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U.S. oil poised for top output

Tribune Live - Business -- Whether crude costs $60 a barrel or twice that amount, the United States is almost free of depending on imported energy and positioned to supplant Saudi Arabia as the world‘s No. 1 producer of oil.

Even if benchmark West Texas Intermediate oil drops 30 percent from the current $86 a barrel, oil companies will boost production as new technologies allow them to extract crude from shale formations, said Ed Morse, the global head of commodities research at Citigroup Inc. The nation, which was last self-sufficient when Harry S. Truman was president in 1952, met 83 percent of its energy needs in the first eight months of this year, according to the Energy Department in Washington.

Saudi Arabia can‘t afford a decline of that magnitude after the government pledged an unprecedented $630 billion

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Submitted Dec 16, 2012 By: skb69sa

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bston Champion Author Oklahoma City Posts:1,955 Points:669,990 Joined:Mar 2011	Message Posted: Dec 17, 2012 10:35:06 PM Ignore bston Report Abuse We probably could cut down on our gas consumption, but home energy we've certainly cut back on. Don't think home energy could be reduced by much more!
lesndave Champion Author Texas Posts:3,178 Points:728,855 Joined:May 2011	Message Posted: Dec 17, 2012 10:12:01 PM Ignore lesndave Report Abuse Sounding good
honda0105 Champion Author Tallahassee Posts:18,834 Points:1,638,195 Joined:Nov 2008	Message Posted: Dec 17, 2012 4:58:08 AM Ignore honda0105 Report Abuse wavery: totally agree with you.
tomok Champion Author Portland Posts:33,610 Points:2,374,185 Joined:Aug 2006	Message Posted: Dec 17, 2012 2:47:20 AM Ignore tomok Report Abuse U.S. oil poised for top output, the fuel prices at the pump should be lower to help the economy recover more! The price at the pump needs to go down to $2/gallon, $3, $3.50/gallon or *$4.00 is Not the new low! What happened to all that talk and concern about 'Peak Oil?' Big Oil and Big Gas continues to sell fuel and natural gas on the world market for higher prices. 'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down! People will still drive and buy fuel no matter what but it sure helps to have a job too! The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal greedy benefit. More Refineries are Not the answer, Stop exporting fuel is! Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high! XII/XXII/MMXII!
endymion All-Star Author New York Posts:969 Points:198,535 Joined:Nov 2012	Message Posted: Dec 16, 2012 11:48:16 PM Ignore endymion Report Abuse The author, Ed Morse, is an analyst at Citibank's commodities brokerage division. They are in the business of trading oil futures. How many people trust brokerage firm analysts? The analysts at Goldman Sachs predicted the price of oil would reach historic new highs after it spiked in 2007-08. It did just the opposite! If you do, I know where you can buy Facebook shares for $38 (plus commission)
TXryder Champion Author Texas Posts:2,859 Points:461,485 Joined:Jan 2012	Message Posted: Dec 16, 2012 11:21:12 PM Ignore TXryder Report Abuse We still need to cut down our high volume of oil consumption in the U.S. to become truly dependent. Alternate fuels development will release us from the hands of Big Oil.
5Golfer8 Champion Author Tucson Posts:2,263 Points:326,925 Joined:Jun 2011	Message Posted: Dec 16, 2012 11:05:21 PM Ignore 5Golfer8 Report Abuse Ok
UpSol7 Champion Author Augusta Posts:1,709 Points:785,625 Joined:Sep 2008	Message Posted: Dec 16, 2012 11:05:09 PM Ignore UpSol7 Report Abuse Truman's middle name was the letter 'S', it was not an initial, so no period should be used.
bluegrasser1 Champion Author Richmond Posts:16,080 Points:2,644,295 Joined:Sep 2005	Message Posted: Dec 16, 2012 11:03:02 PM Ignore bluegrasser1 Report Abuse ok
JamesCalvin Champion Author Lancaster Posts:3,344 Points:547,255 Joined:Nov 2011	Message Posted: Dec 16, 2012 11:02:43 PM Ignore JamesCalvin Report Abuse Maybe!
firefly09 Champion Author San Diego Posts:2,618 Points:741,080 Joined:Mar 2009	Message Posted: Dec 16, 2012 11:00:24 PM Ignore firefly09 Report Abuse How long is it going to last???
