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RT @nickcunningham1: Rich Countries Subsidizing “Dash for Gas” in Developing World @EnergyFuse https://t.co/6YBM3NzjJL
RT @nickcunningham1: Shell Loses Court Case, Exxon Loses Board Fight in Stunning Rebuke For Big Oil - The Fuse https://t.co/XGX32UTnB5
RT @nickcunningham1: Colonial Pipeline Outage And Panicked Fuel Buying Leads to Shortages @EnergyFuse https://t.co/2RiEq7ASXv
RT @nickcunningham1: Biden Takes No Action on Dakota Access. The Story is Not Over. @EnergyFuse https://t.co/TgkeCcLXvE
RT @nickcunningham1: Flaring in Permian Back to Pre-Pandemic Levels Even as Pressure for Action Mounts - @EnergyFuse https://t.co/PKpmigoNDY
The recent oil production boom in the United States, while astounding, has created a misleading narrative that the United States is no longer dependent on oil imports. Reports of surging domestic production, calls for relaxation of the crude oil export ban, labels of “Saudi America,” and the recent collapse in oil prices have created a perception that the United States has more oil than it knows what to do with.
This view is misguided. While some forecasts project that the United States could become a self-sufficient oil producer within the next decade, this remains a distant prospect. According to the April 2015 Short Term Energy Outlook, total U.S. crude oil production averaged an estimated 9.3 million barrels per day in March, while total oil demand in the country is over 19 million barrels per day.
This graphic helps illustrate the regional variations in crude oil supply and demand. North America, Europe, and Asia all run significant production deficits, with the Middle East, Africa, Latin America, and Former Soviet Union are global engines of crude oil supply.