Guest “Yee-hah! ” by David Middleton
JULY 20, 2021
U.S. crude oil exports reached record levels in 2020 and remain high in 2021
Despite volatility in global oil markets, U.S. crude oil exports reached a record high in 2020. So far this year (as of July 9, 2021), U.S. crude oil exports have averaged 3.00 million barrels per day (b/d). The most recent four-week rolling average of U.S. crude oil exports reached 3.51 million b/d, according to our Weekly Petroleum Status Report.
In 2013, the U.S. government lifted export restrictions on minimally processed ultra-light oil. In the summer of 2015, the United States and Mexico entered into an oil exchange agreement, and the restrictions on oil exports were fully lifted in December 2015. U.S. crude oil exports have increased significantly since 2015 and have averaged around 3.00 million b/d every year since 2019.
U.S. crude oil infrastructure has expanded significantly since 2015 to facilitate crude oil exports from onshore production. Ports on the Texas Gulf Coast, particularly Corpus Christi and Houston, have led the expansion, allowing more oil to be exported from the Permian Basin and Eagle Ford Basin. Due to the Gulf Coast’s many pipeline connections and efficient port infrastructure, most U.S. crude oil exports leave the United States from the Gulf Coast region.
Principal contributors: Jozef Lieskovsky, Richard Yan
The headline should have been:
Texas crude oil exports reached record levels in 2020 and remain high in 2021
How’s that frac’ing ban going Joe?
During the July 31, 2019 Democratic debate, when asked if there would be “any place for fossil fuels, including coal and fracking, in a Biden administration,” Biden said, “No, we would, we would work it out.”
“We would make sure it’s eliminated and no more subsidies for either one of those, either—any fossil fuel,” Biden said.
Despite the Soviet-Saudi price war, the Shamdemic Lockdown, November coup d’état and Winter Storm Younger Dryas, Permian Basin oil production is expected to reach 4.7 million barrels per day in July.
July 2021 Drilling Productivity Report
How about banning drilling on federal lands & waters? How’s that going Joe?
“No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends, number one.”
Joe Biden, March 15, 2020
“Rigs Added in Gulf of Mexico as U.S. Count Continues Steady Ascent”
APRIL 14, 2021
Gulf of Mexico crude oil production will increase with new projects in 2021 and 2022
EIA forecasts U.S. crude oil production in the U.S. Federal Gulf of Mexico (GOM) to increase in the next two years, according to the latest Short-Term Energy Outlook (STEO). By the end of 2022, 13 new projects could account for about 12% of total GOM crude oil production, or about 200,000 barrels per day (b/d).
The GOM accounts for 15%–16% of U.S. crude oil production. In 2020, GOM crude oil production averaged 1.65 million b/d. Production is forecast to exceed 2020 levels, reaching 1.71 million b/d in 2021 and 1.75 million b/d in 2022. Since 2000, the highest crude oil production year was 2019 at 1.9 million b/d.
Source: U.S. Energy Information Administration, Short-Term Energy Outlook (STEO)