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The U.S. Gets Back In the Resources Business

The U.S. Gets Back In the Resources Business

2011-10-23


In what some in watching economics might consider a private sector resurgence in an economic recovery, the U.S. is increasing oil production and next week will restart mining rare earth minerals after a long absence.

The U.S. Energy Information Administration (EIA) is reporting U.S. daily crude oil production was 5.891 million barrels of oil per day for the week of October 14, 2011.  A look at the EIAs chart of weekly U.S. crude production back to January of 1983 shows a slow production fall over two decades.  But since January of 2009 the climb back has been steady rising from under 5 million barrels per day to now closing in on 6 million.

Weekly US Field Crude Oil Production. Click image for the largest view.

Its looking like a new oil boom based in technology.  The production increased from directed and horizontal drilling activity, particularly in the unconventional shale formations.  This is paralleling the natural gas increases also from directed and horizontal drilling.  The fracturing of reservoir rocks is also a major technology.

The two new techniques are rapidly being adopted across North America and will filter out across the world over the coming years.

The U.S. also has 4.1 million barrels per day of non-crude oil supplies, 2.2 million barrels per day of natural gas liquids, 0.9 million barrels per day of renewable fuels, 0.9 million barrels per day of ethanol plus the 1.1 million barrels per day of refinery process gain.

The result is oil imports are down to 6,557,000 barrels of oil per day for the week of October 14, 2011. This was the lowest level of imports since 1995 – going back 16 years.

Its looking like peak oil is a fuss about nothing while peak demand is a very real thing....





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