Posted on 09/07/2018 7:43:49 PM PDT by E. Pluribus Unum
U.S. oil exports reached new soaring heights in the first six months of 2018, with half of all exports going to Europe and Asia and India shoring up the rest, according to new data from the federal government.
U.S. crude oil exports saw an 80 percent increase in the first half of 2018 compared to the same period last year, according to the latest data and analysis issued Thursday by the Energy Information Administration.
That's an increase of 787,000 barrels per day, to set a new monthly record in June of 2.2 million barrels on average per day.
The largest recipients of U.S. oil were in Asia, with U.S. crude oil exports to China more than doubling in the first six months of the year. U.S. crude oil to China grew by 193,000 barrels per day compared to the first half of 2017.
But U.S. oil exports to other countries in the region also rose significantly. Exports to South Korea and India jumped 81,000 barrels per days and 72,000 barrels per day, respectively, from the previous year.
(Excerpt) Read more at washingtonexaminer.com ...
That isn’t going to go over very well with gas at $3 a gal.
The USA is on track to soon out-produce Saudi Arabia. Frack, baby, frack!
So you think we shouldn’t be exporting oil because you want free gas?
If it is wrong to export energy to international markets, then it is wrong to export food, machinery, medicines, and widgets.
Because when you export “stuff” you are exporting energy. It takes a lot of energy to produce a sheet of notebook paper to sell and ship overseas.
Another thought: if I discover oil underneath my pear tree, why shouldn't I be able to sell it to the highest bidder?
the irony here is that the US economic boom has fueled the world’s economy, increasing demand for energy and raising prices.
Why should we export oil to the commies. They didn't help in Afghanistan, Iraq, or any other situation. They seem hell bent on taking us down. There is no need for us to provide resources for their advancements.
It’s a thing of beauty!
Well it isn't being donated to them - they have pay $$$ for it.
Oil is a commodity.
Not free, just affordable.
We need a lever to automatically dial back exports as the price of gas to the consumer climbs. I would like to use the profit motive to encourage lower prices here at home. Make it less profitable to export oil and gas when the price of gas is high in the U.S. and as the price continues to climb domestically increase the export duties to a level that encourages less export thus increasing local supply and bringing down our prices. MAGA
The new Gulf areas and Anwar have not even started adding to the flow.
Time to repatriate the nationalized oil production in Venezuela.
I don't think we should sell anything to enemies that are shooting at us. That's not what is happening right now.
And I haven't heard it said that South Korea is a communist state.
The reason to export oil is because right now it is in our economic best self-interest. Others are willing to pay for energy what Americans are willing to sell it for.
And no, I don't feel the same way about military missile technology.
“I would like to use the profit motive to encourage lower prices here at home.”
How does artificially lowering the cost of energy to U.S. consumers through government commands use the profit motive to encourage energy companies to invest in finding and developing future energy sources?
The high level of energy production we have today is because of high energy costs years ago. Companies invented ways to “get more oil” because at one time oil was well over $100 per barrel.
Let’s not send the market a signal that if companies develop new energy sources the government will penalize them.
——We need a lever——
You mean like government controls verses free markets...?
Thanks, but no thanks... LOL
Oil is a global commodity. The price is set in the marketplace regardless of source.
Overall, the United States imports more than it exports, making it a net importer of petroleum. In 2016, imports provided 25% of the country's demand for petroleum.
In the fourth quarter of 2017, the U.S. imported roughly 10 million barrels of petroleum per day,3 with the largest amounts coming from Canada (42%), Mexico (7.7%), and Saudi Arabia (7%).4
In the fourth quarter of 2017, the U.S. exported roughly 7 million barrels of petroleum per day.3 The largest markets for U.S. petroleum exports are Mexico and Canada, but the U.S. exports petroleum to 180 countries
Because they pay hard currency and we have a huge trade deficit with China and the price of gas has nothing to do with whether we export oil or not
Where did you get your economics degree, Karl?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.