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
#2Looking at China and India, I forget how big the US actually is compared to an average country. Same goes for our abundant natural resources which we don’t really talk about much (in the media at least).
Re: The United States Is Now the Largest Global Crude Oil Producer
#3Not that I doubt that they're right about this data point, but interesting choice of source... appears to be some sort of climate-change-denial organization?
Re: The United States Is Now the Largest Global Crude Oil Producer
#4Not that I doubt that they're right about this data point, but interesting choice of source... appears to be some sort of climate-change-denial organization?
The link is to something maybe questionable, but the information source is the EIA, the same graph is on the front page of https://www.eia.gov/
Re: The United States Is Now the Largest Global Crude Oil Producer
#5It's been fascinating to watch Saudi influence wane over the last few years as this sinks in as the new reality. We live in a completely different power structure now from 20 years ago. They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point due to tar sands, renewables, and natural gas.
Re: The United States Is Now the Largest Global Crude Oil Producer
#6The word "producer" is misleading. No new oil is being produced. Should be largest "Extractor." Too bad. Wouldn't it be better to buy from other countries and leave your reserves in the ground? In the future, once all the easy to extract oil is gone, the US will have to buy from abroad at potentially higher prices.
Re: The United States Is Now the Largest Global Crude Oil Producer
#7It's been fascinating to watch Saudi influence wane over the last few years as this sinks in as the new reality. We live in a completely different power structure now from 20 years ago. They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point due to tar sands, renewables, and natural gas.
>> They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point
No, not really. They still have the ability to flood the market and cause prices to tank, which would wreak havoc on the US fracking industry.
Re: The United States Is Now the Largest Global Crude Oil Producer
#8Not that I doubt that they're right about this data point, but interesting choice of source... appears to be some sort of climate-change-denial organization?
The link is to something maybe questionable, but the information source is the EIA, the same graph is on the front page of https://www.eia.gov/
Isn't that some sort of climate-change-denial organization now?
I wonder if this mean the US will stop making war on oil rich nations, and instead have to contend with invasions now? Would certainly be a change.
(in all seriousness, I'm not advocating wars of agression on anyone - for natural resources or other reasons)
Re: The United States Is Now the Largest Global Crude Oil Producer
#9It's been fascinating to watch Saudi influence wane over the last few years as this sinks in as the new reality. We live in a completely different power structure now from 20 years ago. They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point due to tar sands, renewables, and natural gas.
I wonder what the next 20 years will bring, especially with the shift to electric vehicles.
Re: The United States Is Now the Largest Global Crude Oil Producer
#10It's been fascinating to watch Saudi influence wane over the last few years as this sinks in as the new reality. We live in a completely different power structure now from 20 years ago. They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point due to tar sands, renewables, and natural gas.
>> They're certainly still obscenely rich, but the power they had over geopolitics via OPEC is effectively gone at this point No, not really. They still have the ability to flood the market and cause prices to tank, which would wreak havoc on the US fracking industry.
I agree with what you said, they certainly can do that and you could argue the last crude crash was motivated by the US boom. The other argument is that Saudi Arabia's main objective is capturing as much profit as possible on all of their reserves before demand falls off a cliff vs strong-arming competition. They don't want to be stuck with huge deposits nobody wants in 30 years. It's their only export and they will stimulate demand as needed to sell every last drop. In this case, undercutting others would be a side benefit.