The US still buys 700,000 barrels of fossil fuel per day from PUTIN….WHY?

[kyzr]

BUT WE WERE STILL IMPORTING OIL EVEN THOUGH WE WERE A NET EXPORTER. THE WORD IS 'NET'

That statement (above) is NOT what I was disagreeing with. I agree we always imported oil.

What I vehemently disagree with is this moronic statement of yours:
"But it had nearly ZERO impact on the price of oil per barrel or gas because we exported so little in comparison to the roughly 100 million barrels consumed daily by the world."

If you look at the price of oil; when the US was a net exporter the price was $40/bbl, now that the US is a serious importer the price is approaching $120/bbl. The global oil balance between supply and demand is very sensitive. A small decrease in supply can have serious price implications. Biden has always been wrong, and he still is always wrong.

 

[BlindBoo]

See my post #67, the US was a net exporter. The price of oil dipped at the end of 2020 to about $40/bbl
today its approaching $120/bbl. Biden and the democrats are fucking morons, retards, who have no idea what they are doing. You need to stop lying too. Prove your points or keep looking stupid.
View attachment 610673

The oil markets crashed in April 2020 and had rebounded to over 40 dollars a barrel.

Cushing, OK WTI Spot Price FOB (Dollars per Barrel)

www.eia.gov

 

[kyzr]

Actually it was in early 2020 and it was due to a worldwide pandemic.
And in response to this price our US oil companies slashed production and Trump talked Russia and OPEC into also cutting production.
Just think if he had not been so short sighted.

Trump filled the SPR, now Biden wants to empty it. That is short sighted.
Having a war on energy is short sighted, being energy independent is not.
Buying oil from Putin to fund his military is short sighted.
Shutting down ANWR, KeystoneXL and other oil producing leases is short sighted.

Trump had an oil surplus, $40/bbl oil and filled the SPR.
Biden is the short-sighted moron, with oil headed for $200/bbl.

 

[bripat9643]

The oil markets crashed in April 2020 and had rebounded to over 40 dollars a barrel.

Cushing, OK WTI Spot Price FOB (Dollars per Barrel)

www.eia.gov

What's your point, dumbass.

 

[BlindBoo]

wrong.

We use 20 mbd in oil and we produced at most 13mbd.

U.S. Natural Gas Exports by Country

www.eia.gov

Combined with our refined product exports made us energy independent. But we are still oil dependent.

 

[bripat9643]

We use 20 mbd in oil and we produced at most 13mbd.

U.S. Natural Gas Exports by Country

www.eia.gov

Combined with our refined product exports made us energy independent. But we are still oil dependent.

The chart shows that we were a NET petroleum exporter.

End of story.

 

[BlindBoo]

What's your point, dumbass.

Simple. Oil prices crashed in 'April 2020 not at the end of the year.

Did you understand it better the second time, Zippy?

 

[bendog]

That statement (above) is NOT what I was disagreeing with. I agree we always imported oil.

What I vehemently disagree with is this moronic statement of yours:
"But it had nearly ZERO impact on the price of oil per barrel or gas because we exported so little in comparison to the roughly 100 million barrels consumed daily by the world."

View attachment 610682

If you look at the price of oil; when the US was a net exporter the price was $40/bbl, now that the US is a serious importer the price is approaching $120/bbl. The global oil balance between supply and demand is very sensitive. A small decrease in supply can have serious price implications. Biden has always been wrong, and he still is always wrong.

oh for god's sakes. We've already been through this bs. The Saudis alone have cut production twice what the US 'net export" was. That's echoed by the rest of the OPEC countries. NO ONE IS BUYING RUSSIAN FUTURES which were over 5MILLION barrels a day. It's not biden. US producers cut when the pandemic hit. They are producing more than last year, but have no plans to return to past levels even if Biden was not potus. Too many went bankrupt

And even I don't like Biden and would never have tried a lease ban (which was tossed btw) and would have approved the XL pipeline, which would barely have made up what US producers cut, and not made a differnce in overall production cuts by other countries.

 

[BlindBoo]

The chart shows that we were a NET petroleum exporter.

End of story.

So what? We are still dependent on foreign oil. Pretending that exporting NG changes that equation doesn't change that equation.

 

[Couchpotato]

We are FUNDING the war against Ukraine. The US should stop purchasing FF from Russia NOW.

Gee, we were energy independent and could have easily increased production to make up for what we buy from Russia.

The world is not serious about stopping Poot until they stop buying his FF…about 10% pf the world’s supply.

I am still waiting on some sort of evidence the 700,000 number is not just something he make up so he could start a thread.

Russia produces 12% of the world's oil, the 3rd largest producer. What I read said 595k. But unless everyone participates in a Russian oil boycott it really doesn't matter if we buy if from them or increase our purchasing from somewhere else. Because someone will just buy the oil they couldnt get from the places we increased our purchasing from from Russia. This makes the admin's refusal to go back on it's decision on the keystone pipeline and federal land lease drilling baffling. At least in the short term. People arent going to not buy cheap Russian oil if there isnt an alternative out there. We can but arent providing that alternative. Or at least some portion of it.

 

[bripat9643]

The chart shows that we were a NET petroleum exporter.

End of story.

So?

 

[Couchpotato]

So what? We are still dependent on foreign oil. Pretending that exporting NG changes that equation doesn't change that equation.

Being a net energy exporter is better than a net importer regardless of how that pie is sliced up. That's just a fact.

 

[marvin martian]

The problem is it would also crush Europe, they are far more dependent on Russian supplies, particularly Natural Gas.

Thank a Green for enabling this situation.

