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U.S. on target to become world's largest oil producer

GasBuddy Blog -- If the U.S. should indeed surpass Saudi Arabia as the world’s largest oil producer, as the Associated Press reports, shouldn’t that mean lower gasoline prices for Americans? Don’t be too quick to make that bet... palatial casinos are built on such odds.

AP reports that the U.S. is on track for a 7% increase in oil production this year to an average of 10.9 million barrels per day. And the U.S. Dept. of Energy is forecasting that U.S. production of crude and other liquid hydrocarbons will average 11.4 million barrels per day in 2013. AP says that would be a new record and would fall just below Saudi Arabia’s output of 11.6 million barrels per day.

More bullish forecasts come from Citibank, whose analysts say U.S. oil...

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Submitted Nov 02, 2012 By: PD

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GasHunter0007 Veteran Author California Posts:289 Points:169,875 Joined:Oct 2012	Message Posted: Nov 6, 2012 7:12:53 PM Ignore GasHunter0007 Report Abuse Hurry up so we can export them and bill the tax payers. What a sweetheart deal it is!
speedway2hi Rookie Author Indiana Posts:53 Points:341,010 Joined:Sep 2008	Message Posted: Nov 6, 2012 11:08:16 AM Ignore speedway2hi Report Abuse Spot on, runinoutagas!
runinoutagas Champion Author San Bernardino Posts:10,516 Points:1,620,410 Joined:Oct 2008	Message Posted: Nov 4, 2012 4:24:56 PM Ignore runinoutagas Report Abuse Good point, Karisholman. — The U.S. Gov't does, however receive monies from leasing (Federal) Government land to private oil companies for exploratory drilling (and production IF oil is struck). The State of Alaska, likewise for State lands. The Gov't of Alaska is able to 'cut' it's citizens a check due to the fact that its citizens have been able to some extent keep their State Government small and efficient enough that after Government expenditures, there is enough money left over to 'cut' such a check. If our Federal Government were similarly pared-down to a workable size and efficiency, the same Could apply; but as things stand, You can see that the National Government is so deeply involved in huge unmanageable programs requiring such (the word 'huge' is inadequate as are words available in our language tor the describing thereof) quantities of money to finance those myriad 'huge' programs — that our Federal Government is so far into the 'Red Ink' that it is hard to say whether such expenditures will ever be able to be brought back into line with receipts — much less have the ability to 'cut' U.S. Citizens a check for a share of the 'royalties' received for the use of Federal lands. Even if the entire wealth of all the 'wealthy' of this Nation were taken from them to pay down this 'Red Ink', it would only amount to a "drop in the proverbial 'bucket'"; and then the 'wealthy' would no longer be so; but would be counted among the destitute instead; and could no longer be 'tapped' as a means of further addressing the 'Red Ink'. In fact, if ALL the people of this nation were in like manner 'tapped-out' to pay-down this 'Red Ink', it would still not be enough. In other words, we are all in 'hock' above our ears, and at the present rate, it will take a LONG time, Generations, to pay it down. We REALLY NEED to cut down the size of Government. As our Decleration of Independence states: "... That to secure [our certain unalienable (Creator-Endowed)] rights, Governments are instituted among Men, deriving their just powers from the consent of the governed. ...". Governments that exceed this, deeming everything under the sun a "right", must take from You all that You have in order to "provide" for You your so-called "rights", thus depriving You almost or entirely altogether, of Your True "Creator-Endowed" Rights. Those who manage said transfer of wealth become all-powerful tyrants, most of the wealth somehow 'disappearing' as it filters through their 'sticky fingers'. We need a return to first (and basic) principles.
Karisholman Veteran Author Nevada Posts:281 Points:170,410 Joined:Oct 2012	Message Posted: Nov 4, 2012 1:04:49 PM Ignore Karisholman Report Abuse The use of Oil and gas reserves in Alaska, pays its citizens. Is there a plan to at least reduce taxes or share wealth from tapping these reserves with US citizens?
