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  1. #1
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    Default OPECís Clash With U.S. Oil Is Nearing Its Day of Reckoning

    OPECís Clash With U.S. Oil Is Nearing Its Day of Reckoning

    The clash between OPEC and Americaís oil industry is reaching a day of reckoning.


    The U.S. shale revolution is on course to be the greatest oil and gas boom in history, turning a nation once at the mercy of foreign imports into a global player. That seismic shift shattered the dominance of Saudi Arabia and the OPEC cartel, forcing them into an alliance with long-time rival Russia to keep a grip on world markets.

    With U.S. crude exports climbing from close to zero three years ago to now exceeding the combined shipments of OPECís smallest members, it increasingly looks as if the face-off between the cartel and what was formerly its biggest customer ďhas an endgame,Ē Morse said.


    ďAnd the endgame is thereís an awful lot of shale in the world.Ē

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    Default Re: OPECís Clash With U.S. Oil Is Nearing Its Day of Reckoning

    Oil, oil and then more oil ... for export that is.
    Seems the whole fear factor of needing to drill for more oil is just an excuse to sell oil to the highest buyer.
    Texas seems to be doing very well with crude. As for shale production, it seems to be down.

    Texas Exports More Oil Than It Imports For First Time Ever
    The Texas Gulf Coast oil terminals sent abroad more crude than they received in April, the Energy Information Administration said this week. During that month, crude oil exports from the Houston-Galveston port district exceeded imports by 15,000 bpd. Over the next month, the advantage of exports over imports welled further, to an impressive 470,000 bpd.
    Total U.S. oil exports in may hit a record of 2 million bpd, with Houston-Galveston’s share of the total at a record-breaking 70 percent, from an average of about 50 percent since the middle of 2017, the EIA said.
    The bulk of crude oil exports from the Houston-Galveston area went to China, Canada, Italy, and the UK, with exports to China averaging 300,000 bpd in both June and July. This month, however, not a single crude oil cargo has been loaded for China, according to media reports, amid growing trade tensions between Washington and Beijing.
    Meanwhile, however, Texas is on track to become the biggest oil producer after Russia and Saudi Arabia.
    https://oilprice.com/Energy/Crude-Oi...Time-Ever.html

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  4. #3
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    Default Re: OPECís Clash With U.S. Oil Is Nearing Its Day of Reckoning

    Quote Originally Posted by fxstc07 View Post
    Oil, oil and then more oil ... for export that is.
    Seems the whole fear factor of needing to drill for more oil is just an excuse to sell oil to the highest buyer.
    Texas seems to be doing very well with crude. As for shale production, it seems to be down.

    Texas Exports More Oil Than It Imports For First Time Ever


    https://oilprice.com/Energy/Crude-Oi...Time-Ever.html
    It's interesting because we now have a commercial on tv about fracking in New Mexico and how wonderful it is. Some of the financial problems our state has had in recent years was due to the fact that revenues from big oil here in NM were down but I have never heard as to why. Now something has changed because it is bringing in big money again.

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    Default Re: OPECís Clash With U.S. Oil Is Nearing Its Day of Reckoning

    Quote Originally Posted by ABFwife View Post
    It's interesting because we now have a commercial on tv about fracking in New Mexico and how wonderful it is. Some of the financial problems our state has had in recent years was due to the fact that revenues from big oil here in NM were down but I have never heard as to why. Now something has changed because it is bringing in big money again.

    Oil boom boosts New Mexico revenues

    I guess this explains what is going on. I love how our soon to exit republican governor claims this is due to diversifying when all the while our state has leaned to heavily on money from oil.
    SANTA FE – New Mexico’s coffers are suddenly bulging after several cash-lean years, due primarily to a sustained surge in the production and price of oil – which some lawmakers have taken to calling black gold.

    State revenue collections for the budget year that ends this month were up through March by $582.1 million – or 14.5 percent – from a year ago, according to a tracking report released this week by the Legislative Finance Committee.
    “We’ve got work to do all over the place,” Townsend told the Journal. “I’m hopeful we’ll remember when times weren’t as good so we don’t find ourselves in a jam.”
    The two-term Republican governor touted the revenue uptick in a recent Journal op-ed, describing the state’s finances as being in “good order” and asserting the revenue increase was evidence of a diversifying state economy.
    https://www.abqjournal.com/1184185/o...-revenues.html

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    Default Re: OPECís Clash With U.S. Oil Is Nearing Its Day of Reckoning

    The export / import thing with oil is all to make money by the traders.
    We have enough here for the entire country, yet we export oil, then turn around and import oil.
    Drill and drill some more, so the traders and thieves can hold us hostage while filling our gas tanks.

    U.S. Posts First Month in 70 Years as a Net Petroleum Exporter
    The U.S. solidified its status as an energy producer by posting the first full month as a net exporter of crude and petroleum products since government records began in 1949.
    The nation exported 89,000 barrels a day more than it imported in September, according to data from the Energy Information Administration Friday. While the U.S. has previously reported net exports on a weekly basis, today’s figures mark a key milestone that few would have predicted just a decade ago, before the onset of the shale boom.
    “Going forward, the United States will be energy independent on a monthly basis, and by 2030 total primary energy production will outpace primary energy demand by about 30%,” said Sindre Knutsson, vice president of Rystad Energy’s gas markets team.
    https://finance.yahoo.com/news/u-pos...154903996.html

  7. #6
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    Default Re: OPECís Clash With U.S. Oil Is Nearing Its Day of Reckoning

    Hmm so let's stop fracking and become dependant on foreign oil. Very expensive, controlled by foreign governments, have bigger interest using military to protect our energy needs,

 

 

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