Posted on 11/14/2023 1:07:37 AM PST by EBH
The record number of supertankers sailing toward the shores of the US is getting ever larger.
There are 51 ships headed to the nation’s ports over the next three months. That’s the most in at least six years, climbing by three from the previous week’s record. About 80% of the vessels are empty, indicating that they intend to pick up cargoes in the US.
The growing volume comes after US crude exports surged this year to a record. Overseas shipments have averaged 4.1 million barrels a day, based on the Energy Information Administration’s weekly data, up from 3.5 million in 2022. That’s helped offset some of the supply losses arising from output curbs by the Organization of Petroleum Exporting Countries and its allies.
Earnings for giant tankers capable of hauling 2 million barrels of crude jumped last month, in part led by higher demand for shipments from the US Gulf. They climbed above $30,000 a day, the highest since June, according to data from the Baltic Exchange in London.
Earlier this week, London-based shipbroker EA Gibson said the glut of ships also included vessels heading to the region on a speculative basis, without any cargo bookings. Stronger winter demand could mean higher earnings for those tankers when they reach the US, according to Svetlana Lobaciova, a principal analyst at the firm.
Are we producing enough oil or where is all this exportable oil coming from?
It’s easie peasie
Now that the Marxists, Obamanites and O’biden have evolved into the green solution for non energy,,, we don’t need that nasty black gold... So it might as well be sold.
How many have a nuke on board?
I think there’s already one or more foreign nukes here.
“where is all this exportable oil coming from?”
Strategic Petroleum Reserve?
Meanwhile, the gauge on the SPR broke. It’s been sitting on “E” for so long.
They are on a mission to deplete this country, and bring it to its knees, and it’s working.
Of course Big Oil can sell crude to whomever they want, but it is insane that USA crude is being shipped offshore rather than being used for the USA. That crude will be needed after the Biden/Obama regime is thrown out of power. The strategic reserve will need to be restocked as well as other basic needs. The Cho BiDung/Obama administration has many folks that should soon be decorating WDC lamp posts.
US consumption of crude is about 19.5 million barrels per day. “Consumption” has some oddball meanings in that some of that gets refined and sent elsewhere. But this is not a big number. 19-20 mbps is a reasonable estimate.
Crude domestic production is about 12.5 mbpd.
So yes, we must import 6-7 mbpd.
And some of that goes elsewhere depending on what blends refineries are that moment expecting.
Bottom line — the US is not oil independent. It hasn’t been for decades. People want to declare someone’s policies did this. Geology doesn’t care about policy.
The famous declaration that Trump made us energy independent was derived from a combination of contorted definitions and coal still powering electric generation, and not only here.
The US is not energy independent. About the only way to achieve that is some massive recession that depresses consumption.
It’s not just oil.
Deep State is exporting our coal, our nat gas...
Note the timing.
As noted, coal.
Coal doesn’t plow fields or carry food to shelves or push airplanes around.
Contorted definition. This is not energy independence. This is shipping coal we increasingly do not use to China and India.
Between oil, gas and coal, and imports from Canada and Mexico, the US is effectively “energy independent”.
Yes, we need imports from our immediate neighbors, but with them we can meet our needs. We are not dependent on middle eastern oil. We are not dependent on Venezuela or Russia or Iran.
Drill baby , drill.
Well, now you’re imagining an even more contorted definition. Instead of leaning on coal, you’re deciding neighboring sovereign nation exist to ship oil to the US.
BTW you are a bit out of date. Mexico, like elsewhere, saw an oil consumption decline to the virus, but their consumption now exceeds their production. Oil sent to the US is for refining and subsequent return of refined product to Mexico.
NEW NATURAL GAS NEEDED TO MEET DEMAND; EVEN AS U.S. NATURAL GAS EXPORTS REACH RECORD HIGHS IN 2023
Crude...
U.S. crude oil exports reached a record high in first half of 2023
Refined product. Behind a paywall, but the headline says it all...
While we’re still exporting record amounts?
Drill to whose benefit?
Deep State’s?
Not just coal, is it...
Answer yes, but it ought to be refilling the Strategic Reserve, and then lowering the prices we pay at the gas pump.
Lucrative Reward or Mounting Risk? Mexico’s Growing Reliance on US Gas
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