Posted on 05/05/2018 6:44:39 AM PDT by bananaman22
As global oil markets shift their attention from U.S. shale oil production back to a resurgent Saudi Arabia and Russia and geopolitical concerns bearing down on oil prices, Citigroup said last Wednesday that the U.S. is poised to surpass Saudi Arabia next year as the world’s largest exporter of crude and oil products.
The U.S. exported a record 8.3 million barrels per day (bpd) last week of crude oil and petroleum products, the government also said Wednesday. Top crude oil exporter Saudi Arabia’s, for its part, exported 9.3 million bpd in January, while Russia exported 7.4 million bpd, the bank added.
However, it should also be noted that the Citi projection is for both crude and finished (refined) petroleum products, not only crude oil. Saudi Arabia remains the world’s largest exporter of crude, though since January amid the OPEC/non-OPEC production cut agreement that figure has fallen. On April 10, the Saudi oil minister said that the kingdom planned to keep its crude oil shipments in May below 7 million bpd for the 12th consecutive month.
(Excerpt) Read more at oilprice.com ...
Ok fine so why is gas higher then its been in years?
Because OPEC is keeping the supply lower than it would be otherwise. But you knew that.
So this will hurt Iran, Russia and our “friends” the Saudis? This is like winning a big trifecta bet at the Kentucky Derby.
The “energy crisis”, “peak oil”, the “big chill”, “global warming”, “climate change (weather for idiots)”, etc. are nothing but scams to panic the herd in order to steal their inheritance, freedoms, and future.
If the price dose not come down then people who use heating fuel are going to be really screwed next winter.
Because we don’t produce enough domestically for domestic use so by allowing it to be exported we are ensuring the price will go up. The Republicans effed America by lifting the export ban.
So, when’s the price going to down at the corner convenience store?
Never.
Exactly so.
The Saudis and Putin are keeping our oil industry humming, which in the long run is a good thing.
You knowledge of the oil industry and economics is in error.
The USA is not self sufficient in oil yet, it will be in a few years. We import crude mostly from Canada and Mexico and this is due to their proximity and price. We also export crude to other nations based on proximity and price. In effect we are buying some at a lower price and exporting some at a higher price. Price is dependent on the gravity of the oil, sulfur content, location of the oil field and location of the refineries.
Some of our oil is not suitable for our refineries due to its quality and sulfur content. We happily export this to nations that have refineries that can utilize this crude. We then import "sweet oil" from Mexico and Canada. Bottom line is the oil companies utilize the cheapest barrel of suitable crude they can find for their refineries and thus we the consumer benefit.
65 to 70 dollar oil is good for us. At that price fracking is economical and we will continue fracking and producing more and more oil every day. Fracking is the reason gasoline costs me $2.50 here in Texas instead of $5.00
ps I spent 17 years in the oilfields worldwide before becoming a pharmacist. I do know of what I speak.
Lower dollar, seasonal blend changes.
Wrong. The market is more efficient. It’s dumb to try sending Alaskan crude to NJ.
The U.S. has a lot of sweet crude. Many other countries have some nasty crude. Much harder to refine.
Thank your local politicians like in California for the higher tax prices tacked onto the gas price.
Winning! More fracking, please. Now, let’s leave the middle east to burn down.
JoMa
Just wait a couple of weeks when the President puts the sanctions back on Iranian oil exports. Prices will move higher very quickly.
If the rag heads and russians refuse to produce oil and sell it, they starve. So be it. They will eventually want to eat. In the meantime there's U.S. oil, and although expensive, we're not starving.
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