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Trump's revenge: U.S. oil floods Europe, hurting OPEC and Russia
reuters.com ^ | April 23, 2018 | Olga Yagova, Libby George

Posted on 04/24/2018 11:09:46 AM PDT by Berlin_Freeper

As OPEC’s efforts to balance the oil market bear fruit, U.S. producers are reaping the benefits - and flooding Europe with a record amount of crude.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy
KEYWORDS: crude; drillbabydrill; energy; europe; oil; opec; palinwasright; russia
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1 posted on 04/24/2018 11:09:46 AM PDT by Berlin_Freeper
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To: Berlin_Freeper
Russia’s ‘keep it in the ground’ ploy to stifle American oil
2 posted on 04/24/2018 11:16:57 AM PDT by Berlin_Freeper (Happy Nobama)
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To: Berlin_Freeper

Thus illustrating the absurdity of thinking that the Russians really wanted Trump to be president.


3 posted on 04/24/2018 11:22:21 AM PDT by XRdsRev (You can't spell HILLARY without the letters LIAR.)
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To: Berlin_Freeper

Saw this coming back in 2012 - 2014. My timing was too early else I would be the richest member in my family history. The Obama Administration wouldn’t sign off on an export application from my group.

The Bakken has 10 X the proven reserves of Saudi Arabia. The Permian Basin is producing an overflow of oil never before seen in its history.

Refineries are coming back online so quickly. Just a few years they were mothballed, disassembled, sold and shipped overseas. They are so valuable because they are made to US standards and are built to last hundreds of years. American engineering truly had a golden age that was set back for decades by politics. Now with President Trump, it’s all coming back. The young people of today are so fortunate.

On top of this, the USA has so much natural gas that comes out with the oil pumping that it has to be flared (burned) off, wasted.

It’ a whole different world now that most thought impossible just a few short years ago.


4 posted on 04/24/2018 11:23:19 AM PDT by Hostage (Article V)
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To: Berlin_Freeper

See, Collusion! There...oh, wait.


5 posted on 04/24/2018 11:23:59 AM PDT by VRW Conspirator (Enforce the Law. Build the Wall. Deport them All.)
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To: Hostage

Yeah, then why is the price of gas going up?


6 posted on 04/24/2018 11:25:05 AM PDT by nikos1121
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To: nikos1121

US producers are eporting more where the price is higher.

President Trump has addressed this issue and says it’s not good. I believe he is going to release strategic oil reserves on the US market to get the price down.


7 posted on 04/24/2018 11:27:45 AM PDT by Hostage (Article V)
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To: Hostage

I can’ understand that, but you would think OPEC would counter and raise production. There should be a world overflow of oil, OTOH, it’s helping our balance of trade.


8 posted on 04/24/2018 11:33:08 AM PDT by nikos1121
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To: Berlin_Freeper

Good news
Black Gold Triumphs


9 posted on 04/24/2018 11:33:19 AM PDT by ptsal ( Get your facts first, then you can distort them as you please. - M. Twain)
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To: nikos1121

There is no need to make actions to help our balance of trade.

Actions must be made to ensure a profit


10 posted on 04/24/2018 11:34:20 AM PDT by bert (RE)
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To: nikos1121

I don’t agree with that article, USA is still importing over 8 million barrels a day, how can we be flooding anyone with oil when we don’t have enough for our own use.


11 posted on 04/24/2018 11:35:15 AM PDT by wild74
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To: wild74

...” we don’t have enough for our own use”...

Who told you that?


12 posted on 04/24/2018 11:36:55 AM PDT by caww
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To: wild74
USA is still importing over 8 million barrels a day, how can we be flooding anyone with oil when we don’t have enough for our own use.

Maybe the oil that we're importing was already contracted and paid for; hopefully, at a much lower rate than the oil that we are currently selling. A profit off buying low and selling high would be nice ...

13 posted on 04/24/2018 11:37:26 AM PDT by BlueLancer (Come Hell or High Water - https://www.youtube.com/watch?v=sQNUp9rgjNs&feature=youtu.be)
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To: nikos1121

Reserves


14 posted on 04/24/2018 11:37:59 AM PDT by caww
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To: Hostage

And I believe explorers discovered 80 billion barrels of oil off the coast of Bahrain and lots of natural gas too!


15 posted on 04/24/2018 11:38:34 AM PDT by Maine Mariner
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To: wild74

Part or perhaps all of the reason is because there are existing contracts for the purchase of foreign oil between American entities and foreign entities.

It is more profitable to fulfill the terms of the contract than to pay penalties for breaking the contract


16 posted on 04/24/2018 11:39:33 AM PDT by bert (RE)
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To: wild74

It is amazing how few folks really understand economics. How could anyone be shocked that when two competitors create a void in the market, another competitor will be happy to fill the void???? Once the Russians and OPEC realize their gimmick to “fix” the market has backfired on them, they will start producing again and markets will stabilize. Further, production capacity and refining capacity are two different things and the former is far more elastic than the latter.


17 posted on 04/24/2018 11:41:54 AM PDT by PSUGOP
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To: wild74

Logistics. Overall we are still a net importer but that can/will change very quickly. SA can no longer control us.


18 posted on 04/24/2018 11:42:29 AM PDT by StolarStorm
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To: Hostage

It’ a whole different world now that most thought impossible just a few short MONTHS ago!...................fixed it!................


19 posted on 04/24/2018 11:43:00 AM PDT by Red Badger (Remember all the great work Obama did for the black community?.............. Me neither.)
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To: StolarStorm

The only thing they could mean is that with the extra US production that is leaving less to export to America and the extra is flooding the market.


20 posted on 04/24/2018 11:44:31 AM PDT by wild74
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