The left has immeasurably weakened both Europe and the US by forcing energy dependence on terror states. The Biden family corruption is just another nail in the coffin. They are one of the reasons we're in this situation.

Joe Biden has NO intent to end his funding of Putin's war.

 

[bendog]

So?

Because complaining that US production somehow affects the cost we pay per barrel or price per gal of gas is .... booollshit.

 

[bendog]

The left has immeasurably weakened both Europe and the US by forcing energy dependence on terror states. The Biden family corruption is just another nail in the coffin. They are one of the reasons we're in this situation.

Joe Biden has NO intent to end his funding of Putin's war.

Yes Martin this all started with ..... Nixon

 

[BlindBoo]

Being a net energy exporter is better than a net importer regardless of how that pie is sliced up. That's just a fact.

It didn't lower the price of Gas for Americans. It doesn't make us less dependable on foreign oil and we are still subject to the global market price.

It is great for NG producers.

 

[martybegan]

Right , Europe and the US need to be upfront and tell Ukraine they're going to loss the war because we're not going to give up Russian energy. The longer they give Ukraine hope the more people are going to die.

Ukraine is going to keep fighting because giving up means losing their identity. Russification was something that happened under the Soviets, and would happen again.

 

[martybegan]

No argument from me that the progressives forced Biden to do stupid shit like kill KeystoneX: and actually encourage US producers to not try and develop new wells. BUt the FACT is that US production is UP over a year ago.

U.S. oil production set to increase further in 2022, energy expert Dan Yergin says

U.S. oil production is back and set to increase in 2022 after more than a year of OPEC and its allies "running the show," said oil expert Daniel Yergin.

www.cnbc.com

The reason oil prices are rising is three fold. 1) OPEC cut production even while global demand rose post pandemic, and US producers aren't looking for another boom and c. buyers are locking in prices for future oil purchases because there's fear ALL countries will ban Russian oil.

"Saudi Arabia, OPEC’s most important member nation, produced 10.8 million barrels of oil per day in 2020, according to the U.S. Energy Information Administration. That’s down from 12.1 million two years earlier.

OPEC’s plan to throttle back its oil wells, and the commitment to that plan, “will likely maintain upward pressure on prices,” said CFRA chief investment strategist Sam Stovall.

In the U.S., oil producers aren’t in a hurry to expand production. Why? For one thing, they don’t want to invest heavily on new wells only to see supply increase, prices decline and their profits dwindle.

This was a major theme of the fracking boom that helped propel the U.S. to become the number one global oil producing nation over the last decade and a half. Many companies went bankrupt as they overextended themselves building out infrastructure, only to see oil and gas prices plummet on greater and greater supply."

How The Consumer Price Index (CPI) Measures Inflation

The $100 you just spent at the grocery store bought 4% less than it did one year ago. Why is that? The consumer price index (CPI) helps answer this question, as it measures inflation, the economic phenomenon that slowly erodes the purchasing power of your hard-earned dollars. What Is CPI? CPI trac

www.forbes.com

Buyers are shying away from Russian oil because they fear a global sanction, and Russia exports around 5million barrels a day

Oil prices surge over 7% as global crude reserve release disappoints

Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine.

www.reuters.com

And Keystone is NOT shut down. The expansion line was shut down (stupidly imo). But we're talking at most 500-800,000 barrels a day. The US alone uses around over 20 million barrels per day and the world uses around 100 million a day.

Insana: Energy prices are soaring, but the Keystone Pipeline wouldnât have helped ease the pressure

It's highly likely that energy prices will remain elevated for some time to come.

www.cnbc.com

What does the release of oil reserves mean for you at the gas pump?

KHOU 11 energy expert Ed Hirs warns the release is only a short-term fix. The pain of filling up at the pump isn’t going away anytime soon.

www.khou.com

US refiners, like all refiners, balance out their "portfolios" of types of crude. I have no idea if KeystoneXL oil would have been comparable to Russianheavy crude. BUT IT IS IRRELEVANT TO THE COST OF GAS WHICH IS TIED TO THE COST OF OIL. And keystone XL's 500-800K per day is not a differnce maker.

But Biden played politics in pulling its permit, and the Media Whore pols are playing politics saying it should open

One has to remember the overreaching goal of the current administration, reduce fossil fuel use by whatever means required, even if replacement industries and technologies aren't ready yet. Why invest in capital work arranged around 20 year lifespans when you don't know if said work/facilities will be restricted in 10?

 

[...]

We are FUNDING the war against Ukraine. The US should stop purchasing FF from Russia NOW.

Gee, we were energy independent and could have easily increased production to make up for what we buy from Russia.

The world is not serious about stopping Poot until they stop buying his FF…about 10% pf the world’s supply.

We're not funding anything Putin is doing. We get 3% of our oil imports from Putin. It's been explained to YOU all several times: the problem with cutting off oil from Russia is the impact it will have on other western economies: it's not just about US.

Gas is going up now all over the world; you're going to have grin and take one for the team like the rest of us are. Nancy Pelosi, like myself, agrees with cutting him off, but we have to consider everybody else.

 

[BlindBoo]

The left has immeasurably weakened both Europe and the US by forcing energy dependence on terror states.

That is an awesome display Hoss,

Once upon a time there was a president who proposed American energy independence. But we choose Raygun instead who then hooked us on ME oil even further than we already were. Especially after crippling the US Exploration industry in 1983. Cheap oil, and the PC Boom and a never ending cycle of military actions, invasion and occupations.

"Tear Down Those Solar Panels Mr. Carter!"

We're going with Cheap ME Oil!

Saul Bidens Fault.

But no matter how much you might want to please him,

Putin ain't smilin now!