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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Cogito who wrote (72789)	6/18/2008 6:31:43 AM
From: Cogito	Read Replies (1) \| Respond to of 542143

Ah. I found some good data on US oil production. From the EIA at eia.doe.gov : Production. In 2008, total domestic crude oil output is projected to average 5.1 million bbl/d, the same as in 2006 and 2007 (U.S. Crude Oil Production). Production growth in the lower-48 and Federal Gulf of Mexico regions is expected to offset declines in Alaskan production. In 2009, total production is projected to average 5.3 million bbl/d, up 210,000 bbl/d from 2008. Federal Gulf of Mexico output is expected to rise 270,000 bbl/d due mostly to the Thunder Horse platform coming on-stream in late 2008 and the Tahiti platform beginning production in 2009, but declines are projected for Alaska and the lower-48 States. This projection includes an estimated expectation of hurricane-induced outage of about 11 million barrels for the offshore region in 2008 (see Hurricane Outlook). Fuel ethanol production is projected to increase from an annual average of 420,000 bbl/d in 2007, to 580,000 bbl/d in 2008 and 640,000 bbl/d in 2009. Consumption. Total petroleum consumption of liquid fuels and other petroleum products averaged 20.7 million bbl/d in 2007, similar to 2006 (U.S. Petroleum Products Consumption Growth). Based on prospects for a weak economy and record high crude oil and product prices extending into next year, consumption is projected to shrink by 290,000 bbl/d in 2008, a sharper drop than the nearly 200,000 bbl/d projected in the previous Outlook. In 2009, total consumption is projected to rise by 140,000 bbl/d, somewhat less than the nearly 200,000 bbl/d increase projected in the previous Outlook. ----- The site also says that total world demand will be up by 1 million bpd this year. It appears that the US, as the world's number one consumer of crude, could easily change the supply/demand balance. First, we are going to be producing a few hundred thousand barrels a day more, and second, we could undoubtedly conserve our way to a 5% decrease in demand, which would decrease world demand by 1 million bpd. - Allen

To: Cogito who wrote (72789)	6/18/2008 7:57:18 AM
From: Bearcatbob	Respond to of 542143

Rotary and Workover Rig Counts wtrg.com North American Rotary Rig Counts The U.S. rotary rig count was up 15 at 1,901 for the week of June 13, 2008 and is 7.2 percent higher than last year. The number of rotary rigs drilling for oil is up 4 at 389. The number of rigs targeting oil is 104 greater than last year's level of activity. Rigs currently drilling for oil represent 36.5% percent of total drilling activity. Rigs directed toward natural gas were up 11 at 1,503. The number of rigs currently drilling for gas is 20 greater than last year's level of 1,484. Year-over-year oil exploration in the US is up 36.5 percent. Gas exploration is up 1.3 percent. The weekly average of crude oil spot prices is 101.1% percent higher than last year and natural gas spot prices are 68.1 percent higher. Daily crude oil and natural gas futures and spot prices are available on our site. Canadian rig activity* was up 12 at 230 for the week of June 13, 2008 and is 21 less than last year's rig count. Canadian drilling falls rapidly in the spring to avoid environmental damage during the spring thaw and rainy season. *The Canadian drilling industry experiences wide seasonal swings and even year over year comparisons can lead to incorrect conclusions.