OPEC gouging us again

https://www.thetrucker.com/trucking...-cut-to-boost-prices-pump-costs-may-rise

Somebody explain again why we didnt auction off Saudi oil fields to U.S. owned business.

wondered where u been D

Diesel is 4.65 here. Article says

Wouldn't pump oil from them even if we did take them. This is self inflicted.

We'll just use up our reserves. No joke!

Lowest reserve level since the '80s with WWII a possibility!
And Schumer & his Fellow Travellers STOPPED Trump from resupplying when oil was at a LOW.

Almost like there's a plan...

AMERICA LAST!

I imagine this is their way of trying to affect our election and not towards the Liberals/Democrats.

We are doing this to ourselves. I won't blame the Saudis for making money offer our stupidity. Most of us would do the same if it means a big pay day. Not their fault.

Oh for the days of mean tweets!! Trump nearly filled the SOR at $23/barrel after driving the global price down by making us an energy independent/net exporter of energy. He told Venezuela, Russia and Saudi to keep their oil. Oil filed workers were busting their butts working and making good money. Keystone was almost online and nordstream 2 was not. Then joey gets elected by the media and we now have what we have.

Yet there are still ABSOLUTE MORONS on this site that think it will be a bad idea to get rid of joey at the victory of Trump.

Gas jumped from 3.21 to 3.49 yesterday.

Don't know about y'all but my monthly expendable income has dried up. Christmas is gonna be small this year.

But remember, orange man bad!!

Even Alexa is getting in on it. This morning she asked me if I'd like to hear something about Joe Biden. Sickening I tell ya.

should have let saddam take saudi along with kuwait and then we could have done business with him.....instead we spent trillions and are now getting bent over....but, really who would not take advantage of dementia joe?

Two long years left with Biteme---Hope we make it!

I wish I understood the Petrodollar system and OPEC better. A friend of mine that worked for Saudi Aramco told me that the US has to import oil from the middle east because nearly all of our refineries here in the US can only refine middle east oil into products, and Not west Texas Brent crude or many other oils found here in the US. Said that if we wanted to refine our own oil, then most of our refineries would have to be totally overhauled. So we have all this oil and natural gas here in Texas and most of it is piped across the state to the Gulf of Mexico and put on a boat for who knows where?

I don't know if this is true or not, but if it is it makes sense why we are so in bed with Saudi Arabia. They promised to sale their oil in only dollars and we promised to buy their oil for most of our refined products. Again, I don't know if this is true, but makes sense to me. Henry Kissinger, an evil genius he was.

Lets look at this we stopped drilling our own oil and we protect a country that hates us and tells us to bend over every time we fill up. And more than likely is into it up to there eye balls over 9 11 and yet WE keep THEIR enemies at bay? WHY?

Import sources Gross imports Petroleum products
Total, all countries 8.47
OPEC countries 0.96 (11%)
Persian Gulf countries 0.69 (8%)
Top five countries1
Canada 4.34 (51%)
Mexico 0.71 (8%)
Russia 0.67 (8%)
Saudi Arabia 0.43 (5%)

2021
The top five sources of U.S. crude oil imports by percentage share of U.S. total crude oil imports in 2021 were:
Canada 62%
Mexico 10%
Saudi Arabia 6%
Russia 3%
Colombia 3%

No, Biden and the Dems are "gouging us".

We have plenty of oil, your environmentalist/Democrat friends don't want us to drill and pump it.

Don’t forget Joe’s intended insult to the Saudi prince by way of a fist bump instead of a hand shake. They haven’t and just got some revenge.

“Nobody #@&*$ with a Biden.” Apparently the Saudi’s didn’t get the memo. LOL.

High oil prices=good for Canada.

Did you reply "yes, his obituary?"

The recession the u.s is jumping into isn't going to be good for us or you.

Pick your poison; high inflation or recession. You have to slow economic activity to reign in inflation caused by printing money (Fed buying treasuries and mortgage backed securities), ridiculously low interest rates, and government stimulus programs.

Just give all the workers a big raise.
Keep everything rockin and rollin.

I assume you are being sarcastic.
Of course everyone knows "big raises", handouts, etc., in these economic situations just lead to higher inflation that invariably is greater than the rise in income.

