Saturday, November 16, 2013

US production of oil exceeds the import of oil for the first time since 1994. This is either "Fracking" good news or bad news...

Depends on your opinion of Fracking.

The RED line represents imports of oil. The BLUE line represents domestic (US) production of oil.

The  RED line and the BLUE line cross circa 1994 and 2013.

In between these two time periods,  imports of oil are greater than the domestic production of oil.  It is hard to see, but 137,000 more barrels a day the U.S. produced than it imported in the week ending Nov. 8, 2013.  (the tips of the lines cross on the far right).  There are 42 gallons in a barrel.

Source: Wall Street Journal
If you were to add domestic production and imports at each of those two intersect points you would have roughly 14 million barrels per day in 1994 and  about 16 million barrels per day in November of 2013.

We are producing more ourselves (good and bad there) and consuming more overall on a daily basis (good and bad there, too). In fact, 14.3% more.

FRACK!! (insert your own tone and emphasis).

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