Quote:
Originally Posted by Marine1974
That article is really has nothing to do with the price of gasoline.
On November 21, 2020 the price per gallon was $1.59 a gallon where I live . In February, not a summer month , the price reached
$3.00 a gallon . During the Trump administration we were 100% free from importing foreign oil and a marginal exporter . That is not the case today . This article does not explain the price of gasoline at the pump , why we are now importing foreign oil . Really an article written
with political bias . I’m sorry I read it .
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Where did you hear those "alternative facts" You know you can actually look up the facts about oil imports and exports?
And you can even look up what the international factors are that make the cost of oil and gasoline go up and down !! Wow, the information is right at your fingertips and you don't bother to verify before you post. This thread was started with a bit of Russian propaganda where they bragged about how much Russian petroleum we imported in 2020. So how do you miss noticing that that we are still importing foreign oil. Not just Russian, but Canadian, Saudi and more.
There is one small detail you got right, so I will point it out. For 2020 the US was a net exporter of the combined effects of oil and petroleum products imported vs exported. This was entirely due to the Covid downturn in the economy as the US needed less oil from abroad and continued to export refined product albeit at a lower rate.
A concise
fact filled summary of the very atypical year 2020 is this
Quote:
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Despite an historically low, 54% decline in drilling activity, U.S. oil production was down just 7.6% on a y-o-y basis, averaging 11.318 MMbopd in 2020. The loss in U.S. output could have been more drastic, but OPEC+ did a masterful job of curtailing production during the year to support benchmark prices. WTI started 2020 at $57.50/bbl, before dropping to $16.55/bbl in April, as Covid-19 decimated demand. Prices steadily improved after that, averaging $47/bbl.
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HERE you can see the last many years of the price of a barrel of oil and how it crashed, absolutely crashed in early 2020, due to Covid and it has now nearly recovered. Just to list prices for you here in the post for the end of March of the last few years:
Per Barrel
Regular Gas/Gal
2021 61.56 2.86
2020 20.09 2.01
2019 60.14 2.62
2018 64.94 2.65
2017 49.51 2.32
2016 39.39 2.45
Right now we are in a situation of economic recovery where the demand is back up and the production is down somewhat because many drillers stopped during 2020 because of the low prices they could get selling their product. OPEC also cut its production significantly in 2020
To summarize, the US has been importing oil and other petroleum products during every administration for decades. During every quarter as seen above we have been a net importer of crude oil. The US was a net IMPORTER for the last administration, but was in late 2019 and 2020 only a very slight next exporter if you include other petroleum products [such as distillate fuel, motor gasoline, and jet fuel] not just crude oil, due to Covid as the
US exported less in 2020 than in 2019 but imported a lot less because demand was down, not any policy changes. The last major policy change that changed our trade balance was in 2015 when restrictions were lifted on US crude oil to be exported. Prior to that almost all crude oil drilled in the US stayed here for us. Once this was changed our crude oil exports went up which decreased the imbalance. The information is available. Spend some time self-educating. It is worth doing IMO