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.
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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.
ReplyDeleteHowever, 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?
http://online.wsj.com/news/articles/SB10001424052702303795904579433330939024824
More:
http://www.bloomberg.com/news/2013-11-12/u-s-nears-energy-independence-by-2035-on-shale-boom-iea-says.html
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.