The EIA has just published their Petroleum Supply Monthly with US production, and other data, for July 2014. US C+C production fell by 3,000 barrels per day in July.
After a big leap in April things have slowed down considerably in the last three months. US production in July was 8,537,000 barrels per day
This is US production since 1920. We are just over 1.5 million barrels per day below the monthly high of 10,044,000 barrels per day of in November 1970.
Here are the largest gaines and declines:
The EIA is projecting the Gulf of Mexico to hit 2 million barrels per day in the next couple of years. I really don’t think they are going to make it. There are enough new projects coming on line to easily hit that figure but I think they had not counted on the very high decline rate of the deep water reservoirs.
|Up or Down||Total Production|
|Gulf of Mexico||-8,000||1,406,000|
The EIA expects the Gulf of Mexico to hit 2 million barrels per day i the next couple of years. I don’t think they are going to make it. There are enough new projects coming online to reach that point but I don’t think they counted on those deep water reservoirs declining so fast.
Alaska was the big decliner in July. That was to be expected for July and August is when they do their maintenance, pig the pipeline and all that.
This is the total Bakken plus some. North Dakota + Montana production stood at 1,204,000 bpd in July.
Surprising that Texas was not the biggest gainer in July. The EIA has Texas up 47,000 kbd every previous month in 2014 but for some reason they felt they would only be up 28,000 bpd in July.
Part of the Permian Basin is in New Mexico. New Mexico production, for the last year, has been increasing at about 50,000 barrels per year.
Oklahoma is not part of the Permian Basin but still their production, for the last year, has been increasing at about 34,000 barrels per year.
It looks like California is going somewhere but that is because the scale is so small. California is up 7,000 bpd over the last 12 months.
The Energy Intelligence Report is bullish on oil, that is the price of oil and bearish on the price of gas. I am not a trader but if I were… I wouldn’t know what the hell to do.
Fred Magyar posted a really great video on the previous post. Here is the Youtube link: Tom Murphy: Growth has an Expiration Date. It is one of the best I have watched in many months. And he has a web site:Do The Math. That is where I found a very good article on population, my favorite subject after Peak OIl: The Real Population Problem. Here he states “surplus energy grows babies.”
And if you want to see the graphs population graphs Tom used in the video above, they are in this article.
Note: I send an email notice when I publish a new post. If you would like to receive that notice then email me at DarwinianOne at Gmail.com