Drudge Retort: The Other Side of the News
Monday, March 11, 2019

Move over, Saudi Arabia. America is about to steal the kingdom's energy exporting crown. The United States will surpass Saudi Arabia later this year in exports of oil, natural gas liquids and petroleum products, like gasoline, according to energy research firm Rystad Energy.

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This is a huge deal, and what OPEC has been dreading for about a decade.

Once we are energy independent, then the strategic importance of the Middle East wanes. Once we get our LNG export capabilities up, then Western Europe will no longer have to rely on Russia for NatGas, and that whole strategic calculus changes as well.

#1 | Posted by Rightocenter at 2019-03-11 12:07 AM | Reply

"he United States will surpass Saudi Arabia later this year in exports of oil"

Exports, you say?
That could truly be American oil being exported, not Shell oil and ExxonMobil oil.
That oil could be be earning us Americans money, but that would be bad for them oil companies.
Thanks, Capitalism!

#2 | Posted by snoofy at 2019-03-11 12:37 AM | Reply | Newsworthy 2

"he United States will surpass Saudi Arabia later this year in exports of oil"

Don't forget the "and liquids" part. Oil & Liquids. Oil & LNG. Oil & gasoline. Not just oil. Not even much oil.

#3 | Posted by REDIAL at 2019-03-11 07:41 AM | Reply

Exports, you say?
That could truly be American oil being exported, not Shell oil and ExxonMobil oil.
That oil could be be earning us Americans money, but that would be bad for them oil companies.
Thanks, Capitalism!

#2 | POSTED BY SNOOFY

Government oil would yield a fraction of the production that the private sector can produce. If we were to erect your little statist Utopia we'd quickly revert back to being net importers in a massive way.

#4 | Posted by JeffJ at 2019-03-11 12:45 PM | Reply | Newsworthy 1

That could truly be American oil being exported, not Shell oil and ExxonMobil oil.
That oil could be be earning us Americans money, but that would be bad for them oil companies.
Thanks, Capitalism!

#2 | POSTED BY SNOOFCHAVEZMADURO AT 2019-03-11 12:37 AM

#5 | Posted by Rightocenter at 2019-03-11 12:56 PM | Reply

"Government oil would yield a fraction of the production that the private sector can produce."

That sounds like mythology, not empirical truth.

Provide a link which substantiates your assertion and I'll respond to it.

#6 | Posted by snoofy at 2019-03-11 01:23 PM | Reply

#6 Venezuela

#7 | Posted by JeffJ at 2019-03-11 01:24 PM | Reply | Newsworthy 4

#5 Also sounds like mythology speaking. Specifically 21st century Capitalist mythology.

You should take a look at the contemporary Norse mythology. It's a lot different.

#8 | Posted by snoofy at 2019-03-11 01:34 PM | Reply

#7 Norway.

Great discussion.

#9 | Posted by snoofy at 2019-03-11 01:37 PM | Reply

#7 That was like a conservative reflex text.

#10 | Posted by IndianaJones at 2019-03-11 01:41 PM | Reply | Newsworthy 2

You two are acting like Venezuela is the only nation on earth that nationalizes energy production.

JeffJ I expect not to know things, but RightOCenter surely knows better.

That's why RightOCenter's post is a snarky guilt by association deflection, but JeffJ naively thinks he's making a valid point.

#11 | Posted by snoofy at 2019-03-11 01:42 PM | Reply

Now see if JeffJ had said it "Government oil could yield a fraction of the production" he would be correct.

But he also wouldn't be saying anything we don't already know: Leaders matter, implementation matters, details matter.

And it wouldn't please his true deity, Mammon.

#12 | Posted by snoofy at 2019-03-11 01:47 PM | Reply

#7 Norway.

Apples and ducks compared to how Norway "nationalized" its oil. Statoil is a standalone corporation that Norway owns 67% as a shareholder, and Norway further requires all licenses, regardless of source, to be owned 50% by Norway. But the differentiator here is that Norway actually pays, out of the SDFI, for all of its 50% share of costs, exploration, etc. and is responsible for 50% of the losses as well.

Norway doesn't do exploration, drilling, etc., they are just a mandated investor.

#13 | Posted by Rightocenter at 2019-03-11 02:15 PM | Reply

The money in Norway also goes straight back into the SDFI, whereas the $$ in Venezuela goes straight into Maduro/Chavez/Cronies bank accounts, which have mostly been frozen at this point around the world.

#14 | Posted by Rightocenter at 2019-03-11 02:17 PM | Reply

"Norway doesn't do exploration, drilling, etc., they are just a mandated investor."

JeffJ doesn't understand things at that level.

