Google+

2015 U.S. Oil Output Highest Since 1972

 

2015 U.S. Oil Output Highest Since 1972

By Burt Carey

Americans are enjoying inexpensive gasoline these days, and it doesn’t look like the party is ready to slow down.

That’s the news from the Energy Information Administration, which points to several factors that are keeping fuel prices low for consumers.

inexpensive gasoline, oil industry companies, oil production, pinching U.S. shale oil producers, Russian economy suffering, no change for foreseeable future, bankruptcyOil industry companies, which have shed tens of thousands of jobs in the past 18 months, have adjusted pumping regimens with market needs, a job made all the more difficult by OPEC-member countries that have flooded the global market with excess oil.

With all of that going on, it may come as a surprise to learn that the U.S. pumped more oil in 2015 – 9.43 million barrels per day – than at any time since Richard Nixon occupied the White House. The country’s oil drilling increased 89 percent from 2008 to 2015.

Those figures make the United States one of the world’s largest oil producers, behind only Saudi Arabia and Russia. Saudi Arabia is leading the OPEC charge in oil production, an attempt to maintain its strong market share around the globe by pinching U.S. shale oil producers whose extraction costs are about three times as high.

But even with falling numbers of active wells and drill sites, U.S. oil companies have been able to increase production (up 8 percent in 2015) even though crude prices remained at their lowest levels in a decade. Government-owned Russian oil companies haven’t fared as well, and the Russian economy is suffering for it.

The Energy Information Administration sees virtually no change for the foreseeable future. “Low crude oil prices have more than offset high wholesale gasoline margins, contributing to retail regular gasoline prices falling to an average of $1.95 (per gallon) in January,” the EIA reported.

Monthly average regional gasoline retail prices for January ranged from a low of $1.69 per gallon in the Gulf Coast region to a high of $2.57 a gallon on the West Coast, where refinery issues have added to the cost of gasoline. The EIA expects the U.S. regular gasoline retail price to average $1.82 per gallon when February numbers come in, which would be the lowest average monthly price since January 2009.

Edward Jones senior analyst Brian Youngberg said shale production has been more resilient than anyone thought it could be. That’s due, in part, to improved production efficiency and because oil companies were quick to pare off ancillary businesses and remain true to their core assets.

Smaller companies and those with high debt folded in recent months, leading to a 379 percent increase in oil and natural gas companies filing for bankruptcy in 2015. Still, the remaining oil companies pumped oil at a rate of 9.26 million barrels per day as late as December 2015, indicating that the OPEC stranglehold on low-priced crude oil has not yet decimated domestic energy production.

 

Entertainment

Blake Lively Shines as Surfer Stranded in Shark-Infested Waters

  The Shallows Blu-ray Review by Kam Williams Blake Lively Shines as Surfer Stranded in Shark-Infested Waters Nancy Adams (Blake Lively) was so shaken by her mother's (Janelle Bailey) untimely death that she's dropped out of med school. In order to feel closer to her dearly departed mom, she's decided to vacation at the same exotic Mexican retreat where she was reportedly conceived back in 1991. An avid surfer, she also plans to search for the stretch for her mom's … [Read More its Good for You...]

Books

Keep Walking in Prayer… Until You Can’t Come Back

  Keep Walking in Prayer... Until You Can't Come Back by Reverend Dorothy Scott Boulware Xulon Press Paperback, $10.99 104 pages ISBN: 978-1-4984-7454-2 Book Review by Kam Williams “By way of introduction, I'm a Baptist Methodist Pentecostal Evangelical non-denominational retired pastor, retired newspaper editor, former minister of music, former fingerprint technician, wife of 47 years, mother of four, grandmother of five, great-grandmother of one. I began … [Read More its Good for You...]

Art

ART EXHIBITION: 150 Years After The Civil War

  Cynthia Groya 150 Years After The Civil War: A Contemporary Perspective January 10 - March 6, 2016 Artist's Reception: Sunday, January 24, 3:00 - 5:00 pm Nassau Club 6 Mercer Street  Princeton, NJ 08540 The ideas reflected in Groya's paintings express a conversation about struggle for equal rights in our culture, in our time. The origin of this struggle can be traced to The Civil War in our country, which ended 150 years ago. The … [Read More its Good for You...]

Real Estate

Castles in America

  Castles in America by Amy Lignor   Robin Leach and his “Lifestyles of the Rich and Famous” taught us all long ago that we absolutely love to sit and view ridiculous luxury (usually owned by people who inherited all of it and didn’t work a day in their lives). See that? We had to complain about something as we were beguiled by the amount of money people would send to own or create the “best of the best.” Even though some things were referred to as the “gaudiest of … [Read More its Good for You...]

Lifestyle

Jahking and I!

  Jahking Guillory The “Kicks” Interview with Kam Williams Jahking and I! An undeniable young talent on the rise, actor and rapper Jahking Guillory is already a veteran in the entertainment business at the age of 14. Born and raised in Long Beach California, ‘King’ started pursuing his dream at 9 years-old, landing jobs in national commercials, music videos and national print campaigns. Graduating to larger roles in film and TV, 'King has already shown how … [Read More it Good for You...]

Outdoors

230 LXF from Tidewater Packs A Punch in a Small Package

  230 LXF from Tidewater Packs A Punch in a Small Package By Ted Lund Are you looking for a family-friendly center console that’s got the luxury of a larger boat in a smaller package? Then look no further than the 230 LXF from Tidewater. The 23-foot, center console has the same features as the rest its large LXF brothers, including comfortable full upholstery, stainless steel cup holders. And a newly-designed console with glove box and footrest includes catch-all … [Read More its Good for You...]

Sports

The Season Begins

  The Season Begins by Amy Lignor   Yes, it’s finally time to get down to some real business when it comes to the world of sports. (No offense to Serena at the U.S. Open, but her constant winning is not exactly new.) All this rain across the country has assured that lawns will be overgrown come Monday morning, unless citizens decide to use Saturday to mow. Why is that? Because football is back and Sundays are no longer “nothing to do” lazy days. The big screen … [Read More its Good for You...]

Business

2016 Brings About Layoffs to a Variety of Industries

  2016 Brings About Layoffs to a Variety of Industries by Amy Lignor   From tobacco to alcohol, with brand names that have incurred huge amounts of cash during their long-term years in business, layoffs have still been announced at a rapid pace in 2016. Even from those companies that have increased their profits.   Altria is one with a very large brand name. Its cornerstone brand, Marlboro, has brought about retail sales that have grown higher for the fourth … [Read More its Good for You...]

Travel

Spotting the Wild Animal in the U.S. of A.

  Spotting the Wild Animal in the U.S. of A. by Amy Lignor   There are many camping spots, zoos, parks, and outdoor paradises across the globe; locales where wild animals roam and humans can get close to these amazing creatures. One of the most beautiful and talked about lies near Canterbury, Kent in the United Kingdom. Opened as a private zoo in 1957, this odd collection is known by many for being one of the most unorthodox. Breeding rare and endangered species, … [Read More its Good for You...]

Google+