Stronger US petroleum deliveries for all of 2010 as of December reflected a growing US economic recovery, the American Petroleum Institute said. But its chief economist warned that the Obama administration policies could restrict growth of US crude oil production to help meet higher US demand in the future.Well, yeah, duh.
The API refers to the policies in the Gulf of Mexico as the "permitorium." The economist says this is also true in the Bakken; that I am not sure what he is referring to. There were some delays a year or so ago in the Fort Berthold Indian Reservation, but I am not aware of problems now unless there are delays in the national parks or national forest areas in North Dakota, and that's very possible.
US oil production rose by 1.3% in December to an average 5.52 million bopd from 5.45 a year earlier (to me that's inconsequential: that represents 70,000 bopd, or as noted, a 1.3% increase -- inconsequential.
Full-year production averaged 5.49 million bopd in 2010 compared with 5.36 million bopd in 2009. That's an increase of 2.4% over the course of one year, again fairly inconsequential.
What is concerning, didn't the US once produce almost 10 million bopd? They say every million barrels of oil produced in the US translated into one million jobs. Have we lost 4 million jobs due to decimated domestic drilling program?
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