Though I agree it’snot a bad idea, fact is that their problems don’t really impact the US as much as it used to. It may affect the world’s oil prices, but I believe we in the US can get along just fine without them now. I could be wrong, but I believe we are actually a net EXPORTER of petroleum.
We export CRUDE. We still have refinery limitations in this country and have to re-import that crude after it is refined. We are not fully self-sufficient and likely will never quite get there. But if Canada and Mexico are the buffer that is fine. But I still think we take about 1 million barrels a say from Saudis.
An interesting thing will be to see how the daily Tanker Rates react tomorrow.
Yeah, but ANY excuse to raise oil prices will work, valid or not.
We still have to import to meet our daily needs, we haven’t quite got there yet.
11% of our oil comes from Saudi Arabia.
Agreed - and there was another article that said the Saudis expect to resume full production by tomorrow...
Small blip of a few cents/gal for us at most...
I read all the comments and they are surprising in their lack of understanding. America produces around 10 millions barrels of oil a day and consumes about 29 million.
The fact that we export doesn’t mean we have enough for ourselves, not even close. We operate in a world market, and taking 5% of that production offline is quite a whack.
People also don’t seem to be considering the possibility that these attacks may continue, and the uncertainty about that can add a “fear” premium to prices, which we’ve seen in the past.