Yesterday’s Energy Information Administration announcement that crude oil inventories have dropped 4.9 million barrels did nothing for the price, which dropped again nonetheless.
But look on the bright side of things: we’re cutting supply even as production rises and demand soars!
EIA numbers show that crude oil production is up to about 9.604 million barrels per day, aiming for 10 mbpd by the end of 2015. And our supplies going to refineries — including natural gas plant liquids, ethanol fuels, and other biofuels — are headed for 16 million barrels per day in the same time frame.
Meanwhile, our refineries were at 94% usage, keeping our need for imported refined oil low. Our overall imports for oil and petroleum products are headed for 4 mmbpd, down from 5 mmbpd in 2014 and 12.5 mmbpd in our peak import year, 1995.
Of course, that’s not to mention that demand for petroleum products has also jumped 7.2% year-over-year.
We need the oil, we’ve got the oil.
To continue reading…
