Wednesday, April 23, 2014

US was the World’s Largest Petroleum Producer in December for the 14th Straight Month

Gains in U.S. energy productivity are a major reason the price inflation stats have been coming in so low. Gasoline prices over the last 12 months, according to the BLS, are down by 4.5% at the producer level, while meats are up 9.4% and dairy products are up 13.1%, for the same period.

1 comment:

  1. The numbers in the chart do not seem to jive with the numbers on their website; perhaps the chart includes other petroleum products and not just crude oil. I think the crude oil production is closer to 11,000,000 BPD.

    However, if we're producing 13,000,000 BPD, we are still consuming 6,000,000 BPD more than we produce. (We consume ~ 19,000,000 BPD.) That's better than the 11,000,000 BPD deficit we were experiencing before the fracking boom; but it still isn't good.

    However, which came first, your chart or this article revising the production numbers lower?


    No matter how you slice it, our nation is in deep stinky yogurt when it comes to oil consumption. The deepest and stinkiest yogurt you can imagine. I am not sure what the purpose is of these feel-good, "don't worry, be happy" production numbers. The energy future for the USA is anything but bright.