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U.S. on target to become world's largest oil producer

GasBuddy Blog -- If the U.S. should indeed surpass Saudi Arabia as the world’s largest oil producer, as the Associated Press reports, shouldn’t that mean lower gasoline prices for Americans? Don’t be too quick to make that bet... palatial casinos are built on such odds.

AP reports that the U.S. is on track for a 7% increase in oil production this year to an average of 10.9 million barrels per day. And the U.S. Dept. of Energy is forecasting that U.S. production of crude and other liquid hydrocarbons will average 11.4 million barrels per day in 2013. AP says that would be a new record and would fall just below Saudi Arabia’s output of 11.6 million barrels per day.

More bullish forecasts come from Citibank, whose analysts say U.S. oil...


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Submitted Nov 02, 2012 By: PD
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REPLIES (newest first) Post a Reply
GasHunter0007
Veteran Author California

Posts:303
Points:316,455
Joined:Oct 2012
Message Posted: Nov 6, 2012 9:12:53 PM

Hurry up so we can export them and bill the tax payers. What a sweetheart deal it is!
speedway2hi
Sophomore Author Indiana

Posts:147
Points:586,390
Joined:Sep 2008
Message Posted: Nov 6, 2012 1:08:16 PM

Spot on, runinoutagas!
runinoutagas
Champion Author San Bernardino

Posts:14,691
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Message Posted: Nov 4, 2012 6:24:56 PM

Good point, Karisholman. — The U.S. Gov't does, however receive monies from leasing (Federal) Government land to private oil companies for exploratory drilling (and production IF oil is struck). The State of Alaska, likewise for State lands. The Gov't of Alaska is able to 'cut' it's citizens a check due to the fact that its citizens have been able to some extent keep their State Government small and efficient enough that after Government expenditures, there is enough money left over to 'cut' such a check. If our Federal Government were similarly pared-down to a workable size and efficiency, the same Could apply; but as things stand, You can see that the National Government is so deeply involved in huge unmanageable programs requiring such (the word 'huge' is inadequate as are words available in our language tor the describing thereof) quantities of money to finance those myriad 'huge' programs — that our Federal Government is so far into the 'Red Ink' that it is hard to say whether such expenditures will ever be able to be brought back into line with receipts — much less have the ability to 'cut' U.S. Citizens a check for a share of the 'royalties' received for the use of Federal lands. Even if the entire wealth of all the 'wealthy' of this Nation were taken from them to pay down this 'Red Ink', it would only amount to a "drop in the proverbial 'bucket'"; and then the 'wealthy' would no longer be so; but would be counted among the destitute instead; and could no longer be 'tapped' as a means of further addressing the 'Red Ink'. In fact, if ALL the people of this nation were in like manner 'tapped-out' to pay-down this 'Red Ink', it would still not be enough. In other words, we are all in 'hock' above our ears, and at the present rate, it will take a LONG time, Generations, to pay it down. We REALLY NEED to cut down the size of Government. As our Decleration of Independence states: "... That to secure [our certain unalienable (Creator-Endowed)] rights, Governments are instituted among Men, deriving their just powers from the consent of the governed. ...". Governments that exceed this, deeming everything under the sun a "right", must take from You all that You have in order to "provide" for You your so-called "rights", thus depriving You almost or entirely altogether, of Your True "Creator-Endowed" Rights. Those who manage said transfer of wealth become all-powerful tyrants, most of the wealth somehow 'disappearing' as it filters through their 'sticky fingers'. We need a return to first (and basic) principles.
Karisholman
Veteran Author Nevada

Posts:471
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Message Posted: Nov 4, 2012 3:04:49 PM

The use of Oil and gas reserves in Alaska, pays its citizens. Is there a plan to at least reduce taxes or share wealth from tapping these reserves with US citizens?
sparky808
Champion Author Honolulu

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Message Posted: Nov 3, 2012 6:30:04 PM

Not if Nobama can have HIS way.
johnbwilk
Rookie Author Georgia

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Message Posted: Nov 3, 2012 9:44:36 AM

I think it is interesting that Mexico and other countries sell there nationally produced oil in their country at much lower prices. Does this make us an unofficial member of OPEC?
remay
Champion Author Houston

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Message Posted: Nov 3, 2012 7:56:58 AM

I still have a hard time with this concept... maybe its because we probably won't reap the BENEFITS (due to exporting!).
mantarran
Rookie Author Colorado

Posts:37
Points:26,660
Joined:Oct 2012
Message Posted: Nov 3, 2012 7:41:17 AM

it is not even a question! we will just export the oil and continue to buy our oil from the middle east and OPEC will continue to inflate prices. domestic production will not lower prices - need to get rid of opec.
garyr86
Champion Author Michigan

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Message Posted: Nov 3, 2012 7:08:57 AM

Now lets not import any oil from Venezuela where the price of gas is under 25 cents a gallon.
paulweb
Champion Author Ohio

Posts:3,633
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Message Posted: Nov 3, 2012 7:08:44 AM

It will be good not to be held hostage to middle east oil; but we should be working to end our oil addiction.
boldrph
Champion Author Topeka

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Message Posted: Nov 3, 2012 6:10:28 AM

boom and bust ... boom and bust ... we've seen this before. check back in 20 years and we'll be importing all our oil again.
Hop1LA
Champion Author Baton Rouge

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Message Posted: Nov 3, 2012 6:07:48 AM

Yesterday's news
silverfoxv65
Champion Author Michigan

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Message Posted: Nov 3, 2012 6:04:05 AM

Bull these reporters will say anything just to have something to write!
gravityhurts
Champion Author North Carolina

