US crude exports set a record high amid market share war with OPEC

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• The US set a new record exporting 3.99 million barrels a day of crude oil in first half of 2023.

• That's up 19% from the same time a year ago, EIA data shows.

• It comes as non-OPEC production has been whittling down OPEC's share of the oil market.

https://finance.yahoo.com/news/us-crude-exports-set-record-002002082.html

[mfd101]

A rational person might think that a sensible US policy on its oil reserves would be to preserve them for its own longterm use ...

Edited December 23, 2023 by mfd101

[ozimoron]

16 minutes ago, mfd101 said:

A rational person might think that a sensible US policy on its oil reserves would be to preserve them for its own longterm use ...

 

A different rational person might think it's like the deficit, use it when oil is expensive and replenish it when oil is cheap, thus helping to control the price against predatory OPEC policies.

[Hawaiian]

I mentioned this in another forum about ships being attacked in the red sea, along with other related comments.

[Hawaiian]

6 hours ago, mfd101 said:

A rational person might think that a sensible US policy on its oil reserves would be to preserve them for its own longterm use ...

Exactly.  Now is the time for the U.S. to replenish their strategic oil reserves which Biden tapped to bring down gasoline prices.  That is not the purpose of this stash.

[bendejo]

Anything regarding positive news coming from the US has to be turned into something to defame the president.  Let's see . . .

Hey, I got it!  He was eating an ice cream cone while it happened, that's enough for another impeachment inquiry.

 

 

[stoner]

8 hours ago, ozimoron said:

 

A different rational person might think it's like the deficit, use it when oil is expensive and replenish it when oil is cheap, thus helping to control the price against predatory OPEC policies.

 

ya because the price of oil is going down drastically any time soon. smh. 

[impulse]

That's a trend that started back around 2005, and the USA became a net exporter under Trump.  Not that I credit him, either.

 

The question is, how much better would it be if the policies were better?

 

https://www.eia.gov/energyexplained/us-energy-facts/imports-and-exports.php

 

In the runup to the election, I'm expecting all kinds of "good news" and gyrations to see a transient (contrived) drop in the price of oil at the pumps.  Soon to be followed yet again by record prices.

 

 

[placeholder]

5 minutes ago, impulse said:

That's a trend that started back around 2005, and the USA became a net exporter under Trump.  Not that I credit him, either.

 

The question is, how much better would it be if the policies were better?

 

https://www.eia.gov/energyexplained/us-energy-facts/imports-and-exports.php

 

In the runup to the election, I'm expecting all kinds of "good news" and gyrations to see a transient (contrived) drop in the price of oil at the pumps.  Soon to be followed yet again by record prices.

 

 

How exactly would the US government implement this temporary drop in prices? 

And what policies do you propose that would be better?

I've got an idea. How about permanently reducing the dependence on fossil fuels by supporting the use of renewables and making the United States truly energy independent? 

Edited December 24, 2023 by placeholder

[placeholder]

22 minutes ago, stoner said:

 

ya because the price of oil is going down drastically any time soon. smh. 

Are you aware that the price of oil has gone down well below what it cost just a year ago?

 

https://www.statista.com/statistics/326017/weekly-crude-oil-prices/

[stoner]

12 minutes ago, placeholder said:

Are you aware that the price of oil has gone down well below what it cost just a year ago?

 

https://www.statista.com/statistics/326017/weekly-crude-oil-prices/

 

ok. and you are aware i was speaking of the coming months year. whereas you are going on about the past. 

 

 

Edited December 24, 2023 by stoner

[mfd101]

10 hours ago, ozimoron said:

 

A different rational person might think it's like the deficit, use it when oil is expensive and replenish it when oil is cheap, thus helping to control the price against predatory OPEC policies.

Short-termism vs long-termism. Which is better? Mmmmm

[placeholder]

14 minutes ago, mfd101 said:

Short-termism vs long-termism. Which is better? Mmmmm

It depends on the circumstances. In this case, us oil production was rapidly climbing. So maybe someone figured the prices would soon be coming down. And, that unbalance supporting the economy was a good bet.

The best long-termism, of course, would be to eliminate the use of petroleum as a fuel altogether. That is the goal of the current administration.

[Keep Right]

Now that oil prices are coming down no need to buy EVs.

