US to release 172 million barrels from Strategic Petroleum Reserve to try to bring down gas prices

[YoursTruly]

Without the need for capital investment in refineries.

The government didn't shut down refineries. They shut themselves down. The US has more than enough refining capacity. Enough to keep gas & diesel flowing to every station in the country. Plus all the other industries, like plastics.

Especially since Mexico brought their new mega refinery online. We used to refine a LOT of their oil. But not any more.

 

[YoursTruly]

Over-regulation, which is why they are losing refining capacity.

We lost refining capacity because we had too much. They shut themselves down.

 

[YoursTruly]

Domestically produced oil shouldn't be exported anyway.

It's still part of the free market. The US doesn't produce enough crude to meet our needs. Trading with countries isn't a bad thing.

What gets me is that the US oil companies use the global oil values to price their oil to the American people. Instead of costs + a certain % for profit.
The oil they produced last month, came from the same well, through the same logistics & refineries as the ones this week. It didn't cost them a dime more. But they charge us way more.

 

[martybegan]

We lost refining capacity because we had too much. They shut themselves down.

Yep, blame the regulated and not the over-regulators.

 

[YoursTruly]

Yep, blame the regulated and not the over-regulators.

I'm not blaming anyone. I'm telling you what the oil companies stated when these refineries were shutting down. They did it on their own.

FFS, supply and demand does things like that.

 

[martybegan]

I'm not blaming anyone. I'm telling you what the oil companies stated when these refineries were shutting down. They did it on their own.

FFS, supply and demand does things like that.

If supply is so high over demand why are they saying there is a risk of said supply not meeting demand?

They did it on their own because the over-regulation made it not economically viable.

But put your over-regulation ignoring spin on it.

 

[YoursTruly]

If supply is so high over demand why are they saying there is a risk of said supply not meeting demand?

Who is "they?"

They did it on their own because the over-regulation made it not economically viable.

But put your over-regulation ignoring spin on it.

No, they did it on their own because the US already has more than enough refining capacity. What part of that do you not understand? It's no government conspiracy. We simply built too many refineries. So they shut the older ones down.

 

[martybegan]

Who is "they?"






No, they did it on their own because the US already has more than enough refining capacity. What part of that do you not understand? It's no government conspiracy. We simply built too many refineries. So they shut the older ones down.

Chevron warns Newsom’s ‘adversarial’ energy agenda will cripple California economy, send gas prices soaring


The overall US might, but California requires special blends that only sell economically in California, and according to Chevron, for not much longer.

Maybe you should read up on things before talking about it.

 

[EdwinAMartin]

It's still part of the free market. The US doesn't produce enough crude to meet our needs. Trading with countries isn't a bad thing.

We don't have free markets. Nobody said trade was bad. Domestically produced oil shouldn't sell for the same prices it sells for in countries that don't produce any. It should stay here and lower cost for domestic companies and transportation and consumers.

You said it yourself:

"The US doesn't produce enough crude to meet our needs." It makes zero sense to export it. If they want to play in the international spot markets then tax the exports.

Same with food. It's stupid to strip off our topsoil just to feed Red China and Africa. It needs to stay here too.

 

[YoursTruly]

Chevron warns Newsom’s ‘adversarial’ energy agenda will cripple California economy, send gas prices soaring


The overall US might, but California requires special blends that only sell economically in California, and according to Chevron, for not much longer.

Maybe you should read up on things before talking about it.

That's state regulations. Not federal. Plus state taxes... California is a retarded state ran by liberal retards. A lot of the refineries that have shut down, were done a few years ago. And in Texas.

Stop playing. Your loyalty is drooling.

 

[martybegan]

We don't have free markets. Nobody said trade was bad. Domestically produced oil shouldn't sell for the same prices it sells for in countries that don't produce any. It should stay here and lower cost for domestic companies and transportation and consumers.

You said it yourself:

"The US doesn't produce enough crude to meet our needs." It makes zero sense to export it. If they want to play in the international spot markets then tax the exports. Same with food. It's stupid to strip off our topsoil just to feed Red China and Africa. It needs to stay here too.

This site says otherwise.

United States Oil Reserves, Production and Consumption Statistics - Worldometer

The 2024 data shows production over demand, but the 2020 data does show us as a net importer. Wondering why there is a discrepancy.

There is also probably cases where importing is easier than transporting from our production fields, and differences in quality of crude and our demand for higher quality might make us a net importer as well, at least of refined distillates.

 

[martybegan]

That's state regulations. Not federal. Plus state taxes... California is a retarded state ran by liberal retards. A lot of the refineries that have shut down, were done a few years ago. And in Texas.

Stop playing. Your loyalty is drooling.

And I am talking about California, you idiot.

