U.S. Reports First Month in 70 Years as Net Exporter of Oil
By Rick Moran December 1, 2019
Remember a few years ago when the United States was heavily dependent on foreign oil and experts were telling us we'd be a slave to OPEC forever?
I remember it well. We fought wars for oil, undermined unfriendly governments for oil, but in the end, we were at the mercy of others for our oil supply. Our economy was held hostage by OPEC, as even a small change in the price of oil would send markets reeling and slow economic growth.
But in September, that all pretty much ended. For the first time since records were kept beginning in 1949, the United States became a net exporter of oil.
It's true. There were no parades or speeches marking the celebration of our energy independence. Part of that, I'm sure, is that we still import a sizable portion of some refined oil products as well as some crude oil.
But could it also be that the naysayers, the doomsday predictors, the "peak oil" movement, and those "experts" who believed the American energy sector would never rise again were s wrong they're embarrassed to be reminded of it?
Analysts at Rystad Energy said this week the U.S. is only months away from achieving energy independence, citing surging oil and gas output as well as the growth of renewables.
“Going forward, the United States will be energy independent on a monthly basis, and by 2030 total primary energy production will outpace primary energy demand by about 30%,” said Sindre Knutsson, vice president of Rystad Energy’s gas markets team.
In 1972, the global think tank Club of Rome published "Limits of Growth" which predicted economic collapse before the new millennium and notably, that oil reserves would be depleted by 1990. Today, there are approximately 1.73 trillion barrels of oil in the world's reserves with more being discovered every year. This is enough to last 50 years. And that's not taking into account alternative energy sources and efficiencies that would save us millions of barrels a year.
Why we keep listening to these fools is a mystery. They've been predicting the end of the United States for 200 years and somehow, we keep going. What seems like a miracle is actually the simple process of markets working their magic and human ingenuity doing the rest.
https://pjmedia.com/trending/u-s-reports-first-month-in-70-years-as-net-exporter-of-oil/
We gooood to go.