#15 | Posted by snoofy at 2019-03-11 02:19 PM | Reply

Yay the usa now leads the world in extracting planet-destroying fuels. Congrats everybody.

#16 | Posted by SpeakSoftly at 2019-03-11 05:02 PM | Reply

#16

Let us all know when you succeed in living a completely petroleum product free existence.

#17 | Posted by Rightocenter at 2019-03-11 05:07 PM | Reply | Newsworthy 2

Let us all know when you succeed in living a completely socialism free existence.

#18 | Posted by snoofy at 2019-03-11 05:08 PM | Reply | Newsworthy 2

As far as actual crude oil exports go, looks like Saudi = 7 million barrels per day (2017) vs US = 2.5 million barrels per day (2018).

#19 | Posted by REDIAL at 2019-03-11 05:48 PM | Reply

Kinda explains why the US needs to import 9 million barrels per day of crude to keep up.

#20 | Posted by REDIAL at 2019-03-11 05:51 PM | Reply

#18

Done!

#21 | Posted by Rightocenter at 2019-03-11 05:54 PM | Reply

*lame whatabout roads, military, Soc. Security, police, schools, etc. incoming in 3...2...1*

#22 | Posted by Rightocenter at 2019-03-11 05:56 PM | Reply

#20

Actually, you need to look at the types of crude imported and exported, since even Saudi Arabia imports certain types of crude to mix with its own product.

#23 | Posted by Rightocenter at 2019-03-11 05:57 PM | Reply

Sure they do. You still can't claim to be "energy independent" when you import 9 million barrels of oil per day.

You could if you could get US drivers to burn LNG for fuel, but that's never going to happen.

#24 | Posted by REDIAL at 2019-03-11 06:13 PM | Reply

Let us all know when you succeed in living a completely petroleum product free existence.

#17 | Posted by Rightocenter

I call BS.

Who says we should never use ANY oil? Who says anyone is even TRYING to never use ANY oil ever again?

This Goatman goat roping argument is old and tired and is kinda retarded you know.

We are kind of addicted to oil thru no fault of any individual today.

If an alcoholic or a drug addict fails to kick their habit, would it invalidate their plea for restricting sales of alcohol or drugs, or their desire for more resources to help them fight addictions to these things?

If you use oil for anything, ever, does that mean you shouldn't be outraged at BP's Deepwater Horizon or the Exxon Valdez catastrophes??

Oops!

Looks like you gonna need some new manure to spread around.

#25 | Posted by donnerboy at 2019-03-11 07:17 PM | Reply

Who says we should never use ANY oil?

Take it up with Shreek, he is the one crying that "Yay the usa now leads the world in extracting planet-destroying fuels. Congrats everybody."

#26 | Posted by Rightocenter at 2019-03-11 07:46 PM | Reply

You still can't claim to be "energy independent" when you import 9 million barrels of oil per day.

I never said we are "energy independent", I said "once we are energy independent." But I think you knew that.

On that point, the EIA just forecast that the US will be energy independent by 2020.

The U.S. will make major strides towards energy independence in the next two years as oil production and exports hit new highs, according to the Department of Energy.

U.S. oil production, already at an all-time high this year, will increase by another 2 million barrels per day by 2020, the agency's statistics bureau projects. The same year, the nation will start exporting more crude oil and fuel than it imports, the Energy Information Administration said in in its latest forecast.

#27 | Posted by Rightocenter at 2019-03-11 07:52 PM | Reply

#1 | Posted by Rightocenter

Exporting fossil fuels doesn't mean we are meeting our needs at home. The USA still imports 60% of it's oil for domestic consumption. We also import, process and export oil from other countries. And then there is LNG. Keep in mind all that oil from Canada that wanders down to Houston for export as well and the tar sands oil trains and... Well I hope you get the picture.

#28 | Posted by GalaxiePete at 2019-03-11 08:18 PM | Reply

Who says we should never use ANY oil? Who says anyone is even TRYING to never use ANY oil ever again?

Ever hear of a political document called "The Green New Deal"? A number of prominent Democrats have signed onto it and it proposes to eliminate all internal combustion engines in 10 years. It also strives to do the same for jet fuel, but acknowledges it may take a bit longer to eliminate air travel and farting cows.

#29 | Posted by JeffJ at 2019-03-11 08:21 PM | Reply

the EIA just forecast that the US will be energy independent by 2020.

That's next year. Do you expect the US to stop importing energy next year? No oil imports? No electricity imports?

That's bigly.

#30 | Posted by REDIAL at 2019-03-11 08:26 PM | Reply

Will the United States continue to suck Saudi caulk after we secure our energy independence?

