I read an article recently that blew my mind. It stated that within approximately 10 years, the United States will be the largest producer of oil in the world. Bigger than Iran, bigger than Saudi Arabia, bigger than anybody. How is that possible? Didn’t you just assume that Middle Eastern countries would always produce more oil than any “western” country? I know I did.
But if you look closely, the signs are already there that this could be true. In 2012, the U.S. shipped more oil fuels, including gasoline, diesel, kerosene and jet fuel, than any other single export for the second year in a row. The U.S. exported more than $117 billion of fuel and petroleum products in 2012, a 9 percent increase over 2011. In fact, in 2011 and 2012, the U.S. exported more fuels than we imported, and that hasn’t happened since 1949.
OK, so if we can get our minds around the fact that we’re exporting more fuels than we’re importing, the obvious question becomes, why are gasoline prices still so high? There’s clearly no shortage going on. In fact, the biggest problem the U.S seems to be having is not with producing oil, but rather with getting our oil to market as usable products.
I found this article titled “Will We Ever Know the Truth about the Oil Supply?” It raises some interesting questions.
Were you aware of how much more oil the U.S. is producing than it used to? Do you have thoughts regarding why gas prices are so high if there is no shortage going on? I’d be very interested in hearing from you about this.