sparky808 Champion Author Honolulu Posts:3,008 Points:599,685 Joined:Sep 2011	Message Posted: Nov 3, 2012 4:30:04 PM Ignore sparky808 Report Abuse Not if Nobama can have HIS way.
johnbwilk Rookie Author Georgia Posts:6 Points:7,070 Joined:Oct 2012	Message Posted: Nov 3, 2012 7:44:36 AM Ignore johnbwilk Report Abuse I think it is interesting that Mexico and other countries sell there nationally produced oil in their country at much lower prices. Does this make us an unofficial member of OPEC?
remay Champion Author Houston Posts:6,973 Points:2,118,590 Joined:May 2006	Message Posted: Nov 3, 2012 5:56:58 AM Ignore remay Report Abuse I still have a hard time with this concept... maybe its because we probably won't reap the BENEFITS (due to exporting!).
mantarran Rookie Author Colorado Posts:37 Points:26,660 Joined:Oct 2012	Message Posted: Nov 3, 2012 5:41:17 AM Ignore mantarran Report Abuse it is not even a question! we will just export the oil and continue to buy our oil from the middle east and OPEC will continue to inflate prices. domestic production will not lower prices - need to get rid of opec.
garyr86 Champion Author Michigan Posts:1,998 Points:604,665 Joined:Dec 2010	Message Posted: Nov 3, 2012 5:08:57 AM Ignore garyr86 Report Abuse Now lets not import any oil from Venezuela where the price of gas is under 25 cents a gallon.
paulweb All-Star Author Ohio Posts:806 Points:355,670 Joined:May 2011	Message Posted: Nov 3, 2012 5:08:44 AM Ignore paulweb Report Abuse It will be good not to be held hostage to middle east oil; but we should be working to end our oil addiction.
boldrph Champion Author Topeka Posts:18,382 Points:3,452,615 Joined:Oct 2002	Message Posted: Nov 3, 2012 4:10:28 AM Ignore boldrph Report Abuse boom and bust ... boom and bust ... we've seen this before. check back in 20 years and we'll be importing all our oil again.
Hop1LA Champion Author Baton Rouge Posts:3,319 Points:1,177,470 Joined:Apr 2008	Message Posted: Nov 3, 2012 4:07:48 AM Ignore Hop1LA Report Abuse Yesterday's news
silverfoxv65 Champion Author Michigan Posts:4,485 Points:1,231,025 Joined:Sep 2009	Message Posted: Nov 3, 2012 4:04:05 AM Ignore silverfoxv65 Report Abuse Bull these reporters will say anything just to have something to write!
gravityhurts Champion Author North Carolina Posts:4,103 Points:939,455 Joined:Sep 2008	Message Posted: Nov 3, 2012 4:03:29 AM Ignore gravityhurts Report Abuse Good news comes with caution. At what cost.
FrankTA2 Champion Author New York Posts:4,298 Points:1,096,285 Joined:Jun 2007	Message Posted: Nov 3, 2012 4:01:12 AM Ignore FrankTA2 Report Abuse Excellent, we shouldn't have to depend on the middle east any more.
friday21 Champion Author Toronto Posts:5,354 Points:686,360 Joined:Jul 2010	Message Posted: Nov 3, 2012 4:00:41 AM Ignore friday21 Report Abuse Drill baby drill
rkt wgn Champion Author St. Louis Posts:15,360 Points:2,710,870 Joined:Dec 2004	Message Posted: Nov 3, 2012 3:57:54 AM Ignore rkt wgn Report Abuse Way to go
minnesotagirl Champion Author Milwaukee Posts:5,867 Points:1,232,645 Joined:Oct 2009	Message Posted: Nov 3, 2012 3:57:53 AM Ignore minnesotagirl Report Abuse Old news
dhawk24 Champion Author Maine Posts:7,805 Points:1,594,460 Joined:Jul 2008	Message Posted: Nov 3, 2012 3:57:11 AM Ignore dhawk24 Report Abuse Good news!!
AGAS1969 Champion Author Dayton Posts:2,698 Points:547,870 Joined:Aug 2011	Message Posted: Nov 3, 2012 3:56:22 AM Ignore AGAS1969 Report Abuse Thanks Mr. President !
biza4u Champion Author New Haven Posts:8,528 Points:1,628,875 Joined:Jan 2007	Message Posted: Nov 3, 2012 3:56:16 AM Ignore biza4u Report Abuse Old news
Hunter724 Champion Author New Hampshire Posts:8,131 Points:1,648,025 Joined:Sep 2008	Message Posted: Nov 3, 2012 3:55:29 AM Ignore Hunter724 Report Abuse Old news..
BEngr Champion Author Illinois Posts:6,722 Points:1,582,115 Joined:May 2008	Message Posted: Nov 3, 2012 3:55:00 AM Ignore BEngr Report Abuse Well we are making headway. But dont count on it lowering gas prices at the pump.
racerdj Champion Author Indianapolis Posts:9,820 Points:2,057,550 Joined:Jun 2003	Message Posted: Nov 3, 2012 3:54:40 AM Ignore racerdj Report Abuse Our production should really increase after Tuesdays election!
flsharktooth All-Star Author Jacksonville Posts:900 Points:620,765 Joined:Apr 2011	Message Posted: Nov 3, 2012 3:54:32 AM Ignore flsharktooth Report Abuse they are going to export the gas and keep prices high
