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Very simple Mr moderator


Very simple Mr moderator  

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Author: bladeslap   Date: 1/5/2022 10:12:27 AM  +1/-0   Show Orig. Msg (this window) Or  In New Window

First, you need to stop making assumptions about what i "hate" etc. You don't know my mind, my heart and my soul. I have pointed out some things about him that I did like and many things about him that I did not.


Let's talk about Energy Independence - This is a great article from Forbes that answers every question you have including "Are we energy independent", how this really happened under Obama, and why Covid reversed this. 


From Forbes:


The Long March Toward Independence


But note that this was the culmination of a trend that started in 2006 when U.S. net imports topped 13 million BPD. Most of that march to energy independence happened under President Obama. All President Trump (and President Obama before him) had to do was avoid driving the bus into the ditch, and they would continue to benefit from the hydraulic fracking boom that enabled all of this.


Note near the end of the chart above that we started oscillating back and forth between a net importer and a net exporter. The Covid-19 pandemic disrupted the trend. The energy independence that we gained in 2019, was lost in the second half of 2020 as energy production plunged, but energy demand recovered. In May 2020, we had flipped back to a net oil importer, and we have oscillated since.


To be clear, I am not giving credit (or blame) here to President Obama or President Trump. Their policies weren’t responsible for the underlying plunge in our crude oil imports, which is the primary factor in our march to energy independence.


However, one thing President Obama did that helped oil production continue to expand under President Trump was in the energy bill he signed in late 2015. One stipulation in that bill allowed domestic producers to export their oil. To that point, finished products like diesel and gasoline could be exported, but not crude oil. That depressed U.S. oil prices, which benefitted refiners but not oil producers.


This comprehensive energy bill that President Obama signed helped open up new markets for domestic oil producers, who had suffered from depressed prices due to their inability to export their oil. That stipulation — which was a trade-off for getting some renewable energy provisions — helped extend the fracking boom. Prior to 2015, U.S. oil exports were insignificant. By 2019, we were exporting 3 million BPD of crude oil.


Are We Energy Independent?


The Energy Information Administration (EIA) tabulated U.S. energy consumption in 2019 and 2020, and determined that for both full years, counting all energy sources, we were energy independent. Even though U.S. energy production declined by 5% in 2020, energy consumption also declined by 3% as the pandemic impacted the economy. So, our energy independence was shrinking as the pandemic unfolded.


As I noted above, the EIA wrote:


“Annual crude oil production generally decreased between 1970 and 2008. In 2009, the trend reversed and production began to rise, and in 2019, U.S. crude oil production reached a record high of 12.25 million barrels per day. More cost-effective drilling and production technologies helped to drive the production increases, especially in Texas and North Dakota. U.S. crude oil production declined to about 11.31 million barrels per day in 2020. A large drop in U.S. petroleum demand in March and April 2020 as a result of the response to the Covid-19 pandemic led to a decrease in U.S. oil production.”


So, in 2009 we began the march to energy independence. Those wishing to credit President Trump for this need to take another look at that net imports graphic to grasp the full picture.


But we don’t actually know if, once the full year of 2021 has been accounted for, we lost our energy independence for the year. If it turns out that we did, the single largest factor in that will be that oil and natural gas production have yet to return back to pre-Covid-19 levels. But demand has recovered, and therein lies the reason.


Is The U.S. Energy Independent? (forbes.com)


 


 
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Shooty, your post was hidden +1/-0 bladeslap 1/4/2022 8:10:12 AM