

United States Becomes World's Number-One Oil Supplier - swamp40
http://www.breitbart.com/Big-Government/2013/10/16/U-S-Now-the-World-s-Number-One-Supplier-of-Oil?utm_source=contentsharing&utm_medium=linkexchange&utm_term=postion5&utm_content=U-S-Now-the-World-s-Number-One-Supplier-of-Oil&utm_campaign=foxnews

======
WeaselOne
Sadly, no. Nice break down on the why not here:
[http://peakoilbarrel.com/worlds-largest-oil-
producer/](http://peakoilbarrel.com/worlds-largest-oil-producer/)

Further to the questions on cost, The "boom" of domestically produced oil is
not cheap oil. Fracking for oil costs much more than conventional drilling.
More rigs, more steel, more fluids, more people, more water. All requiring
much more capital float to frack and re-frack. All for lower yields per well
compared to a conventional oil well. Fracking places a new - higher - floor
under oil prices. If a glut does develop in supply (i.e. the economic doldrums
continue to suppress global consumption rates) and the price were to drop, the
companies fracking for oil would be in economic trouble very quickly. The
companies fracking for natural gas are struggling to stay afloat for just this
reason - a fracked gas well produces a huge initial rush, a glut of gas in
storage and market prices below production costs. They're all selling assets
and pimping for new sucker-er, investors to stray afloat while they push for
export permits to sell off the backlog and drive up prices. Should the
economic picture brighten and global consumption rates return to say 2006
levels, we'll see that the production rates and production scaling
capabilities of the fracking fields, tar sands, etc., are not in the same
league as the conventional oil fields on which our economy was built. Supplies
will tighten as they did in '07-'08, prices will rise, drawing in more
frackers and the economy will tank. Wash, rinse, repeat.

------
slfisher
I'm sorry, but if Breitbart told me the sun rose today, I'd go to the window
to look for myself.

~~~
swamp40
Here's the original source:
[http://www.prweb.com/releases/2013/10/prweb11233767.htm](http://www.prweb.com/releases/2013/10/prweb11233767.htm)

~~~
coloneltcb
Pira Energy Consulting Group.

Gee, I wonder if they have any interests or agendas.

~~~
swamp40
You guys are a tough sell.

The EIA says the same thing:
[http://www.eenews.net/stories/1059988428](http://www.eenews.net/stories/1059988428)

It's a race between the US, Saudi Arabia and Russia - but it's not any kind of
propaganda.

------
chrisbennet
Is the US the #1 _supplier_ or should is it just the #1 _producer_ of oil? I
believe the US is a net consumer of oil.

------
jemka
In other news, The United States has launched a "Freedom Campaign" against
itself to locate and seize weapons of mass destruction.

------
swamp40
Never thought I'd see this headline.

So why is gas 48 cents a gallon in Saudi Arabia, and $3.52 average here in the
US?

~~~
mc32
Because in SA it's subsidized much more so than in the US or other places.
It's a way to keep people 'happy' over there.

------
yohann305
The true question is: Is this going to help the american citizens on a daily
basis?

~~~
saryant
116,000 jobs in the Eagle Ford Shale?

~~~
yohann305
Amen to that!

