General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSenator Angus King telling the truth about oil production & prices
Link to tweet
Acyn
@Acyn
·
Mar 10, 2022
King: Why has the price of gasoline gone up? Was it because of the cancellation Keystone pipeline? Most of the oil going through the Keystone pipeline was scheduled to be exported. Was it a pause in leases that wouldnt have produced oil in 3-4 years? No
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Acyn
@Acyn
King: Lets talk about oil in the United States. In 2021, half of the oil produced in the United States was exported. Did that do anything for our consumers?
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4:50 PM · Mar 10, 2022
onecaliberal
(32,489 posts)gratuitous
(82,849 posts)Please look where Sen. King is pointing. It's not President Biden. It's not the Keystone XL Pipeline. It's not opening more public lands and wilderness to the oil companies, who are sitting on 9,000 unused permits they already have (and if the entire nation was made available for drilling tomorrow, we still wouldn't see any increase in production for years).
Gosh, do you think the major advertisers of the evening news might be even a weensy bit responsible?
SheltieLover
(57,073 posts)calimary
(80,700 posts)And who those owners donate to.
SheltieLover
(57,073 posts)PatSeg
(46,804 posts)I was just discussing gas prices with two different people and that information was exactly what I needed.
Tickle
(2,466 posts)Oil is like a stock, it gets valued based on its futures. The price is set globally . The USA is producing oil or will be producing oil in a couple of years (this is an example) in hearing that the market reacts. Bottom line, more oil even only the presumption of more oil lessons the value of the barrel.
Thats how I understood it when it was explained to me
Wounded Bear
(58,440 posts)OAITW r.2.0
(23,862 posts)Angus King - Pro-common sense.
rurallib
(62,346 posts)paleotn
(17,781 posts)that due to the fracking revolution, in 2015 the US become an oil exporter for the first time since 1975. The export ban was lifted nearly 7 years ago simply because we're producing more than we can actually use.
But....and this is a big but....oil is a global commodity and everyone pays pretty much the global price for Brent, West Texas Intermediate, OPEC basket, etc., etc. Like any traded commodity, prices are subject to gross overreaction and sometimes out and out chicanery. In my mind, that's what we're seeing here. There's enough oil and gas to go around even without Russian exports. And the ban won't last forever. Once one of Putin's security detail stands up and does the planet a solid, it's business as usual.
dchill
(38,324 posts)FoxNewsSucks
(10,378 posts)Totally the opposite of his evil twin
Carter Pewterschmidt
nitpicker
(7,153 posts)The last time I looked, there was a big mismatch between the qualities of oil being produced in the US and the qualities that could be processed by US refineries.
That means the US has been shipping out the "wrong" oil and shipping in the "right" oil.
Unless refinery capabilities change, I expect this will continue.