America's New Oil & Gas Boom

Last week I pointed out in a TikTok video that the U.S. is poised to set a new oil production record. In response, someone took exception to my claim by stating that he works in the industry, and drilling rigs are stacking up.

It is correct that the rig count has fallen. According to data from Baker HughesBHI, the number of rigs drilling for oil and gas has fallen by about 20% in the past year.

This decline reversed a steady increase that began after the rig count bottomed out below 300 in the early stages of the Covid-19 pandemic in 2020. The rig count recovered back to nearly 800 rigs by the end of 2022 but has since declined back to about 620.

Nevertheless, U.S. oil and natural gas production are both poised to set new annual production records, after monthly production has risen steadily all year. How can that be if the rig count is falling?  READ MORE...

World Demand of Crude Oil

The International Energy Agency predicted that peak oil demand would be reached by 2030 and hailed the decline of crude as a “welcome sight.”

OPEC leaders reacted harshly, accusing the agency of fear-mongering and risking the destabilization of the world economy.
Oil producers have been accused of dialing back their climate pledges in recent months following record annual profits.


It’s been a war of words and numbers between two major players in the energy industry – the International Energy Agency and OPEC – as they spar over the future of something crucial to crude producers’ survival: peak oil demand.


Peak oil demand refers to the point in time when the highest level of global crude demand is reached, which will be immediately followed by a permanent decline. This would theoretically decrease the need for investments in crude oil projects and make them less economical as other energy sources take over.

For oil producing countries and companies, it’s existential.

That’s why when the chief of the IEA, an intergovernmental organization that advocates for oil-consuming countries, predicted that peak oil demand would be reached by 2030 and hailed the decline of crude as a “welcome sight,” OPEC was furious.

“Such narratives only set the global energy system up to fail spectacularly,” OPEC Secretary-General Haitham al-Ghais said in a Sept. 14 statement. “It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world.” He accused the agency of fearmongering and risking the destabilization of the global economy.

More broadly, the spat reflects the ongoing clash between climate change concerns and the need for energy security. That juxtaposition was on full display at ADIPEC – the annual gathering whose name stood for Abu Dhabi International Petroleum Exhibition Conference until this year, when it was quietly changed to Abu Dhabi International Progressive Energy Conference.  READ MORE...

Venezuela and OPEC

Venezuela has played a crucial role in OPEC’s history

Vienna, Austria, 14 September 2021--Article by HE Mohammad Sanusi Barkindo, OPEC Secretary General, on the occasion of the Organization’s 61st Anniversary.

The fourteenth of September is a date of profound significance for the Organization of the Petroleum Exporting Countries (OPEC). It was on this day in 1960 that the five Founding Fathers of OPEC, Juan Pablo Pérez Alfonzo of Venezuela; Abdullah al-Tariki of Saudi Arabia; Dr Tala’at al-Shaibani of Iraq; Dr Fuad Rouhani of Iran; and Ahmed Sayed Omar of Kuwait gathered together in the Al-Shaab Hall in Baghdad and brought the Organization into being.

It is a tremendous source of pride for me, as Secretary General that I can commemorate this year’s ‘OPEC Day’ on an official visit to the Bolivarian Republic of Venezuela. As a Founder Member, Venezuela has played a crucial role in the Organization’s formation and its subsequent successes throughout its history. On behalf of the entire OPEC Family, I would like to express our sincere thanks and appreciation to the Government and people of Venezuela who have done so much to make OPEC the distinguished Organization that it is today.

Following the establishment of OPEC, Pérez Alfonzo said: “We are now united. We are making history.” These words proved extremely prescient. Pérez Alfonzo had midwifed the birth of our Organization through his strong partnership with Abdullah al-Tariki of Saudi Arabia. Pérez Alfonso was ably supported at this time by another distinguished contributor to OPEC’s successful history, Dr. Alirio Parra. Subsequent generations of distinguished public servants took up the baton passed to them and have served our Organization with distinction in various capacities.

One of the most significant events in the history of the Organization was the Second Summit of Heads of State and Government of OPEC Member Countries, held in Caracas, Venezuela, 27–28 September 2000. The Second Solemn Declaration responded to new developments in the energy industry brought on with the dawning of a new millennium. This included addressing environmental issues, broadening the concept of economic development to embrace the key component of stability and at the same time placing a heavy stress on eradicating energy poverty.  READ MORE...

