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The United States Is Now the Largest Global Crude Oil Producer

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Re: The United States Is Now the Largest Global Crude Oil Producer

#211

Post by WillPostForFood »

craftyguy wrote: post #197
byebyetech wrote: post #195

So if USA is producing so much oil why is it not able to pay for things like Healthcare? Presumably oil coming out of the ground is free. Where is that money going?

> So if USA is producing so much oil why is it not able to pay for things like Healthcare? We have 'better' things to spend money on, like 'defense' (/s). > Presumably oil coming out of the ground is free. It's not free, it costs money to discover, extract, transport, process into anything usable, transport again, etc. > Where is that money going? Probably the companie(s) that discover, extract, transport, process, t…

The US spends plenty on health care, we just don't get good value. Medicaid and Medicare alone are 1.5x defense spending.

Re: The United States Is Now the Largest Global Crude Oil Producer

#212

Post by marpstar »

merpnderp wrote: post #203
zeroname wrote: post #68

Earlier quoted context omitted.

He didn't say it was due to more efficient motors. Just compare the average MPG of the cars on US roads, running on subsidized gasoline, vs. those on European roads, running on heavily taxed gasoline.

Gasoline in the US is taxed not subsidized.

Kind of. The ethanol that's put into the gasoline is derived from corn, which is heavily subsidized in America.

Re: The United States Is Now the Largest Global Crude Oil Producer

#213

Post by Gustomaximus »

merpnderp wrote: post #203
zeroname wrote: post #68

Earlier quoted context omitted.

He didn't say it was due to more efficient motors. Just compare the average MPG of the cars on US roads, running on subsidized gasoline, vs. those on European roads, running on heavily taxed gasoline.

Gasoline in the US is taxed not subsidized.

An interesting question for this is will governments start with 'electricity tax'. There will be a ~$40bn revenue hole from cars swapping to electric in USA. Even proportionally more in Europe and Australia where the fuel taxes are much higher.

https://www.statista.com/statistics/249129/us-state-and-loca...

Re: The United States Is Now the Largest Global Crude Oil Producer

#214

Post by wonderbear »

oh_sigh wrote: post #84
awakeasleep wrote: post #60

Earlier quoted context omitted.

Keep in mind a decent camel starts at $55k and a thoroughbred goes for $10m to $30m

I lived with some bedouins in Morocco near merzouga for a few months who had about a hundred camels. I really doubt they were sitting on millions of dollars of camels.

Wait, what? Why?

Re: The United States Is Now the Largest Global Crude Oil Producer

#215

Post by CompelTechnic »

Brakenshire wrote: post #207
CompelTechnic wrote: post #30

Earlier quoted context omitted.

If we are talking strictly about the economic measures going into a business decision, using (cheap QE) debt to finance capital expenditures was a good idea. The profit being made off of the capex justifies it well. It is not unsustainable in the sense of a business decision.

Fracking requires ongoing capital investment though, so what happens when the interest rates go up?

Assuming they are fixed rate loans, it would not effect capex purchases that have already been made. Less purchases would happen in the future though (only ones meeting the more stringent requirements on investment payback that go with a higher interest rate)

Re: The United States Is Now the Largest Global Crude Oil Producer

#216

Post by ejanus »

sitkack wrote: post #188
kd5bjo wrote: post #110

Earlier quoted context omitted.

Horizontal drilling and fracking are two distinct but related techniques: * "Horizontal drilling" refers to drilling a non-vertical (and often curved) borehole, to reach deposits that aren't directly beneath the wellhead. * Hydraulic Fracturing, "fracking," is the practice of injecting water into a well to crack the rock around the borehole, increasing its permeability. Each can be used independently, but it's the co…

Can those same techniques increase OPEC production?

Yes. But it increases cost variables. Virtually all the Wells in the gulf of guinea are horizontal.

Re: The United States Is Now the Largest Global Crude Oil Producer

#217

Post by rsj_hn »

JumpCrisscross wrote: post #194
tonyedgecombe wrote: post #89

Earlier quoted context omitted.

I don't think anybody expects it to go away, what's interesting is what happens to the price if we dropped demand by 10 or 20% for instance. Would the price fall close to the cost of extraction or would supply restrict enough to keep it higher.

> Would the price fall close to the cost of extraction My guess is we'll see the price fall closer to the extraction price, but less than where these petrostates can sustain themselves. So we'll see a succession of petrostate collapses, each one taking supply offline and popping the price back up. Would be an interesting time to trade crude.

I'm scared about a Saudi collapse. I can imagine that regime, which is already very radical, becoming much more so if the profits from extraction run out.

Re: The United States Is Now the Largest Global Crude Oil Producer

#218

Post by headmelted »

maxerickson wrote: post #178
headmelted wrote: post #142

Earlier quoted context omitted.

I got a 2013 one not long ago with a 24kwh battery (with about 20kwh of capacity remaining). I paid well under $10k for mine with a bunch of Nissan incentives (warranty and MOT cover for 3 years, things like that). In fuel and tax savings it'll have paid for itself within those 3 years (versus a petrol or diesel car), after which it's effectively a free, zero-tax, zero-fuel-cost car. My point being that an EV is alre…

You can just fill a can with gas and bring it to the car. (this is what a tow service will do if you've only run out of gas)

Yes, but I ignored that because it didn't support my argument. And you caught me!

You're right of course, although I still maintain plugging the car into a wall socket for an hour is easy to do almost anywhere - realistically this would get enough charge for most people to get to a charger (in my case it would get me to a rapid which would top up the rest of the battery in another 25 minutes).

Re: The United States Is Now the Largest Global Crude Oil Producer

#219

Post by headmelted »

aphextron wrote: post #190
headmelted wrote: post #127

Earlier quoted context omitted.

"This creates a tremendous market incentive for purely electric vehicles." Can confirm. I bought a used Nissan Leaf two months ago from a dealer (being used it was a small fraction of the $25k Ford). A near-identical car (trim/mileage/colour) is now listed on their site for close to 30% more than I paid. If we were living in normal times this would make no sense - but the TCO picture is changing that rapidly (owing t…

I paid $5k for my 2011 Leaf with 10 bars and 30k miles. Best decision ever. Seems like people are catching on though since theyre getting hard to find anywhere near that now.

Well.. these people you speak of can find their own.

Something something cold dead hands, etc.

Re: The United States Is Now the Largest Global Crude Oil Producer

#220

Post by pasbesoin »

buboard wrote: post #165
awakeasleep wrote: post #60

Earlier quoted context omitted.

Keep in mind a decent camel starts at $55k and a thoroughbred goes for $10m to $30m

The high price of those camels is, oddly, tied to oil riches.

Here in the U.S., my friend's perfectly capable trail horse (who also has a variety of other training and has even done a bit of dressage) was around a $1000, a few years ago.

Camels have a reputation (I'm not sure to what extent it's deserved) of being somewhat more obstreperous; nonetheless, I have a hard time extrapolating to 50K, were camels in a like position to horses in the U.S. Not for a "decent" camel.

In current Saudi Arabia, sure, maybe. But current Saudi Arabia is not what's being talked about, as being "down the line".

P.S. Just don't hook my friend's horse up to a cart or sleigh or the like. She was never trained for that, and at this point, she's not having any of it. She also doesn't think much of jumping; smart horse, her joints will last longer.

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