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re: why are we importing any oil ????
Posted on 3/5/22 at 3:57 pm to TutHillTiger
Posted on 3/5/22 at 3:57 pm to TutHillTiger
Gas prices at 3 or 4 dollars a gallon is no national emergency.
And our oil AND GAS production remains very near historic high levels.
And our oil AND GAS production remains very near historic high levels.
0
Posted on 3/5/22 at 4:17 pm to TutHillTiger
(D)elusional party
Posted on 3/5/22 at 4:44 pm to TutHillTiger
quote:
I guess this is what I was thinking about in 2020 we were net exporters of oil.
We were never a net exporter of crude oil. Even when US production peaked a couple of years ago, we still had ~2.5 million bbl/d in net crude oil imports. Today we have closer to ~3.5 million bbl/d in net crude oil imports.
The EIA said that we were a net petroleum exporter in 2020, with petroleum being defined rather loosely. From the EIA release you linked:
quote:
Petrolelum is a broadly defined class of liquid hydrocarbon mixtures that include crude oil, lease condensate, unfinished oils, and products produced from refining crude oil and from processing natural gas plant liquids, including hydrocarbon gas liquids. Volumes of finished petroleum products include non-hydrocarbon compounds, such as fuel ethanol, biodiesel, additives, and detergents, that are blended into the products.
Here is the EIA chart breaking those imports/exports down by type:
Further, part of the reason we became a “net petroleum exporter” in 2020 is that US demand for gasoline dropped like a rock during COVID shutdowns. Our consumption and production both fell, but consumption fell further.
Regardless though, it would have happened eventually. And it will likely happen again. We are barely a net importer overall, by about 500,000 bbl/d. For reference, US crude production is about 12 million bbl/d. So US production only has to increase by something like 4% to turn us back into a net exporter of “petroleum” as defined previously.
US crude production has increased by about 70,000 bbl/d each month since the COVID shutdowns started. With current prices, I would expect that to accelerate to some degree. So it’s quite possible that we get back to net exports (overall) within the next 5-10 months.
But from the standpoint of shielding US consumers from global oil prices, it doesn’t make much difference since US producers will continue to sell on the global market. Yes, more supply will help stabilize prices to some extent. However, the distinction between the US being a net importer or a net exporter is rather arbitrary in that regard. Being a net exporter in and of itself doesn’t make a difference. It’s the additional supply that helps, regardless of where that additional supply comes from.
Posted on 3/5/22 at 5:20 pm to TutHillTiger
Net petroleum exporter.
We have always been a net importer of crude oil post WW2
We have always been a net importer of crude oil post WW2
Posted on 3/6/22 at 2:18 pm to ragincajun03
quote:
Where do some of you people get your info?
Tigerdroppings...
Posted on 3/6/22 at 2:21 pm to TigerWise
quote:
Why are we importing crawfish?
Price keeps going up.
Posted on 3/6/22 at 2:27 pm to Bestbank Tiger
3 to 4 sucks but bearable, 5 is a trigger point for lot of shite, 6 to 8 is real problem and will shut down a lot of industries and cause huge inflation. We would have to subsidize gas at that level
Posted on 3/6/22 at 2:42 pm to TutHillTiger
quote:
why are we importing any oil ????
Because our so-called President is an anti American POS.
Posted on 3/6/22 at 2:51 pm to TutHillTiger
quote:
Or Texans which is only slightly better.
So, in your opinion, Texans are only ‘slightly better’ than Saudi Arabian. Ok, this is a good indicator that I should go back to ignoring your post.
Posted on 3/6/22 at 3:09 pm to ragincajun03
quote:
Where do some of you people get your info?
They parrot what they read on TD and FB and take it for fact.
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