CDZ How Did Gas Prices Never Fall Below $2 In most Areas Of The Country After Oil Fell To Negative Prices In 2020?

[surada]

OPEC and its oil producing allies finalized an agreement to cut production by 9.7 million barrels per day — the single largest output cut in history.
The group, known as OPEC+, initially proposed cutting production by 10 million bpd, but Mexico opposed the amount it was being asked to cut.
Under OPEC+’s new agreement, Mexico will cut 100,000 bpd instead of the 400,000 it had initially been asked to cut.

 

[Toddsterpatriot]

Canadian tar sands sell for about $27 a barrel.


This is an excellent explanation.. Forget the environmental issues.

Keystone XL is a tar sands pipeline to export oil out of the United States

One of the most important facts that is missing in the national debate surrounding the proposed Keystone XL tar sands pipeline is this – Keystone XL will not bring any more oil into the United State for decades to come. ...

www.nrdc.org

Excerpt:

One of the most important facts that is missing in the national debate surrounding the proposed Keystone XL tar sands pipeline is this – Keystone XL will not bring any more oil into the United State for decades to come.

Canada doesn’t have nearly enough oil to fill existing pipelines going to the United States. However, existing Canadian oil pipelines all go to the Midwest, where the only buyer for their crude is the United States. Keystone XL would divert Canadian oil from refineries in the Midwest to the Gulf Coast where it can be refined and exported.

Many of these refineries are in Foreign Trade Zones where oil may be exported to international buyers without paying U.S. taxes. And that is exactly what Valero, one of the largest potential buyers of Keystone XL's oil, has told its investors it will do.

The idea that Keystone XL will improve U.S. oil supply is a documented scam being played on the American people by Big Oil and its friends in Washington DC.

2011?

Don't you have anything more recent?

 

[Toddsterpatriot]

Yeah.. We export about 3.5 million bpd and import 8 million bpd.

Where was this 32 million barrels Biden cancelled?

Yeah.. We export about 3.5 million bpd and import 8 million bpd.

Liar.

Oil imports and exports - U.S. Energy Information Administration (EIA)

U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.

www.eia.gov

 

[Fort Fun Indiana]

Horseshit.

The United States Was Energy Independent in 2019 for the First Time Since 1957

U.S. energy production in 2019 was higher than U.S. energy consumption for the first time in 62 years. Thus, the…

www.instituteforenergyresearch.org

A stupid, lying article for gullible people who cannot grasp the concept that our oil industry is not nationalized.

 

[Fort Fun Indiana]

Yeah.. We export about 3.5 million bpd and import 8 million bpd.

Liar.

View attachment 569056

Oil imports and exports - U.S. Energy Information Administration (EIA)

U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.

www.eia.gov

2020

5.88 MMbpd of crude imported, 3.21 MMbpd crude exported. So have to discern between petroleum in general and crude.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

 

[Toddsterpatriot]

No commodity can ever have a negative price. No OPEC country was paying people to take their oil as that is what a negative price means.

The negative prices was for oil futures.

 

[Toddsterpatriot]

Come again?

President Obamaâs Support For Americaâs Shale Oil And Natural Gas

“The natural gas boom has led to cleaner power, and greater energy independence…. Natural gas isn’t just appearing magically…. We’re encouraging it and working with the industry,” Barack Obama, 44th President of the United States.

www.forbes.com

OPEC did not "ramp" production in 2020 or 2021 to try to bankrupt US producers.
OPEC cut production in 2020.

 

[surada]

US Oil Imports by Country



Country
2019 Barrels
2018 Barrels
2017 Barrels
2016 Barrels
Canada 1,613,262 1,566,500 1,479,874 1,383,506
Mexico 237,401 262,613 249,060 244,895
Saudi Arabia 193,357 328,736 348,621 404,925
Russia 187,960 137,010 142,011 161,286

 

[Toddsterpatriot]

Toddsterpatriot said:
The glut lasted into the new year, and OPEC ramped production, with the intent of bankrupting domestic drillers

Wrong. Skews said that.

