Resource Access and Global Production
Posted June 6, 2012
Interesting chart in this Bloomberg BusinessWeek post on falling crude oil prices, which also makes the point that the United States is sitting on more oil supply than it has since 1990.
Note the “Y” axis, which shows that global crude oil output at nearly 90 million barrels per day (solid blue). Now look at the saddle between Q2 2008 and Q2 2010, showing that output was approximately 83 million barrels per day. The difference between then and now is about 7 million bpd.
Now check out this chart, which shows where U.S. liquid fuels production could be with increased access to our energy resources – including the outer continental shelf off both coasts, the eastern Gulf of Mexico and the Arctic National Wildlife Refuge. The difference between U.S. production (dark blue part of each bar) in 2010 and 2030 is what – something like 7 million bpd?
The point is that with increased access to domestic resources, the United States could have an effect on world supply that’s approximately equal to the growth in global output the past few years. Supply matters.
About The Author
Mark Green joined API after a career in newspaper journalism, including 16 years as national editorial writer for The Oklahoman in the paper’s Washington bureau. Previously, Mark was a reporter, copy editor and sports editor at an assortment of newspapers. He earned his journalism degree from the University of Oklahoma and master’s in journalism and public affairs from American University. He and his wife Pamela have two grown children and six grandchildren.
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