Posted on 09/14/2019 3:12:10 PM PDT by McGruff
This chart shows US oil imports by country in barrels per day for the first six months of this year. By far and it isn’t even close the country with the largest source of oil for the US is Canada. That oil is going nowhere else but the US and is secure as any source of oil. Interestingly Venezuela was quite low and dropped to 0 in June of this year. Direct imported oil from Saudi to the US is just above half a million barrels. Total Persian Gulf oil is around 1 million including the Saudi part.
https://www.eia.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbblpd_m.htm
You are absolutely correct in hindsight...but big thing have happened over that last 12 months.
Assuming a slightly higher price per barrel happens in the following months I believe you will see some of those capped wells (which aren’t counted in production numbers) tapped, with a resulting decrease in global oil prices once the additional supply kicks in.
The magic price looks like something around $70 per barrel.
Of course I could be all wrong with my prediction. Time will tell!
“The magic price looks like something around $70 per barrel.”
The US should tariff imported oil to bring it to $70-$75 bbl.
And keep that posture for at least a decade.
It would be transformative. And further our strategic position.
“The US should tariff imported oil to bring it to $70-$75 bbl.”
I’ve heard that proposed before and it has many positives. I do worry about the inevitable and eventual Democrat run Government screwing thing up with that.
Mission creep, so to speak. Make domestic oil the equivalent of $200/barrel to force us into electric cars, for instance.
Commies creep.
It’s what they do.
The House of Saud are a bunch of desert thugs who just happen to be sitting on a patch of sand when an Western geologist showed up and said “I say old boy we found scads of oil under where you’re sitting. Is this land yours?’’. They want us to do their fighting for them- again. I don’t see any benefit to a war with Iran.
“There will be no war..’’ You might want to give this thread a good looking over. There are some here who are just chomping at the bit for a war with Iran.
Oh, I believe they do if they don't have the UN looking over their shoulder for "RULES OF ENGAGEMENT VIOLATIONS".
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