A clearer picture of US oil and gas beyond hype
Tom KirkmanIndependent Project Manager
This article cuts through the MSM hype and bravado, to present a clearer picture of what is actually happening in U.S. Oil & Gas, including Russia and Venezuela complications.
2 thumbs up to the author.
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“… First, the United States remains a substantial importer of petroleum products, both on a gross and a net basis. Yes, the country does export a large amount of the light oil produced from the shale deposits in Texas and elsewhere because American refineries cannot use all of it. Those refineries are generally designed to mix light and heavy crudes for optimal output. But, this means the United States must import a significant amount of heavy crude. America remains wildly dependent on world oil to keep its voracious refining industry in operation.
In addition, the official net import numbers are deceiving because they include liquids that come from natural gas wells called natural gas liquids. Once those are netted out and removed from the calculations, America’s net imports of petroleum products rise from about 1.5 million barrels per day (mbpd) to about 2.4 mbpd. That’s far lower than in the past, but it does not spell energy independence. The country remains dependent on the world market and must pay world prices. …”