DarthDadJr Champion Author Virginia Posts:7,432 Points:1,546,645 Joined:Jul 2008	Message Posted: Dec 16, 2012 11:00:01 PM Ignore DarthDadJr Report Abuse I think everyone thinks this will lead to lower prices...that expectation may not be realized with a global market setting the price.
nwsynthetics Champion Author Oregon Posts:1,019 Points:354,400 Joined:Dec 2011	Message Posted: Dec 16, 2012 10:57:41 PM Ignore nwsynthetics Report Abuse Keep it low, more money, start retroing facilities, make more safer, and productin with least amout of energy,etc.
postcard9 All-Star Author Massachusetts Posts:893 Points:529,195 Joined:May 2011	Message Posted: Dec 16, 2012 10:57:36 PM Ignore postcard9 Report Abuse Not sure about this.
jwalkerh Champion Author Louisiana Posts:6,197 Points:1,377,430 Joined:Oct 2008	Message Posted: Dec 16, 2012 10:56:03 PM Ignore jwalkerh Report Abuse Let's hope this lasts for a while.
JCS319 Champion Author Tacoma Posts:20,857 Points:2,570,310 Joined:Dec 2005	Message Posted: Dec 16, 2012 10:51:31 PM Ignore JCS319 Report Abuse The GOP keeps talking about energy independence but does nothing about it. Looks like it takes democrats - first, Harry S. Truman and now Obama!
texashoudini Champion Author Austin Posts:2,683 Points:1,118,135 Joined:Jun 2009	Message Posted: Dec 16, 2012 10:51:25 PM Ignore texashoudini Report Abuse Sounds good, but how long will it last?
Aviator_Rob Champion Author New York Posts:3,992 Points:441,265 Joined:Mar 2012	Message Posted: Dec 16, 2012 10:49:03 PM Ignore Aviator_Rob Report Abuse Just as many Internet trolls on this site as ever. If we could run cars on the pure, undiluted hate of some of these commenters, our fuel problems would be over.
Aviator_Rob Champion Author New York Posts:3,992 Points:441,265 Joined:Mar 2012	Message Posted: Dec 16, 2012 10:45:13 PM Ignore Aviator_Rob Report Abuse That article was misleading. We may be close to being energy independent someday but we are nowhere near being oil independent. We use 20 million barrels of oil every day. Even if we drilled everywhere in this country and relaxed all regulations, that would only get us to 12 million barrels per day. The other 8 million barrels would still need to be imported; probably from Canada, Mexico, and Venezuela. What we need to do is cut our oil consumption through better mileage standards and switching to other fuels like CNG and electric.
BCM1 Champion Author Pennsylvania Posts:1,879 Points:786,420 Joined:Jun 2007	Message Posted: Dec 16, 2012 10:42:49 PM Ignore BCM1 Report Abuse Let's have 25 cents per gallon gas please - uh huh sure
johton Champion Author Seattle Posts:1,355 Points:340,590 Joined:Jun 2012	Message Posted: Dec 16, 2012 10:37:49 PM Ignore johton Report Abuse Hard to believe, but it hasn't happened yet.
WIPACKERFAN Champion Author Chicago Posts:8,949 Points:1,872,125 Joined:Aug 2005	Message Posted: Dec 16, 2012 10:37:11 PM Ignore WIPACKERFAN Report Abuse OK
Dragnet Champion Author Arizona Posts:15,553 Points:2,935,485 Joined:Jul 2004	Message Posted: Dec 16, 2012 10:37:02 PM Ignore Dragnet Report Abuse So why has it taken so long for his to happen? As a consumer I just feel so screwed over by these oil clowns
BREW9 Champion Author Tampa Posts:1,025 Points:2,940,635 Joined:Jun 2004	Message Posted: Dec 16, 2012 10:36:50 PM Ignore BREW9 Report Abuse good
abcdMA Champion Author Worcester Posts:8,057 Points:1,601,705 Joined:Nov 2008	Message Posted: Dec 16, 2012 10:34:48 PM Ignore abcdMA Report Abuse until this administration puts roadblocks in the way
RAKARWOWSKI Champion Author Chicago Posts:4,140 Points:849,475 Joined:Jan 2011	Message Posted: Dec 16, 2012 10:34:46 PM Ignore RAKARWOWSKI Report Abuse Will not do a thing.
Yonkers111 Champion Author Scranton Posts:8,342 Points:859,135 Joined:Apr 2007	Message Posted: Dec 16, 2012 10:30:58 PM Ignore Yonkers111 Report Abuse Oil will only be produced if the price is right.
69Bonne Champion Author Gary Posts:1,261 Points:494,120 Joined:Sep 2005	Message Posted: Dec 16, 2012 10:29:11 PM Ignore 69Bonne Report Abuse Can we really control the prices?
