Posted on 11/09/2023 5:34:32 AM PST by george76
Tanker tracking data suggests that the highest number of vessels in years is headed to the U.S. to pick up crude oil cargoes.
The large fleet of supertankers bound for the United States highlights the increasingly growing role American crude plays on the global oil market.
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U.S. crude oil exports continue to reshape the global market as America is pumping record volumes of oil and shipping record volumes of it overseas while the OPEC+ group withholds supply to "stabilize the market."
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U.S. crude oil exports hit record highs in the first half of 2023, averaging 3.99 million bpd. That's up by nearly 20% compared to the first half of 2022...
The largest share of U.S. crude oil that is exported made its way to Europe, at 1.75 million barrels per day—mostly to the Netherlands and the United Kingdom. Asia was the second-largest destination, receiving 1.68 million bpd, with the largest portion heading to China and South Korea.
Despite the record exports, the United States remained a net crude oil importer in the first half of the year, ... even with increasing domestic production, importing 8.836 million bpd in June—nearly half of which came from Canada. Refineries in the United States are geared to process heavy, sour crude oil, while most of the oil produced in the United States is light, sweet crude.
With record-high U.S. crude production, more light sweet crude makes its way overseas.
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As a result of rising production and often favorable arbitrage economics, exports have grown so much that oil is on track to be the largest export item for the United States this year for the first time in history.
(Excerpt) Read more at oilprice.com ...
So how come gas is still $3 - 5 / Gallon?
What’s the price in China?
Foreign buyers are driving up the price of the crude oil.
About 9 renminbi right now.
Federal government money printing make the dollar worth less, so food, everything costs more ..
Think of refinery capacity as a supply chain bottleneck which increases the cost of gasoline and other refined products. It’s not going to be fixed until long term energy policy definitely includes petroleum and we get rid of the regulatory monkey that makes it nearly impossible to build new refineries or any large project for that matter.
It's all about going green! C'mon man.
Understand that.
Blame republicans for this one…. Used to be law that only excess oil could be exported and since we use more than we produce there never was any. Then they, at the behest of their globalist masters changed the law allowing for oil exports.
So enjoy folks…
Gang green.
Oil is fungible. The “exports” are just a way to move oil around the world in the most economical means, hence our overall being a net importer of oil.
“With record-high U.S. crude production, more light sweet crude makes its way overseas.”
It’s a fungible commodity.
About 9 renminbi...about 65$ ?
could that be right or am I still in a morning fog ..?
ooooo wait more like a buck and a 1/4 ... I think ...
I think I need an other pot of coffee
Oil for thee but not for me! “America Last”, the SLO Joe admin slogan!
WWG1WGA!
“So how come gas is still $3 - 5 / Gallon?”
Because they are opportunists.
“So how come gas is still $3 - 5 / Gallon?”
Because you do not live in Texas or Louisiana.
About a buck and a quarter.
Don’t recall if it is per gallon or per liter.
WEDNESDAY ON FR ... "We have a massive trade deficit with every country in the world. We should promote U.S. industries and impose tariffs on imports!"
THURSDAY ON FR ... "Oil prices are too high. Why the hell are we exporting any of it? Blame Republicans for allowing the export of U.S. crude oil!"
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