Posted on 04/24/2018 7:42:20 AM PDT by afraidfortherepublic
THE United States is flooding the European markets with record amounts crude oil as US producers seize on Russia and the Organisation of the Petroleum Exporting Countries (OPEC) pact to cut output resulting in soaring oil prices.
US crude oil is seen as the cheaper option as the OPEC and Russia pact begins to bite after agreeing jointly to oil output jointly by 1.8million barrels per day (bpd) help rebalance the market and to help elevate the benchmark Brent prices.
Now, the relatively high prices brought about by that pact, coupled with surging US output, are making it harder to sell Russian, Nigerian and other oil grades in Europe, traders said.
A trader with a Mediterranean refiner, who regularly buys Russian and Caspian Sea crude and has recently started purchasing US oil. He said: “US oil is on offer everywhere. It puts local grades under a lot of pressure.”
In April, US supplies to Europe are set to reach an all-time high of roughly 550,000 bpd (around 2.2 million tonnes), according to the Thomson Reuters Eikon trade flows monitor.
(Excerpt) Read more at express.co.uk ...
The article doesn’t make a lot of sense to me, we produce a little over 10.5 million BBL per day but use 18 million BBL per day. How could we be flooding anyone with oil is beyond me.
When I retired 6 years ago, I was making just under $40000 a year and the gas price was roughly $3,29 a gallon where I live.
So...we’re exporting oil to Europe at the lower West Texas Intermediate price and importing oil from Saudi Arabia, Mexico, Venezuela, etc.at the higher Brent price?
If inquiring about what is going on with respect to pump prices means that I am self-centered, then so be it.
Charity starts in the home and is practiced regularly.
Seems like a report came out recently about Trump reclassifying Alaska on drilling.
Cheaper fuel at the pump is doubtful in the short term as the dollar continues to be devalued.
IYou are perhaps advocating a banon exports? That would cause the American oilcos to reduce output to keep the price from falling and you would wind up with increasing prices above those which would pertain on the free marrket for lil because it would be an additional reduction of world oil production over that of OPEC and Russia. As the American price rises it would draw more production but the price would stay relatively higher because of the limited market.
I remember when both political parties told us that nothing could be done about higher gas prices. Ha! Never again. We now know presidents can do something
Having natural resources, to use and sell, is always going to be foundational.
It’s both, actually.
Got to get the price of crude down to lower the price of gas. Time to start controlling the petro market, and provide baseline price stability for all categories.
They may not include price of gas or food in the inflation calc, but the price of gas is there just the same.
In California and a few other states, refineries are forced to produce "boutique gasolines" specially blended to "reduce emissions". Those specialized fuels are produced in smaller quantities and are thus more expensive.
It's called "long term contracts". Most times they work for the buyer, but under some conditions they can backfire big time.
Seems to me some recent bumbling communist mulatto asshole President repeatedly said “We can’t drill our way of this.” As usual, the guy who never ran a lemonade stand was wrong about American business and ingenuity.
Gas is up to $3.00 in Pennsylvania.
Fool me once same on you Fool Me Twice Shame On ME !
So I may not be the shiniest apple in the barrel BUT...
Somebody seems to be asking me to totally suspend my cognitive intelligence. Wait a Minute here .... So there is enough USA OIL to “flood” the market in Europe BUT , not enough USA OIL to produce a low cost retail consumer gasoline in the USA .... This is total B.S. ... Hay Mister Trump, stop flooding The Eastern Hemisphere with USA Oil , and start giving your loyal taxpaying patriot Voting Public a FUQing Break ... do they really expect us to believe all this rubbish and still expect us to once again swallow #3 dollar (plus) a gallon prices , USA OIL corporations are not only gouging US , but they have the out N’ out affrontary to run this Bull Sheet Down our Throats ? Trump is in bed with Oil , he looks like a whore
Summer blends are being switched over right now. This brings offline a lot of refining capacity. It’s not necessarily the ppb raising the cost at the pump for us.
Why are you cutting and pasting the same post to numerous threads?
That was horses ass Governor Corbett who put that tax in.
Time to start controlling the petro market, and provide baseline price stability for all categories.
The Soviets tried controlling markets, too. How’d that work out? Obamacare tries to control the medical market. How’s that doing?
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