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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:170,625 Joined:Oct 2012	Message Posted: Nov 6, 2012 4:12:53 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 8:08:16 AM Ignore speedway2hi Report Abuse Spot on, runinoutagas!
runinoutagas Champion Author San Bernardino Posts:10,523 Points:1,622,225 Joined:Oct 2008	Message Posted: Nov 4, 2012 1:24:56 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:171,160 Joined:Oct 2012	Message Posted: Nov 4, 2012 10:04:49 AM 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:3,018 Points:601,635 Joined:Sep 2011	Message Posted: Nov 3, 2012 1:30:04 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 4:44:36 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:6,978 Points:2,120,315 Joined:May 2006	Message Posted: Nov 3, 2012 2:56:58 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 2:41:17 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 2:08:57 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:356,420 Joined:May 2011	Message Posted: Nov 3, 2012 2:08:44 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:18,392 Points:3,454,565 Joined:Oct 2002	Message Posted: Nov 3, 2012 1:10:28 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:3,329 Points:1,179,420 Joined:Apr 2008	Message Posted: Nov 3, 2012 1:07:48 AM Ignore Hop1LA Report Abuse Yesterday's news
silverfoxv65 Champion Author Michigan Posts:4,495 Points:1,232,975 Joined:Sep 2009	Message Posted: Nov 3, 2012 1:04:05 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:940,205 Joined:Sep 2008	Message Posted: Nov 3, 2012 1:03:29 AM Ignore gravityhurts Report Abuse Good news comes with caution. At what cost.
FrankTA2 Champion Author New York Posts:4,305 Points:1,098,150 Joined:Jun 2007	Message Posted: Nov 3, 2012 1:01:12 AM Ignore FrankTA2 Report Abuse Excellent, we shouldn't have to depend on the middle east any more.
friday21 Champion Author Toronto Posts:5,371 Points:688,310 Joined:Jul 2010	Message Posted: Nov 3, 2012 1:00:41 AM Ignore friday21 Report Abuse Drill baby drill
rkt wgn Champion Author St. Louis Posts:15,365 Points:2,711,845 Joined:Dec 2004	Message Posted: Nov 3, 2012 12:57:54 AM Ignore rkt wgn Report Abuse Way to go
minnesotagirl Champion Author Milwaukee Posts:5,877 Points:1,234,595 Joined:Oct 2009	Message Posted: Nov 3, 2012 12:57:53 AM Ignore minnesotagirl Report Abuse Old news
dhawk24 Champion Author Maine Posts:7,815 Points:1,596,410 Joined:Jul 2008	Message Posted: Nov 3, 2012 12:57:11 AM Ignore dhawk24 Report Abuse Good news!!
AGAS1969 Champion Author Dayton Posts:2,708 Points:549,820 Joined:Aug 2011	Message Posted: Nov 3, 2012 12:56:22 AM Ignore AGAS1969 Report Abuse Thanks Mr. President !
biza4u Champion Author New Haven Posts:8,538 Points:1,630,825 Joined:Jan 2007	Message Posted: Nov 3, 2012 12:56:16 AM Ignore biza4u Report Abuse Old news
Hunter724 Champion Author New Hampshire Posts:8,136 Points:1,649,000 Joined:Sep 2008	Message Posted: Nov 3, 2012 12:55:29 AM Ignore Hunter724 Report Abuse Old news..
BEngr Champion Author Illinois Posts:6,727 Points:1,583,540 Joined:May 2008	Message Posted: Nov 3, 2012 12:55:00 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:9,830 Points:2,059,500 Joined:Jun 2003	Message Posted: Nov 3, 2012 12:54:40 AM Ignore racerdj Report Abuse Our production should really increase after Tuesdays election!
flsharktooth All-Star Author Jacksonville Posts:902 Points:621,680 Joined:Apr 2011	Message Posted: Nov 3, 2012 12:54:32 AM Ignore flsharktooth Report Abuse they are going to export the gas and keep prices high
dave364 Champion Author Lansing Posts:4,959 Points:1,440,245 Joined:Nov 2007	Message Posted: Nov 3, 2012 12:52:40 AM Ignore dave364 Report Abuse go get them
Ratso Champion Author Ohio Posts:18,817 Points:2,687,520 Joined:Sep 2003	Message Posted: Nov 3, 2012 12:51:02 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 12:50:47 AM Ignore garytave Report Abuse more old news
Pointtx Champion Author Austin Posts:3,251 Points:727,255 Joined:Mar 2011	Message Posted: Nov 3, 2012 12:50:35 AM Ignore Pointtx Report Abuse Deja vu.