Wanda127 Champion Author Florida Posts:2,570 Points:941,325 Joined:May 2010	Message Posted: Dec 16, 2012 10:29:10 PM Ignore Wanda127 Report Abuse This sounds good. Our prices actually dropped .02 per gal. yesterday.
clermont40miles Champion Author Cincinnati Posts:10,761 Points:1,800,610 Joined:Apr 2008	Message Posted: Dec 16, 2012 10:27:36 PM Ignore clermont40miles Report Abuse Great news. Keep up the good work.
EnviroChemist All-Star Author Oklahoma Posts:876 Points:238,380 Joined:Oct 2011	Message Posted: Dec 16, 2012 10:24:16 PM Ignore EnviroChemist Report Abuse prices will remain inflated!
gasokie Champion Author Oklahoma Posts:3,488 Points:1,347,625 Joined:May 2007	Message Posted: Dec 16, 2012 10:22:06 PM Ignore gasokie Report Abuse This all will work over time to pull gas at the pump down...but be patient.
CiVX Champion Author Oakland Posts:7,146 Points:1,384,135 Joined:Feb 2009	Message Posted: Dec 16, 2012 10:21:53 PM Ignore CiVX Report Abuse Our oil producers will now be screwing the world.
blazerbob91 Champion Author Milwaukee Posts:6,285 Points:1,910,995 Joined:Aug 2005	Message Posted: Dec 16, 2012 10:21:31 PM Ignore blazerbob91 Report Abuse Prices will remain high
libertyut Champion Author Utah Posts:1,370 Points:298,200 Joined:Mar 2012	Message Posted: Dec 16, 2012 10:21:02 PM Ignore libertyut Report Abuse and gas prices are still to high.
Dsin44 Champion Author Abbotsford Posts:1,275 Points:276,195 Joined:Apr 2011	Message Posted: Dec 16, 2012 10:19:52 PM Ignore Dsin44 Report Abuse why the need for the new pipeline??
nimpy Champion Author Indianapolis Posts:8,275 Points:1,728,805 Joined:Oct 2007	Message Posted: Dec 16, 2012 10:18:26 PM Ignore nimpy Report Abuse price will still go up
ILANGE9 Champion Author Illinois Posts:7,759 Points:1,624,900 Joined:Sep 2008	Message Posted: Dec 16, 2012 10:18:21 PM Ignore ILANGE9 Report Abuse It's still too high at the pump, that's all I can say.
TheSnowstorm Champion Author Montreal Posts:8,732 Points:1,940,315 Joined:June 2005	Message Posted: Dec 16, 2012 10:17:28 PM Ignore TheSnowstorm Report Abuse Partly because there is less domestic consumption, for many reasons.
DrLyon Champion Author Michigan Posts:6,769 Points:1,239,365 Joined:May 2006	Message Posted: Dec 16, 2012 10:15:33 PM Ignore DrLyon Report Abuse So top... Stay away from OPEC...
wang91554 Champion Author San Jose Posts:3,310 Points:1,229,585 Joined:May 2009	Message Posted: Dec 16, 2012 10:09:17 PM Ignore wang91554 Report Abuse lot of money sloshing around. some of it is my money.
wayoung56 Champion Author Alabama Posts:2,925 Points:845,985 Joined:Oct 2006	Message Posted: Dec 16, 2012 10:07:03 PM Ignore wayoung56 Report Abuse Good, so when will prices reflect this? Locally produced crude costs less to refine than the imported stuff due to transportation costs...
mfeldstein Champion Author Ottawa Posts:8,306 Points:1,957,205 Joined:Feb 2007	Message Posted: Dec 16, 2012 10:06:58 PM Ignore mfeldstein Report Abuse Quite the turnaround.
Gas4Gore Champion Author Detroit Posts:2,529 Points:445,200 Joined:Jan 2010	Message Posted: Dec 16, 2012 10:05:00 PM Ignore Gas4Gore Report Abuse Very good.
Rhino8of8 Champion Author Wisconsin Posts:1,346 Points:400,515 Joined:Jan 2012	Message Posted: Dec 16, 2012 10:04:12 PM Ignore Rhino8of8 Report Abuse So the profit just goes elsewhere?
ExplorerWA Champion Author Washington Posts:4,240 Points:825,075 Joined:Feb 2011	Message Posted: Dec 16, 2012 10:02:58 PM Ignore ExplorerWA Report Abuse I wouldn't bet the ranch on this.
nomad228 Champion Author Columbus Posts:3,143 Points:580,215 Joined:Feb 2011	Message Posted: Dec 16, 2012 10:02:28 PM Ignore nomad228 Report Abuse it's about time .now when does the trickle down effect take place. ?
BMWer Champion Author Calgary Posts:2,191 Points:1,692,125 Joined:Dec 2003	Message Posted: Dec 16, 2012 9:59:08 PM Ignore BMWer Report Abuse This has to be considered as good news..
wshokie12 Champion Author Winston-Salem Posts:1,460 Points:245,010 Joined:Aug 2012	Message Posted: Dec 16, 2012 9:57:38 PM Ignore wshokie12 Report Abuse Okay.
wavery Veteran Author Philadelphia Posts:453 Points:269,125 Joined:Apr 2012	Message Posted: Dec 16, 2012 9:53:38 PM Ignore wavery Report Abuse Still need to combine with energy efficiency.