Inflation has been good for business for me, a recession will hurt my business quite a bit. Either way I'm content.

used to be i had 5 refineries in nw pa.pennzoil,quaker state, emilie,wolfshead and havilin.now none.

On 9/12 Mecca should have been a gravel pit. By 10-1 the survivers in Saudi Arabia should have had only one concern. Staying alive. Surviving Saudi Royals should have been adjusting to life in a U.S. federal penitentiary

The Saudis are not gouging us, we are gouging ourselves after Biden shut down oil production in the US just like they did in Europe. Its no accident. They want us all dead.

The global warming scam is to try justifie the deep state turning off the power and fuel to speed up their great reset.

Biden and cronies have not shut down ALL oil production in this country.

Here in Ohio on private land, oil production is thriving. A new local well just began producing. In its first month it produced more than 9,000 barrels of oil.

LOL. Biden's partisan foolishness is great for independent oil producers in the US. Releasing oil from the SPR is probably the most desperate political act I have seen in my lifetime. Due to the finite nature of the reserve, the price relief was always going to be temporary. OPEC+ is simply showing Joe and friends who controls the oil market. The writing was on the wall that the democrats were going to get waxed in the midterms. The committee running the country probably thought that was their best shot to avoid a disastrous showing in the midterms.For the sake of people pursuing the American dream, I hope they still do. Danny, do you decide what to charge when you offer to haul gravel for customers?

This is why Joe went to meet with the prince, if prices start to go down cut production. That way everyone will blame the Saudi's. This was all planned.

Kansas cat I cant get over members of the Saudi royal family's funding of 9/11.

Every family has bad apples.

Close , but the way I understood the Nixon Kissinger deal was our country would buy all our oil from OPEC , and OPEC would pay 20% of their income from oil to our country's National Debt .

Remember all the shortages during Nixon's time in office?
Gasoline went from 36 cents a gallon in 1972 to 53 cents a gallon in 1974 , and hasn't stopped climing since.
A cup of coffee was 10 cents and went to 40 cents during the shortages .
Toilet paper , sugar, you name it were all in short supply.
Our country also sent products to their world countries , with tax rebates to the manufacturers , that are still head quartered here today.
$ 3.00 Shoes were made for pennies , shipped back here and sold for $20 and up.
And you wonder how these politicians become multi millionares , on their salaries ?

Why would OPEC want to help us. With the current administration they are all about EV and want to stop everything fossil fuel.

The link below dicusses some of the issues and politics of oil from several perspectives.

Bryce

https://www.forbes.com/sites/rrapie...-back-us-oil-production/?sh=2c62e0246b6f

So what % of oil discovered and produced here in the lower 48 is consumed here? 100%?

25 years ago I was told in college that we were the both the largest producer and the largest consumer. That we consumed 100% of what we produced, and then had to import the largest amount as well due to our wicked and wasteful ways. Later on, I was told that was nonsense, but I never have found an accurate number or where our oil goes.

Like any commodity I guess. Our farmers slave to grow corn and soybeans and they get put on a train to somewhere.......?

Ohio Wolverine, that would have been right around the same time Nixon took us off the gold standard!

People tell you a lot of stuff. Doesn't mean it is true. I told you before to stop asking questions here and do your own research. Try the EIA. The "I" stands for" Information".

Does it matter if we use our oil or trade ours for what we want, as long as price is comparable on the market?

And then the Great Depression hit. People hoarded gold instead of depositing it in banks, which created an international gold shortage. Countries around the world basically ran out of supply and were forced off the gold standard. The U.S. came off the gold standard for domestic transactions in 1933 and ended international convertibility of the dollar to gold in 1971.

https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

I just posted some highlights , there's a lot of information and charts in the link above.


