oil

U.S. crude output at new record with oil at lowest price since March

The U.S. stockpile of commercial crude oil continued to rise with the country’s record oil production estimated at 11.6 million barrels a day, and domestic oil prices are now down to their lowest levels since March. The U.S. Energy Department said commercial crude inventories rose by 5.8 million barrels last week and gasoline stocks jumped by 1.9 million barrels. Total petroleum inventories increased by 4.8 million barrels, offset partially by a dip in distillate fuel oil, which is used to make diesel fuel and heating oils. Another rise in total stockpiles coincides with the recent free fall in U.S. oil prices from more than $76 a barrel in early October to below $62 a barrel Wednesday morning. The last time the U.S. oil benchmark settled below $62 per barrel was March 15. The rise in crude outputs from the world’s top three producers — the United States, Russia and Saudi Arabia — has pushed oil prices lower, and the decline was compounded by the Trump administration’s recent decision to soften sanctions on Iran by allowing waivers for several of the top buyers of Iranian oil, including China.

Great news!!    🙂

Potentially game-changing oil reserves discovered in Israel

After Israel complained for years that it was surrounded by oil-rich states but didn’t have a drop within its own borders, it appears there’s a big-time turnaround with the announcement Wednesday that massive oil reserves have been located in the Golan Heights,close to the country’s border with Syria. Afek Oil and Gas, an Israeli subsidiary of the U.S. company Genie Energy, confirmed the find in an interview with Israel’s Channel 2 TVbut conceded that until the oil is actually extracted, they won’t be sure of the actual amounts and quality of the oil that has been discovered. “We are talking about a strata which is 350 meters thick and what is important is the thickness and the porosity,” the company’s chief geologist, Yuval Bartov, explained. “On average in the world, strata are 20-30 meters thick, so this is ten times as large as that, so we are talking about significant quantities. The important thing is to know the oil is in the rock and that’s what we now know.” “There is enormous excitement,” Bartov said. “It’s a fantastic feeling. We came here thinking maybe yes or maybe no, and now things are really happening.”

I bet..   Wow!  This would be a HUGE game changer in the Middle East!  It’d be great having an actual pro-U.S., NON-Islamic state, having that sort of natural resource!

Texas crude production hits highest level since 1980

Texas crude production hits highest level since 1980

Good for Texas!  They’re doing their part for domestic energy.  The other states need to get off their collective butts and do the same.  And, the White House needs to support domestic drilling.  Approving that pipeline, and issuing permits for domestic drilling and for new nuclear power plants (which have been applied for years ago!) would be a good first step.

Shale brings high hopes in Mississippi, Louisiana

Shale brings high hopes in Mississippi, Louisiana

This is encouraging!  MI, and LA are finding shale.  And in CO, and the Dakotas we’re seeing the possibilities of fracking (studyfracking.com) which could bring tens of thousands of jobs to folks in those states.  As Sarah says, “drill baby, drill!”  We need to stop our over dependence on oil from the middle east, and ramp up domestic drilling.