Posted on 11/16/2016 12:47:27 AM PST by yoe
Sell off half the reserve?? That’s nuts.
Ehhh, Canadian oil sand petroleum is still more expensive than Saudi oil. Like domestic fracking it just sets the bottom for the oil market, preventing OPEC from raising prices. Expensive deposit producers will remain broke.
Disclaimer: I own stock in a Canadian oil sand producer.
He may have them kissing his ring before he’s done - much better than Obama bowing to so many....
I’m probably wrong about this, But I do seem to recall a report from last year that stated that Saudi Arabia is using the Gulf Coast refineries that used to process the Venezuelan ‘sour crude’ to now process the ‘sour crude’ their wells are now producing.
Mind you I’m not real positive about this but for some darn reason that’s what I recall. So if anyone does know the truth about where the crude oil those refineries are processing is coming from I would appreciate it if they would say so.
“Shut up and take my oil!”
Yes, that seems to be a sore point with President Trump.
Where was anything said (by Trump) about blocking oil / gas imports? The idea is to increase production / supply. Granted that there is the problem of Saudi’s (and others) production costs being lower. However, more sensible regs and opening up of areas where the oil / gas is easier to get to, will help.
Saudi Arabia is guilty of really awful customer relations.
“Where was anything said (by Trump) about blocking oil / gas imports? The idea is to increase production / supply. Granted that there is the problem of Saudi’s (and others) production costs being lower. However, more sensible regs and opening up of areas where the oil / gas is easier to get to, will help.”
Ding ding ding. We have a winner!
>> That’s nuts. <<
Welcome to FR!
Trump should respond by asking, Aren’t you the guys exporting terrorism around the world? We’ll talk oil stability after you address that problem.
What’s the current premium for shipping oil by rail over shipping by pipeline? Is it still $15 bbl? Transportation costs for oil sands and shale sources of oil is not insignificant in their being market competitive.
Can say less sour crude and heavy oil is coming from Mexico and Venezuela.
Justice...sweet justice. I can almost taste their tears.
Why is it nuts to sell off half of the reserve?
The US is basically energy self-sufficient even with coal being crippled. The USGS just announced the biggest oil find today in the history of the US. The rationale for a reserve that was so compelling two decades ago just in not there. Holding the reserve merely props up oil prices and serves the best interests of this country’s global adversaries.
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