Remember When Smartest President Ever Said We Can’t Drill Our Way Out of Energy Shortages?v

[Papageorgio]

WOW! $1.00 per gallon fuel is on the way!

With the large taxes put on gas by the feds and the states I doubt it will ever reach a dollar a gallon again.

Oinkonomics 101

Gas taxes are a fraction of the price-gougers' profit margins.

When state and federal taxes are near the 60 cent a gallon range, it's tough for the price to go under $1, just saying.

 

[The Sage of Main Street]

WOW! $1.00 per gallon fuel is on the way!

With the large taxes put on gas by the feds and the states I doubt it will ever reach a dollar a gallon again.

Oinkonomics 101

Gas taxes are a fraction of the price-gougers' profit margins.

When state and federal taxes are near the 60 cent a gallon range, it's tough for the price to go under $1, just saying.

Big Oil's Cost Is Far Below 40¢ a Gallon

Even the cigarette companies hide behind heavy taxation. Their profit on a pack is ten times what it was before richkids afraid of the Marlboro Man had their Daddies change the public's tolerance of smoking.

 

[Papageorgio]

WOW! $1.00 per gallon fuel is on the way!

With the large taxes put on gas by the feds and the states I doubt it will ever reach a dollar a gallon again.

Oinkonomics 101

Gas taxes are a fraction of the price-gougers' profit margins.

When state and federal taxes are near the 60 cent a gallon range, it's tough for the price to go under $1, just saying.

Big Oil's Cost Is Far Below 40¢ a Gallon

Even the cigarette companies hide behind heavy taxation. Their profit on a pack is ten times what it was before richkids afraid of the Marlboro Man had their Daddies change the public's tolerance of smoking.

So 60 cents tax, 40 cents and add the local stations profit and we are now above $1 a gallon.

 

[joaquinmiller]

$.95/gallon of crude $52/bbl at 55Gal/bbl

Oil barrels are 42 gallons, not 55.

The Interior Dept's release is PR. The oil industry has long been aware of the sub-basins, within the Permian Basin - such as the Delaware Basin. It may excite the stock market, but not the oil industry.

 

[joaquinmiller]

US Just Became Net Oil Exporter for First Time in 75 Years

And the Interior Department just announced a discovery in the Texas area show enough oil and natural gas is there to provide for all energy consumption in the USA for the next 7 years. Trillions of barrels.

The shale revolution has transformed oil wildcatters into billionaires and the U.S. into the world’s largest petroleum producer, surpassing Russia and Saudi Arabia. The power of OPEC has been diminished, undercutting one of the major geopolitical forces of the last half century. The cartel and its allies are meeting in Vienna this week, trying to make a tough choice to cut output and support prices, risking the loss of more market share to the U.S.

The U.S. sold overseas last week a net 211,000 barrels a day of crude and refined products such as gasoline and diesel, compared to net imports of about 3 million barrels a day on average so far in 2018, and an annual peak of more than 12 million barrels a day in 2005, according to the U.S. Energy Information Administration.

More @ US Just Became Net Oil Exporter for First Time in 75 Years

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The US has been a net exporter of refined petroleum products since 2011.