CDZ - How Did Gas Prices Never Fall Below $2 In most Areas Of The Country After Oil Fell To Negative Prices In 2020?

In 2020, the price of oil fell to negative $37.63 a barrel. The economy shut down, and demand at all time lows...

www.usmessageboard.com

 

[Toddsterpatriot]

Oil imports and exports - U.S. Energy Information Administration (EIA)

U.S. crude oil imports sources including OPEC and Persian Gulf, and top five source countries of U.S. oil imports and destinations of U.S. crude oil exports.

www.eia.gov

Oil imports and exports - U.S. Energy Information ...
.
Nov 04, 2021 · The United States remained a net crude oil importer in 2020, importing nearly 5.88 MMb/d and exporting about 3.18 MMb/d.

However, some of the crude oil that the U.S. imports is refined by U.S. refineries into petroleum products—such as gasoline, heating oil, diesel fuel, and jet fuel—that the U.S. exports. Also, some of imported petroleum ...

Nov 04, 2021 · The United States remained a net crude oil importer in 2020, importing nearly 5.88 MMb/d and exporting about 3.18 MMb/d.

How many barrels of refined oil products do we export?

 

[Toddsterpatriot]

2020

5.88 MMbpd of crude imported, 3.21 MMbpd crude exported. So have to discern between petroleum in general and crude.

Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

www.eia.gov

No kidding, the refined products are much more profitable.

 

[skews13]

OPEC+ reaches deal to cut oil production by 9.7 million ...

OPEC+ reaches deal to cut oil production by 9.7 million barrels per day

Saudi Arabia and Russia have struck a deal with other major oil producing nations to slash production as they attempt to stabilize a market that has been upended by the coronavirus

www.cnn.com

Apr 13, 2020 · OPEC+ reaches deal to cut oil production by 9.7 million barrels per day By Clare Duffy and Jill Disis , CNN Business Updated 10:01 AM ET, Mon April 13, 2020

Yes they did. Right after their short lived price war with Russia.

Saudi Arabia unveils plans to maximize oil output, escalating a price war with Russia

Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with Russia.

www.cnbc.com

State-owned oil behemoth Saudi Aramco said Wednesday that it had been asked by the Saudi energy ministry to raise its production capacity to 13 million barrels per day (bpd), up from 12 million bpd at present.




The oil-rich kingdom has been pumping around 9.7 million bpd in recent months, but it has plenty of spare capacity to pump more crude, with hundreds of millions of barrels also in storage.

Yes they did. Shortly after their price war with Russia in March.

Saudi Arabia unveils plans to maximize oil output, escalating a price war with Russia

Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with Russia.

www.cnbc.com

Or a perceived price war.



As I posted earlier.

Over 100 oil and gas companies went bankrupt in 2020

More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus...

www.houstonchronicle.com

Like I've heard Malcolm Nance say several times

"Coincidences take a lot of planning"

 

[surada]

Yes they did. Right after their short lived price war with Russia.

OPEC kingpin Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with non-OPEC leader Russia.

State-owned oil behemoth Saudi Aramco said Wednesday that it had been asked by the Saudi energy ministry to raise its production capacity to 13 million barrels per day (bpd), up from 12 million bpd at present.




The oil-rich kingdom has been pumping around 9.7 million bpd in recent months, but it has plenty of spare capacity to pump more crude, with hundreds of millions of barrels also in storage.

Yes they did. Shortly after their price war with Russia in March.

Saudi Arabia unveils plans to maximize oil output, escalating a price war with Russia

Saudi Arabia unveiled plans Wednesday to dramatically ramp up oil production, raising the stakes of an all-out price war with Russia.

www.cnbc.com

Or a perceived price war.



As I posted earlier.