Will we continue our wars of terror in the Middle East?

I believe the answer to both questions will be, "Yes."

#31 | Posted by ClownShack at 2019-03-11 08:33 PM | Reply

#29

None of those things from Canada are included in any of these forecasts, but if it makes you feel better about yourself, keep repeating that in a soothing tone.

#30

Never said it wasn't next year, and no, the US will keep importing energy that is better suited to what it needs, and will export energy that others want. Regardless of those market forces, the EIA is forecasting that the US will be exporting more energy than it imports by 2020, which makes it, by definition, energy independent.

#32 | Posted by Rightocenter at 2019-03-11 08:37 PM | Reply

by definition, energy independent.

By definition energy independent means you can power your own country with the energy you can produce internally. Do you think you can?

I do. You'll never do it though. LNG (we're all swimming in it these days) doesn't make enough smoke and noise or spin your 33" Mudders when you to to get the mail.

#33 | Posted by REDIAL at 2019-03-11 08:44 PM | Reply

You'll never do it though.

Wrong, from the EIA:

"U.S. crude oil and petroleum product net imports are estimated to have fallen from an average of 3.8 million b/d in 2017 to an average of 2.4 million b/d in 2018. EIA forecasts that net imports will continue to fall to an average of 0.9 million b/d in 2019 and to an average net export level of 0.3 million b/d in 2020. In the fourth quarter of 2020, EIA forecasts the United States will be a net exporter of crude oil and petroleum products by about 1.1 million b/d."

The US also has the largest refinery capacity of all grades of fuel in the world (17.2 mbd) (China, Russia, Japan and India round out the top 5) so we can refine everything we produce, and more.

#34 | Posted by Rightocenter at 2019-03-11 09:01 PM | Reply

"Net" being the operative word. But you know that.

#35 | Posted by REDIAL at 2019-03-11 09:32 PM | Reply

"Government oil would yield a fraction of the production that the private sector can produce."

JeffJ, in terms of global production, how much oil is produced by governments, and how much by the private sector?

#36 | Posted by snoofy at 2019-03-11 10:26 PM | Reply

"JeffJ doesn't understand things at that level."

And you do?

#37 | Posted by madbomber at 2019-03-11 11:16 PM | Reply

Norway also didn't fire all of it's technical staff for lacking ideological commitment...so there's that as well.

I feel like you should buy a one way ticket to Caracas and join your fellow socialists. You ------- deserve each other.

#38 | Posted by madbomber at 2019-03-11 11:18 PM | Reply

"Norway also didn't fire all of it's technical staff for lacking ideological commitment...so there's that as well."

They didn't pull a Bremer and go for a Norwegian de-Ba'athification.
Doing so would have been a sure way to ruin their country.
Which is why Bremer did it to Iraq.

#39 | Posted by snoofy at 2019-03-11 11:35 PM | Reply

#39

Deflection noted.

#40 | Posted by Rightocenter at 2019-03-11 11:42 PM | Reply | Newsworthy 1

"Net" being the operative word.

I did, and it is the correct term to describe what we are talking about. But you knew that, eh?

#41 | Posted by Rightocenter at 2019-03-11 11:42 PM | Reply

#39 is not a deflection, it's entirely germane to what makes nationalization succeed and what makes it fail.

But I can see why you'd want to deflect from what's required for nationalization to succeed.

Those facts contrary to your mythological beliefs.

#42 | Posted by snoofy at 2019-03-11 11:44 PM | Reply | Funny: 1

"#39 is not a deflection, it's entirely germane to what makes nationalization succeed and what makes it fail."

What makes it fail is when you fire the professional staff require to run the organization. Chavez ordered the firings of 40% of entire PDVSA staff (union members) after they participated in a strike that shut down operations. The result of these firings was nothing less than a dumpster fire. But if you like socialism, it was a success. Socialism carried the day, even if it meant lower wages, higher unemployment, and a path to where the country finds itself today.

But socialism has survived. Just like in North Korea.

#43 | Posted by madbomber at 2019-03-12 12:05 AM | Reply

"Chavez ordered the firings of 40% of entire PDVSA staff (union members) after they participated in a strike that shut down operations."

Kinda like when Reagan fired the air traffic controllers... :)

#44 | Posted by snoofy at 2019-03-12 12:24 AM | Reply

lol... all we had to do was turn down the wars and stop buying so much from them... Easy peasy.

All they need to do is start selling to China.

#45 | Posted by RightisTrite at 2019-03-12 08:32 AM | Reply

Still $2.49 a gallon here.

#46 | Posted by visiter at 2019-03-13 01:30 PM | Reply

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