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Storm In A Teacup, Or Rn Vs. Iran


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#241 JWB

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Posted 18 September 2019 - 1108 AM

 

And now the US is a net exporter of oil, why should it give a damn?


The US has about 50 billion barrels of oil reserves. In the current state, the US is producing 15 million barrels a day. That makes about 5 billion in 1 year. It'll be gone in 10 years at the current rate. Maybe I got the numbers wrong, but if not, no one is talking about. America seems to have no idea that they will be in an oil crunch situation not long from now.

 

You are off by a factor of 6.

"The U.S. added nearly 50 billion barrels in 2017 and now has an estimated 310 billion barrels of recoverable oil, which are equal to 79 years of U.S. production at the current pace of output, Rystad said."

https://oilprice.com...-Reserves.html#


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#242 Nobu

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Posted 18 September 2019 - 1130 AM

Qatar appears to be keeping a careful profile regarding the strike. Perhaps it should, as if the Saudis decide to settle all family business in response, they may not be discriminating in who is targeted in retaliation.


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#243 JasonJ

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Posted 18 September 2019 - 2041 PM

And now the US is a net exporter of oil, why should it give a damn?


The US has about 50 billion barrels of oil reserves. In the current state, the US is producing 15 million barrels a day. That makes about 5 billion in 1 year. It'll be gone in 10 years at the current rate. Maybe I got the numbers wrong, but if not, no one is talking about. America seems to have no idea that they will be in an oil crunch situation not long from now.
You are off by a factor of 6.
"The U.S. added nearly 50 billion barrels in 2017 and now has an estimated 310 billion barrels of recoverable oil, which are equal to 79 years of U.S. production at the current pace of output, Rystad said."[/size]
https://oilprice.com...-Reserves.html#[/size]

Ok, my google-fu failed me.

It brings it back to Chris's question then.
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#244 Nobu

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Posted 18 September 2019 - 2246 PM

What the Pentagon may be asking itself after receiving the strike package from Saudi intelligence:

These coordinates are located in Doha...
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#245 rmgill

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Posted Yesterday, 12:03 AM

And now the US is a net exporter of oil, why should it give a damn?


The US has about 50 billion barrels of oil reserves. In the current state, the US is producing 15 million barrels a day. That makes about 5 billion in 1 year. It'll be gone in 10 years at the current rate. Maybe I got the numbers wrong, but if not, no one is talking about. America seems to have no idea that they will be in an oil crunch situation not long from now.



I have a set of books from the 60s that predicted an oil crunch 20 years from the publishing.

As oil technology expands, new reserves are found and previously inaccessible reserves are made accessible.
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#246 rmgill

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Posted Yesterday, 12:10 AM

I wish that were the case, but...oil is a Fungible Commodity.


Also, AFAIK the US currently exports most of its shale oil because its domestic refineries are still largely set up for the imported crude types. Until those capabilities get reconfigured to process its own supply, "net exporter" merely means they're selling more of their oil abroad than the slightly smaller volume they are importing from the same sources as everybody else.


Hmm.

Looks like there is capacity for it but it's at it's limit.

https://www.cnbc.com...pportunity.html
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#247 Josh

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Posted Yesterday, 03:13 AM

Qatar appears to be keeping a careful profile regarding the strike. Perhaps it should, as if the Saudis decide to settle all family business in response, they may not be discriminating in who is targeted in retaliation.

 

Qatar shares its massive gas field with the Iranians. It never wants to completely upset the applecart with that country, and obviously KSA's recent behavior has made the country rather unsympathetic to the Saudi cause. They aren't in any danger of being overrun with CENTCOM sitting on what is probably the largest US base/logistical node in the region smack dab in the middle of the country.


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