Posted on 12/20/2023 7:44:46 AM PST by Miami Rebel
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.
(Excerpt) Read more at oilprice.com ...
Someone please explain to me how the oil production can be up so much under this admins anti-carbon policies? I believe it is up or the gas prices would be even higher than they are currently, but I dont see how they could be at record levels, otherwise we would be at Trump gas prices.
I am dubious.
Two issues - Exports and Refining Capacity.
The USA always exported refined products like gasoline and diesel. We supply half of South America and the Carribean with gasoline. But, the amount of refining capacity needs to be increased.
Now, we are also exporting crude oil.
This is all by design. Get oil prices to come down before the election to make Joey look good.
**This is all by design.**
Yep, the dumbed down general public has a short attention span problem, and keeps getting fooled again and again.
Fracking on private property developed to offset restrictions and regulations, which has helped boom oil production. Joe Biden is the most bullish oil president we've had, thanks for such restrictions. Kinda like the war on drugs. Throw in that the GOP forced Obama to lift oil our oil export ban, which has helped spur more production.
Exactly.
One has to wonder where all the oil is being funneled to.
With this administration nothing would be a surprise.
Gas prices are declining, but obviously demand has surged from COVID lows.
“The oil boom kicked off when Obama and Joe restricted productions on federal property.”
Oil production surged under Obama, thanks to fracking:
By the end of President Obama’s first term, production had climbed to more than 7 million BPD. By the third year of Obama’s second term, U.S. oil production had nearly doubled to 9.7 million BPD. However, a price war with OPEC caused oil prices to crash and oil production to subsequently decline during Obama’s fourth year. Nevertheless, from the beginning of Obama’s first term to the end of his second term, U.S. oil production increased by 3.7 million BPD.
“exports expected to average 5 million barrels per day.”
Fun with numbers...
Picture a cube, two US football fields wide (side-by-side fields) and nearly one football field tall. That is the 5 million barrels we export every day.
For a full year, that’s a cube almost a half-mile on each side.
That’s a lot of oil we export.
But, what if you spread that oil evenly over the entire Lower 48 States? It would be 1.3 mils deep (a mil is a thousandth of an inch).
“One has to wonder where all the oil is being funneled to.”??
Producers will sell to the highest bidder.
And, there isn't any doubt that oil production will plummet once again if Biden or another Democrat is in the White House.
The exported crude is more than offset by the imported crude from Canada.
Of course. But let’s not discount a little nudge or recommendation from this admin to sell
“The exported crude is more than offset by the imported crude from Canada.”
Not so. The US is marginally a net exporter. Canadian imports have been holding at about 4mm BPD since 2017.
“But let’s not discount a little nudge or recommendation from this admin to sell.”
I’ve invested in the oil patch for over 40 years and I can assure you that Chevron, Devon, Pioneer, Conoco, and Marathon don’t look to D.C. for guidance in their marketing.
Ok. But they do look to DC for permits, OSHA, EPA, Labor Dept, Energy Dept, SEC, Treasury…..did I miss any?
One OSHA violation can shut down a work site.
WOW!!!
Yep, something doesn’t add up.
I forgot to add……Since you’ve been an investor for over 40 years, you’re now the SME on the inner workings of political tyranny and bullying by an administration.
My bad.
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