Environment & Energy

wtmusic

(39,166 posts) Mon Oct 15, 2012, 02:00 PM Oct 2012

But...but...more domestic drilling was supposed to make gas prices go down (WSJ)

"U.S. Oil Boom Falls Short of Pump

Surging U.S. oil production is driving down domestic benchmark crude prices and delivering a windfall to some refiners and their investors. But the oil boom is providing little relief for consumers at the pump.

U.S. crude production is expected to rise 12% this year and 8% in 2013, when it will hit the highest level since 1993, according to government figures. The price of West Texas crude, the U.S. benchmark, has fallen 7% this year, held down by rising supplies from new drilling methods.

Yet gasoline prices currently average nearly $4 per gallon nationwide. Rising U.S. crude production may seem ..."

http://online.wsj.com/article/SB10000872396390443624204578056563506705412.html#articleTabs%3Darticle

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But...but...more domestic drilling was supposed to make gas prices go down (WSJ) (Original Post) wtmusic Oct 2012 OP

Surging US Oil Production, NOT the 12% drop in oil usage? happyslug Oct 2012 #1

happyslug

(14,779 posts)

1. Surging US Oil Production, NOT the 12% drop in oil usage?

Reply to wtmusic (Original post)

Wed Oct 17, 2012, 02:45 AM

Oct 2012

http://cleantechnica.com/2012/10/12/that-light-at-the-end-of-the-tunnel-might-not-be-a-train/

2005-2011 drop of 8%:
http://www.growthstockwire.com/2940/The-Decline-of-U-S-Oil-Gluttony

US Summer Gasoline consumption expected to be at a 11 year low:
http://www.eia.gov/todayinenergy/detail.cfm?id=6010

US Oil Consumption Peaked in 2005 at 20,803,000 barrels. In 2011 the US used only 18,877, 000 barrels just a hair above the lows of 2009, 18,789.000 barrels and 2010. 19,192,000 barrels. (i.e. just under a 10% decline since 2005):
http://www.eia.gov/totalenergy/data/annual/showtext.cfm?t=ptb0501a

Pakistan Oil use has dropped 3% in 2012, given that most Pakistanian do NOT own a car, that is a significant drop for it means a drop in FRIEGHT being shipped more then people not driving their car.

http://tribune.com.pk/story/412166/oil-sales-drop-3-as-furnace-oil-demand-falls/

Thus you have had declines in some markets, even as others, like India and China has seen an expansion in the use of Oil.

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