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U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia (See Photo)

Via: Bloomberg


The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.

“The U.S. increase in supply is a very meaningful chunk of oil,” Francisco Blanch, the bank’s head of commodities research, said by phone from New York. “The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”

Oil extraction is soaring at shale formations in Texas and North Dakota as companies split rocks using high-pressure liquid, a process known as hydraulic fracturing, or fracking. The surge in supply combined with restrictions on exporting crude is curbing the price of West Texas Intermediate, America’s oil benchmark. The U.S., the world’s largest oil consumer, still imported an average of 7.5 million barrels a day of crude in April, according to the Department of Energy’s statistical arm.




1973 – Oil Embargo





July 5, 2014 Posted by | Uncategorized | , , , | Leave a comment

Saudi Billionaire Prince: Fracking Competitively Threatens ‘Any Oil Producing Country in the World’

Via: cnsnews.com


Saudi Arabia’s Prince Alwaleed Bin Talal, a  billionaire businessman and nephew of Saudi King Abdullah, said the  production of shale oil and natural gas in the United States and other  countries, primarily done through fracking, is a real competitive threat  to “any oil-producing country in the world,” adding that Saudi Arabia  must address the issue because it is a “matter of survival.”

New shale oil discoveries “are threats to any oil-producing country in the world,” said Prince Alwaleed in an interview with The Globe and Mail.  “It is a pivot moment for any oil-producing country (OPEC) that has not  diversified. Ninety-two percent of Saudi Arabia’s annual budget comes  from oil. Definitely it is a worry and a concern.”



PHOTO: 1973 OPEC oil embargo

‘matter of survival’? – Well Fuck You, Prince!


January 9, 2014 Posted by | Uncategorized | , , , , , , , | 1 Comment