Thursday, April 28, 2011

Oil Production Down, Oil Consumption Up

Obama's quest to end dependence on foreign oil is going in the wrong direction.  Via Beltway Confidential:

Here are the facts: According to projections made by the Energy Information Administration in April 2010, the Gulf of Mexico should have produced 1.84 million barrels of oil a day in the fourth quarter of 2010. Instead, according to the most recent EIA estimate, due to the Obama permitorium, the Gulf only produced 1.59 million barrels. That is 250,000 barrels a day in lost production. Overall, since Obama instituted his drilling moratorium, oil production from the Gulf is down more than 10%.

But while Gulf oil production is down from pre-moratorium estimate, total oil consumption is actually higher than EIA predicted last year. Total crude oil input to refineries is up from an estimated 13.85 million barrels a day to an actual 14.25 million barrels. But if domestic production is down and consumption is up, where is the extra oil coming from?

Foreign oil.

This administration needs to quit buying oil from people who hate us and open drilling in the Gulf (and elsewhere).  Now, where have I heard that before?

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