3 plus 3 plus 3 Ain't Addin' Up!
The Math Ain't Mathin'
The U.S. Energy Information Administration (EIA) projects that U.S. crude oil production, including lease condensate, will reach an average of 13.55 million barrels per day in 2025.
Based on these projections, the weekly production in 2025 would amount to 94.85 million barrels, while the annual production would total 4,945.75 million barrels.
Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, has proposed a "3-3-3" economic plan. This plan consists of three main goals:
Reduce the budget deficit to 3% of GDP by 2028
Boost GDP growth to 3% through deregulation and pro-growth policies
Increase U.S. energy production by the equivalent of an additional 3 million barrels of oil per day
For the sake of this article we will leave the first two line items alone and only address Bessent’s goal of drilling an additional 3 Million Barrels of Oil per day
Now our chart looks like this:
Meanwhile as of January 10, 2025
US crude oil stocks, excluding the Strategic Petroleum Reserve (SPR), fell by 2 million barrels to 412.7 million barrels in the week ending January 10, 2025, reaching the lowest level since March 2022.
As any fool can plainly see 413 million barrels would be consumed in about 4 weeks and two days.
This means we are consuming more oil than we are producing so I am wondering out loud under what conditions will USA be able to increase production by 22% per day, per week, per year, etc
Biden was without a doubt my (in our opinion) probably the Worst President in the History of USA. Carter looks like a Saint in comparison
And this political stunt was very immoral, unsafe, misleading, deceitful, irrational, illogical and unwise.
But lets look at this waterfall together. It dropped from 650 Million to 405 Million (a difference of 245 Million)
Now I’m inserting the chart back in here. The 245 Million released to fool US voters surrounding the 2022 mid term elections is a little over 2 weeks of consumption.
My point being Stephen St. Angelo is correct, THERE IS AN ENERGY CLIFF AND WE CAN CHALK IT UP TO UNDERINVESTMENT IN NATURAL RESOURCES.
Sure we can all believe that the insanely horrendous Biden regime is to blame for the past 4 years but this trend has been happening for decades.
Though Biden was reckless and irresponsible (to say the least) we also have to look in the mirror, here are some stats to chew on.
The U.S. consumed about 16% of total world primary energy in 2022, despite having only 4% of the world's population
U.S. households use 52% of their annual energy consumption for space heating and air conditioning as of 2020.
Air conditioning alone accounts for about 19% (254 billion kilowatthours) of electricity consumption in U.S. homes.
The United States uses more electricity for cooling than the entire continent of Africa uses for all purposes.
As of 2020, 89% of U.S. homes use some type of air conditioning, with 67% having central air conditioning installed.
The average U.S. home consumes 2,365 kWh of electricity per year just for cooling, equivalent to powering four full-size refrigerators annually.
In 2021, U.S. per capita energy consumption was 11,267 kWh/year, compared to the world average of 3,204 kWh/year
Larger homes in the U.S. contribute to higher energy use, with single-family detached homes consuming nearly three times more energy than apartments in buildings with five or more units
As of 2023, U.S. finished motor gasoline consumption averaged about 376 million gallons per day.
The U.S. consumed approximately 135.73 billion gallons of gasoline in 2022, which is about 368.63 million gallons per day.
Gasoline consumption accounted for about 57% of total energy consumption in the transportation sector and 16% of U.S. total energy consumption in 2022.
Light-duty vehicles (cars, sport utility vehicles, and small trucks) account for about 91% of all gasoline consumption in the United States.
Texas and California are the largest consumers of gasoline in the U.S., with Texas using about 38.55 million gallons per day and California using 33.31 million gallons per day