The US already
produces enough Natural Gas and Coal to be energy independent and is a net
exporter of Natural Gas. We are increasing US Oil production to produce what we
consume by 2026.
The US consumes 20
million barrels of oil per day and has done so for many years. At $60 per
barrel, the US spends $1.2 trillion a year on oil. When we had production at 10
million b/d, we were importing $600 billion and adding that to our trade
deficit.
In 2017, the US
produced 9.35 million barrels per day. By 2020 the US is planning to produce
13.38 million b/d. This would be an increase 4.03 million b/d.
At $60 per barrel,
this would be an annual reduction of $241.8 million per day in oil imports for
an annual import reduction of $88.257 billion
US Oil Production in
million barrels per day
Year – MB/D- Increase
2017 9.35 mbd
2018 10.96 mbd 1.61
mbd
2019 12.45 mbd 1.49
mbd
2020 13.38 mbd 0.93 mbd
2026 20.00 mbd 6.62 mbd
When US oil production
reaches 20 million b/d in 2026, the US becomes oil independent and will also be
a major exporter of Liquid Natural Gas. Oil imports will have decreased by
10.65 million b/d from 2017 to 2026.
At $60 per barrel, the
value of this 10.65 million b/d increase in production since 2017 would be
worth $639 billion in trade deficit reduction.
Norb Leahy, Dunwoody
GA Tea Party Leader
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