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Old 03-29-2012, 12:45 PM   #31
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Sorry sideout, didn't know you were serious.
As in all casual conversations, most people don't know what they are talking about. There may be some minor exporting of certain oil products at certain times, but the US definitely does not have any surpluses. The country imports millions of barrels of oil a day, much of it from Canada.
The main problem right now is that the oil being imported into the Gulf coast refineries is priced at Brent, the world price, and it is $122/bbl right now. That is why fuel prices are high.
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Old 03-29-2012, 12:51 PM   #32
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Thanks for the info crocus, that's why I browse this forum so I can learn. Im sure you being in the market you can give better insight to this topic.

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Old 03-31-2012, 01:40 PM   #33
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About 10 years ago I emailed Dr. Thomas Sowell (one smart economist at Stanford's Hoover Institute) to ask about the oil situation. He emailed me back to inform it was mostly SUPPLY/DEMAND driven at the time by increasing consumption by China/India.

It is my understanding the USA has lots of untapped oil and natural gas (i.e. ANWR, Colorado shell, coastal, etc). The problem is that our liberal gov't won't allow drilling that would increase the supply side. Obama even said 4 years ago he wanted to increase prices and reduce the coal industry to make green energy more competitive. Now we are seeing the result is higher gas prices and taxpayer dollars being wasted on companies like Solyndra (bankrupt and lost $500MM).

After WWII, it was estimated that the USA had 20 bbl of oil.... since then we has consumed 170 bbl and the president still estimates we only have 20 bbl untapped. Other government sources estimate 10x this amount and pvt sources estimate over 1 trillion bbl. Who do you believe..?
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Old 03-31-2012, 03:19 PM   #34
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Both the conservatively oriented Wall Street Journal and Cato Institute recently published articles stating that presidential policies are not responsible for the current high gasoline prices. As noted previously, oil prices are determined by worldwide demand which has increased substantially due to rapid growth in developing countries such as China and India. Prices are set by the oil companies as high as the market will bear to maximize profits. High gasoline prices are currently attributable to a number of factors: worldwide market forces, oil futures speculation (estimated to account for some 20% of the price), diminishing supplies of “cheap” oil, fears of retaliatory actions by Iran, and the closing of several U.S. oil refineries.

Since Obama took office, the number of oil rigs working in the U.S. has quadrupled. There are currently more oil rigs operating on U.S. lands and waters than in the rest of the world combined. Production is the highest it has been in eight years, and the most recent “Short-Term Energy Outlook” from the Energy Information Administration projects continued growth through 2013 based on current activity. The U.S. has now become a net exporter of refined petroleum products.

Unfortunately, none of this increased production has resulted in lowered gas prices. Some two-thirds of oil and gas offshore leases and more than half of company onshore leases are not being produced now. Making more area available for drilling is not as simple a fix to the problem as many politicians make it out to be.

For more information on the subject see here.
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Old 03-31-2012, 04:45 PM   #35
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And the present administration has done everything in its power to twart new exploration, stifle the pipeline and promote green companies like Solendra and other contributors to the administration's political whims. All new drilling was started over 4 yrs ago. When the former administration was in power and gas prices rose 25cents, the media raised hell, it has now risen over $2.25 and the media blames it on anything and everything but the present administration. Just my opinion. Everyone has a different one and that's what makes this such a wonderful country, what's left of it.
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Old 03-31-2012, 05:54 PM   #36
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avg gas price when the current regime took office was $1.84 and is now approaching $4/gal. This is a huge drain on the economy, reduces USA buying power for alternate goods and services and ultimately helps fund Mid-East countries who don't like us very much. Heck, it costs us lots of $$ to keep our TT/RV's on the road and I'm each of us could think of a better way to spend this money.

If we could increase supply (all viable energy types), reduce regulations (ie very inefficient to produce 50+ different blends) and build the pipeline we would see a rapid decrease in the price at the pump b/c suppliers around the world would know the USA is serious. I don't have anything against green technology in theory except that it costs lots more. Why not let the free market work...? Instead, we now have Ethinol that has been proven to take more btu's of energy to produce that the btu's of energy it produces in a gallon of gas... but the folks in this industry like it b/c of the taxpayer subsidy.... just my 2 cents.
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Old 03-31-2012, 06:22 PM   #37
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the current president doesn't even believe that increasing supply will not reduce the price at the pump otherwise he wouldn't threaten to open the oil reserve to drive down the price.

gold prices should be an indication as to why prices at the pump are up while crude is 2/3 the peak of a little over 4 yrs ago. face it, the value of our money has a lot to do with it. governments spend more than they have and give out subsidies for pet projects. if these projects produce, great but so often they are very expensive mistakes.

on being a net exporter of products...don't make the mistake of believing that we are self sufficient on crude oil...we aren't.
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Old 03-31-2012, 07:08 PM   #38
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Yesterday while traveling on PCH (Pacific Coast Highway) came across a station with unleaded at $4.23 and then about 3 miles later there was a station with unleaded starting at $4.69 per gallon. That's big of a gap between pricing surprised me. I finally figured out that the first two stations I mentioned originally were the last gas station for miles heading south.

While listening to the TV I heard that Alaska gas is over $5 a gallon.
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Old 03-31-2012, 10:43 PM   #39
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“A statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production by The Associated Press shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.”

Read more at There's No Correlation Between More Domestic Drilling And Lower Gas Prices - Business Insider
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Old 04-01-2012, 05:23 AM   #40
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I saw a story on CNN back in 1991..when then presedent Bush SR was in office...Operation Desert Shield had begun...The worry at that time ..If Israel were to get involved with war..Would the rest of the Arab Nations join in with Iraq and Shut down the Oil flow from that area..... CANADA at that time..would allow someone with a pickup truck ..have it converted to run on Compressed Natural Gas...Safer fuel tanks (thicker).. cleaner burning..engines lasting 300,000 miles..having the ability to re-fuel at home..$1.75 per gal (at that time) ..$2.65 TODAY !!..And write o ff the cost at tax time

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