Quote:
Originally Posted by McMimmcs
Not a real accurate statement about oil from Saudi Arabia. United States is close to 90% self sufficient with most of import oil coming from Canada !
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Actually, the US is now the world's largest producer of oil and at times actually produces more oil than it uses.
https://en.wikipedia.org/wiki/United...y_independence
Quote:
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In early December 2018, it was reported that the US had turned into a net exporter of oil "last week", thus breaking nearly 75 continuous years of dependence on foreign oil. Reportedly, the US sold overseas a net of 211,000 barrels a day of crude and refined products such as gasoline and diesel. This, compared to net imports of about three million barrels a day on average previously during 2018 and the prior annual peak of more than 12 million barrels a day during 2005, was confirmed by the US Energy Information Administration.[46]
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Since then the market has "wavered" depending on the vagaries of the marketplace. At times the US consumes more than it produces, other times the market goes the other way.
The important thing is - the market is "free" and entirely dependent upon production/demand. Unlike 1973 when US executive decision making backed by Congressional rulemaking resulted in retribution by OPEC which hamstrung the US markets and gave OPEC a commanding lead into consumers pocketbooks.
The tying of politics and economics never bodes well for either.
I won't go into the current worldwide "glut" of oil caused at least in part by economic competition between Russia and the Saudis. But - that is Free Enterprise. We (US) may be best to let this play out - sort of a "just dessert" to the Saudi and OPEC for what happened in 1973 and 1979.
Joe K