Posted on 09/15/2019 5:15:11 AM PDT by EyesOfTX
We (America) pump more oil than we can use. Prices here should not go up nearly what it does in other places. Half of Saudi is nothing compared to what Russia, the US and other places can do. But no matter the short term displacement, the US is WTI not Brent. And it will be over stocked at all times.
Agreed - and there was another article that said the Saudis expect to resume full production by tomorrow...
Small blip of a few cents/gal for us at most...
Thanks for the pro tip...
I was about to buy a 1500 gallon tank and set clay-mores around it so hoarders can't get to it...
A couple of cents per gallon can mean life or death...
I read all the comments and they are surprising in their lack of understanding. America produces around 10 millions barrels of oil a day and consumes about 29 million.
The fact that we export doesn’t mean we have enough for ourselves, not even close. We operate in a world market, and taking 5% of that production offline is quite a whack.
People also don’t seem to be considering the possibility that these attacks may continue, and the uncertainty about that can add a “fear” premium to prices, which we’ve seen in the past.
The oil futures market was closed when the attack happened, so the price hasn’t reacted yet.
Plus, it’s a futures market, and the future just got uncertain, never a good thing. The possibility of ongoing attacks is an issue.
Iran can’t sell it’s oil right now, and recently threatened the market because the sanctions are hurting them badly.
So, we’ll see how it shakes out.
The problem with hemp is the same as the problem with corn for ethanol. High water use is expensive.
The Saudis claim production will be back to 100 percent by Monday.
Forgot to add, putting millions of acres to work growing hemp lowers the supply of whatever is currently being grown on those acres.
That affects food prices. We don’t have unlimited land or water.
2. There should be not shortage.
3. Will retailers of fuel use this as an excuse to increase fuel costs, probably. So I would not panic, but understand the idea to save a few dollars.
It will be interesting to watch how quickly any panic buying drives up prices.....
Imports form Saudi Arabia are down 25% form the maximum and have been going downhill for a decade:https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mttimussa2&f=m
Conspiracy theory would tell us that the deep state is fighting back.
Thanks for the info. I suspect the same for any plant based fuel. I had just never heard of hemp based fuel before this morning.
I do know the plant was criminalized and demonized shortly thereafter. It didn't fit Lucy's plans for murder and mayhem for mankind.
Here’s the first good news for prices: Kellyanne says Trump will look at releases from the strategic reserve if needed.
This is meant to calm the market, and should help, we’ll see. If the Saudis can get the processing plants up quickly, this was done by Iran. If the Saudis can’t, it may point to a false flag by the Saudis to raise prices just prior to their rollout of Aramco going public, higher prices would help that rollout.
As always with the Middle East, what’s really going on can be cloudy.
Vertical farming will take up the land slack.
https://tradingeconomics.com/united-states/crude-oil-production
Production is down a little because wells have been drilled AND CAPPED waiting for a higher price per barrel. That can come on line very quickly.
But that is by choice now. We’re just being nice.
I heard that we actually export refined fuel. What I heard a few years ago was that we refine more than we can use, but we have to import the raw materials (crude) to do it, but we recently crossed a line in that we now, at least technically, produce all the crude we would need as a country.
Fracking truly changed the world, and it is getting more and more efficient and cost effective every year.
My concerns are:
how long will repairs take,
how simple (and cheap) is this type of attack to pull off,
how easy to ‘copycat’
how expensive will it be to protect oil production from drone attacks in the future - here and there...
If the price of oil is bid up in one part of the world - it’ll be bid up everywhere. I’ll fill my tank...on the off chance answers coming back confirm my fears.
Oops. I may be jumping the gun on that one.
If we could get ten Thorium salt reactors up and running and use that to power more electric cars, we might actually get to where we truly are energy independent as a nation.
If President Trump cured cancer the jerks in the press would NOT cover it... Or they'd write a story about Trump hurting Hospital profits... The press is writing their own obituary.. Writ large in bleeding bias.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.