Life Without Petroleum Crude Oil

 A partial list of products made from Petroleum (144 of 6000 items)

(A note to readers: This list came from a print publication in 1974. We failed to identify the source document and have been unable to find a list of the “6,000 items” since. In fact, since 1974 there have been hundreds of additional items replaced with plastic duplicates, medical syringes for example. So should you wish to find the complete list of products made from petroleum you will most likely have to compose it yourself.)

One 42-gallon barrel of oil creates 19.4 gallons of gasoline. The rest (over half) is used to make things like:

Solvents                        Diesel fuel                   Motor Oil                Bearing Grease
Ink                                 Floor Wax                   Ballpoint Pens         Football Cleats
Upholstery                    Sweaters                      Boats                       Insecticides
Bicycle Tires                 Sports Car Bodies       Nail Polish              Fishing lures
Dresses                          Tires                            Golf Bags                Perfumes
Cassettes                       Dishwasher parts        Tool Boxes               Shoe Polish
Motorcycle Helmet       Caulking                     Petroleum Jelly        Transparent Tape
CD Player                      Faucet Washers          Antiseptics               Clothesline
Curtains                         Food Preservatives     Basketballs              Soap
Vitamin Capsules          Antihistamines            Purses                      Shoes
Dashboards                   Cortisone                     Deodorant                Shoelace Aglets
Putty                             Dyes                            Panty Hose               Refrigerant
Percolators                    Life Jackets                 Rubbing Alcohol      Linings
Skis                              TV Cabinets                 Shag Rugs                Electrician’s Tape
Tool Racks                   Car Battery Cases        Epoxy                       Paint
Mops                            Slacks                          Insect Repellent        Oil Filters
Umbrellas                    Yarn                              Fertilizers                 Hair Coloring
Roofing                       Toilet Seats                   Fishing Rods            Lipstick
Denture                       Adhesive Linoleum      Ice Cube Trays         Synthetic Rubber
Speakers                     Plastic Wood                 Electric Blankets      Glycerin
Tennis Rackets           Rubber Cement             Fishing Boots           Dice
Nylon Rope                Candles                         Trash Bags                House Paint
Water Pipes                Hand Lotion                  Roller Skates            Surf Boards
Shampoo                    Wheels                          Paint Rollers             Shower Curtains
Guitar Strings            Luggage                        Aspirin                      Safety Glasses
Antifreeze                  Football Helmets          Awnings                    Eyeglasses
Clothes                      Toothbrushes                 Ice Chests                  Footballs
Combs                       CD’s & DVD’s             Paint Brushes             Detergents
Vaporizers                 Balloons                        Sun Glasses               Tents
Heart Valves             Crayons                         Parachutes                 Telephones
Enamel                      Pillows                          Dishes                        Cameras
Anesthetics               Artificial Turf                Artificial limbs          Bandages
Dentures                   Model Cars                    Folding Doors           Hair Curlers
Cold cream               Movie film                    Contact lenses            Drinking Cups
Fan Belts                  Car Enamel                    Shaving Cream          Ammonia
Refrigerators            Golf Balls                      Toothpaste                  Gasoline

This is a frigging long list of items and it is incomplete...  SO, it is going to be impossible for us to eliminate the use of Petroleum Cruse Oil and replace it with GREEN ENERGY...  Those who think we can have their heads up their virtual green asses...

Petroleum Byproducts

Democrats want to do away with OIL and by default, these products below would go away as well...

FROM BRITANNICA

This is a list of products produced from petroleum. Types of unrefined petroleum include asphalt, bitumen, crude oil, and natural gas. (See also fossil fuel; hydrocarbon; oil; petrochemical; petroleum production; petroleum refining; pitch lake; tar sand.)

Fuels

1. butane
2. diesel fuel
3. fuel oil
4. gasoline
5. kerosene
6. liquefied natural gas
7. liquefied petroleum gas
8. propane

Other Products

1. microcrystalline wax
2. napalm
3. naphtha
4. naphthalene
5. paraffin wax
6. petroleum jelly
7. petroleum wax
8. refined asphalt
9. refined bitumen

This article was most recently revised and updated by Richard Pallardy, Research Editor.

Although crude oil is a source of raw material (feedstock) for making plastics, it is not the major source of feedstock for plastics production in the United States. Plastics are produced from natural gas, feedstocks derived from natural gas processing, and feedstocks derived from crude oil refining.