U.S. world's largest oil producer at over 20 percent.

[Rmay635703]

It’s unfortunate that the petrol dollar reserve currency requires us to import crude and always use some imported crude regardless of our own production levels to maintain stability.

There is of all things a Nixon documentary that explains how we snubbed nuclear and made agreements during the Kissinger years that basically ensured we would always trade domestic crude for imported overseas sour.

The last refinery of any significance was finished in 1977 which also coincides with these agreements and are related to increased inflation.

 

[SC Maintenance]

It’s unfortunate that the petrol dollar reserve currency requires us to import crude and use very little of our own to maintain stability.

There is of all things a Nixon documentary that explains how we snubbed nuclear and made agreements during the Kissinger years that basically ensured we would always trade domestic crude for imported overseas sour.

The last refinery of any significance was finished in 1977 which also coincides with these agreements and are related to increased inflation.

The majority have no clue about this. They think we kept 2 fleets in the gulf to keep oil cheap. In reality they were there to retain USD strength, and hence US hedgemony.

 

[PWMDMD]

If you think big oil is your friend... Big oil is in the business of making money.

...and low gas prices doesn't make Big Oil money.

 

[JeffKeryk]

The US is a net exporter of oil and petroleum, but oil is sold on the world market. Can you really say there is a such thing as American oil?
As was pointed out earlier, big oil wants high margin/low production, not low margin/high production. "Drill baby drill" is not a business slogan.

 

[SC Maintenance]

The US is a net exporter of oil and petroleum, but oil is sold on the world market. Can you really say there is a such thing as American oil?
As was pointed out earlier, big oil wants high margin/low production, not low margin/high production. "Drill baby drill" is not a business slogan.

There has long been a price dance in the oil markets.

The Saudi's want about $90 oil - then they can fund their country no problem. They hold oil off the market to try to keep prices up. They however have made statements that there done doing this, and will produce more going forward.

Russia has tried to maintain around $70 oil price for last many years - that limits how much the USA will produce while still being very profitable for them. For them its about power and control not money.

US and other countries oil companies want the highest prices they can get - without causing a recession. Recession is bad for business for everyone.

Its an interesting dance to watch.

 

[4WD]

The US is a net exporter of oil and petroleum, but oil is sold on the world market. Can you really say there is a such thing as American oil?
As was pointed out earlier, big oil wants high margin/low production, not low margin/high production. "Drill baby drill" is not a business slogan.

World market? Except for guess who? (Hint, starts with C) …
They circumvent the market and sanctions alike - such as with Iran …
They also use their “special” labor in “oil for infrastructure” deals and leave empty buildings behind as monuments to all the cash gone from that economy …

 

[JeffKeryk]

Big oil is a huge, complicated market with all kinds of players. The world runs on oil.
And yes, it's all about money and power.

 

[53' Stude]

This chart caught me a bit by surprise. The chart's producer is a middle east based media conglomerate.

The U.S. produces over twenty percent of the world's oil. Wow. Wonder if the U.S. can double that number, and be a key worldwide exporter to help with the trade deficits.

View attachment 285391

I’m more discouraged USA does NOT rerefines more used/waste oil into basestocks and fuel oil etc. no excuse.

 

[Rmay635703]

I’m more discouraged USA does NOT rerefines more used/waste oil into basestocks and fuel oil etc. no excuse.

I’m discouraged they don’t ban vinyl and re-refine plastic into diesel fuel

 

[4WD]

World market? Except for guess who? (Hint, starts with C) …
They circumvent the market and sanctions alike - such as with Iran …
They also use their “special” labor in “oil for infrastructure” deals and leave empty buildings behind as monuments to all the cash gone from that economy …

Three B747F have hauled something now … Search this …

 

[PWMDMD]

I’m more discouraged USA does NOT rerefines more used/waste oil into basestocks and fuel oil etc. no excuse.

I'm sure if there was profit to be made someone would be doing it.

 

[PWMDMD]

The US is a net exporter of oil and petroleum, but oil is sold on the world market. Can you really say there is a such thing as American oil?
As was pointed out earlier, big oil wants high margin/low production, not low margin/high production. "Drill baby drill" is not a business slogan.

