(11-24-2021 11:46 AM)Marc Mensa Wrote: Oil production precipitously dropped in the US in 2020… long before Joe Biden was President…we went from producing 12.5mmm barrels per day to 9-10mmm. We have since started to see increases and are now up to 11-11.5mmm barrels & the release from the reserve will help bump us back up to pre-pandemic levels.
We maybe the single largest producer of oil, but we still only produce about 10% of it; while OPEC controls the lions share of the remainder & controls the market.
Come on Man! surely you can think of a reason production dropped in 2020? Honestly you shouldnt even had to think about it. You are wrong America was at a Net Zero in production vs use.
https://www.eia.gov/tools/faqs/faq.php?id=268&t=6
EIA’s data for 2020 indicates that total U.S. petroleum production averaged about 18.375 million barrels per day (b/d), which included:
crude oil—11.283 million b/d
natural gas liquids—5.175 million b/d
biofuels and oxygenates—1.024 million b/d
refinery processing gain—0.924 million b/d
Total U.S. petroleum consumption (as product supplied) averaged about 18.186 million b/d in 2020. The difference between petroleum consumption and production is mainly composed of net imports (imports minus exports) of petroleum and changes in petroleum inventories.
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How much oil is consumed in the United States?
Only a small amount of crude oil is directly consumed in the United States. Nearly all of the crude oil that is produced in or imported into the United States is refined into petroleum products, such as gasoline, diesel fuel, heating oil, and jet fuel, which are then consumed. Liquids produced from natural gas processing are also consumed as petroleum products. Renewable biofuels, such as ethanol and biodiesel, are used as substitutes for or as additives to refined petroleum products. The U.S. Energy Information Administration (EIA) includes biofuels in consumption of petroleum products. EIA uses product supplied to represent U.S. petroleum consumption.
In 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum. This was the lowest level of annual consumption since 1995. The drop in consumption in 2020 from 2019 was the largest recorded annual decline in U.S. petroleum demand. The decrease was largely the result of the global response to the coronavirus (COVID-19) pandemic.