In 2011, for the first time since 1949, the U.S. EXported more petroleum products than it imported (by 439,000 bbl per day). 2012 is also expected to be an oil surplus year, as is 2013.
So why are we talking about unlimited drilling and accepting the associated environmental costs for this all out drilling? (Spill baby Spill). Why develop and export even more petroleum? Just to benefit big oil?
...and gas gets higher and higher. Something here doesn't pass the sniff test.
http://www.businessweek.com/news/2012-0 … highlights
we are talking about it because we are paying 3.60 per gallon at the pump.so if we have oil surplus we better get it on the market real fast so when the election rolls around gas is under three.
I've read that it takes 7 years, start to finish, to bring a new oilfield online, so none will be up and operating by November. Usage probably won't increase much between now and election day either.
If gasoline prices nosedive, that will further prove that supply and demand are being circumvented and other forces determine the price at the pump.
The quickest way to bring down the cost of gasoline may be to find out why it's as high as it is, with a surplus on hand.
It doesn't matter if we have a surplus, the global demand is what matters.
With countries paying three times what we pay, there's a reason we are exporting.
That begs the question of why try to increase domestic supply if it won't affect what we pay? What am I missing here?
What we need is a cap on the percentage that can be exported, and the cap can be reduced as the economy and price recover.
We should do everything we can to increase domestic supply. It brings money into the US when we do export, it drops the price of gas at home, and it creates jobs.
Agreed. At least, that's how it should work -- increase the supply and the price goes down.
My concern is that there seems to be a disconnect between how much product is on hand and the price that we pay.
It looks more like price fixing and collusion than free market capitalism.
The disconnect is the higher prices in foreign countries. They sell everything they can to the countries that are paying $9/gallon. If we capped that, then our supply would grow. Just because we are exporting doesn't mean we have supply.
I just saw that the Keystone XL crude oil pipeline proposal was defeated in the Senate. It isn't dead but now it's delayed. One bone of contention was whether or not the pipeline oil and products produced from the oil, could be exported.
That's a good question. I don't have a problem with importing oil from Canada. I'd rather see the money go to them than to the middle east but if the oil is only passing thru the U.S. on it's way overseas, the heck with the pipeline.
Both sides of the issue have truth to it and both are lied to us about, as many issues today this is unsolvable in the current political climate because of the polarization of the political scene where the republican party is controlled by the extreme right wing nuts and the democrats are faced with the options of either alienating their base by keeping reaching out to a party that won't take yes for an answer and be irrelevant and alienate the base, move to the left consolidate the base talk a big game and achieve little, but alienate some independents and moderates,or move to the center alienate the base somewhat,not appeal to independents and moderates because of lack of achievement and appear weak.In any case the whole country is being held hostage by 15 to 20 million Rush Limbaugh dittoheads who at this point determine who is allowed to be relevant in the opposition party.the republican party can only be resurrected by being unequivocally defeated in the general election in november as well as losing the house and the senate.
I tried to "follow the money' and it appears that both parties receive oodles of money from big oil but the GOP gets much more. I don't think oil would donate to either party unless they expected to benefit somehow.
I'm not familiar with this website but assuming their numbers are accurate, it's no wonder that our energy policy is so dysfunctional.
What we need is temporary restrictions on oil exports. The reason our prices are still high and we are exporting is because other countries are willing to pay more than us.
Turkey, Norway, Greece, Monaco, Denmark, Sweden, Belgium, UK, Netherlands are all over $8/$9 per gallon.
I don't like government intervention, but if we kept that oil here our prices would drop.
You don't think the oil companies would jack up the price to maintain profits then?
No, all of the oil companies would have to get together to price fix. Not only would that be fairly obvious, but the damages for getting caught would be catastrophic. It would be bad business and stupid to attempt it.
And you don't think that they already price fix!
Tell me, why is petrol, bar a few pennies difference, all the same price?
That's called competition. Companies compete for business, so they have to try and charge the same or lower than their competitors.
And of course nothing to do with it all coming from more or less the same source with prices fixed by commodity brokers!
"i'm so sick of commie republicans trying 2 regulate the markets so that their own investments, not the common good of humanity will profit."
Besides, their profits aren't affected by price change as much as you might think. Their share of the total price per gallon is quite small.