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Message Posted: Nov 3, 2012 6:03:29 AM

Good news comes with caution. At what cost.
FrankTA2
Champion Author New York

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Message Posted: Nov 3, 2012 6:01:12 AM

Excellent, we shouldn't have to depend on the middle east any more.
friday21
Champion Author Toronto

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Message Posted: Nov 3, 2012 6:00:41 AM

Drill baby drill
rkt wgn
Champion Author St. Louis

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Message Posted: Nov 3, 2012 5:57:54 AM

Way to go
minnesotagirl
Champion Author Milwaukee

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Message Posted: Nov 3, 2012 5:57:53 AM

Old news
dhawk24
Champion Author Maine

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Message Posted: Nov 3, 2012 5:57:11 AM

Good news!!
AGAS1969
Champion Author Dayton

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Message Posted: Nov 3, 2012 5:56:22 AM

Thanks Mr. President !
biza4u
Champion Author New Haven

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Message Posted: Nov 3, 2012 5:56:16 AM

Old news
Hunter724
Champion Author New Hampshire

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Message Posted: Nov 3, 2012 5:55:29 AM

Old news..
BEngr
Champion Author Illinois

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Message Posted: Nov 3, 2012 5:55:00 AM

Well we are making headway. But dont count on it lowering gas prices at the pump.
racerdj
Champion Author Indianapolis

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Message Posted: Nov 3, 2012 5:54:40 AM

Our production should really increase after Tuesdays election!
flsharktooth
Champion Author Jacksonville

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Message Posted: Nov 3, 2012 5:54:32 AM

they are going to export the gas and keep prices high
dave364
Champion Author Lansing

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Message Posted: Nov 3, 2012 5:52:40 AM

go get them
Ratso
Champion Author Ohio

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Message Posted: Nov 3, 2012 5:51:02 AM

Does that mean when we do become the worlds largest oil producer, that we will be paying the same rate as Saudi Arabia, .35 / gal ???
garytave
Sophomore Author Florida

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Message Posted: Nov 3, 2012 5:50:47 AM

more old news
Pointtx
Champion Author Austin

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Message Posted: Nov 3, 2012 5:50:35 AM

Deja vu.
subnuke
Champion Author Atlanta

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Message Posted: Nov 3, 2012 5:48:44 AM

ok
joko0
Champion Author New Jersey

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Message Posted: Nov 3, 2012 5:47:55 AM

The industry will play with the numbers to increase prices!
fightbigoil71
Champion Author Milwaukee

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Message Posted: Nov 3, 2012 5:47:34 AM

Yesterday's story -
pfone1847
Champion Author Illinois

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Message Posted: Nov 3, 2012 5:47:33 AM

blah blah blah
swede
Champion Author Cleveland

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Message Posted: Nov 3, 2012 5:45:34 AM

old news
WR-INC
Champion Author Twin Cities

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Message Posted: Nov 3, 2012 5:44:29 AM

There's no reason to produce if it just is going to sit in tanks.
tbgasmizer
Champion Author Ontario

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Joined:Oct 2009
Message Posted: Nov 3, 2012 5:43:11 AM

Repost
JLSindy
Champion Author Cleveland

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Message Posted: Nov 3, 2012 5:42:21 AM

GasPriceHelp4U has it right - maybe some of it is pon the way to NY and NJ now!!!
FieroGT
Champion Author Twin Cities

Posts:16,876
Points:3,066,185
Joined:Mar 2005
Message Posted: Nov 3, 2012 5:41:02 AM

Does that mean that pump prices will go down, like way down?
GasPriceHelp4u
Champion Author Dayton

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Joined:Jul 2008
Message Posted: Nov 3, 2012 5:40:45 AM

Next step, keep and supply them to our consumers in the US!!!
billy44bo
Champion Author Mobile

Posts:10,359
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Message Posted: Nov 3, 2012 5:40:17 AM

Stop sending the gasoline offshore and just think how much lower the price would be.
epf
Champion Author Grand Rapids

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Joined:May 2004
Message Posted: Nov 3, 2012 5:40:01 AM

Oil is traded globally, no price relief but certainly more control.
malfrog1
Champion Author South Bend

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Message Posted: Nov 3, 2012 5:39:35 AM

keep the oil here
sent4456
Champion Author Toronto

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Message Posted: Nov 3, 2012 5:39:33 AM

I understand.
bad_sailor
Champion Author London

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Message Posted: Nov 3, 2012 5:37:39 AM

That's nice.
jrschl
Champion Author Louisville

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Message Posted: Nov 3, 2012 5:37:37 AM

We know.
KentsterPA
Champion Author Pennsylvania

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Message Posted: Nov 3, 2012 5:36:10 AM

ok
cheapertvs
Champion Author Richmond

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Message Posted: Nov 3, 2012 5:35:11 AM

Now if we can just get the price at the pump back to below $ 0.29 per gallon...
jppezz
Champion Author New Mexico

Posts:11,952
Points:2,500,145
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Message Posted: Nov 3, 2012 5:34:52 AM

Old news.
Beau2140
Champion Author New York

Posts:11,601
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Message Posted: Nov 3, 2012 5:34:19 AM

Stop exporting our fuel products.
Yankee829
Champion Author Dallas

Posts:5,598
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Joined:Sep 2010
Message Posted: Nov 3, 2012 5:34:01 AM

Old...
fillerupyeoww
Champion Author Columbus

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Points:2,399,205
Joined:Mar 2008
Message Posted: Nov 3, 2012 5:33:45 AM

Saudi oil is slowly running out anyway.
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