Crude Oil Prices Turn Lower on U.S. Drilling Activity

Discussion in 'Energy' started by Weatherman2020, Mar 19, 2018.

  1. Pogo
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    Pogo Diamond Member

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    I just did. You missed it while you were gazing in your mirror.
     
  2. Toddsterpatriot
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    Yes, you demonstrated your ignorance.
    Glad to help.
     
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  3. Weatherman2020
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    Weatherman2020 Educating Libs Since 1978

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    Hilarious. A leftist whining about gender identification.
     
  4. Weatherman2020
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    Weatherman2020 Educating Libs Since 1978

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    Shitfirbrains posts a chart blasting the Obama Error, hilarious.
     
  5. bripat9643
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    And that proves exactly what?
     
  6. longknife
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    longknife Diamond Member

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    To get past all the BS in this thread.

    Here's what I don't understand. The news says we are now exporting more oil than we are importing because we are pulling more out of the ground than ever before.

    Right now, regular is about $2.72 to 2.78 (it was down around $2.50 for months) and word has it that it will soar in the months to come to over $3.50.

    Why?

    Shouldn't the Laws of Supply and Demand indicate that the more oil there is, the cheaper it should be?
     
  7. Toddsterpatriot
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    Toddsterpatriot Diamond Member

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    The news says we are now exporting more oil than we are importing

    I don't think that's the case. Do you have a link?
     
  8. bripat9643
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    bripat9643 Diamond Member

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    "Word has it?" You expect us to accept that as some kind of fact?
     
  9. longknife
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    longknife Diamond Member

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    How much petroleum does the United States import and export?
    In 2016, the United States imported approximately 10.1 million barrels per day (MMb/d) of petroleum from about 70 countries. Petroleum includes crude oil, natural gas plant liquids, liquefied refinery gases, refined petroleum products such as gasoline and diesel fuel, and biofuels including ethanol and biodiesel. About 78% of gross petroleum imports were crude oil.

    In 2016, the United States exported about 5.2 MMb/d of petroleum to 101 countries. Most of the exports were petroleum products. The resulting net imports (imports minus exports) of petroleum were about 4.9 MMb/d.

    The top five source countries of U.S. petroleum imports in 2016 were Canada, Saudi Arabia, Venezuela, Mexico, and Colombia.

    From How much petroleum does the United States import and export? - FAQ - U.S. Energy Information Administration (EIA)

    That was just a quick Google search.
     
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  10. Pogo
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    Simple laws of supply and demand would have that effect if we were talking about a closed system where both supply and demand are finite and controllable quantities. Oil doesn't work like that, unless you want to nationalize oil companies and keep the flow within our borders -- but that's not how it works because (a) oil is a fungible commodity on the international market, not just the US, and (b) the entities that drill, process, store and sell that oil are international megacorporations (oil companies) whose interest and allegiance is to their own profits and their own shareholders, not what's going on at the retail level in any of the countries they supply.

    See also post 47.

    So when your reports say "we" are importing or exporting X amount of oil, what they should be saying is "they" (the oil companies) are doing that. "We" don't have an influence on it.
     
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