Quote:
Originally Posted by redneck
No.
Is having to import more oil because we’re not drilling our own domestic oil to meet our needs as a result of this administration’s policies towards domestic oil production a foreign concept to you ?
|
It isn't a foreign concept - it just isn't what is happening. We pumped more oil that we are projected to need in 2021 back in 2019. Then the price of oil cratered with the recession and US oil producers started cutting back on production. Just as it takes time to shut down production it takes time to bring it back online when prices go back up.
The price of oil going negative will have just a little bit of effect on supply. So will the Saudi's having a price war with the Russians and purposely driving down the price of oil until Russia fell inline with their production targets.
https://www.worldoil.com/news/2020/5...ssia-price-war
Quote:
Originally Posted by redneck
🤔
You wrote earlier that predictions are not data.
Ok.
Neither are “forecasts”...
|
No they aren't. But you were the one that wanted to talk about a Feb 2022 report predicting that the US would temporarily be a net importer of petroleum products as proof that the Biden Administration was trying to reverse our oil independence.
Of course you ignored the 2023 prediction in the same article that said that was only a temporary blimp.
Then you pretended that since the EIA was predicting both increased production and increased oil imports at the same time it was "government double speak" and implied that made them suspect.
Quote:
Originally Posted by redneck
Somewhere between 2019-2020 we achieved energy independence.
|
That is cool
Quote:
Originally Posted by redneck
Currently if the USA was cut off from foreign oil for any reason we would be unable to meet our needs.
|
False. The latest actual data shows we are still net exports of petroleum products. Neither you or I know have the data to know if we are today or what the current Ukrainian war has done to US production. The recent spike above $100 is almost sure to encourage producers to bring oil supply back online faster.
However, even if we were importing a tiny bit of oil today we have more than enough stored in the supply pipeline and in the strategic reserve to bridge the time it would take to ramp back up production. No doubt such a crisis would also spike oil prices to the point were every oil producer in the country would be scrambling to produce as much as they can.
That also imagines a world in which the entire oil producing world is suddenly putting an oil embargo on the USA - including Canada - our biggest external oil supplier and one that doesn't have a way to ship most of it's oil to market except through the USA.
Oil is a global commodity with prices set at auction. That is reality. You can believe what you want.
Today
Other popular topics in this forum...
