US oil production is forecast to increase from 10.7 million
barrels per day in 2018 to 11.27 million barrels per day in 2019. US oil
consumption is forecast to remain around 20 million barrels per day in 2018 and
2019. We need to almost double our oil production to become oil independent.
In 2017, we imported 40% of our oil from Canada and 38% of
our oil from OPEC countries and the rest from a large number of other countries.
Also in 2017, we exported 17% of our oil to Mexico, 13% to
Canada, 7% to China, 6% to Brazil and 6% to Japan.
The one thing for sure that we can produce that the rest of
the world needs is oil. We import oil from Canada and export oil to Canada,
because there are several different types of oil.
The US already produces its own natural gas and exports
over 300,000 million cubic feet per month mostly to Mexico and Canada via
pipelines.
The US has vast oil and natural gas resources and these
will surely be part of the solution to reducing our future trade deficits.
The US also exports about 100,000,000 short tons of coal
world-wide. Coal-fired electric power plants remain the low cost option at 2
cents/kwh, across the globe.
The US
government debt is zooming over $21 trillion and needs to be paid down to $5
trillion. We are attempting to grow our way out of debt, but federal spending
cuts will also be needed. Our task is to dig and slash our way out of this
level of debt and half of our federal spending is unnecessary.
Norb
Leahy, Dunwoody GA Tea Party Leader
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