dave364 Champion Author Lansing Posts:4,951 Points:1,438,335 Joined:Nov 2007	Message Posted: Nov 3, 2012 3:52:40 AM Ignore dave364 Report Abuse go get them
Ratso Champion Author Ohio Posts:18,800 Points:2,685,570 Joined:Sep 2003	Message Posted: Nov 3, 2012 3:51:02 AM Ignore Ratso Report Abuse Does that mean when we do become the worlds largest oil producer, that we will be paying the same rate as Saudi Arabia, .35 / gal ???
garytave Sophomore Author Florida Posts:117 Points:394,165 Joined:Aug 2011	Message Posted: Nov 3, 2012 3:50:47 AM Ignore garytave Report Abuse more old news
Pointtx Champion Author Austin Posts:3,241 Points:726,055 Joined:Mar 2011	Message Posted: Nov 3, 2012 3:50:35 AM Ignore Pointtx Report Abuse Deja vu.
subnuke Champion Author Atlanta Posts:7,503 Points:1,509,140 Joined:Sep 2008	Message Posted: Nov 3, 2012 3:48:44 AM Ignore subnuke Report Abuse ok
joko0 Champion Author New Jersey Posts:1,975 Points:566,590 Joined:Oct 2008	Message Posted: Nov 3, 2012 3:47:55 AM Ignore joko0 Report Abuse The industry will play with the numbers to increase prices!
fightbigoil71 Champion Author Milwaukee Posts:7,567 Points:1,546,630 Joined:Nov 2008	Message Posted: Nov 3, 2012 3:47:34 AM Ignore fightbigoil71 Report Abuse Yesterday's story -
pfone1847 Champion Author Illinois Posts:3,196 Points:625,530 Joined:Oct 2010	Message Posted: Nov 3, 2012 3:47:33 AM Ignore pfone1847 Report Abuse blah blah blah
swede Champion Author Cleveland Posts:3,772 Points:1,676,975 Joined:Feb 2003	Message Posted: Nov 3, 2012 3:45:34 AM Ignore swede Report Abuse old news
WR-INC Champion Author Twin Cities Posts:39,504 Points:3,626,285 Joined:Dec 2002	Message Posted: Nov 3, 2012 3:44:29 AM Ignore WR-INC Report Abuse There's no reason to produce if it just is going to sit in tanks.
tbgasmizer Champion Author Ontario Posts:6,053 Points:1,230,620 Joined:Oct 2009	Message Posted: Nov 3, 2012 3:43:11 AM Ignore tbgasmizer Report Abuse Repost
JLSindy Champion Author Cleveland Posts:3,496 Points:674,240 Joined:Aug 2005	Message Posted: Nov 3, 2012 3:42:21 AM Ignore JLSindy Report Abuse GasPriceHelp4U has it right - maybe some of it is pon the way to NY and NJ now!!!
FieroGT Champion Author Twin Cities Posts:14,327 Points:2,507,085 Joined:Mar 2005	Message Posted: Nov 3, 2012 3:41:02 AM Ignore FieroGT Report Abuse Does that mean that pump prices will go down, like way down?
GasPriceHelp4u Champion Author Dayton Posts:2,692 Points:569,775 Joined:Jul 2008	Message Posted: Nov 3, 2012 3:40:45 AM Ignore GasPriceHelp4u Report Abuse Next step, keep and supply them to our consumers in the US!!!
billy44bo Champion Author Mobile Posts:7,217 Points:1,492,820 Joined:Feb 2008	Message Posted: Nov 3, 2012 3:40:17 AM Ignore billy44bo Report Abuse Stop sending the gasoline offshore and just think how much lower the price would be.
epf Champion Author Grand Rapids Posts:6,344 Points:1,892,555 Joined:May 2004	Message Posted: Nov 3, 2012 3:40:01 AM Ignore epf Report Abuse Oil is traded globally, no price relief but certainly more control.
malfrog1 Champion Author South Bend Posts:2,206 Points:550,960 Joined:Feb 2011	Message Posted: Nov 3, 2012 3:39:35 AM Ignore malfrog1 Report Abuse keep the oil here
sent4456 Champion Author Toronto Posts:1,338 Points:2,126,920 Joined:Mar 2006	Message Posted: Nov 3, 2012 3:39:33 AM Ignore sent4456 Report Abuse I understand.
bad_sailor Champion Author London Posts:7,783 Points:1,674,320 Joined:Dec 2007	Message Posted: Nov 3, 2012 3:37:39 AM Ignore bad_sailor Report Abuse That's nice.
jrschl Champion Author Louisville Posts:2,972 Points:682,040 Joined:Jun 2011	Message Posted: Nov 3, 2012 3:37:37 AM Ignore jrschl Report Abuse We know.
KentsterPA Champion Author Pennsylvania Posts:1,707 Points:550,850 Joined:Aug 2011	Message Posted: Nov 3, 2012 3:36:10 AM Ignore KentsterPA Report Abuse ok
cheapertvs Champion Author Richmond Posts:10,290 Points:2,742,695 Joined:Jan 2004	Message Posted: Nov 3, 2012 3:35:11 AM Ignore cheapertvs Report Abuse Now if we can just get the price at the pump back to below $ 0.29 per gallon...
jppezz Champion Author New Mexico Posts:8,596 Points:1,693,535 Joined:Jun 2008	Message Posted: Nov 3, 2012 3:34:52 AM Ignore jppezz Report Abuse Old news.
Beau2140 Champion Author New York Posts:8,306 Points:1,659,110 Joined:Oct 2008	Message Posted: Nov 3, 2012 3:34:19 AM Ignore Beau2140 Report Abuse Stop exporting our fuel products.
Yankee829 Champion Author Dallas Posts:2,211 Points:560,565 Joined:Sep 2010	Message Posted: Nov 3, 2012 3:34:01 AM Ignore Yankee829 Report Abuse Old...