COTEP.org - U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

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.

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.

If so, then why is our gas still over $3.00 a gallon?

Because a U.S. Commerce Department decision to allow the overseas shipment of processed ultra-light oil called condensate has fanned speculation the nation may ease its four-decade ban on most crude exports.

The decision was “a positive first step” to dispersing the build-up of crude supply in North America. The U.S. could potentially have daily exports of 1 million barrels of crude, including 300,000 of condensate, by the end of the year ... that's why.

In a down economy, The Federal Government and Big Oil couldn't keep the oil here in the U.S., and lower our per gallon costs, no they have to export it overseas and keep the price of gas high so they can make record profits.

Greed is alive and well in the United States Federal Government and the Oil Industry.

Quote:

http://www.bloomberg.com/news/2014-0...ing-saudi.html

U.S. Seen as Biggest Oil Producer After Overtaking Saudi Arabia

Jul 4, 2014

http://www.bloomberg.com/image/iJaIVJ6C67Rg.jpg
Oil pumps stand at the Chevron Corp. Kern River oil field in Bakersfield, California.

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.

A U.S. Commerce Department decision to allow the overseas shipment of processed ultra-light oil called condensate has fanned speculation the nation may ease its four-decade ban on most crude exports. Pioneer Natural Resources Co. and Enterprise Products Partners LP will be allowed to export condensate, provided it is first subject to preliminary distillation, the companies said June 25.

The decision was “a positive first step” to dispersing the build-up of crude supply in North America, Bank of America said in a report on June 27. The U.S. could potentially have daily exports of 1 million barrels of crude, including 300,000 of condensate, by the end of the year, according to a June 25 report from Citigroup Inc.