Posted on 09/15/2019 8:22:42 AM PDT by SaxxonWoods
Would you care to cite contrary data?
I don't know about you, but if we're going to wage war for personal financial reasons then let's topple whatever government causes my taxes to increase astronomically. :-P
“Saudi Arabia is the largest oil-producing member of OPEC, and as such they regularly reduce their oil production to keep oil prices high. So now they’ve lost 5.7 million barrels per day of production capacity? LOL. Big deal. I’m sure the other OPEC members can make up for that lost production.”
Congratulations. Someone that can see the forest for the trees. There is no problem, here.
“The International Energy Agency, or IEA, said on Saturday it was monitoring the situation in Saudi Arabia. “We are in contact with Saudi authorities as well as major producer and consumer nations. For now, markets are well supplied with ample commercial stocks,”.....
It’s just a burp in the system that is replaced easily.
The WSJ is playing dome and gloom games. But it does however make a point to grow in ANWR and take advantage of the vast oil reserves up there.
rwood
Hint:
“In 2018 we produced 11 million BBL per day.
And we consumed 20.5 million BBL per day.”
OF WHAT!
READ THE INFO!
“Are you suggesting that it is perfectly acceptable for the U.S. to wage war to keep your car’s fuel tank filled with cheap gasoline? “
No, I can afford any increase in the price of gasoline.
But, most of the US and the world cannot. The impact on the world economy would sentence millions to death. Fertilizer, diesel for tractors, trains and ships...even many drugs. Heating oil.
So, YES, I believe it is not only perfectly acceptable, but desirable to keep oil flowing freely even if that means war.
Crude Oil.
Our oil production could increase even more now. If the price stays above $60 a barrell for any length of time the Permian Basin will boom even more. Jobs, jobs, jobs.
“And we consumed 20.5 million BBL per day.”
“Crude Oil.”
That is NOT what your link says!
On a favorable note, US production of crude is expect to be 12.4 million bbl per day in 2019.
Leaving us only about 8 million bbl per day short.
“Leaving us only about 8 million bbl per day short.”
Garbage in, garbage out.
You’re right.
Since the efficiency of refinement rarely exceeds 80% (leaving tar/asphalt the actual crude consumed is likely higher than 20.5 million bbl per day.
Even when offset by biofuels.
LOL!
Keep reading!
I've thought the same thing many times. As if we should ignore the thousands of jobs created, direct and all through the economy, not to mention the security of producing a sizeable portion of what we use.
Which leads to your second point:
What are you talking about? We produce about 10 million barrels a day and use 29 million. We import a hell of a lot of oil. The fact we export some production makes our importing numbers go up.
Hey! Clear thinking about energy isn't allowed!
lol
>“At 5% of the world market, it will be interesting to see how the market reacts.”
>
>$100 per bbl by close of market Monday.
The market will react no doubt, always does. Could be a short term buying opportunity tomorrow
“You cite contrary data.”
I am citing data from your link. Only one paragraph plus one sentence plus a definition!
Do I really have to quote it for you?
You got it. Future refinery design will be based on American crude analysis while present design is based on ME distillation data and Venezuelan crude. If we will be allowed to develop our oil and gas industry.
Last time I looked Canada and Mexico were our no.1 and 2 trading partners respectively for oil. During George W. Bush administration our imports of Saudi crude went from 26% to 5%.
This is absolutely - 100% false. We most certainly do import oil. We are a NET ZERO importer of oil - meaning we send out the same amount we bring in...but we are still importing oil. In June we were still importing 215K barrels a month - 47K from OPEC and about 1/2 from Canada.
Not sure how you can say we don't import oil with all the news of Candian pipelines. What do you think they have in them? Kool-aid?
Cut production equals increasing barrel price. My guess in four weeks, it’ll be near $90 a barrel. Everyone else will be happy over hyped-up price. But I think the whole shutdown will last less than six weeks, and prices will return to a norm by the end of November. Meanwhile, your gas per gallon price probably will go up.
The real question to ask....is this the only attack, or will Saudi Arabia retaliate?
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