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GasBuddy News Article

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U.S. oil poised for top output

Tribune Live - Business -- Whether crude costs $60 a barrel or twice that amount, the United States is almost free of depending on imported energy and positioned to supplant Saudi Arabia as the world‘s No. 1 producer of oil.

Even if benchmark West Texas Intermediate oil drops 30 percent from the current $86 a barrel, oil companies will boost production as new technologies allow them to extract crude from shale formations, said Ed Morse, the global head of commodities research at Citigroup Inc. The nation, which was last self-sufficient when Harry S. Truman was president in 1952, met 83 percent of its energy needs in the first eight months of this year, according to the Energy Department in Washington.

Saudi Arabia can‘t afford a decline of that magnitude after the government pledged an unprecedented $630 billion


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Submitted Dec 16, 2012 By: skb69sa
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: U.S. oil poised for top output Back to Topics
REPLIES (newest first) Post a Reply
bston
Champion Author Oklahoma City

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Points:1,480,825
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Message Posted: Dec 17, 2012 11:35:06 PM

We probably could cut down on our gas consumption, but home energy we've certainly cut back on. Don't think home energy could be reduced by much more!
lesndave
Champion Author Texas

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Message Posted: Dec 17, 2012 11:12:01 PM

Sounding good
honda0105
Champion Author Tallahassee

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Message Posted: Dec 17, 2012 5:58:08 AM

wavery: totally agree with you.
tomok
Champion Author Portland

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Message Posted: Dec 17, 2012 3:47:20 AM

U.S. oil poised for top output, the fuel prices at the pump should be lower to help the economy recover more! The price at the pump needs to go down to $2/gallon, *$3, *$3.50/gallon or *$4.00 is Not the new low! What happened to all that talk and concern about 'Peak Oil?'
Big Oil and Big Gas continues to sell fuel and natural gas on the world market for higher prices. 'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down! People will still drive and buy fuel no matter what but it sure helps to have a job too!
The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal greedy benefit.
More Refineries are Not the answer, Stop exporting fuel is!
Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
XII/XXII/MMXII!
endymion
Champion Author New York

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Message Posted: Dec 17, 2012 12:48:16 AM

The author, Ed Morse, is an analyst at Citibank's commodities brokerage division. They are in the business of trading oil futures.

How many people trust brokerage firm analysts? The analysts at Goldman Sachs predicted the price of oil would reach historic new highs after it spiked in 2007-08. It did just the opposite!

If you do, I know where you can buy Facebook shares for $38 (plus commission)
TXryder
Champion Author Texas

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Message Posted: Dec 17, 2012 12:21:12 AM

We still need to cut down our high volume of oil consumption in the U.S. to become truly dependent. Alternate fuels development will release us from the hands of Big Oil.
5Golfer8
Champion Author Tucson

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Message Posted: Dec 17, 2012 12:05:21 AM

Ok
UpSol7
Champion Author Augusta

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Message Posted: Dec 17, 2012 12:05:09 AM

Truman's middle name was the letter 'S', it was not an initial, so no period should be used.
bluegrasser1
Champion Author Richmond

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Message Posted: Dec 17, 2012 12:03:02 AM

ok
JamesCalvin
Champion Author Lancaster

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Message Posted: Dec 17, 2012 12:02:43 AM

Maybe!
firefly09
Champion Author San Diego

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Message Posted: Dec 17, 2012 12:00:24 AM

How long is it going to last???
DarthDadJr
Champion Author Virginia

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Message Posted: Dec 17, 2012 12:00:01 AM

I think everyone thinks this will lead to lower prices...that expectation may not be realized with a global market setting the price.
nwsynthetics
Champion Author Oregon

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Message Posted: Dec 16, 2012 11:57:41 PM

Keep it low, more money, start retroing facilities, make more safer, and productin with least amout of energy,etc.
postcard9
Champion Author Massachusetts

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Message Posted: Dec 16, 2012 11:57:36 PM

Not sure about this.
jwalkerh
Champion Author Louisiana

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Message Posted: Dec 16, 2012 11:56:03 PM

Let's hope this lasts for a while.
JCS319
Champion Author Tacoma

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Message Posted: Dec 16, 2012 11:51:31 PM

The GOP keeps talking about energy independence but does nothing about it. Looks like it takes democrats - first, Harry S. Truman and now Obama!
texashoudini
Champion Author Austin

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Message Posted: Dec 16, 2012 11:51:25 PM

Sounds good, but how long will it last?
Aviator_Rob
Champion Author New York

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Message Posted: Dec 16, 2012 11:49:03 PM

Just as many Internet trolls on this site as ever. If we could run cars on the pure, undiluted hate of some of these commenters, our fuel problems would be over.
Aviator_Rob
Champion Author New York

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Message Posted: Dec 16, 2012 11:45:13 PM

That article was misleading. We may be close to being energy independent someday but we are nowhere near being oil independent. We use 20 million barrels of oil every day. Even if we drilled everywhere in this country and relaxed all regulations, that would only get us to 12 million barrels per day. The other 8 million barrels would still need to be imported; probably from Canada, Mexico, and Venezuela.

