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United States Oil Message Board

  • manylumen manylumen Nov 15, 2012 1:20 PM Flag

    world's biggest oil producers

    So the news says USA is going to become worlds largest oil producer in something like 2020. Well maybe, but its difficult to see how. Now shale oil and new technology could help, but one must ask at what price? So will it take \$200 oil to get there? the challenges like more drill costs perhaps larger well decline and need for more new pipelines have to met. It would not surprise to see Saudi or other major oil producers start to hit peak oil and maybe major declines in the elephant size oil fields. One could easily imagine continued higher oil pricing causing more demand destruction and continued more fuel efficient (smaller) cars etc. It is very difficult to imagine oil not going considerably higher. Short term not possible to predict, but longer term oil is going much higher. Talk of USA regaining its status as the worlds biggest oil producer is something of a ploy to talk oil prices down, dont see that happening at $100 oil. Difficult to say what India/China trend does in next few years but suffice it to say US does not want to continue to bid against China and then India for world oil supply. jmho.

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