Bush Lifts Ban On Offshore Drilling July 2008
Posted on 06/05/2022 1:58:00 PM PDT by blam
Didn’t change today. I suspect south jersey will hit 5/gallon tomorrow. 4.97 today.
Are you sure that you are on the right web site?
Postponed the trip to Sauce Arabia. Adam Shifts made some comment that Biden should shun the prince. Stupid bastard.
Biden also made a public statement regarding human right too.
Wow. We aren’t going to get any help until these guys are locked up in Guantanamo.
Bush Lifts Ban On Offshore Drilling July 2008
Absolutely.
Fire Biden.
The problem is not crude oil supply it’s refinery capacity. At $120 bbl there is 44 gallons of products made from that bbl thats 2.72 a gallon in crude costs if equally distributed. It’s not jet fuel sells for a premium $6.70’to $12+ according to AIRNAV that monitors 3700+ FBO and airport’s. Diesel is well over $5 so the markup is in the refinery margins taxes are only 18 or 21 cents federally for octane or #2 diesel the states have varying rates but none are over a $1 a gallon so again the markup is in the margins for refineries which are running at 95% or more capacity. The problem is over a million bbl per day was shut down during the demand loss of the pandemic that’s never coming back so the shift is structural even halving the crude price would only take that 2.72 down by half the refinery margins would not budge they are the bottleneck. Since no new refineries will be built in the USA China, India, or.Latin America could build more it would take 5 years to get new capacity up and running at least. There is no short term solution to more refinery capacity.
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.