Two Myths Associated With U.S. Shale Oil

I don’t know which federal statistics that reporter was looking at.  I went to the U.S. Energy Information Agency website, and found, that as I suspected, Saudia Arabia is the world’s top oil producer.  The U.S. is number two.  The U.S. is the number one producer of natural gas.  And the Wall Street Journal (WSJ) is right in that there has been a dramatic increase in production.  The Energy Information Agency (EIA) is showing growth of about 21% in billions of cubic feet of natural gas produced between 2008 and 2013, and 43% growth in oil as measured by thousands of barrels produced per day, a growth rate somewhat lower than the WSJ is reporting.

But what the WSJ, and many others reporting on this topic are missing, is just how far away from energy independence the U.S. really is.  OilVoice published an article where the author, Gail Tverberg, takes EAI data for oil and natural gas production, converts barrels of oil and billions of cubic feet of natural gas into quadrillions of BTUs per year produced and consumed by the U.S (through 2013).

via Two Myths Associated With U.S. Shale Oil.