Quote:
Originally Posted by TheProfessor
Google is your friend.
Elections has zero to do with the price of crude oil. Crude oil is a world wide set price. Spot price.
Maybe one should ask why the USA oil companies are exporting crude oil to foreign countries.
In 2021, the United States imported about 8.47 million barrels per day (b/d) of petroleum from 73 countries. Petroleum includes crude oil
In 2021, the United States exported about 8.63 million b/d of petroleum to 176 countries and 4 U.S. territories
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Maybe one should Google why USA oil companies are exporting USA crude - and just keep it in USA to lower gas prices.
Why are the USA oil companies and the USA oil company stock holders keeping this exported oil right here in the USA ? To lower prices?
The USA oil companies are importing oil and the USA oil companies are exporting oil. Importing and exporting ?
Why is that ? |
The rules on the sale of crude to foreign refiners were changed as part of a budgetary agreement either very near the end of 2015 or early into 2016.
The US had always sold distillate (refined products) overseas... but had not been able to sell crude since 1975.
Less oil production would not make the price of crude go down... and the distillates are in high global demand, so refinery capacity utilization is a more important marker.