No, and yet that idea is pervasive in many circles. I think these people conflate oil production in the US (Private) with oil production in Middle East countries (State-owned). The former only cares about profit and the latter uses oil production to manipulate international relations. As far as "drill baby drill", no one seems to think beyond the next step of you can issue all the permits you want but you still need private oil companies to invest in them, and low oil prices are not an incentive to invest.

 

[GON]

I'm sure if there was profit to be made someone would be doing it.

These are bottles of purified water at the hotel I am currently staying at. Not sure how many bottles of water are recycled in the U.S. And why aren't bottles or water, soda, beer not using recyclable glass bottles?

Sometimes players are so big, along with barriers to entry, and government involvement prevent the free market from doing all that it can do.

 

[JWC86]

I’m more discouraged USA does NOT rerefines more used/waste oil into basestocks and fuel oil etc. no excuse.

It doesn’t make financial sense. That’s the only excuse any business ever needs.

 

[JWC86]

Its between $60 and $70 / barrel, depending on what field and who you believe.

And big oil has bought out all the shale wildcatters. What the wildcatters did was run around and drill holes, wireline test them, and cap them. They didn't have the capital to produce from them. They then sold themselves to bigger companies who in turn sold themselves to the supermajors. So what you have is a bunch of big oil finally producing from all these wells.

Your right in that it will run out at some point - but my point is they have been saying this my whole life - and usually with a hidden agenda. There are lots of known reserves and there are more being found everyday. Lastly, the world population has peaked and oil use is already declining.

Also I would suspect oil, like many other technologies will be rendered obsolete eventually. Just not today.

So saving it might not be all that important either.

Your whole post is great and on point but I want to add to the “available reserves” part.

The estimates the “experts” give are worthless, this is VERY much just a guess. Ask any experienced reservoir engineer and they will say the same. They just don’t know. The only thing they agree on is that it’s more than we thought we had and that’s a reoccurring theme.

As others have stated, there is no reason to be shy about oil & gas extraction here in North America. North America’s energy sector is the safest and most environmentally friendly in the world and if we don’t produce it here it will just get produced somewhere else and imported from a less safe and less enviro safe producer.

 

[PWMDMD]

These are bottles of purified water at the hotel I am currently staying at. Not sure how many bottles of water are recycled in the U.S. And why aren't bottles or water, soda, beer not using recyclable glass bottles?

Sometimes players are so big, along with barriers to entry, and government involvement prevent the free market from doing all that it can do.

View attachment 285489

In other words, because of the bolded above, there's no profit to be made.

 

[JeffKeryk]

These are bottles of purified water at the hotel I am currently staying at. Not sure how many bottles of water are recycled in the U.S. And why aren't bottles or water, soda, beer not using recyclable glass bottles?

Sometimes players are so big, along with barriers to entry, and government involvement prevent the free market from doing all that it can do.

How is the government preventing the free market from recycling the bottles?
In CA, the market screamed when we banned single use plastic bags for most retail stores. But we got through it.
Personally I almost never get a bag of any kind.

 

[SubieRubyRoo]

Yes but they used to say we were going to run out of oil, or USA had run out of oil. But magically now were the largest producer again.

The problem with believing the "experts". They always talk their book.

That propaganda said “Peak Oil” occurred in 1974 or something like that. I think the reports are about 20% truth and 80% supporting higher prices thru fear.

 

[SC Maintenance]

These are bottles of purified water at the hotel I am currently staying at. Not sure how many bottles of water are recycled in the U.S. And why aren't bottles or water, soda, beer not using recyclable glass bottles?

Sometimes players are so big, along with barriers to entry, and government involvement prevent the free market from doing all that it can do.

View attachment 285489

Glass isn't recycled here either - or re-used. I think we had a thread on that once.

This stuff is not recycled for the simple reason you can get crude at scale, transported by pipe, for around 40 cents a quart. The oil industry has gotten way too efficient at finding and producing it at scale instead of recycling used oil / plastic bottles, whatever. Handling it alone would cost more than a quart of crude before you even got it to the plant.

The only places that they are usually are heavily subsidized, which may be a good idea. I prefer glass bottles.

 

[53' Stude]

I'm sure if there was profit to be made someone would be doing it.

Then why does Safety Kleen and Vertex rerefines oils? And sell it to places like my workplace and fleets, etc. you can’t tell me those guys are not making a profit.