Posted on 07/04/2018 9:11:47 PM PDT by BlackVeil
But a vast majority of it is stopped in Valdez, and sold to Japan so they can refine it and sell it back to us at a loss so they can keep the economy’s head above water.
Climate Change Mythology was the lynchpin that held together an incredible tapestry of lies.
We sell unrefined oil to Japan for them to refine for us so they can make the profit of reselling it to us and we buy it back at a loss for their profit. If we didn’t sell it to them we would refine it ourselves which would cost less so we buy it back at a loss to what we could do to save their economy.
Oil remains the largest source of primary energy consumption in Japan, although its share of total energy consumption has declined from 80% in the 1970s to 43% in 2011. Japan was the third largest net importer of crude oil and petroleum products in the world after the United States and China in 2012, having imported 4.6 million barrels per day (bbl/d). After Fukushima, Japan increased imports of crude oil for direct burn in power plants. So they, also, increased their importing from the US and continue to profit from the selling back of some of our oil. And we also support them with coal which Japan uses as a baseload source for power generation. Coal remains an important fuel, and coal-fired generators accounted for nearly 27% of Japan’s electric capacity in 2010, according to the FEPC and the International Energy Agency (IEA). So they are having a difficult time with power needs just like North Korea. Only they are trying to claw out of it with legitimate trade.
Japan had been struggling with falling prices and sluggish growth for decades. But it appears to be finally showing growth rates in their GDP catching up on their failed policies for over half a century.
rwood
There is another factor......
How much of the supply by Iran is diminishing?
To effect the squeez on Iran Saudi Arabia and other GCC nations can easily pick up the slack to insure prices do not rise and actually decline a little. While Saudi Arabia is mentioned in the struggle all the Gulf nations cooperate in a common effort.
Balderdasious drivel
Spoken like a good pro trade union progressive
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