What we need to do is cut our oil consumption through better mileage standards and switching to other fuels like CNG and electric.
BCM1
Champion Author Pennsylvania

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Message Posted: Dec 16, 2012 11:42:49 PM

Let's have 25 cents per gallon gas please - uh huh sure
johton
Champion Author Seattle

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Message Posted: Dec 16, 2012 11:37:49 PM

Hard to believe, but it hasn't happened yet.
WIPACKERFAN
Champion Author Chicago

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Message Posted: Dec 16, 2012 11:37:11 PM

OK
Dragnet
Champion Author Arizona

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Message Posted: Dec 16, 2012 11:37:02 PM

So why has it taken so long for his to happen? As a consumer I just feel so screwed over by these oil clowns
BREW9
Champion Author Tampa

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Message Posted: Dec 16, 2012 11:36:50 PM

good
abcdMA
Champion Author Worcester

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Message Posted: Dec 16, 2012 11:34:48 PM

until this administration puts roadblocks in the way
RAKARWOWSKI
Champion Author Chicago

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Message Posted: Dec 16, 2012 11:34:46 PM

Will not do a thing.
Yonkers111
Champion Author Scranton

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Message Posted: Dec 16, 2012 11:30:58 PM

Oil will only be produced if the price is right.
69Bonne
Champion Author Gary

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Message Posted: Dec 16, 2012 11:29:11 PM

Can we really control the prices?
Wanda127
Champion Author Florida

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Message Posted: Dec 16, 2012 11:29:10 PM

This sounds good. Our prices actually dropped .02 per gal. yesterday.
clermont40miles
Champion Author Cincinnati

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Message Posted: Dec 16, 2012 11:27:36 PM

Great news. Keep up the good work.
EnviroChemist
Champion Author Oklahoma

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Message Posted: Dec 16, 2012 11:24:16 PM

prices will remain inflated!
gasokie
Champion Author Oklahoma

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Message Posted: Dec 16, 2012 11:22:06 PM

This all will work over time to pull gas at the pump down...but be patient.
CiVX
Champion Author Oakland

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Message Posted: Dec 16, 2012 11:21:53 PM

Our oil producers will now be screwing the world.
blazerbob91
Champion Author Milwaukee

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Message Posted: Dec 16, 2012 11:21:31 PM

Prices will remain high
libertyut
Champion Author Utah

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Message Posted: Dec 16, 2012 11:21:02 PM

and gas prices are still to high.
Dsin44
Champion Author Abbotsford

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Message Posted: Dec 16, 2012 11:19:52 PM

why the need for the new pipeline??
nimpy
Champion Author Indianapolis

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Message Posted: Dec 16, 2012 11:18:26 PM

price will still go up
ILANGE9
Champion Author Illinois

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Message Posted: Dec 16, 2012 11:18:21 PM

It's still too high at the pump, that's all I can say.
TheSnowstorm
Champion Author Montreal

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Message Posted: Dec 16, 2012 11:17:28 PM

Partly because there is less domestic consumption, for many reasons.
DrLyon
Champion Author Michigan

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Message Posted: Dec 16, 2012 11:15:33 PM

So top...
Stay away from OPEC...
wang91554
Champion Author San Jose

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Message Posted: Dec 16, 2012 11:09:17 PM

lot of money sloshing around. some of it is my money.
wayoung56
Champion Author Alabama

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Message Posted: Dec 16, 2012 11:07:03 PM

Good, so when will prices reflect this? Locally produced crude costs less to refine than the imported stuff due to transportation costs...
mfeldstein
Champion Author Ottawa

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Message Posted: Dec 16, 2012 11:06:58 PM

Quite the turnaround.
Gas4Gore
Champion Author Detroit

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Message Posted: Dec 16, 2012 11:05:00 PM

Very good.
Rhino8of8
Champion Author Wisconsin

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Message Posted: Dec 16, 2012 11:04:12 PM

So the profit just goes elsewhere?
ExplorerWA
Champion Author Washington

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Message Posted: Dec 16, 2012 11:02:58 PM

I wouldn't bet the ranch on this.
nomad228
Champion Author Columbus

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Message Posted: Dec 16, 2012 11:02:28 PM

it's about time .now when does the trickle down effect take place. ?
BMWer
Champion Author Calgary

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Message Posted: Dec 16, 2012 10:59:08 PM

This has to be considered as good news..
wshokie12
Champion Author Winston-Salem

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Message Posted: Dec 16, 2012 10:57:38 PM

Okay.
wavery
Veteran Author Philadelphia

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Message Posted: Dec 16, 2012 10:53:38 PM

Still need to combine with energy efficiency.
bvrbill
Champion Author Eugene

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Message Posted: Dec 16, 2012 10:52:05 PM

Limit the influence of OPEC.
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