The United States was a total petroleum net exporter in 2020 and 2021In 2021, the United States exported about 8.63 million barrels per day (b/d) and imported about 8.47 million b/d of petroleum,1 making the United States an annual total petroleum net exporter for the second year in a row since at least 1949. Total petroleum net exports were about 0.16 million b/d in 2021, and total petroleum net exports in 2020 were 0.63 million b/d. Also in 2021, the United States produced2 about 18.66 million b/d of petroleum and consumed3 about 19.78 million b/d. Even though U.S. annual total petroleum exports were greater than total petroleum imports in 2020 and 2021, 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 2021, importing about 6.11 million b/d of crude oil and exporting about 2.90 million b/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 may be stored and subsequently exported.U.S. petroleum imports peaked in 2005After generally increasing every year from 1954 through 2005, U.S. gross and net total petroleum imports peaked in 2005. Since 2005, increases in domestic petroleum production and increases in petroleum exports have helped to reduce annual total petroleum net imports. In 2020 and 2021, annual total petroleum net imports were actually negative, the first years since since at least 1949.

Good stuff Ohio W.

Makes it very clear that the US can totally self sustain. Last three years we have produced and exported more than we consumed.

So why do we do the back and forth imports/exports when we can produce it all and refine it right here?

I know, its a commodity and that means it has to be sold on a global market, so they say. But, that is BS IMO. Russia or China does not play by that game. What's wrong with taking care of America first?

Make America last ......Brought to you by the Democrat Party.

Putting America first assures the rest of the world a better outcome.

Simple answer is American and Canadian oil production is more expensive. This is why oil companies like to produce oil all over the world. Many other countries present opportunities to produce oil cheaper and therefore keep prices lower for the consumer. American and Canadian produced oil has a higher break even price than many of the Opec plus countries. There was a reason Alaska was in a recession when oil prices dropped below $60 per barrel.

"In spite of longstanding geopolitical rivalries – notably the GCC bloc versus Iran and Venezuela – emerging markets oil producers within and outside OPEC maintained at least some output discipline until the fall of 2014, when Saudi Arabia advocated higher OPEC production and lower price levels to erode the profitability of high-cost shale oil production.["

Opec's ease of oil production doesn't lower prices they just make more.

In 2014 the average price of gasoline U.S. was $3.43 in 2015 it was $2.51

price of gas u.s.

Wish Biden would've kept with Trumps policies on oil production.....we wouldn't be having this discussion.

I would guess that one of the reasons American and Canadian oil production is more expensive is due to more stringent environmental regulations. Kind of ironic that the Greenies prefer we get our oil from elsewhere. I'm sure Venezuela is doing a great job with environmental protection.

Part of the problem is that a lot of the crude produced in North America can't be refined in our current refineries. Most of our refineries are very old and it is not cost effective to upgrade them. It is also very difficult.....as we all know...to get the permits to build new ones. Why would a business want to spend money when the government has sworn to put you out of business ?

Consequently, the crude that can't be refined here is exported and crudes we can refine are imported.

Simultaneously, we have Brandon begging the oil companies to ship more diesel to Europe, while at the same time threatening them with export RESTRICTIONS. That's the kind of leadership we have presently

When was the last refinery built in the United States?
As of January 1, 2022, there were 130 operable petroleum refineries in the United States.

The newest refinery in the United States is the Texas International Terminals 45,000 b/cd refinery in Channelview, Texas, which was operable on January 1, 2022, but actually started operating in February, 2022.

However, the newest refinery with significant downstream unit capacity is Marathon's facility in Garyville, Louisiana. That facility came online in 1977 with an initial atmospheric distillation unit capacity of 200,000 b/cd, and as of January 1, 2022, it had a capacity of 585,000 b/cd.

Capacity has also been added to existing refineries through upgrades or new construction. Some recent examples of large increases include:

In 2012, Motiva upgraded its refinery in Port Arthur, Texas, making it the largest U.S. refinery, with a capacity of 626,000 b/cd as of January 1, 2022.
In 2015, Valero expanded its Corpus Christi, Texas refinery after previous expansions, bringing its capacity as of January 1, 2022, to 290,000 b/cd.

Another reason for exporting is that a significant amount of crude that is refined on the gulf coast does not meet the EPA requirements for use in the US. So that fuel is exported to Latin America

OK Now please explain why Brandon shut down the Keystone pipe line? Remember the pipe line was going to reach Louisiana .
Reference : However, the newest refinery with significant downstream unit capacity is Marathon's facility in Garyville, . That facility came online in 1977 with an initial atmospheric distillation unit capacity of 200,000 b/cd, and as of January 1, 2022, it had a capacity of 585,000 b/cd.

