US Crude production continues to rise, and in the recent US led study, they will soon be a net exporter – bad news for Canada without Global Markets
Calgary, May 4, 2018 –
U.S. crude oil production jumped 260,000 barrels per day (bpd) to 10.26 million bpd in February, the highest on record, the Energy Information Administration said in a monthly report on Monday.
Production in Texas rose by 106,000 bpd to above 4 million bpd, also a record high based on the data going back to 2005. The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest U.S. oilfield.
3 VERY key metrics for Canadians to notice and understand, I have highlighted:
First, The Energy Trade – The US EIA predicts the United States will be a net-EXPORTER of Energy by roughly 2020 depending on factors.
Why is that Important?
The United States has been a net energy IMPORTER since 1953!
Mostly of CANADIAN CRUDE!
Canadians, please take note of that!
You’re environmental beliefs and opinions aside, if the US NO LONGER needs to IMPORT Canadian Products… it doesn’t take an Economics Major to realize that’s bad news for the Canadian Economy!
Doubly so if we can’t access other GLOBAL MARKETS
The AEO2018 report projects the United States will become a net energy exporter by 2022 in the Reference case. based on many assumptions.*
Next up, this just shows US Crude and Natural Gas production is ramping up… ALOT!
Finally, and I think IMPORTANTLY, shows the Reality of the US Energy Mix
What does it show? Will to me it shows Electricity power SKY ROCKETING…. Electric Vehicles… TESLA, hey it makes sense…
But Canadians…. let’s face reality… Electricity doesn’t come from MAGIC…. In BC and Ontario… a majority comes from Hydro… But if Electricity demand blasts off! Which it will if you want to “keep fossil fuels in the ground”…. That electricity needs to come from something!?!
And we’re not increasing solar at the needed rate… the same with WIND… and they don’t have the MASS STORAGE CAPACITY that is required ANYWAY!
So it’s great to think GREEN… Heck… I’ve posted electricity saving tips HERE!
But we need to face a reality that 2020 is closer than we think…. and it doesn’t look good for Canadian jobs at the rate!
Oil Sands Saturday