Over 100 oil and gas companies went bankrupt in 2020

More than 100 oil and gas companies declared bankruptcy in 2020 after the coronavirus...

www.houstonchronicle.com

Like I've heard Malcolm Nance say several times

"Coincidences take a lot of planning"

It wasn't really about Russia.. They were putting the sueeze on Iran.

 

[skews13]

It wasn't really about Russia.. They were putting the sueeze on Iran.

Probably. But there's no doubt in my mind, and you'll never be able to convince me otherwise, that the Saudis and Putin were taking full advantage of Trumps weakness, and using their leverage to bankrupt the American domestic oil drilling industry, in which they pretty much succeeded in doing.

Amazing just how fast they went from glutting the market, to cutting production huh? A move that you would make knowing your position would increase, as your competitions decreased.

And lets not overlook the fact that Trump had granted through executive order, and his Interior dept. head criminal, millions of acres of public lands in tax free leases no less, including the Alaska National Wildlife Refuge, the Republicans couldn't wait to get their bloody oil soaked hands on, that they haven't drilled the first well on yet.

Biden should revoke every damn one of those leases, and only give them a lease by lease contract, if they begin drilling within 30 days of each lease awarded.

The oil industry is by far the biggest socialist program on the planet, as well as the biggest continuing criminal enterprise, and we should be treating it as such.

 

[Toddsterpatriot]

Amazing just how fast they went from glutting the market, to cutting production huh?

How fast?

 

[toobfreak]

So why didn't the President, and Congress act on this at the time?

They took your money and ran, laughing all of the way. Trump used your cash to buy himself another gold ring.

 

[surada]

Tar Sands Action » Key Facts on Keystone XL

tarsandsaction.org

Keystone XL is an export pipeline. According to presentations to investors, Gulf Coast refiners plan to refine the cheap Canadian crude supplied by the pipeline into diesel and other products for export to Europe and Latin America. Proceeds from these exports are earned tax-free. Much of the fuel refined from the pipeline’s heavy crude oil will never reach U.S. drivers’ tanks.

 

[surada]

Probably. But there's no doubt in my mind, and you'll never be able to convince me otherwise, that the Saudis and Putin were taking full advantage of Trumps weakness, and using their leverage to bankrupt the American domestic oil drilling industry, in which they pretty much succeeded in doing.

Amazing just how fast they went from glutting the market, to cutting production huh? A move that you would make knowing your position would increase, as your competitions decreased.

And lets not overlook the fact that Trump had granted through executive order, and his Interior dept. head criminal, millions of acres of public lands in tax free leases no less, including the Alaska National Wildlife Refuge, the Republicans couldn't wait to get their bloody oil soaked hands on, that they haven't drilled the first well on yet.

Biden should revoke every damn one of those leases, and only give them a lease by lease contract, if they begin drilling within 30 days of each lease awarded.

The oil industry is by far the biggest socialist program on the planet, as well as the biggest continuing criminal enterprise, and we should be treating it as such.

Domestic production is still around 10 million bpd. Saudi Arabia didn't bankrupt US oil.. .. and they sell very little oil to the US. Domestic producers need $65 a barrel. We have the highest lift costs in the world.

 

[Toddsterpatriot]

Proceeds from these exports are earned tax-free.

Proceeds are still subject to corporate income taxes.

 

[skews13]

Domestic production is still around 10 million bpd. Saudi Arabia didn't bankrupt US oil.. .. and they sell very little oil to the US. Domestic producers need $65 a barrel. We have the highest lift costs in the world.

The biggest take away I see in all of this, is the oil company supporters see their gravy train going away in the future, and that scares the hell out of them. Do you realize that is the largest pool of political money, especially for Republicans?

Once the auto industry phases out internal combustion engine vehicles in the next 10-15 year timeframe, and have no illusions, they are going to do just that, at the sametime solar and wind, and battery technology continue gaining the lions share of energy production. It will be a new world in which you will be living, in which the cost of a gallon of gas will be all but irrelevant. I don't know what those futures speculators will be doing with their time then. My guess would be crypto.