While you're at it please explain why he's so dead set on closing all fosil fuels in this country.
We're a good 40 years from even being ready for it.
Also explain why Cleveland , Ohio and many large cities had electric trolly cars in use, but shut them down in the late 50's early 60's.

Political Football:

"Ongoing unproductive wrangling or posturing between political factions, resulting in failure to deal with an issue or problem in a decisive or appropriate way."

LOL The trolley systems were shut down because General Motors and the oil companies bought them . Then they shut them down , so they could sell and run buses . Plus sell the gas and diesel to run them .

Electric trolleys are expensive to maintain and don't offer the flexibility of where passengers can be delivered. This was the same dilemma that favored trucking over railroads. Oil companies had nothing to do with these transitions. Propaganda works! Oil exploration is expensive in America because the "easy oil " has been produced. Other countries still have giant oil fields to discover.

So much for your answer , as the cost of running and building seems to be their down fall , not GM.

https://www.cbsnews.com/news/the-gm-trolley-conspiracy-what-really-happened/

Toronto still runs street cars.They feed the subway system.

The streetcar system I saw in Germany was amazing. There was no need to own a car. Not even for people in small rural towns where electric passenger trains ran to the cities often. 24 hours a day. I prefer to drive but anybody who has seen their system will agree with me I think. The whole thing ran on electricity produced with coal. They should have stuck with coal. Coal heated everything also.

Yes, Germany has an amazing rail system. I was there in late June. Politically, Germany is a tinderbox. They are poised to have major social issues very soon.

Are those systems self sustaining or heavily subsidized

I don't know. I would speculate highly subsidized.

Deutche Bahn DB Government owned and subsidized. They are not as well kept up as they were in 1984, before they spent all their money rebuilding DDR. The ICE is nice.

Everything is subsidized-you're subsidized.

LOL. I have roads in my neighborhood. You have roads in your neighborhood. I don't have passenger rail in my neighborhood. You do have passenger rail in your neighborhood. I don't feel obligated to pay for your passenger rail. See the difference.

In my business the ventures, I've not seen where the EPA has done any good for the USA. In fact , I believe it's designed to destroy the American machine. In the 70,s 80,s and up to about 2000, I could count on products from Germany,Japan , and the US. The EPA shut those products down and now I'm forced to by substandard products.

Crude is $92 a barrel this morning.

All I have is seismic lines and the oil companies built those.

Too late now, but taking Saddam out was a bad move. He was the buffer needed to put the brakes on Iran.

Oil exploration in the US is expensive of course. But it can pay very well. In recent times immense oil reserves have been discovered. Once mapped, the wells are drilled and should certainly produce. In the area with which I am familiar, a profitable well happens frequently. And they are extremely profitable.

"A group of 15 member states suggested last month that the EU caps the price of all gas imports to manage its expenses. They did not comment on what LNG sellers might have to say about that idea, insisting that this was the only way to ensure gas is affordable for Europeans in what is shaping up to be the harshest winter for Europe in generations, regardless of the weather."

Looks like we are gouging eurotrash. Bunch of dingbat Wesley Mouches running that Charlie Foxtrot.

The EU is the worst thing to come to Europe since Nazi Germany .

If a Union of states is so bad why are you all a union of states.

I know what you are speaking of Willy. What I meant by what I said was the giants and super giants have been found and depleted. There are no Spindletops left to discover in North America.

Why is your country , divided by province ?
The point is if you think about it , many different countries become a union of countries.
What's really funny about your comment is that your mother country left the EU.
The UK left the EU on 31 January 2020

My mother country is still in the EU and doing very well too I might add.
And Yes Canada is a union of provinces (a Dominion).
Unionizing is NOT a bad thing.

Remember Braveheart-"Unite the Clans"- Strength in union against the enemy.

LOL And lead by a boy/girl queen !

What happened to your leader,lol.
Trudopes days are numbered we got a good guy coming up.

LOL We didn't want him , and now we have to get rid of him , same as your country wants to do.
Just one problem we have too many here and in your country that thinks like you.
Easier to look the other way than to fix what's wrong.

I'm a staunch Conservative,always have been-what dope are you smoking.

LOL SMH