Posted By thestatedtruth.com on October 30, 2013
So maybe this has something to do with the stock markets being so strong. It’s no secret that cheap oil is critical to long term growth in big economies like the United States.
Reuters News: The U.S. has surpassed Saudi Arabia as the biggest oil producer in the world.
You read that correctly: “The jump in output from shale plays has led to the second biggest oil boom in history,” stated Reuters on October 15. “U.S. output, which includes natural gas liquids and biofuels, has swelled 3.2 million barrels per day (bpd) since 2009, the fastest expansion in production over a four-year period since a surge in Saudi Arabia’s output from 1970-1974.”
The United States also has the largest refining capacity in the world, and is still by far the largest consumer of oil in the world (though China is catching up). Our refineries require 15 million barrels of oil a day. That means even though domestic production has dramatically increased to about 8 million barrels, the US still has to import between 7 and 8 million barrels of foreign oil a day, but there are estimates that by 2019 the US will be a net exporter of oil.
For more information on this article: www.caseyresearch.com/cdd/us-1-in-oil-so-why-isnt-gasoline-0.80-per-gallon
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