subnuke Champion Author Atlanta Posts:7,503 Points:1,510,640 Joined:Sep 2008	Message Posted: Nov 3, 2012 12:48:44 AM Ignore subnuke Report Abuse ok
joko0 Champion Author New Jersey Posts:1,980 Points:568,165 Joined:Oct 2008	Message Posted: Nov 3, 2012 12:47:55 AM Ignore joko0 Report Abuse The industry will play with the numbers to increase prices!
fightbigoil71 Champion Author Milwaukee Posts:7,577 Points:1,548,580 Joined:Nov 2008	Message Posted: Nov 3, 2012 12:47:34 AM Ignore fightbigoil71 Report Abuse Yesterday's story -
pfone1847 Champion Author Illinois Posts:3,201 Points:626,505 Joined:Oct 2010	Message Posted: Nov 3, 2012 12:47:33 AM Ignore pfone1847 Report Abuse blah blah blah
swede Champion Author Cleveland Posts:3,782 Points:1,678,925 Joined:Feb 2003	Message Posted: Nov 3, 2012 12:45:34 AM Ignore swede Report Abuse old news
WR-INC Champion Author Twin Cities Posts:39,510 Points:3,627,260 Joined:Dec 2002	Message Posted: Nov 3, 2012 12:44:29 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 12:43:11 AM Ignore tbgasmizer Report Abuse Repost
JLSindy Champion Author Cleveland Posts:3,501 Points:675,965 Joined:Aug 2005	Message Posted: Nov 3, 2012 12:42:21 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:14,337 Points:2,509,035 Joined:Mar 2005	Message Posted: Nov 3, 2012 12:41:02 AM Ignore FieroGT Report Abuse Does that mean that pump prices will go down, like way down?
GasPriceHelp4u Champion Author Dayton Posts:2,702 Points:571,725 Joined:Jul 2008	Message Posted: Nov 3, 2012 12:40:45 AM Ignore GasPriceHelp4u Report Abuse Next step, keep and supply them to our consumers in the US!!!
billy44bo Champion Author Mobile Posts:7,222 Points:1,493,795 Joined:Feb 2008	Message Posted: Nov 3, 2012 12:40:17 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:6,349 Points:1,894,280 Joined:May 2004	Message Posted: Nov 3, 2012 12:40:01 AM Ignore epf Report Abuse Oil is traded globally, no price relief but certainly more control.
malfrog1 Champion Author South Bend Posts:2,216 Points:552,160 Joined:Feb 2011	Message Posted: Nov 3, 2012 12:39:35 AM Ignore malfrog1 Report Abuse keep the oil here
sent4456 Champion Author Toronto Posts:1,342 Points:2,128,750 Joined:Mar 2006	Message Posted: Nov 3, 2012 12:39:33 AM Ignore sent4456 Report Abuse I understand.
bad_sailor Champion Author London Posts:7,793 Points:1,676,270 Joined:Dec 2007	Message Posted: Nov 3, 2012 12:37:39 AM Ignore bad_sailor Report Abuse That's nice.
jrschl Champion Author Louisville Posts:2,982 Points:683,990 Joined:Jun 2011	Message Posted: Nov 3, 2012 12:37:37 AM Ignore jrschl Report Abuse We know.
KentsterPA Champion Author Pennsylvania Posts:1,717 Points:552,800 Joined:Aug 2011	Message Posted: Nov 3, 2012 12:36:10 AM Ignore KentsterPA Report Abuse ok
cheapertvs Champion Author Richmond Posts:10,300 Points:2,744,645 Joined:Jan 2004	Message Posted: Nov 3, 2012 12:35:11 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:8,606 Points:1,695,485 Joined:Jun 2008	Message Posted: Nov 3, 2012 12:34:52 AM Ignore jppezz Report Abuse Old news.
Beau2140 Champion Author New York Posts:8,311 Points:1,660,085 Joined:Oct 2008	Message Posted: Nov 3, 2012 12:34:19 AM Ignore Beau2140 Report Abuse Stop exporting our fuel products.
Yankee829 Champion Author Dallas Posts:2,221 Points:562,515 Joined:Sep 2010	Message Posted: Nov 3, 2012 12:34:01 AM Ignore Yankee829 Report Abuse Old...