U.S. Oil Production Down 5%, Reserves Declined 4% in 2006

[Hissyspit]

Source: Energy Information Administration

Sunday, November 25, 2007
U.S. oil production down 5%, reserves declined 4% in 2006; natural gas reserves and production up

According to an advance report <*.pdf> by the Energy Information Administration (EIA) of the U.S. Department of Energy, crude oil production declined 5 percent in 2006 whereas proved reserves were down by 4 percent in 2006. The U.S. is the third largest oil producer after Saudi Arabia and Russia. U.S. natural gas proved reserves on the contrary increased 3 percent in 2006, rising to over 211 trillion cubic feet, the highest level since 1976. Additions to reserves replaced 136 percent of the dry natural gas produced in 2006. This was the eighth year in a row that U.S. natural gas proved reserves have increased.

According to the report, the Gulf of Mexico Federal Offshore and Alaska, two of the largest U.S. oil-producing areas, reported 10 and 7 percent declines in crude oil proved reserves. This was due to downward revisions and fewer new discoveries. Utah reported the largest increase in crude oil reserves, adding 78 million barrels (a 30 percent increase from 2005), followed by Colorado and New Mexico.

Read more: http://biopact.com/2007/11/us-oil-production-down-5-reserves.html

[dmosh42]

1. We can be sure this is an accurate report!

Yeah, right, more bullshit from your fed gov't and oil industry!

[Baby Snooks]

2. And the solution?

The solution is more domestic production. And more tax breaks for big oil. There is a looming shortage of oil because Congress is seeking to limit big oil and its ability to drill for more oil! There is no shortage of oil. We are just not producing enough. So consume away, contact your representatives and demand Congress give big oil whatever they want so you can continue to consume away, and buy that oil stock! So sayeth the wise old mouthpiece for the oil and gas industry. Kay Bailey Hutchison.

http://www.chron.com/disp/story.mpl/editorial/outlook/5325354.html

[NMDemDist2]

3. we are third in the world?? so if we start conserving and put our minds

to alternatives we could be free of imported oil in a decade eh?

[acmavm]

4. Propagand campaign justifying the price increase that must be on the

horizon.

Sheesh! Look how cynical and jaded I am.

But that's still what I think.

[TroglodyteScholar]

5. It's no big deal. I mean, the US's oil consumption dropped by 5% too...

...right?

Thank goodness government proactively took the lead in solving the oil crisis years ago.

Right?