28 Nov '11, 11am

A Reality Check on Oil Supply For Newt Gingrich

During the week ending November 18, 2011, the US used 14.8 million barrels (Mbopd) of crude oil as input to refineries. This included 5.9 Mbopd of domestic crude oil production and 8.3 Mbopd of net crude oil imports. From this input, 18.6 Mbopd of petroleum products were produced and consumed (Exhibit 1). The U.S. would have to increase field production by more than double current production to become oil independent by increasing domestic production to 14.8 Mbopd. Even peak production in 1970 of 10,000 bopd would only meet 68% of current crude oil consumption. To bring about a collapse in world oil prices, as Mr. Gingrich suggests, would mean increasing U.S. production by substantially more than this. Maximum daily production from Prudhoe Bay Field, the largest in the United States, was 1.5 million bopd in 1979 (http://en.wikipedia.org/wiki/Prudhoe_Bay_Oil_Field ). Mr. Gi...

Full article: http://www.theoildrum.com/node/8646

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