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Goldman Sachs: US will become top oil producer in 2017?

General discussions of the systemic, societal and civilisational effects of depletion.

Goldman Sachs: US will become top oil producer in 2017?

Unread postby misterno » Fri 19 Oct 2012, 19:13:43

Mining

Okay, someone in GS is smoking big time or what?
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby Pops » Fri 19 Oct 2012, 20:51:10

They can't be talking about crude, that's +/- 6Mb/d now, not 8...

Oh, I guess they are talking about C+C plus gas plant liquids:

Image H/T Early Warning

All liquids are rising but crude not so much, again from early warning:

Image

At any rate, crude production had a good bump last year but has been pretty flat the last 6 months and rig numbers seemed to have reached a peak, momentarily at least.

I've quoted Gold Sacks before but ya gotta remember they make markets, they don't just sell into them...
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby SilentRunning » Mon 22 Oct 2012, 02:45:37

Good old Goldman Sucks - 60 Minutes just had a segment on last night about one of their vice presidents who resigned because he could no longer stomach the lies that they were feeding their customers, in order to better steal money from them in fees.

YES, there is a company we can trust to tell us about the future!
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby IanC » Mon 22 Oct 2012, 15:20:39

It sounds like they are helping to blow up another bubble (oil/energy speculation) from which they will then find dozens of ways to profit.
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby Pops » Mon 29 Oct 2012, 12:07:56

Here is Kurt Cobb on the GS story:

As it turns out, U.S. crude oil production is averaging 6.2 million barrels per day (mbpd) so far this year compared to Saudi Arabia's 9.9 mbpd. So, how did the reporter and his sources end up with a production number of 10.9 mbpd for the United States?

The problem results from the deceptive redefinition of oil supply by the oil industry itself, one designed to obscure the true oil supply picture and one that, unfortunately, has been adopted by some government agencies. Within the last decade the industry began to count something called natural gas plant liquids (NGPL) as part of oil supply. Here's how I've explained NGPL previously:

NGPL are hydrocarbons other than methane that are separated from raw natural gas at a processing plant. They include ethane, propane, butane and pentane. The amounts vary. For example, raw natural gas extracted off the coast of Malaysia contains 11 percent ethane, 5 percent propane, 2 percent butane and about 2 percent of something called natural gasoline or drip gas, a low-octane fuel that is used today primarily as a solvent. Raw natural gas from the North Slope of Alaska contains a higher percentage of methane and correspondingly smaller percentages of ethane (7 percent), propane (4 percent), butane (1 percent) and other components including carbon dioxide and pentanes (2 percent). In these two cases you can see that ethane makes up about half of the NGPL, propane makes up about a quarter, butane makes up 10 percent of Malaysian NGPL and 7 percent of Alaskan slope NGPL...

The media have become unwitting accomplishes in an oil industry propaganda machine that seeks to soften up the American public for an orgy of drilling--one that will only drain America's limited oil resources more quickly while achieving neither energy independence, nor lower prices, nor an urgently needed transition away from finite petroleum, a transition that would free us from the tyranny of oil and the companies that control it.
The legitimate object of government, is to do for a community of people, whatever they need to have done, but can not do, at all, or can not, so well do, for themselves -- in their separate, and individual capacities.
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby Tanada » Mon 01 Jan 2018, 00:54:12

Here is a theory from the past for your review and possible amusement as we ring in 2018.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby AdamB » Mon 01 Jan 2018, 01:13:05

Tanada wrote:Here is a theory from the past for your review and possible amusement as we ring in 2018.


Amusement is quite the word. Is it possible for the mods to run around and find all the folks who knew better than to fall for this kind of perma-doom-fantasy and give them awards for being smarter than anyone here would ever have expected? There is a strong flavor of bias in the way back threads where if anyone dared questioned perma-peak-fantasy-doom they became suspiciously perma banned, denigrated verbally, etc etc. Sort of like a posthumous Medal of Honor in the military. Change their titles from perma ban to "Mucho Grande Prognosticator" or something?
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby SeaGypsy » Mon 01 Jan 2018, 08:24:17

From my recollection most of the perma bans were for dissing the forums & everyone on them. The receivers came from a variety of positions & there's not many of them to call it a trend.
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Re: Goldman Sachs: US will become top oil producer in 2017?

Unread postby Subjectivist » Mon 01 Jan 2018, 17:45:50

Really though, just how far is America from being on top? As Fracking is sort of taking off again at $60/bbl we are not all that far from being the biggest of the big three.
II Chronicles 7:14 if my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven, and I will forgive their sin and will heal their land.
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