Unfortunately, the U.S. is not self-sufficient in petroleum and we have a way to go. We consume 19.96 million barrels of crude oil per day (Mbbl/day). Of that, we produce 13.134 Mbbl/day. We also export about 6 Mbbl/day, where prices and transportation costs are attractive. In 2017, we imported about 10.4 Mbbl/day from countries such […]
oil
Dependency on Middle East Energy
US consumers rely on 19.63 million barrels of crude oil and 78 trillion British thermal units of natural gas per day for transportation and electrical power generation. A few years ago, those staggering amounts were priced at more than twice today’s level. The lower prices are a result of US fracking and horizontal drilling. Those […]
Cooler Heads Abandon a Gas Tax Increase
For the past 6 years, consumers endured economic bad news ranging from disappointing to terrible. Their chance of finding a good new job is so dismal that millions stopped looking. The middle-class saw their wages and salaries stall or declined. Their financial net worth declined a shocking 19%. For many, the value of their home […]
ACI in Forbes: Energy Diversity Helps Consumers
This piece, written by ACI’s Alan Daley, discusses how diversity in domestic energy resources — coal, nuclear, gas, oil and green energy — is beneficial to consumers and the country. You can read his piece in Forbes.
Do Not Treat Consumers Like Piñatas
Former Governor Ed Rendell doesn’t want the oil price decrease wasted on consumers. He wants a quick hike in the federal gas tax to capture those funds before consumers get used to paying less and using the money to pay family bills or out-of-pocket medical deductibles. It is insulting to pretend that consumers are too […]
The Calm behind Fracked-Well Flaring Optics
Flaring at fracking sites makes for great TV pictures but flames don’t speak and don’t come with explanatory tags. For a fiction writer, it’s even better than a blank slate. TV news anchors are served up with a screen of agile flames in brilliant colors. The viewer is treated to an engaging performance that screams […]
No Good Reason to Hold Up Keystone — ACI in Real Clear Policy:
Alan Daley writes on why the Keystone XL project should be a simple and quick decision. You can read his piece at Real Clear Policy.
Energy as an Economic Stimulus
Energy production is booming in some western states, like North Dakota, where its unemployment rate has fallen below 2%, and fracking has made the potential for gas extraction a promising proposition. Yet, many major projects, like the Keystone pipeline and development in parts of the Marcellus Shale Field remain in limbo as lawyers, activists and […]
Crude Exports Should Start Soon
If the subject were export of materials such as scrap iron, timber, iron ore or electric power, there would be no political backlash. Indeed, improvements in our balance of payments and the creation of even a few jobs would be applauded. But for crude oil exports, it’s different. A rational and public consideration of crude […]
Oil Despots versus a Blind EPA
America’s new found effectiveness in extracting oil and gas from underground deposits has boosted U.S. oil production from 5,077 thousand barrels per day in 2007 to 6,498 thousand barrels per day in 2012. Further increases are feasible if prices continue covering production costs. For decades, U.S. oil and gas consumption exceeded production and needed imports […]