Most energy resources in the world and that’s without

[sweetwater5s9]

The US falls behind Saudi Arabia and Russia in oil production but the United States does consume far more oil than it produces.


Saudi Arabia - 10.8 million barrels of oil per day

Russia is the largest country in the world by area by a large margin and the second largest producer of crude oil in the world at 9.8 million barrels per day

The United States is the 4th largest country in the world by size and produces 8.5 million barrels of oil a day

Iran is the 4th largest producer of oil in the world and 2nd largest oil producer in the Middle East at 4.2 million barrels per day.

China is the 5th largest producer of oil in the world at 4 million barrels per day

Canada is the 6th largest producer of oil in the world at 3.4 million barrels per day



America’s combined energy resources are, according to a new report from the Congressional Research Service (CSR), the largest on earth. They eclipse Saudi Arabia (3rd), China (4th) and Canada (6th) combined.

[sweetwater5s9]

State-owned Chinese energy giant CNOOC is buying a multibillion-dollar stake in 600,000 acres of South Texas oil and gas fields, potentially testing the political waters for further expansion into U.S. energy reserves.
 

With the announcement Monday it would pay up to 2.2 billion for a one-third stake in Chesapeake Energy assets, CNOOC lays claim to a share of properties that eventually could produce up to half a million barrels a day of oil equivalent.
 

It also may pick up some American know-how about tapping the hard-to-get deposits trapped in dense shale rock formations, analysts said.
 

As part of the deal, the largest purchase of an interest in U.S. energy assets by a Chinese company, CNOOC has agreed to pay about 1.1 billion for a chunk of Chesapeake’s assets in the Eagle Ford, a broad oil and gas play that runs roughly from southwest of San Antonio to the Mexican border. CNOOC also will provide up to 1.1 billion more to cover drilling costs.
 




Click here to read more

 

[lluke47]

The lie "oil would still be $105 a barrel" is just that, a lie...If we were to say we are going to open up drilling anywhere within the US oil prices would start dropping immediately..
 
The liberals intention is to preserve mother earth even if it means everyone being desperate and living in despair and under threat of terrorism which the liberals want to finance by buying oil from those that hate us..

[sweetwater5s9]

If Obama is serious about our debt, he would stop sending trillions on US dollars overseas for what we have in our backyard...

[duke_john]

Oil prices are high partially due to oil speculators.

Where is the Mercantile Exchange located, where futures in oil are traded?  Maybe there's some kind of payback for something like support for a presidential candidate?

Not that it's ever happened before.  Just asking.

[August West]

No doubt about it duke. Texas oil speculators we`re 100% behind Obama.

[duke_john]

Wow, the Chicago Mercantile Exchange is blameless, on your word alone!

Can I have your autograph?

[sweetwater5s9]

Who lends money to oil speculators?  It gets complicated.... 

[mayzin1]

The US falls behind Saudi Arabia and Russia in oil production but the United States does consume far more oil than it produces.


So wouldn't it make even more sense to balance our oil consumption as we need to balance our budget?  No no of course not.  Credit Card maxed out - just get another one.

[aesopsfable]

“If any man among you seem to be religious, and bridleth not his tongue, but deceiveth his own heart, this man's religion is vain.”

[wvit1001]

US currently imports 55% of its oil. It uses over 19.6 million barrels A DAY.

55% of 19,600,000 barrels is about 10,780,000 barrels of foreign oil.

On Wednesday it hit $105.75 per barrel.




And even though we produce all that oil we still pay the same per barrel for it as the oil we import.  And at the same time we are importing all that oil we are exporting about 20,000 barrels a day to Canada for them to refine and send us back gasoline.  Oil knows no boundaries.

[wehunglow]

It's my understanding that the private companies that drill in the U.S also drill overseas and all the oil they retrieve goes into a global market and sold to the highest bidder. One would think that U.S oil would then become global oil and property of however places the highest bid on it.

It also seems to me that folks like to refer to "Mother Earth" and the "environment" as if we're not a part of it but rather that it is a seperate entity with folks coexisting along with it and how we treat either has no effect on us.