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Thursday, September 20, 2018

America is back to being No. 1 in oil

"America has risen to the top the list of oil-producing countries for the first time in more than four decades, analysts believe," the Daily Mail reported.

The United States, which invented the modern oil industry, last led the world in oil production in 1973.

Production topped 10 million barrels per day.

We are back to that.

"After languishing at less than 6 million barrels of oil per day between 2000 and 2011, American oil production began rapidly increasing from 2012 onwards," the Daily Mail reported.

"That figure has now almost doubled in the last six years, though there was a dip between 2014 and early 2016 when the price of crude plunged and oil companies were forced to scale back operations."

There is only one man to thank for this development.

George Phydias Mitchell.

20 years ago he gambled it all on perfecting hydraulic fracturing. Atlantic has a great story on this.

Oil is important. The United States squandered its lead. We decided to ban offshore drilling along the Atlantic and Pacific coasts. We imported oil from dictators instead. In 1973, OPEC showed its muscle. Instead of re-opening our reserves, we opted for energy saving, which is nice but it also funded many an overseas hellhole that sold us oil.

Mitchell was 78 and after making millions, he was running out of money.

That Atlantic story said, "The United States was running on empty, just like Mitchell Energy. A growing dependence on foreign energy pressured the country into costly foreign entanglements, such as the invasion of Iraq seven years earlier. The U.S. would have to rely on foreign energy, it seemed, as Russia and other nations with vast energy re­sources assumed greater power."

So he gambled on fracking.

And won.

The world is better for the man. His motive was money. His capitalism would lead the way to America producing more natural gas than anyone, and overall energy independence. We still import oil, but not as much.

That in turn makes the American economy stronger, which in turn makes the world safer.

Well, not for dictators.

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18 comments:

  1. Preview of a speech to be given next week by a former Democrat President - “Mitchell didn’t build it. I (Bathhouse Barry Sotero) did. I am responsible for pushing that boulder uphill. Mitchell just pushed it down the other side.”

    ReplyDelete
    Replies
    1. "Bathhouse Barry Sotero" !!!!!

      Well Done!

      - Toby Flenderson

      Delete
  2. Mitchell owned shale oil mineral interets west of Ft Worth since the 1950s. He always said there are huge amounts of oil there, currently don't have the technology to get it out. That changed. Mitchell's real estate development - The Woodlands - north of now liberal democrat controlled, crime-plagued north Houston, is such a nice place. No wonder Exxon and Anadarko Petroleum call it home for their thousands of employees.

    ReplyDelete
  3. Not many jokes about Texas Aggie George Mitchell!

    ReplyDelete
    Replies
    1. I guess he won't be on the Longhorn channel as a Longhorn Legend. Lucky booger.

      Delete
  4. Since we're leading the world in oil production, let's try to get the domestic price of gasoline down a bit. Somewhere south of $2.00 per gallon would be nice. - Elric

    ReplyDelete
    Replies
    1. Next time it's on where you are, take a look at Goldfinger. When the CIA guys go in pursuit of who they think is Doubleaughtwhatshisface, the pass a gas station.

      If you look fast and closely, the price is 28 cents!

      Delete
    2. When I was a teenager I took a trip out west. In Texas it was 18 cents per gallon. Cheaper than a Coca-Cola. Good times!- Elric

      Delete
    3. Well, how much could you earn per hour back then?

      Simple, and surpringly accurate, experiment:

      Move decimal point to the left one digit.

      Then compare price today with price then.

      Then compare hourly wage today with hourly then.

      Example:

      Today: Gasoline, regular, say $2.80.

      Then: Gasoline, regular, is $0.28.

      Try it, on many things.

      The results may surprise.

      Delete
    4. Supply is but one concern. Transportation is another, getting the supply to the refineries. And then there is refinery capacity. The Left has attacked all three in their efforts to get Americans out of cars and onto trains.

      -Mikey NTH

      Delete
    5. In 1962 a new Honda 50 cost $245. My first ride was a 1952 Lambretta 125 that I bought licensed & running for $65.

      Gas was $0.23/gal normally, but I rode up to Santa Barbara from L.A. & there was a gas price war: it was $0.04/gal. I went mad trying to figure out how to buy more than my tank would hold!

      Those were the days...!

      Delete
  5. It's starting to feel like 1965 again.

    ReplyDelete
    Replies
    1. I wish the music were more like 1965's!
      ---Fred

      Delete
  6. The mid-terms are a choice between Trump prosperity and Gotter-Dem-erung.

    ReplyDelete
  7. Just check the price of the taxes on a gallon. The government makes more than the refiners.

    ReplyDelete
    Replies
    1. Taxes are killing us. I can't even tell what something costs even when I know the "price." It even varies within individual counties in some parts of the county.

      Delete
    2. California's got that taxing stuff down to an art: we pay CA gas taxes on the Fed. gas taxes as well as the price of the gas!

      Delete
  8. See how prosperous America can be when our leaders aren't deliberately trying to sabotage the country?

    ReplyDelete