already…your Darwin Award awaits, kid.

RichardD

Israel is losing the war badley in Syria and has been since Russian intervention. All of the Mossad and IDF killed and missing in Syria probably never made it back to Israel.

abuqahwa

Correction to first line – common mistake – US is NOT ” worlds largest oil exporter ” just producer, most of which is consumed inside USA – US only exports small fraction of production and is desparate to bully Europe to import its higher-priced Shale gas as tanker LNG – hence their frantic efforts to blackmail European contractors to stop Nordstream2

Jake321

Yet another version of Peak Oil. Been one of these every 10 to 20 years for well over a hundred years now. And a long article on oil production with no mention of oil price. That’s kind of lame. It also assumes NO innovations in shale oil recovery technics. With new technics, just the shale reserves in California could provide more than twice the short fall assumed. Most all the previous Peak Oil Tropes were wrong because they assumed no new discoveries and no new technology. If the many times in the past that Peak Oil has proven wrong are a guide, in some 20 years US shale oil production will be twice what it is today. And proven, recoverable reserves will be at least twice as high as today. So don’t hold your breath.

RichardD

The US is already dependent on foreign crude oil imports. Shale crude oil production still hasn’t even met US domestic needs. Peak oil has already hit the US domestically. The US is a net importer of crude. It’s excess petroleum production is in non crude forms. Many of which aren’t easily converted to the uses that crude is used for. Which is why the US is a net importer.

Jake321

Did I ever say the US was NOW energy independent? Yep we import but most all from such places as our neighbors Canada and Mexico. The Mideast is no longer important to US oil use. And the strong trend of US oil and gas production is up with an increasing proportion of domestic needs produced domestically. And no, the US is not at Peak Oil. But you can join the long list of those who have been calling Peak Oil for the past century or so.

RichardD

If the US wasn’t at domestic peak oil, it wouldn’t be a net importer of crude. It’s not self sufficient in the most basic form of oil, crude oil, and hasn’t been in decades.

Jake321

As usual, you don’t know what you are spouting about. Now try to focus. If the US was at Peak Oil it would have an increasing percent shortfall in meeting domestic needs. Try to keep up. It is the opposite.

Shlomo Shekelstein

As usual you are spewing worthless diarrhea from your dumb, filthy transgender mouth…

RichardD

http://www.seeitmarket.com/wp-content/uploads/2013/06/US-crude-oil-production_historical-chart.png

Bill Wilson

The US imports heavy sour crude to obtain sulfur, asphalt and kerosene.

RichardD

http://www.seeitmarket.com/wp-content/uploads/2013/06/US-crude-oil-production_historical-chart.png 2

Bill Wilson

That chart only shows total US crude production. Over 95% of that is light and intermediate crude. 33% of the oil refined annually in the US is heavy sour crude so most of it is imported with the excess lights and intermediates being exported.

RichardD

https://www.bicmagazine.com/downloads/14339/download/EIA%20crude%20oil%20production%20main.jpg?cb=803754e078c73a1645ffa7c13c660610&w=1200

https://www.eia.gov/todayinenergy/detail.php?id=41033#

verner

and joke321 is around polluting these fields but since he has nothing of value to add to the narrative he should and must be ignored – he’s a fully fledged idiot and you wouldn’t spend your valuable time on the village idiot at home, would you. nah didn’t thinks so so why spend time on joke321.

Jake321

Poor baby. All triggered. Guess this discussion of the Peak Oil Trope is over your little head.

Shlomo Shekelstein

“Joke321” lol… he is a joke with no punchline.

Jonathan Cohen

Having my savings in oil futures has been a losing investment for years, but I guess there’s finally light at the end of the tunnel for that, though it not really big enough to make me more than I pay at the pump.

Shlomo Shekelstein

American empire mistakenly believe they’ll exist in 2050.

Jake321

Sure…Way way more likely there won’t be a Russian Federation in 2050 than there won’t be a USofA. Now go back to your Vodka induced delusional wet dreams, Igor.

Shlomo Shekelstein

Hmm are you triggered now fat tranny murican bitch? Go back to sucking jewish buttholes. Or even better – drop dead ?

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