I will believe the Saudis don't see any upcoming problems with Ghawar when they cancel one of their projects due to low oil prices. If they continue to be full steam ahead with increasing their capacity then I think they are aware that Ghawar may not be as robust in 5 years time as they would like us to believe.
Posted: Wed May 28, 2008 4:59 am Post subject: Re: US oil importation.
Without looking it up, I believe it is in the 60-70% range.
With such dependency, the oil supply and its continued flow is critical to the operation of the economy. To understand the effects of a loss of that supply, I would refer you to the oil embargo of 1973. _________________ If you want a picture of the future, imagine a boot stamping on a human face--for ever."
-George Orwell, 1984
Posted: Wed May 28, 2008 6:52 am Post subject: Re: US oil importation.
At the moment, we are importing 10 million barrels per day. Our total refinery inputs last week were 15 million or so. We also import about 1.5 million barrels per day of finished products, and also have some oil use that does not go into refineries.
In total, we use about 20.5 million barrels per day.
Our domestic production is a little more than 5 million barrels per day, and is gradually declining. So, we import about 75% of our oil.
If our demand grows at all, every bit of the growth will have to be imported, plus, the domestic supply is decreasing by about 4% per year, so we have to import more oil every year to replace that too.
Joined: May 02, 2005 Posts: 3524 Location: Oh really?
Posted: Wed May 28, 2008 7:02 am Post subject: Re: US oil importation.
pup55 wrote:
...we import about 75% of our oil.
If our demand grows at all, every bit of the growth will have to be imported, plus, the domestic supply is decreasing by about 4% per year, so we have to import more oil every year to replace that too.
Even the most casual student of history, when faced with those facts, will respond with extreme denial or extreme shock.
Those that don't react need to take another look.
The denial that has emerged these past few days I find shocking. _________________ "It's still all about energy!"
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