Oil

US Sets Crude Oil Exports set Record in 2022

Wendell Cox — Fri, 31 Mar 2023 10:05:11 -0400

According to the US Energy Information Administration (EIA), the United States exported a record 3.6 million barrels of crude oil per day in 2022, a 22 percent increase from 2021. According to the EIA:

“Since early 2022, trade patterns have shifted because of Russia’s full-scale invasion of Ukraine and the ensuing Western sanctions of Russia’s crude oil exports. Prior to 2022, OECD Europe had been the largest regional importer of Russia’s crude oil, receiving 2.3 million b/d from Russia in 2021.

Less crude oil was exported to India and China from the United States in 2022 than in 2021 because the two countries imported more discounted crude oil from Russia. India was the largest export destination of U.S. crude oil exports in 2021; China had been in 2020. Decreased demand for U.S. crude oil exports to India and China was more than offset by increased demand from other destinations, particularly in Europe.”

Wendell Cox is principal of Demographia, an international public policy firm located in the St. Louis metropolitan area. He is a founding senior fellow at the Urban Reform Institute, Houston, a Senior Fellow with the Frontier Centre for Public Policy in Winnipeg and a member of the Advisory Board of the Center for Demographics and Policy at Chapman University in Orange, California. He has served as a visiting professor at the Conservatoire National des Arts et Metiers in Paris. His principal interests are economics, poverty alleviation, demographics, urban policy and transport. He is co-author of the annual Demographia International Housing Affordability Survey and author of Demographia World Urban Areas.

Mayor Tom Bradley appointed him to three terms on the Los Angeles County Transportation Commission (1977-1985) and Speaker of the House Newt Gingrich appointed him to the Amtrak Reform Council, to complete the unexpired term of New Jersey Governor Christine Todd Whitman (1999-2002). He is author of War on the Dream: How Anti-Sprawl Policy Threatens the Quality of Life and Toward More Prosperous Cities: A Framing Essay on Urban Areas, Transport, Planning and the Dimensions of Sustainability.

Top Producer US Exports Oil to United Arab Emirates

Wendell Cox — Fri, 09 Feb 2018 19:36:43 -0500

For the first time, oil has been exported from the United States to the United Arab Emirates (UAE). The UAE has been one of the world’s leading producers of oil, which has financed the urban centers of Dubai and Abu Dhabi, with their spectacular architecture. This is an indication of the rise over the past decade of the United States as a fossil fuel producer. The US Energy Information Administration indicates that the US has reclaimed the crown as the world’s largest producer, regaining the position lost in the 1970s tumultuous oil embargo.

More inforrmation here.

Governments’ Oil Windfall

Susanne Trimbath — Wed, 28 Jan 2015 17:11:09 -0500

We are reading a lot about the windfall coming to consumers due to falling gas prices now that oil is under $50/barrel. But cheap energy also represents a windfall for governments, including governments who are hard pressed for cash.

The US uses nearly 20% of the world’s energy consumption every year. That spending includes households, businesses, industries and governments. Households in the US spend nearly $450 billion on gasoline alone to fuel their 2.28 vehicles. Energy for transportation represents about 50% of US consumer spending on average and climbs to nearly 70% in the summer when there is more driving. Governments spend money on gasoline, too.

Not just the federal government, but government at every level – federal, state, county, city – all of which have fleets of cars and trucks that use gasoline. We could not locate data on fuel spending by state governments for either gasoline or heating/cooling. The Bureau of Economic Analysis tables lump spending at gas stations in with “Other retail” which includes furniture and appliance stores and places like home depot. We did locate the numbers of cars owned by governments and police. Governments in the United States own about 1.5% of all vehicles on the road. That includes military vehicles, cars and trucks owned by the federal, state, county and local government plus police vehicles.

Data is from www.rita.dot.gov, sourced as www.automotive-fleet.com as of Nov 26, 2013.

Whether we extrapolate from the number of vehicles and use the “per car” savings estimates or estimate the savings based on the governments’ share of vehicle ownership, we guess that governments across the US will be sharing in at least $1 billion this year. And that is just on gasoline alone.

They could also be saving on heating bills for real property. The Federal government alone owns almost 400,000 buildings located throughout the country. According to the Consortium for Science, Policy and Outcomes at Arizona State University, the US Federal government spends up to $610 billion annually on energy consumption. Every 1% drop in the prices could mean a $6 billion windfall for Uncle Sam.

Don’t be surprised if he expands spending instead of using the savings to reduce the national debt or to balance a budget.