Posted on 11/14/2023 1:07:37 AM PST by EBH
My friends we have some very smart posters here-Owen is one. Then we have the knee-jerkers-I would say mini-Trumpers. They are truth tellers who are blunt. We need both. Unfortunately the smart stuff makes listeners sleepy. The left responds with the sexy stuff-solar/wind. Guess who gets listened to?
The strategic reserve is easily understandable even though it’s not as significant as the rest of the subject. Should the power to empty it be confined to the executive branch? Trump does the heavy lifting while Biden uses Trump’s efforts for his own gain. Are we the chumps?
Speaking of oil, I found this incredible vid on YouTube:
Why Makeshift Oil Refineries in Syria Are A Ticking Time Bomb
https://www.youtube.com/watch?v=KsB9OTkepe8
Holy carp!
This is NOT the Kurds operation, btw, although the crude is a small portion of the Kurds’ sales.
I’ve spent way too long on FR this morning - need to make a trip to my P’s old place — maybe someone would post this?
Owen is smart but not objective, IMO, and often misses further considerations. Granted, sometimes such are pointed out to me, too.
Very quickly, as I really DO have to get stuff done to get out of here(!):
IMO Congress should establish a minimum reserve not to be drawn on except in time of a declared National Emergency or War. Having a larger reserve to buffer price shocks is fine with me, although the opportunity for political manipulation seems obvious, and probably should be limited in some way. THAT probably needs some serious thought...
Gasoline prices have been coming down a bit the last several weeks, so, it seems we must have the oil to export...
August 2023 production was over 13 mbpd.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS1&f=M
One last quickie, for reference, in 2022, per EIA, US total energy production was 102.92 quads. Not including rants on FR, of course. ;-)
You’re kind of all over the map.
Yes, 20 mbpd is crude plus product and that, however, is not very pure consumption because of definitions. There are about 4 mbpd of NGLs and God knows how you concluded Propane was most of this. It’s ethane, a plastic feedstock product from lease condensate and NGLs. So I can’t comment on Ethane since it is somewhat obvious.
As for the export number vs import, it all begins with shale output shipped as diluent to Canada. It is low API (density crude, but it occupies the same barrel volume) as the blended result that takes place in Albert (from the oil sands, very heavy oil). This enabled the oil to get through pipelines and return to the US as part of the 4.3 mbpd Canada ships to the US.
That’s an import of proper oil. A barrel of this is a barrel of actual oil. A barrel of what we send them to do the dilution could be called something less than crude oil, but the barrels of liquid are evaluated the same.
Point being, a great deal of this export number is not sent to foreign consumers. It is sent to Canada as diluent. Then Canada can export 4.36 mbpd to the US — who burns it.
As for petroleum product export, this is often . . . nearly always, from crude that country sent to the US. The refining process generated Refinery Gain which the US counts as a barrel of domestic production . . . OF CRUDE.
1.2 mbpd of crude comes from OPEC.
We’re at about 8 mbpd of IMPORTS of crude and products. You can find that on the EIA page. https://www.eia.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbblpd_a.htm
The Crude Exports are 3.6 mbpd, and as just shown, much of this returns to the US from Canada. There are 6 mbpd of products sent elsewhere, but this is often from their own crude, refined in the US, and from which the US declares 6% Refinery Gain. FYI no other country in the world plays this Refinery Gain game. It adds about 1 mbpd to quoted domestic production numbers. You don’t have to believe me. Look up Refinery Gain.
The world of oil is filled with obfuscation. The best source is the spreadsheet. They do not have any agenda EIA might have and certainly have superior internationals sources of info. It’s also useful to just take a step back and realize if enough oil was produced in the US, there would be no need for any imports of any kind from anywhere.
BETCHA that not one barrel in the Strategic Reserves has been replaced.
Nice try.
US refiners to taper output, keep gasoline prices tame
Okaaaay....
US petroleum products exports set new record in 1H23
Fascinating read.
Should small, independent oil companies be primed with subsidies?
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