Wednesday, January 29, 2014

US Crude Oil Production at 25-Year High

The EIA issued its latest numbers oil storage, and they were a disappointment for the bulls. There was a build of 6.4 million barrels, compared to expectations of a build of just 2.1 million barrels.

We know that US crude oil production has been soaring. But it's nice to see a chart of just how much. Here's a chart I made using EIA data ...
In fact, US crude oil production is at its highest level since May of 1989.

Some other interesting oil stories

Is Texas oil about to replace Saudi crude in California?

US Refinery ownership and capacity has changed significantly since 2000

After multiple accidents, Feds caution on transporting oil by rail.  The volume of oil transported by rail jumped 31% in 2013.

US Crude Oil Imports Dropped Below 7 Million Barrels Per day. I think we all know why. The last time oil imports were this low was in January 2000, and we had a lot less people driving then.

Why America Should Keep Its Ban on Exports of Crude Oil.

The main argument here is that if we export oil, gasoline prices will go up. Another anti-export argument here:

For the OPPOSITE view -- coming from Alaska Sen. Lisa Murkowski, who is sloshing around in barrels of oil company money -- read THIS.

China steps up its own shale oil development.  Interestingly, China oil demand was down year over year, while its gasoline demand went up. My view: It's what happens when you have a sane energy policy

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