 

[EdwinAMartin]

Half of the Gulf oil goes to REd China. the Iranians are cutting their own Ally's throat. It's hilarious.

We don't 20% of our oil from Iran. We don't need Iranian oil, the Red Chinese do. Hopefully they keep the strait closed for years. We should do it ourselves.

And, we should ban Exxon from building their pipelines as well as Russia's.

 

[YoursTruly]

We don't have free markets. Nobody said trade was bad. Domestically produced oil shouldn't sell for the same prices it sells for in countries that don't produce any. It should stay here and lower cost for domestic companies and transportation and consumers.

You said it yourself:

"The US doesn't produce enough crude to meet our needs." It makes zero sense to export it. If they want to play in the international spot markets then tax the exports.

Same with food. It's stupid to strip off our topsoil just to feed Red China and Africa. It needs to stay here too.

I'm not really disagreeing with you. Americans should get a discount for using our own oil. It shouldn't be priced by the global oil market. At least when the global oil prices are up like they are now.

 

[EdwinAMartin]

This site says otherwise.

Don't care what it says. We embargoed shipments from there and we're doing just fine. We need more refineries.

 

[YoursTruly]

This site says otherwise.

United States Oil Reserves, Production and Consumption Statistics - Worldometer

The 2024 data shows production over demand, but the 2020 data does show us as a net importer. Wondering why there is a discrepancy.

There is also probably cases where importing is easier than transporting from our production fields, and differences in quality of crude and our demand for higher quality might make us a net importer as well, at least of refined distillates.

Who ever put those numbers up are lying. It's not 22,844,371. It's 13.6 mbpd.

They do post the correct consumption numbers. 20.7 million barrels per day. That leaves us a little over 6 mbpd short.

BTW, why must you die hard Trump supporters lie about everything?

 

[martybegan]

Who ever put those numbers up are lying. It's not 22,844,371. It's 13.6 mbpd.

They do post the correct consumption numbers. 20.7 million barrels per day. That leaves us a little over 6 mbpd short.

BTW, why must you die hard Trump supporters lie about everything?

Why is your source assumed to be right and not wrong?

 

[martybegan]

YoursTruly said:
Who ever put those numbers up are lying. It's not 22,844,371. It's 13.6 mbpd.

They do post the correct consumption numbers. 20.7 million barrels per day. That leaves us a little over 6 mbpd short.

BTW, why must you die hard Trump supporters lie about everything?

And the very site you referenced said this, so either they don't know what they are talking about, or you can't read right.

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

In 2020, the United States became a net exporter of petroleum for the first time since at least 1949.1 In 2022, total petroleum exports were about 9.52 million barrels per day (b/d) and total petroleum imports were about 8.33 million b/d, making the United States an annual net total petroleum exporter for the third year in a row. Total petroleum net exports were about 1.19 million b/d in 2022. Also in 2022, the United States produced2 about 20.08 million b/d of petroleum and consumed3 about 20.01 million b/d. Although U.S. annual total petroleum exports were greater than total petroleum imports in 2020, 2021, and 2022, the United States still imported some crude oil and petroleum products from other countries to help to supply domestic demand for petroleum and to supply international markets.

The United States remained a net crude oil importer in 2022, importing about 6.28 million b/d of crude oil and exporting about 3.58 million b/d. 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. later exports. Also, some of imported petroleum may be stored and later exported.

 

[YoursTruly]

Half of the Gulf oil goes to REd China. the Iranians are cutting their own Ally's throat. It's hilarious.

We don't 20% of our oil from Iran. We don't need Iranian oil, the Red Chinese do. Hopefully they keep the strait closed for years. We should do it ourselves.

And, we should ban Exxon from building their pipelines as well as Russia's.

Stopping China from getting oil from Iran would cause them to get involved in this war. Oil does that.

If they can't get enough from other countries to pick up the slack, China will have no choice but to attack the US & Israel.

I don't give a flying F about Iran. But all of what Iran has done in the middle east isn't worth untold amounts of dead Americans and American soldiers.

 

[YoursTruly]

And the very site you referenced said this, so either they don't know what they are talking about, or you can't read right.

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

No it didn't. Learn to read dude.

Also in 2022, the United States produced2 about 20.08 million b/d of petroleum and consumed3 about 20.01 million b/d.

Petroleum isn't crude oil. It's the finished product, after the crude oil imports. A big part of that was for Mexico. They brought in a lot of oil for us to refine. And sent it right back to Mexico. And they calculated that Mexican petroleum in their numbers.

Our crude oil production was between 11 mbpd to 12.2 mbpd averages.

You're losing this argument every time you post. You can't skew the facts. Especially with someone who understands oil, oil production, market values and the lies the government tells to embellish their stories.