US on verge of producing all the oil, gas it needs

[pipedreams]

"Surging oil and natural gas production in the United States and Canada is just shy of being enough to fulfill the region’s demand, a remarkable shift from the days of massive imports from the Middle East, according to an international energy report."

https://www.washingtonexaminer.com/washington-secrets/us-on-verge-of-producing-all-the-oil-gas-it-needs

[minervadoe]

Fracking.

[Dric902]

Historicallly, this is when OPEC will increase production to the point where it is no longer profitable to produce our own.

Then, after production has ceased to when it will be difficult to restart they can cut production to the point they wanted in order to remain indispensable to the western world. Thereby protecting themselves from sanctions and consequenses.

 

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[crockett]

I'm making a bunch of money by day trading ETFs (mainly DGAZ) based on /NG (Natural Gas). The last 2 weekly gas storage reports allowed for 10 and 4% gains alone, within a few seconds.

This years demand is also higher because of the early winter weather in many parts of the country. It usually spikes in Dez / Jan / Feb, not in Nov.

Love the volatility.

 

 

 

 

[fortyofforty]

Amazing how Balack Obama now wants credit for the increase in oil and gas production.  If he were in front of a group criticizing oil and gas for causing global warming, he'd take a different line, of course.  Love me.  Love me.  Please love me.  What an egomaniac Obama is.

[minervadoe]

21 hours ago, Dric902 said:

Historicallly, this is when OPEC will increase production to the point where it is no longer profitable to produce our own.

Then, after production has ceased to when it will be difficult to restart they can cut production to the point they wanted in order to remain indispensable to the western world. Thereby protecting themselves from sanctions and consequenses.

 

.

Not so anymore.  The Saudi's spend so much money that they now need high prices to keep from going under.  Here is an article from several years ago,  I have no idea of their current break even point, but they plow a lot of money into stipends to keep certain favored clans happy.  social unrest is only a few missed pay checks away.

Saudis Need $70 Oil To Break Even

 

https://oilprice.com/Energy/Oil-Prices/Saudis-Need-70-Oil-To-Break-Even.html

[Moshe]

I hope the pipeline gets done under this administration too.  It will get Canada out from underneath the Saudi thumb. 

[Dric902]

http://fortune.com/2018/11/30/keystone-xl-oil-pipeline-construction/

TransCanada Corp.’s long-delayed Keystone XL oil pipeline will face another round of environmental scrutiny, all but dashing company plans to begin construction in February.

The U.S. State Department indicated it’s going to undertake a new review of the $8 billion project in a filing on Friday.

[minervadoe]

Paying artificially inflated fuel prices to OPEC was a huge transfer of wealth to nations who literally create nothing.   Fracking has made it possible for the United States to access huge oil reserves that were not economically viable to extract only a decade ago.  When you hear rumors that Obama hung around with wealthy middle eastern people while in college (who very likely paid his tuition) it is not a great leap to believe that his stonewalling of all American energy initiatives on his watch had more to do with being in middle eastern pockets than a supposed utopian green view of the world. 

[janice6]

1 hour ago, Dric902 said:

http://fortune.com/2018/11/30/keystone-xl-oil-pipeline-construction/

TransCanada Corp.’s long-delayed Keystone XL oil pipeline will face another round of environmental scrutiny, all but dashing company plans to begin construction in February.

The U.S. State Department indicated it’s going to undertake a new review of the $8 billion project in a filing on Friday.

The Indians want money to stop protesting.

[Dric902]

The State Dept, that just decided to do another review, is one of the agencies that is completely under the control the Executive branch.  No court has ordered another review.

im sorry, did you think Trump warranted the pipeline?

actions, not words

 

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Edited December 2, 2018 by Dric902

[Moshe]

Anything to bankrupt the Saudi's is a good thing.  From the folks that gave us Bin Laden.  Cheaper gas for us, and Canada means Saudi influence in North America dies.  Further, it would stimulate the economy as goods and services are moved at non-inflationary rates. 

[Dric902]

We aren’t going to bankrupt the Saudis, we don’t have the ability.

we aren’t building the pipeline. Signed an EO to use “American made steel” but how much have we used in the two years since.

no court ordered the State Dept to do yet another environmental impact study, yet they are. Years in delay.

when reality comes up against campaign rhetoric, reality wins out. 

 

With a a divided congress, we have all the Trumpism we are going to get. No suppressors, no national reciprocity, no wall, no pipeline, no indictments, no immigration reform

now we are going to get a lot of tweets and blaming, finger pointing and deflection, accusations and lip service. 

Empty political posturing

 

but nothing bad will get through either. Gun control, tax hikes, immigration reform. (Yeah I listed that one twice, cause they both want it)

 

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[Glocks4Freedom]

4 hours ago, Moshe said:

Anything to bankrupt the Saudi's is a good thing.  From the folks that gave us Bin Laden.  Cheaper gas for us, and Canada means Saudi influence in North America dies.  Further, it would stimulate the economy as goods and services are moved at non-inflationary rates. 

Saudis ain't no friends. Number 1 foe if you asked me.

[Cougar_ml]

I personally think we should use up everyone else's oil while we can keep the prices relatively low, and reserve ours for when everyone else runs out, but the other side of that is hopefully technology comes along that makes oil obsolete, in which case my strategy doesn't work that well.