North American Crude Oil Production

Through progress, Canadian Natural Resources Limited had progressed to primary heavy crude lands in 1993 and purchasing thermal in-situ areas 3 years later, becoming a leader in the in-suti crude oil developments. As of 2000, they sought out to acquire assets from The North Sea along with Offshore Africa while also creating gas conservation with equipment including "pipelines, pad compressors, booster compressors, gas plants, and fuel lines" (Canadian Natural Resources Limited Performance Presentation Primary Recovery Heavy Oil Sands Schemes, n.d.) While continuing to strengthen the Northwestern Alberta and British Columbia 's basins, Canadian Natural Resource Limited furthered their achievements by recognizing synthetic crude oil at the Horizon Oil sands, leading to a shipment of such into the sales pipeline. Also in 2008, Canadian Natural Resources seeked out the ‘Kirby In-Situ Oil Sands’, hoping for approval on another project. From the beginning Canadian Natural Resources has strived to achieve something different and make an impact. Throughout the history of the company, Canadian Natural Resources has continued to search for new and economic ways to improve the company, "predict[ing] an oversupply of natural gas could last as long as seven years, keeping prices low"( 2011, March. CNRL

As the growth in the shale, oil market is continuously increased the input of oil supplies in the market by 11 per cent, which make an oil price fall cause of overwhelming supply (Meyer,2013).As a result of this, the buyer has more choice to seek a supplier , which has a lower prices and better contract condition. Thus, these forces become a high threat to Afren.

By increasing the areas allowed for domestic oil drilling, the United States can cut the amount of oil it most import each day in half.

The consumption of the oil cause changes in the supply and demand. The United States produces 11 million barrels of oil every day. We are one of the biggest countries to have a big influence on the production and prices of the oil. The basic supply and demand theory explains that the if a product is produced more, the cheaper it should sell. If a country were to double the output of oil day, prices would fall and the Production is high, but the distribution of oil isn’t keeping up with the market. The United States builds an average of one oil refinery per 10 years. This is a net loss due to the fact construction has slowed down since 1970s. Since 1970s, the United States has 8 less oil refineries today. The reason why we are not oversupplied with cheap oil is because of the other countries’ higher net margin and the only operate at 62% of their capacity. Excess capacity is only there to meet future demand. With demand moving accordingly, oil prices will continue to be set mostly by the market — despite external players’ best efforts. (McFarlane)

[Oil production has jumped from 5.0 million barrels per day in 2008 to 7.4 million last year and is expected to average 8.5 million this year and 9.3 million next year, according to the EIA, the analytical arm of the Department of Energy.” (Koch par. 2)]

Did you know that oil companies are demolishing North Dakota’s environment by dumping drilling waste onto the land and in waterways? First, oil companies are taking truckloads full of drilling waste at a time and just dumping it to the side of the road illegally! This is mainly happening in the western corner of North Dakota but will most likely affect all of North Dakota. Eventually, this will affect all of North Dakota, by the drilling waste killing the animals or plants that other animals need to eat to survive. Then, oil companies also go and dump the drilling waste into the waterways. So, pretty soon all the western corner of North Dakota won’t have freshwater lakes and rivers. They have been doing this since 2014, so who knows what

High oil price for last few years drove the energy industry to come up with a new technological innovation and the result is a new drilling technique like hydraulic fracturing. This new technology made drilling easy in North Dakota and Texas (Timiraos, 2014). With more oil drilled domestically, U.S became net energy exporter instead of an importer. Also falling demand due to energy conservation, more efficient cars, less demand in China and OPEC opted against cutting production levels made the price go down. When Global economic growth was slowing and most economists agree that both supply and demand played role in the last year oil price plunge. Driven by the increased supply, oil price dropped from $82 to $50 between Oct'14 and Jan'15. The IMF summarizes 58% of the drop in oil price to supply and only 42% to demand.

The article by Spencer Jakab treads the path to explain the effect of drilling rig numbers in North America and its effect on oil prices. Baker Hughes Inc. report shows how the number of rotary oil rigs has been low and crude oil prices have seen a downward trend. Natural Gas has been a different story comparatively with the gas dedicated rig count at its lowest. Along this there’s also a situation building up where due to the surplus gas available there might not be any

The oil producing nations in the Mideast currently are meeting to discuss increasing production so that crude prices will decline from its current price of more than $30 a barrel to the region of $25 (Georgy, 2000).

Several oil-countries have been facing economic and political turbulence as a result of the crash in oil prices, and there is disagreement among OPEC as how to handle the situation. (Krauss) While this is happening, America’s oil production continues to rise, as it inches closer to becoming an energy superpower in production and consumption; and countries that depend on their oil exports face recession.

b) First, it would connect Cushing, Oklahoma, where there is a current bottleneck of oil, with the Gulf Coast of Texas, where oil refineries abound.

Extension, is about 480 miles long and connects Cushing to refineries at Port Arthur, Texas. This

Favorable opportunities for CSX are present in its strategic positioning to capture much of the liquified natural gas, and other petroleum products coming out of the shale boom in North Dakota, as well as Liquid Petroleum Gas from Ohio, Pennsylvania, and West Virginia. This technological development has created sources for energy in need of transport that CSX is taking advantage of.

is. After the surprise and disappointment of continued gas finds, oil companies realized that opportunity might be presenting itself. With large amounts of

High crude prices led to weakening of product cracks and refining margins across regions. The industry also witnessed a sharp reduction in refining runs and operating rates in addition to prolonged maintenance shutdowns and permanent closures. It also