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 ...
Sorry but it’s the truth.
“Free trade” is not a conservative ideal.
Yes, there are times when common sense America First trade measures can conflict with radical globalist Adam Smithian dogma. It seems oft times greedy traitors so can never decern the vomit from the steak.
Adam Smith was a globalist? Do tell.
Adam Smith defines globalism. Marxists love him.
Gas is cheaper than that. I’m surprised how fast it’s fallen in the last month. Of course that can change in a nano second.
I never said it was.
I simply pointed out a blatant example of the cognitive dissonance on display when protectionist trade policy aimed at protecting U.S. industries makes no sense when (at the same time) we look to hamper EXPORTS from productive, wealth-generating domestic industries.
I know exactly how it works. It's called classical fascism.
"I want to get paid as much as possible for what I produce, but I want the government to impose policies that force others to sell me the sh!t I want for as little as possible."
I will look into that.
Marx predicted what is now happening in the USA. Of course at the time he was speaking about the UK but it goes like this, free trade would destroy domestic industry leading to workers having less and less economic leverage. As a result they will be pushed futher left and over time you have a socialist country which is a way station to full blown communism.
With oil prices down to $76, why doesn’t Biden start refilling the Strategic Oil Reserves?
Fascism you say? Let’s see. In 1789 the first law EVER passed was the Tariff Act. Signed by George himself. What a bunch of fascists. /sarc
SOOOOOOOOOO—HOW much as been replenished into the Strategic Supply???
The point I was trying to make relates to export controls, not tariffs.
Stay focused, dude. :-0
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