{"id":39217,"date":"2018-10-16T07:33:17","date_gmt":"2018-10-16T12:33:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39217"},"modified":"2018-10-16T07:33:17","modified_gmt":"2018-10-16T12:33:17","slug":"us-oil-exports-are-exceeding-almost-all-predictions-thanks-to-fracking","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39217","title":{"rendered":"US Oil Exports Are Exceeding Almost All Predictions\u2014Thanks to Fracking"},"content":{"rendered":"<h3 id=\"page-title\" class=\"page__title title\"><a href=\"https:\/\/www.desmogblog.com\/2018\/10\/15\/us-oil-exports-exceeding-predictions-fracking-gas-prices-china\">US Oil Exports Are Exceeding Almost All Predictions\u2014Thanks to Fracking<\/a><\/h3>\n<article class=\"node-13240 node node-blog node-promoted view-mode-full clearfix\">\n<div class=\"field field-name-field-bimage field-type-image field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.desmogblog.com\/sites\/beta.desmogblog.com\/files\/styles\/full_width_blog_image\/public\/blogimages\/oil%20tanker%20texas.jpg?itok=pECJCY4Z\" alt=\"Oil tanker in the Houston ship channel\" width=\"826\" height=\"551\" \/><\/div>\n<\/div>\n<\/div>\n<div class=\"new-horizontal-social-bar clearfix\">\n<div class=\"new-horizontal-share-wrapper new-horizontal-email-wrapper clearfix last\">The <span class=\"caps\">U.S.<\/span> Energy Information Administration (<span class=\"caps\">EIA<\/span>) <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=37092\" target=\"_blank\" rel=\"noopener\">reported in September<\/a> that crude oil exports are continuing to\u00a0set\u00a0records, mostly due to the fracking boom in the Permian Basin, in Texas and New Mexico.\u00a0June exports hit a record\u00a02.2 million barrels per day, while the monthly average was up almost 80 percent for the first half of this year compared to the same period last\u00a0year.<\/div>\n<\/div>\n<div class=\"field field-name-body field-type-text-with-summary field-label-hidden\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p>And\u00a0crude oil exports are supposed to double by 2020, according to the <a href=\"https:\/\/www.expressnews.com\/business\/eagle-ford-energy\/article\/Crude-oil-exports-to-double-by-2020-13294364.php\" target=\"_blank\" rel=\"noopener\">San Antonio News-Express<\/a>. That\u2019s a lot of oil \u2014 and almost all of it is\u00a0fracked.<\/p>\n<p>That should come\u00a0as no surprise. In August 2015, my story for DeSmog,\u00a0<a href=\"https:\/\/www.desmogblog.com\/2015\/08\/10\/lifting-oil-export-ban-would-enable-massive-fracking-expansion\" target=\"_blank\" rel=\"noopener\">\u201cLifting Ban On <span class=\"caps\">U.S.<\/span> Crude Oil Export Would Enable Massive Fracking Expansion,\u201d<\/a>\u00a0pretty much sums up what is happening now. However, that&#8217;s not what the industry experts at the time were\u00a0predicting.<\/p>\n<p>Last year I noted <a href=\"https:\/\/www.desmogblog.com\/2017\/10\/11\/experts-who-sold-idea-oil-exports-proven-very-wrong-very-fast\" target=\"_blank\" rel=\"noopener\">how quickly<\/a>\u00a0these experts, from energy consultants to academics, were proven wrong in their predictions about the effects of overturning the 40-year-old ban, which occurred in December\u00a02015.<\/p>\n<p>If exports double by 2020, those experts will be that much more wrong. Perhaps the best example of this phenomenon\u00a0is from a December 2015 newsletter from <span class=\"caps\">CME<\/span> Group \u2014 a commodities trading group that stood to profit greatly from trading <span class=\"caps\">U.S.<\/span>exported oil. The <a href=\"https:\/\/www.cmegroup.com\/\" target=\"_blank\" rel=\"noopener\">newsletter<\/a>, which takes a question-and-answer format,\u00a0included the\u00a0following:<\/p>\n<blockquote><p>Question #2: Will lifting the crude oil export ban result in greater <span class=\"caps\">U.S.<\/span>\u00a0production?<\/p>\n<p>The answer:\u00a0No.<\/p><\/blockquote>\n<p>Couldn\u2019t get more wrong that, but <a href=\"https:\/\/www.cmegroup.com\/\" target=\"_blank\" rel=\"noopener\"><span class=\"caps\">CME<\/span> <\/a>now lists <span class=\"caps\">U.S.<\/span> <span class=\"caps\">WTI<\/span> crude on its website as one of the top commodities it trades. I guess there&#8217;s a lesson here about whether to trust a commodities\u00a0trader.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>US Oil Exports Are Exceeding Almost All Predictions\u2014Thanks to Fracking The U.S. Energy Information Administration (EIA) reported in September that crude oil exports are continuing to\u00a0set\u00a0records, mostly due to the fracking boom in the Permian Basin, in Texas and New Mexico.\u00a0June exports hit a record\u00a02.2 million barrels per day, while the monthly average was up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[5317,251,267,331,5595,11782,595,827,845],"class_list":["post-39217","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-desmog-blog","tag-eia","tag-energy-information-administration","tag-fracking","tag-gasoline-prices","tag-justin-mikulka","tag-oil-production","tag-united-states","tag-us-oil-exports"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39217"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39217\/revisions"}],"predecessor-version":[{"id":39218,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39217\/revisions\/39218"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}