{"id":38776,"date":"2014-10-07T15:26:21","date_gmt":"2014-10-07T20:26:21","guid":{"rendered":"http:\/\/stateimpact.npr.org\/texas\/?p=38776"},"modified":"2014-10-10T11:29:22","modified_gmt":"2014-10-10T16:29:22","slug":"rising-us-crude-oil-production-buffers-prices-from-mideast-violence","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/texas\/2014\/10\/07\/rising-us-crude-oil-production-buffers-prices-from-mideast-violence\/","title":{"rendered":"Rising US Crude Oil Production Buffers Prices From Mideast Violence"},"content":{"rendered":"<div id=\"attachment_33279\"  class=\"wp-caption module image right\" style=\"max-width: 288px;\"><a class=\"fancybox\" title=\"An oil rig south of Pyote, Texas, December 11, 2013.\" href=\"http:\/\/stateimpact.npr.org\/texas\/files\/2013\/12\/OilRig.jpg\" rel=\"\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-33279\" alt=\"An oil rig south of Pyote, Texas, December 11, 2013.\" src=\"http:\/\/stateimpact.npr.org\/texas\/files\/2013\/12\/OilRig-288x300.jpg\" width=\"288\" height=\"300\" srcset=\"https:\/\/stateimpact.npr.org\/texas\/files\/2013\/12\/OilRig-288x300.jpg 288w, https:\/\/stateimpact.npr.org\/texas\/files\/2013\/12\/OilRig-32x32.jpg 32w, https:\/\/stateimpact.npr.org\/texas\/files\/2013\/12\/OilRig.jpg 481w\" sizes=\"(max-width: 288px) 100vw, 288px\" \/><\/a><p class=\"wp-media-credit\">Courtesy of Alice Quinlan<\/p><p class=\"wp-caption-text\">An oil rig south of Pyote, Texas, December 11, 2013.<\/p><\/div>\n<p>Crude oil is now trading at roughly $13 a barrel less than it did a year ago. That\u2019s in spite of the seizure of Iraqi and Syrian oil facilities by ISIS and a U.S.-led bombing campaign against those facilities.<\/p>\n<p>\u201cThe beginning of the bombing campaign in Syria and Iraq recently was met with a big yawn by the energy markets and really had no upward effect at all on crude oil prices,\u201d says economist\u00a0<a href=\"http:\/\/texasalliance.org\/listings\/karr-ingham\/\" target=\"_blank\">Karr Ingham<\/a>, creator of the\u00a0<a href=\"http:\/\/texasalliance.org\/wp-content\/uploads\/2014\/10\/Full-Petro-Aug-2014.pdf\" target=\"_blank\">Texas Petro Index<\/a>\u00a0on behalf of the Texas Alliance of Energy Producers.<\/p>\n<p>According to the latest index, the state\u2019s crude oil production approached 96 million barrels in August, up more than 23 percent from August of last year. Ingham suspects the rise in U.S. production is helping to hold down prices and stabilize energy markets. \u201cDon\u2019t you wonder if we are not seeing the benefits of expanded crude oil production in North America playing out before our very eyes?\u201d he says. \u201cI wonder if that\u2019s not exactly what we\u2019re seeing. I certainly hope that\u2019s the case. This may in part be what energy independence looks like.\u201d<\/p>\n<p><!--more-->The U.S. still imports a little more than 30 percent of the crude oil it consumes, but Ingham notes that\u2019s less than half as much as the country imported just eight years ago.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude oil is now trading at roughly $13 a barrel less than it did a year ago. That\u2019s in spite of the seizure of Iraqi and Syrian oil facilities by ISIS and a U.S.-led bombing campaign against those facilities. \u201cThe beginning of the bombing campaign in Syria and Iraq recently was met with a big [&hellip;]<\/p>\n","protected":false},"author":51,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[21],"acf":[],"_links":{"self":[{"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/posts\/38776"}],"collection":[{"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/comments?post=38776"}],"version-history":[{"count":6,"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/posts\/38776\/revisions"}],"predecessor-version":[{"id":38847,"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/posts\/38776\/revisions\/38847"}],"wp:attachment":[{"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/media?parent=38776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/categories?post=38776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/texas\/wp-json\/wp\/v2\/tags?post=38776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}