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Doubters Beware: U.S. Oil Production Is Setting New Records
Posted on 10/12/23 at 7:37 pm
Posted on 10/12/23 at 7:37 pm
quote:
One of my 2023 energy sector predictions was that U.S. oil production would set a new all-time high this year. After record-setting production thus far this year, it would take a collapse along the lines of the huge Covid drop seen in the spring of 2020 for the U.S. to not set a new annual production record for 2023.
For the first three quarters of 2023, U.S. oil production has averaged 12.8 million barrels per day (bpd). The previous annual record — set in 2019 just before the Covid-19 pandemic impacted production —was 12.3 million bpd.
U.S. weekly production at the end of September was 12.9 million bpd. That is 900,000 bpd higher than it was one year earlier. For the entire month of September, production also averaged around 12.9 million bpd, but July’s production was higher than September’s, at 12.99 million bpd. These numbers are just short of the previous monthly record of 13.0 million bpd set in November 2019.
The previous record for half a year of production was set in the second half of 2019 at 12.62 million bpd. But the first half of 2023 has slightly beaten that record with a production level of 12.69 million bpd.
Unless U.S. production averages 2 million bpd lower in the fourth quarter than current production of 12.9 million bpd, then a new oil production record will be set for the year. With nearly a full quarter to go in 2023, my prediction of a new annual production record is nearly baked in now.
Given the fact that the Biden Administration hasn’t exactly been friendly to the U.S. oil industry, some may be puzzled by this production surge. There is a simple explanation. The price of oil, and technological innovations like hydraulic fracturing, are much more significant than any president’s policies.
quote:
Robert Rapier is a chemical engineer in the energy industry. Robert has 25 years of international engineering experience in the chemicals, oil and gas, and renewable energy industries, and holds several patents related to his work.
LINK /
I’ve always liked this guy’s writings, but man…that last name depending upon how it’s pronounced isn’t something I envy.
Kudos to our domestic oil & gas industry for working through the political mess to keep striving. That’s what’s awesome about American individualism and ingenuity.
12
Posted on 10/12/23 at 7:43 pm to ragincajun03
I just added on a jetski to my 120 month F250 note.
Posted on 10/12/23 at 7:45 pm to ragincajun03
quote:
U.S. Oil Production Is Setting New Records
Hit me up when prices drop back under $2 a gallon.
Posted on 10/12/23 at 7:49 pm to ragincajun03
quote:
for working through the political mess
Intentional self inflicted political and draconian mess on literally Day 1 in office by the simple unilateral stroke of a pen with zero input from Congress. You failed to mention that in your OP, like 100% of all your fence riding OP's on this subject matter.
Posted on 10/12/23 at 7:50 pm to jivy26
quote:
Hit me up when prices drop back under $2 a gallon.
So when oil is $30/bbl or less on the world market?
Ok.
Posted on 10/12/23 at 7:52 pm to ragincajun03
Uh, it would be a lot more if we didn’t have an administration hell bent on trying to crush domestic energy production. Remember, gas is about twice as expensive as it was in January 2021.
Posted on 10/12/23 at 7:54 pm to Tomatocantender
quote:
Intentional self inflicted political and draconian mess on literally Day 1 in office by the simple unilateral stroke of a pen with zero input from Congress
he had to do what his lobbyists told him to do, thats how american politics works. Exxon donated twice as much to Biden's campaign as Trumps. when he signed that document, they raked in record profits when gas prices went up.
that is our government working perfectly as intended. The richest get to dictate policy.
Posted on 10/12/23 at 7:55 pm to Corinthians420
quote:
he had to do what his lobbyists told him to do, thats how american politics works.
Jesus Christ
Posted on 10/12/23 at 7:59 pm to ragincajun03
Posted on 10/12/23 at 8:00 pm to Tomatocantender
It may frick all of us taxpayers, but it accomplished his owners' goals. they clearly don't care about us.
Posted on 10/12/23 at 8:02 pm to Tomatocantender
quote:
Intentional self inflicted political and draconian mess on literally Day 1 in office by the simple unilateral stroke of a pen with zero input from Congress. You failed to mention that in your OP, like 100% of all your fence riding OP's on this subject matter.
I’m only going to address you this one time because….well, I’m not putting forth the effort others did a couple days ago with you.
1- I copied and pasted an article, said I usually like the articles/opinion pieces by that particular author, and said it’s awesome that American industry has been able to succeed with the attempted political roadblocks thrown at them.
2- Industry was very smart and knew the risks (or at least SMART oil & gas companies) and planned for it PRIOR to the 2020 election and looked at where their inventory and plans may be at risk whether for drill permits or infrastructure approvals. I can honestly tell you that Biden’s 60 day theatrics really did very little, if anything at all, to affect production in the Permian, of which a good bit of the Delaware Basin development is either on BLM Lands or depends on them for takeaway infrastructure.
I don’t believe you are wrong that things done by his executive orders and things his administration has said in the media had an effect and caused (and still causes) lots of uncertainty within the industry. However, we all also know, especially since he has already depleted the majority of the SPR buildup for the 2022 elections, that they can’t afford to stand in the way leading up to 2024.
Now…if he gets re-elected and Democrats retake Congress next year, all bets are off.
This post was edited on 10/13/23 at 7:14 am
Posted on 10/12/23 at 8:57 pm to ragincajun03
I feel like I’ve seen a thread per day for the past week regarding US oil production
Posted on 10/13/23 at 5:08 am to SloaneRanger
quote:
Uh, it would be a lot more if we didn’t have an administration hell bent on trying to crush domestic energy production. Remember, gas is about twice as expensive as it was in January 2021.
So you want oil companies to go bankrupt like many did in 2020 and 2014? You also want refineries shutdown like several did in 2020 due lack of demand/huge losses.
This post was edited on 10/13/23 at 5:12 am
Posted on 10/13/23 at 5:16 am to ragincajun03
Soon out of Potato head’s mouth
My energy plan is working. Bidenomics is for you. I’m sending another 100B to help Ukraine
My energy plan is working. Bidenomics is for you. I’m sending another 100B to help Ukraine
Posted on 10/13/23 at 7:14 am to TigerFred
quote:
Soon out of Potato head’s mouth
Before or after he shits himself?
Posted on 10/13/23 at 8:03 am to ragincajun03
The ever present victims on here won’t believe it
Posted on 10/13/23 at 8:09 am to SloaneRanger
quote:
Remember, gas is about twice as expensive as it was in January 2021.
Derp. Remember what else was going on in January, 2021?
Posted on 10/13/23 at 8:19 am to ragincajun03
quote:
I’ve always liked this guy’s writings, but man…that last name depending upon how it’s pronounced isn’t something I envy
It's a sword, baw
Posted on 10/13/23 at 8:21 am to Tmcgin
Do you guys like oil and gas now? Confusing
Posted on 10/13/23 at 8:36 am to ragincajun03
If only the EPA would green light a new refinery or two instead of fining them for making "carbon emissions" 
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