[placeholder]

Just now, Keep Right said:

Now that oil prices are coming down no need to buy EVs.

And the good thing is that oil prices will always stay down and the world economy will never be subject to high oil prices again. Hooray!

[billd766]

21 minutes ago, Keep Right said:

Now that oil prices are coming down no need to buy EVs.

You will need to wash your mouth out with soap and water, then find a deep hole to hide in, if the EV mob ever read this thread.

[impulse]

9 hours ago, placeholder said:

How exactly would the US government implement this temporary drop in prices? 

 

Same way they did just before the 2022 midterms.

 

With Biden’s latest push Wednesday to release 15 million barrels from the U.S. strategic reserve and consider additional withdrawals this winter, he’s telling frustrated voters ahead of the midterm elections that the White House hasn’t given up.

 

He rejected the notion that politics played a role in his latest action. But the issue has clear political implications as the president’s approval rating has moved inversely with changes in gasoline prices, which remain high despite coming down since a June peak.

“They’re not falling fast enough,” Biden said in remarks at the White House. “Families are hurting. You’ve heard me say it before, but I get it.”

 

https://www.pbs.org/newshour/politics/watch-live-biden-announces-release-of-15-million-barrels-of-oil-from-strategic-petroleum-reserve

[placeholder]

8 minutes ago, impulse said:

Same way they did just before the 2022 midterms.

 

With Biden’s latest push Wednesday to release 15 million barrels from the U.S. strategic reserve and consider additional withdrawals this winter, he’s telling frustrated voters ahead of the midterm elections that the White House hasn’t given up.

 

He rejected the notion that politics played a role in his latest action. But the issue has clear political implications as the president’s approval rating has moved inversely with changes in gasoline prices, which remain high despite coming down since a June peak.

“They’re not falling fast enough,” Biden said in remarks at the White House. “Families are hurting. You’ve heard me say it before, but I get it.”

 

https://www.pbs.org/newshour/politics/watch-live-biden-announces-release-of-15-million-barrels-of-oil-from-strategic-petroleum-reserve

Ya got me there. However, that would only make sense, if, in fact, oil prices had risen to those heights again. Given the fact that the USA is producing oil at a record rate, and other new producers, whose production won't be affected by the situation in the Red Sea, are taking away a piece of the market from OPEC, it seems unlikely that will be necessary.

[placeholder]

5 hours ago, billd766 said:

You will need to wash your mouth out with soap and water, then find a deep hole to hide in, if the EV mob ever read this thread.

The EV mob has already arrived. I contain multitudes.

[ozimoron]

22 minutes ago, placeholder said:

The EV mob has already arrived. I contain multitudes.

 

Around Pattaya, red plated BYD's are like noses.

[placeholder]

9 hours ago, stoner said:

 

ok. and you are aware i was speaking of the coming months year. whereas you are going on about the past. 

 

 

Well, your reply was to Ozimoron who pointed out that the Biden administration sold when the price of oil was high, and is now replenshing the reserve when the price is lower. if you follow such things it does look like the price won't be going up significantly for quite a while and there's a good chance it will keep on going down. Not only have new non OPEC suppliers entered the field, but Angola has just quit OPEC and Russia is breaking its agreement to limit production.

By the way, under the previous administration, the amount of oil in the strategic reserve actually declined. And that despite the low price of oil.

Edited December 24, 2023 by placeholder

[stoner]

5 minutes ago, placeholder said:

Well, your reply was to Ozimoron who pointed out that the Biden administration sold when the price of oil was high, and is now replenshing the reserve when the price is lower. if you follow such things it does look like the price won't be going up significantly for quite a while and there's a good chance it will keep on going down. Not only have new non OPEC suppliers entered the field, but Angola has just quit OPEC and Russia is breaking its agreement to limit production.

By the way, under the previous administration, the amount of oil in the strategic reserve actually declined. And that despite the low price of oil.

Ok if you say so.

[placeholder]

3 minutes ago, stoner said:

Ok if you say so.

Does that go for anything I say, or just for this particular issue?

[stoner]

39 minutes ago, placeholder said:

Does that go for anything I say, or just for this particular issue?

You're a big boy you can figure it out. 

[placeholder]

1 hour ago, stoner said:

You're a big boy you can figure it out. 

Thank you for your vote of confidence.