Posted on 11/18/2014 9:59:34 AM PST by Laissez-faire capitalist
We most certainly need to "drill, baby, drill." But how much of this oil is going to be shipped elsewhere, and how much will stay in the US?
While much of it will probably be refined, will it then be shipped to Latin America or other places?
Why not keep it all (or at least the lion share of it) here in the United States?
Petro Ping.
From what I understand it’s destined for overseas. Since it isn’t produced domestically then the restrictions on oil and natural gas exports don’t enter in.
Where will the Keystone XL oil go to?
Steele City, Nebraska
Balance of trade?
Why do you think that? Because Obama said so?
The US is still importing ~7 million barrels a day of crude oil.
Do you envision a Tanker unloading crude from OPEC, the loading back up with Canadian oil to take away? Because you believe high transportation costs are good for oil companies?
Once crude is refined, to gasoline for example, it can go anywhere.
So the answer is that the refined product will go to the highest bidder. It will likely remain in the U.S. to avoid further transportation costs.
From what I have read from multiple sources (both liberal and conservative news outlets) the majority will go overseas, but much will be refined here in the US into gasoline and then shipped overseas, primarily to Latin America.
Why do people believe the oil via the Keystone XL pipeline would be treated differently than the 3 million barrels a day we already import from Canada?
The oil goes on the world market.
It (at least most of it) needs to stay in the US. If it doesn’t, then conservatives need to push to try and get their congress critters to do something.
Nope. GOP and GAO: Link
Do you envision a Tanker unloading crude from OPEC, the loading back up with Canadian oil to take away?
A lot of people do.
Because you believe high transportation costs are good for oil companies?
Because high domestic prices are good for the oil companies.
Cute, but inventive.
because they actually buy Obama’s deranged ramblings?
Oil being transported via pipeline and not rail is a lower risk scenario.
The Canadian barrels are meant to displace the higher cost barrels from Saudi Arabia and Venezuela, among other places.
And do you believe we are not paying market prices in the US?
Transportation cost money. Why spend dollars to receive market prices available in the US? And the US Gulf Coast has significant refinery capacity already optimized for heavy crude, but now we get a lot of it from Venezuela.
Unless Venezuela intends to cut a below market rate for the US that Canada would not, while paying more to ship, we will be refining essentially all of that oil.
There is no rational basis to conclude that.
Please provide a citation to a credible industry source that states that.
The refined product will go to the highest bidder, which is likely to be domestic due to transportation costs.
I can tell you where it WON’T go. It won’t go on Warren Buffet’s BNSF railroad tank cars.
That is where the XL stops. Some will then travel to the midwest, gulf coast, etc.
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