US Oil History: Wow, I didn't know that we are now a net oil exporter, first time in 75 years. Interesting article on this.

Architect1776 Loc: In my mind

Wow, I didn't know that we are now a net oil exporter, first time in 75 years.
Interesting article on this.
https://www.bloomberg.com/news/articles/2018-12-06/u-s-becomes-a-net-oil-exporter-for-the-first-time-in-75-years?fbclid=IwAR3nwrraEgmiSA5zIRrEMaZ9pklZRvDdDVsTCjf048Tf7yMDU4gZDBgv2Bw

Pegasus Loc: Texas Gulf Coast

It's only going to increase. This news item came to my attention yesterday:

https://www.oilandgasinvestor.com/usgs-report-expands-permians-wolfcamp-bone-spring-potential-bounty-1725006

A YUGE find.

Architect1776 Loc: In my mind

Pegasus wrote:

It's only going to increase. This news item came to my attention yesterday:

https://www.oilandgasinvestor.com/usgs-report-expands-permians-wolfcamp-bone-spring-potential-bounty-1725006

A YUGE find.

I wonder what else is below the surface of the earth that we have no idea about? Look at how much of even dry land has not been explored.

G Brown Loc: Sunny Bognor Regis West Sussex UK

Look at The British Geological Society - they are looking at land use and its effects underground - possibly to discover if CO2 sinks are a viable option but also to see where industrial run off eventually goes.
Probable reason for increase in exported oil from the US is sales price....The worry in the 1970's of us 'running out' of oil - price...OPEC was taking the cheapest oil sites....we finally had to go for oil that had a higher 'cost' to produce - off shore etc. We haven't run out of oil...it is just getting more expensive and environmentally more risky...hence the outrage over Fracking....oil wells that were closed because they were too contaminated now are viable at the higher market price. Afghanistan War was about being able to put a pipeline from the Caspian to EU and the West. Eventually they will get the right dictator in to allow this! Then your US oil will probably 'dry' up again....sorry!

rmorrison1116 Loc: Near Valley Forge, Pennsylvania

My problem with the US being an oil exporter is, why does the US still import oil from Europe or Asia or any country with a totalitarian government?!

Architect1776 Loc: In my mind

rmorrison1116 wrote:

My problem with the US being an oil exporter is, why does the US still import oil from Europe or Asia or any country with a totalitarian government?!

I find that interesting.
But also found that the net export in our favor in 75 years was really newsworthy.
Who would think that we would ever be an exporter.
As far as importing I guess oil just goes all around the globe with no obvious reason unless you are into the industry.

traderjohn Loc: New York City

rmorrison1116 wrote:

My problem with the US being an oil exporter is, why does the US still import oil from Europe or Asia or any country with a totalitarian government?!

I think it has something to do with the "quality" of the oil. It cost less to refine a lighter oil.

gerdog

In my opinion, it's a mistake to export raw materials that will be needed in the future. Very shortsighted.

olemikey Loc: 6 mile creek, Spacecoast Florida

gerdog wrote:

In my opinion, it's a mistake to export raw materials that will be needed in the future. Very shortsighted.

Its called GREED. Those who are doing it don't care if there is anything left after they are gone, as long as their coffers are filled - same with coal - who needs it, we have gasses & methane we waste, burns much cleaner and we've bazillion tons of it, SOLAR/WIND/TIDAL - the rest of the world is going that way. Go green America, it is the right future!! Properly managed, our natural resources could last the US hundreds of years.

dino21 Loc: McAllen, TX

I once read an article several years back so I dont know if it is true now but I would guess yes... that most of the oil that is originated in the Alaska Pipeline goes to Japan.

1Feathercrest Loc: NEPA

As, we are now the largest oil producer and the foreign oil producers are cutting back to keep the price up. Our exports should go along with the price stabilization or increases with our exporting, but keep our domestic (US) sales lower for the benefit of the American consumers. The prices that the public pays at the pump should be falling. As far as us importing foreign oil, s***w them. Let them eat their high prices.

canarywood1 Loc: Sarasota,Florida

1Feathercrest wrote:

As, we are now the largest oil producer and the foreign oil producers are cutting back to keep the price up. Our exports should go along with the price stabilization or increases with our exporting, but keep our domestic (US) sales lower for the benefit of the American consumers. The prices that the public pays at the pump should be falling. As far as us importing foreign oil, s***w them. Let them eat their high prices.

Just don't hold your breath while your waiting for them to do that!

Muddyvalley Loc: McMinnville, Oregon

olemikey wrote:

Its called GREED. Those who are doing it don't care if there is anything left after they are gone, as long as their coffers are filled - same with coal - who needs it, we have gasses & methane we waste, burns much cleaner and we've bazillion tons of it, SOLAR/WIND/TIDAL - the rest of the world is going that way. Go green America, it is the right future!! Properly managed, our natural resources could last the US hundreds of years.

Pegasus Loc: Texas Gulf Coast

gerdog wrote:

In my opinion, it's a mistake to export raw materials that will be needed in the future. Very shortsighted.

It's done all the time, all over the world and with everything.

We keep discovering bigger and bigger oilfields everywhere.

Pegasus Loc: Texas Gulf Coast

traderjohn wrote:

I think it has something to do with the "quality" of the oil. It cost less to refine a lighter oil.

I think it has more to do with where the oil is and how close it is to a refinery.

In Texas, they are building more pipelines to bring the oil from the Permian fields to the refineries on the coast and to connect to a terminal in Galveston.