In seven years the US is expected to become the No. 1 producer of crude oil.

[old_tony]

http://www.bloomberg.com/news/2012-11-12/u-s-to-overtake-saudi-arabia-s-oil-production-by-2020-iea-says.html

How big of a surprise is this to you? And what does this mean for the future?

 

[bigpern23]

It will be interesting to see if this actually "insulates" the U.S. from supply disruptions in the Middle East, or if big oil companies will continue to jack prices up every time a mullah says, "boo."

That said, I think energy independence has long been a goal of U.S. policy makers on both sides of the aisle, so I fully expect both sides to ***** about it the day it happens.

 

[Mark2010]

http://www.bloomberg.com/news/2012-11-12/u-s-to-overtake-saudi-arabia-s-oil-production-by-2020-iea-says.html

How big of a surprise is this to you? And what does this mean for the future?

Not much, honestly, in terms of consumer price at the pump. Not unless the government takes over some of the oil companies and regulates prices. Price gets high enough and there might be public support for that.

 

[deskslave]

Shouldn't be that surprising, given that the link is 11 months old.

 

[trifectarich]

I have no idea if this will really happen, but if it does, we'll find a way to screw it up.

 

[Starman]

We've actually INCREASED oil production the last several years? But... but... but....I thought it had come to a crashing halt and was plummeting ever since ... "that guy" ...

... well, you know....

 

[Brian]

I'm scared of what Saudi Arabia becomes if they aren't being bribed with our oil money, so I'm not sure if this is great news.

 

[Football_Bat]

We can have oceans and oceans of oil, give ourselves oil baths, fill our Olympic swimming pools with oil.

Won't do us any good if we can't refine it.

That choke point in the supply chain is easily gamed by the oil companies, and that will forever keep gas prices high.

 

[Armchair_QB]

I'm scared of what Saudi Arabia becomes if they aren't being bribed with our oil money, so I'm not sure if this is great news.

Somalia with palaces.

 

[Football_Bat]

I'm scared of what Saudi Arabia becomes if they aren't being bribed with our oil money, so I'm not sure if this is great news.

Sunni version of Iran after the Sauds are overthrown.

 

[Tarheel316]

It will be interesting to see if this actually "insulates" the U.S. from supply disruptions in the Middle East, or if big oil companies will continue to jack prices up every time a mullah says, "boo."

That said, I think energy independence has long been a goal of U.S. policy makers on both sides of the aisle, so I fully expect both sides to ***** about it the day it happens.

I wouldn't be surprised if the oil companies paid the mullahs to say boo or make all kinds of blood-curdling threats. Got to protect those profits.

 

[Double J]

We can have oceans and oceans of oil, give ourselves oil baths, fill our Olympic swimming pools with oil.

Won't do us any good if we can't refine it.

That choke point in the supply chain is easily gamed by the oil companies, and that will forever keep gas prices high.

Good point. John D. Rockefeller didn't become the richest man in history by actually bringing the oil out of the ground.

 

[Mark2010]

I'm scared of what Saudi Arabia becomes if they aren't being bribed with our oil money, so I'm not sure if this is great news.

If we aren't dependent on them for oil, who gives a rat tail? Not like there are any shortage of screwy governments in the world. The only reason people in the US care is the constant threat of cutting off oil.

 

[old_tony]

I'm scared of what Saudi Arabia becomes if they aren't being bribed with our oil money, so I'm not sure if this is great news.

If we aren't dependent on them for oil, who gives a rat tail? Not like there are any shortage of screwy governments in the world. The only reason people in the US care is the constant threat of cutting off oil.

That's just it. We've had to eat a lot of **** in Middle East policy over the years because of oil. If we make it to net exporter, that dynamic changes drastically.

 

[Football_Bat]

Afghanistan and Somalia are both non-exporters of oil in that part of the world, and both have been misadventures initiated by oil-friendly Bushes.

 

[Brian]

I'm scared of what Saudi Arabia becomes if they aren't being bribed with our oil money, so I'm not sure if this is great news.

If we aren't dependent on them for oil, who gives a rat tail? Not like there are any shortage of screwy governments in the world. The only reason people in the US care is the constant threat of cutting off oil.

A group of Wahabbist plutocrats who have a history of funding terrorism threatened with the loss of their kingdom angry at America... what could possibly go wrong?

 

[Vombatus]

Actually, terrorism be damned, it is more in our national interests to use up everyone else's oil before we use up our own.

No one is ever going to say that though.

Mad Max.

 

[TheSportsPredictor]

They're a year behind on reporting this.

 

[TheSportsPredictor]

Or maybe I should say this thread is a year behind.

 

[old_tony]

Or maybe I should say this thread is a year behind.

I didn't see any threads on this subject, even though the story is old, so I thought I'd see what kind of discussion it might bring. It's been a decent-enough discussion.