The Price of gas has very little to do with the war in Ukraine. Even if the entire world decided to stop buying Russian oil, that would only reduce global production by approximately 11%. Yet, the price of gas has more or less doubled at the pumps. Crude product inventories are depleted.
Top Oil Producing Countries: eia.gov
What can be done to increase crude oil inventories? Does the USA have untapped reserves that are being untouched for political reasons?
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fujairah.platts.com
eia.gov
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Oil comes from ancient genocides, USA has done it's fare share in contributing to these resources in order to form a more sustainable world future.
The unfortunate, and silly thing, is that a 5% decrease in the supply in an inelastic product like oil can increase the price massively until people stop using it by 5%
The fastest and easiest thing to dramatically increase oil would be to remove Trump's sanctions on Venezuela and if it were possible to re-enter the Iran nuclear deal that would increase production dramatically with 3-4 million extra barrels of oil a day basically immediately available plus whatever they have stored
USA has always had sanctions on Tues countries but the "maximum presure" ones are different
Also since the spread on gas to oil is far far far higher then it should be I assume there is a huge refinery capacity issue which is the main thing causing gas to go up because the oil price of today is far far higher then the gas price of last time it was this high
It's probably not possible to get back in the Iran nuclear deal though
Also USA has increased oil production by like 150% since 2009 after being in decline for 50 years. Countries like India and China are starting to suck up massive amounts of oil, eventually America will run out of oil
Found the commie faggot.
lol which part was communism, bizzare response?
Venezuelan oil isnt well suited for gasoline. It's primarily used for the plastics and byproduct industry. Gasoline is created as a byproduct itself from the process. Their oil is what is referred to as dirty crude.
India bans plastic items in two more weeks.
It's another "death by 1000 cuts" situation. It absolutely has to do with the Ukraine war, it also has to do with shutting down drilling. The drilling thing isn't an issue though, because we need to be saving our own reserves being untouched so we can trade funny money for real world resources and deplete other countries resources that can later be used as a war asset against us.
He described a solution to a problem. What do you got?
>Does the USA have untapped reserves that are being untouched for political reasons?
Yes, the environmental movement has a lot of influence on the Democrat party and is forcing them away from giving out oil drilling rights for land.
How much deeper can we drill? Isn't fracking a response to the problems with drilling deeper?
Most businesses go under with a loss of less than 3% of revenue
11% of global supply of anything can easily double to quadruple prices
Whether you believe the Ukraine SMO is responsible or not doesn't change that the sanctions were the excuse needed for companies to increase prices at will. The issue isn't Russia, it's weak spined western leadership
lets just get off oil, it's time
I mean you just said it makes gasoline? You're right that it other crudes are better suited for it, but it definitely produces gasoline/diesel
They mix it with other lighter crudes to make it easier to refine.
The biggest issue is that America is currently telling the world they can't buy oil from the 3 biggest producers of heavy crude: Iran, Venezuela, and Russia and certain refineries can't operate without heavy crude. USA does not produce heavy crude btw, it imports massive quantities of it and ships it's light crude to other countries
So the easiest option of the 3 by far is simply to remove Trump's failed "maximum pressure" regime change sanctions on Venezuela, obviously the regime has not changed
There is no solution. Peak oil user nailed it and everything else is just cope. the api of available oil is getting too low to continue to support the first world way of life. refineries cant retool for loghter wti fast enough and even if they could most cant stay in business anyway due to environmental regulations.
Why wouldn't the currency just inflate like bitcoin?
It's a refinery capacity issue. Oil isn't even that high. It's been much higher in the past while gas prices were much lower.
I'm not saying just Venezuela would create a miracle in lower gas prices but it would help big time. When the Biden admin stopped referring to guaido as the leader of Venezuela oil prices fell by 10% and fuel oil fell by 10-20% within hours(before going back up eventually)
Removing the sanctions on Iran would create a miracle but that's probably not possible
fujairah.platts.com
eia.gov
oilprice.com
I know, I've been tracking inventory since november and nothing is improving. I'm really worried peak oil user was right.
If you are being honest it is called 'tar'. Or at least most of the export supply.
The U.S. exports virtually no light crude and very little heavy. We export refined products although a lot of it is below U.S. standards. Much of the export diesel would be illegal to use here.
I'm not actually in the oil industry but fairly sure you're wrong since the crude oil export ban was removed they started exporting tons if it
A Ban on U.S. Crude Oil Exports Would Not Lower Gasoline Prices at the Pump - Dallasfed.org - dallasfed.org
At the end of November 2021, the United States exported an average 3 million barrels per day of mainly light sweet crude oil that U.S. refiners lack the capacity to process. Meanwhile, refiners imported more than 6 million barrels of mostly heavier crudes from Canada and other foreign suppliers that are unavailable domestically (Chart 1). These heavier crudes play an important role in the production of diesel fuel and jet fuel.
>eia.gov
No it's not, it's corporate bloat, unreasonable wages, and price collusion between electric and gas car manufacturers.
Producing Alberta oil would be a great thing for us. Unfortunately, trudeau is actually an oil tycoon who is invested is Saudi oil, so he doesnt personally profit from oil produced in Alberta. Instead, he will import more expensive oil from the other side of the planet and then tax the fuck out of it so that he makes the most amount of money possible. We need Western Republic, and we need it now. Picrel.
Look at oil in $ / barrel.
We've yet to hit the 2008 peak.
Yet gas prices are double.
This is more inflation rearing it's ugly head than anything else. As the price of oil is the same as before, but all goods cost twice as much.
Said inflation hasn't even been fully realized yet.
Hold onto your butts, shit's about to get fucking nasty.
Especially if the narrative that Russia is to blame falls flat.