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oil consumption

(AFP PHOTO / ALEXANDER KLEIN/Getty Images)

Falling oil prices shake up global economies

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Dropping oil prices are having complex effects on economies around the globe that are only starting to be felt.
Royalties from oil production on state lands is pushing Texas' Permanent University Fund toward a record $1 billion in annual revenue. (AP Photo/Hasan Jamali)

Report: US oil growth having limited effect on energy security

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The United States may soon claim the throne as the world’s top crude and gas producer, but America’s dependence on oil leaves the nation at risk, according to a global energy security assessment issued Monday.

Tech Talk – Insecurity in the Middle East

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The continuing conflict in Syria, and the slow spread of violence in the region around it continue to make it difficult to accurately predict the future of oil exports from the region. Within Syria itself, production had fallen into decline about ten y…
Categories: Middle East

Why is US Oil Consumption Lower? Better Gasoline Mileage?

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United States oil consumption in 2012 will be about 4.7 million barrels a day, or 20%, lower than it would have been, if the pre-2005 trend in oil consumption growth of 1.5% per year had continued. This drop in consumption is no doubt related to a rise…

Will U.S. Oil Consumption Continue to Decline?

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This is a guest post by James Hamilton, Professor of Economics at the University of California, San Diego. This post originally appeared on the Econbrowser blog here.
A lot of attention has been given to the optimistic assessments of future U.S. and Ir…
Categories: Crude oil

January Oil Supply

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Stuart Staniford is a scientist and innovator in the technology industry with advanced degrees in physics and computer science.

This post presents the latest data from the Energy Information Administration (EIA), the International Energy Agency (IEA), and the Organization of Petroleum Exporting Countries (OPEC) on crude oil and associated liquids production and price as of January 2012. This article is cross posted from Early Warning, where it forms part of a long-running series of articles that charts monthly changes in global oil supply (total liquids) from the EIA, IEA, and OPEC.

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Total liquid fuels were at all time highs in January, according to OPEC and the IEA.

A graph of changes just since 2008 is above, and a longer picture (with prices on the RHS) is here:

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The combination of higher production and (slightly) lower prices is causing the price production curve to push the envelope of recent behavior:

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The above data are all for “Total Oil Supply” aka “Total Liquid Fuels”.  To break it down into components we need to rely on EIA data that only go through October (so we can’t see where the surge in Nov-Jan came from yet):

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Note the above is not zero-scaled.  It allows us to see that “crude plus condensate” (C&C) has been pretty flat since 2005, with increases in the total mainly coming from other components of the liquid fuel stream.  This next picture makes a line graph of that data and moves the “crude plus condensate” line onto the right hand scale to make the changes in the different streams more easily comparable:

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You can see that during the C&C plateau period since 2005, about 1mpd in additional total supply has come from a long standing trend in the increase in natural gas liquids (NGPL), while another 1mpd has come from “Other Liquids” and appears to be specifically a response to the plateauing of conventional oil.  This is mainly biofuels.  Note that the increases in “Other Liquids” appear to have leveled off in 2011.  The world has very limited capacity to produce more biofuel without causing severe increases in food prices.

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Categories: Europe

Poll: Just 19% of Americans think feds doing adequate job of developing U.S. energy resources

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The national survey of likely voters found that 75 percent do not believe the country is sufficiently developing its own resources.