Thats impossible. The reason due to the economic slowdown, more crude was probably stored in salt caverns and above ground tankage during the past few years, and then now sold now that crude is nearing a peak again. The U.S. could never legitimately produce its way to an exporter in just a few years. The gap is probably 10 million bbls a day.
Supply and demand, yeah right. Everyone is full of crap nowadays.
I seem to recall Obama blaming Bush/Cheny for the high cost of gas, what happened to the President being at fault? I guess its a lot like that raising the debt ceiling thing, he hated it while Bush wanted it done but thinks its a good idea when he does it. Slimy creature that guy is.
The U.S. economy cannot recover fully with $5 per gallon gasoline. My point is that all the talk about increasing the domestic oil supply and using alternate fuels won't help if the price of energy doesn't respond to the supply. It seems that it doesn't.
We know speculators are at least partly to blame for increasing the prices but they don't control the supply. It looks like gasoline is going to go up to some predetermined level no matter what the supply/demand is.
Someone is gaming the system -- why aren't we investigating?
Gee, we could put together an administration fact finding team who could come to the conclusion its the Republicans fault. Its not really a mystery why gas prices are high, its not a mystery why there is a 10,000 dollar rebate on the chevy volt.
"Does anyone remember what Obama said when gas prices shot well over $4 a gallon in 2008? Then candidate Obama said he did not have a problem with gas being $4 a gallon or more. His problem was the sudden, sharp rise of the price. In other words, if the price gradually went up, he would not have a problem with it.
I also remember the wingnuts/future tea baggers back then defending the high gas prices. We saw oil companies posting record profits and heard that they deserve it. When Congress wanted answers to the high gas prices, the right started screaming about “government intervention in the free market’. No – high gas prices were not only fine under Bush, they were championed by these same people."
Now that Obama's prez...they want to make an issue out if it...just like birth control.
Nobody seems to remember the ;"Record Profits" part
It's their due as a Robber Barons. We peons do not matter ONE IOTA. Except to line their gold-rimmed pockets.
Earth doesn't matter. People don't matter. Money matters.
Keystone is a gift to Koch bros. Native Americans are protesting it. Who do you believe?
They can run cars on water, electricity, hell, air if they wanted to! They keep it this way for themselves.
Ask the united states military about clean energy...they are using it!
http://www.good.is/post/a-list-you-don- … te-change/
I'm not convinced electric cars will be any better for us than gas cars. California can't keep up with their electricity usage now. Could you imagine if all those cars in California alone were running on electricity? There goes our water supply.
I think a big part of the problem is that we don't have refining capability for the crude. If we started doing that, we could keep our own oil and gas prices would go down.
That's assuming we get to keep our own. Unfortunately, the drillers are privately owned unlike the OPEC nations which are state owned and can sell gas at a lower price to citizens. Ours would probably still be sold overseas for a higher price and we wouldn't get a break.
IMO, the gov. should take control of all oil sites. If they have the power to do whatever the hell they want anyway, making laws to suit, then do this and really save the economy.
Why do you assume that the government can tell a private company what they can or can't do?
The 10th Amendment exists.
I'm saying, for the oil 'surplus' we have to have an effect on the price of gas, it can't be exported. If it's exported, it's not supply.
As for whether or not the government can, or even should do this, I really don't know.
The govt needs to allow it and don't have to tell them.
by Brian5 years ago
This may not be news to a whole lot of people, but, I am getting sick of this. Why isn't the Government doing anything about it, especially when they know that it is killing our economy? Not, to mention that we are...
by Gary Anderson4 years ago
Worried about the price of gas? Our oil companies aren't. They export oil in the SF Bay and in April will start exporting West Texas Intermediate (WTI) from the Gulf of Mexico. http://www.businessinsider.com/the-asto...
by Mike Russo3 years ago
Obama was blamed by the conservatives and the Romney camp for the price of gasoline increasing. Now that it is coming down, does he get credit for it?...something to think about! Your thoughts please.
by CHRIS574 years ago
http://www.bloomberg.com/news/2012-04-2 … vital.htmlIt seems that high gas prices bring along something good. People start to understand the simple equation:price = miles / miles per gallon * USD/gallonSo if...
by Ledarral468 years ago
Fight High Gas Prices Now!Americans. It's time to fight high gas prices. I have an easy, but sure way to do it..People try to take on all oil companies at the same time. It can't be done. My...
by Aqeel Saeed7 years ago
It fluctuate between $ 148 per barrel to $ 33 per barrel.
Copyright © 2016 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.