On Sunday, September 11, 2011, Goldman Sachs (GS) predicted that the United States will become the world's largest oil-producing country. This astonishing production increase is accomplished by changing the definition of oil and by using optimistic projections of liquids-rich shale production.The investment bank claims that U.S. daily production will increase from 8.3 to 10.9 million barrels of oil per day (Mbopd) by 2017. This would surpass Russia and Saudi Arabia according to press reports. While these reports did not mention that Saudi Arabia claims it can produce as much as 12 Mbopd, they did state that Russia would not increase its current production of 10.7 Mbopd by more than 100,000 bopd by 2017. It is curious that the GS announcement was apparently not carried by any of the major business- or energy-oriented journals (Bloomberg, Wall Street Journal, Oil & Gas Journal, etc.) nor was it featured on the GS website.
Read the rest at The Oil Drum
3 comments:
I would keep an open mind. A huge portion of America that hasn't been producing oil in a very very long time is currently being leased and drilled on a huge scale. Watch the rig counts as they move from former gas well projects to new places for oil. The production data from the wells is very very promising.
Brain doesn't need any math to look at the chicanery in Europe -
the whole economic mess can be cleaned up with MMT and they know it.
they only dragged their feet as a smoke screen for the day ( today actually ) when Sarkozy and Cameron waltz on to Libya's tarmac and celebrate the new (un)empire.
did they drag the economy as a diversion to the take over ?
Assume for a moment this is true, even though we have extended the definition of oil, would this then make the US the swing producer of Oil?
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