Gas prices

Bama Believer said:
Want to get pissed real quick? Look up the bakken formation under Montana and the Dakota's
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I’m not an isolationist. A global economy is healthy and helps control costs for consumers. But, the US is the only country on earth with the natural resources to be totally self sufficient, and could harvest, mine, drill, and refine everything we need. The fact we are dependent on foreign oil pisses me off.
 
RTR...USN (ret) said:
I’m not an isolationist. A global economy is healthy and helps control costs for consumers. But, the US is the only country on earth with the natural resources to be totally self sufficient, and could harvest, mine, drill, and refine everything we need. The fact we are dependent on foreign oil pisses me off.
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we'll (likely) always need import of heavy crude
to blend with our light crude/condensate
produced from our unconventional resource plays -
 
MarineUKFan said:
But the more we produce, the better leverage we have on the markets across the board, no?
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Maybe Im misunderstanding here, but if we cant get the products to the consumers we are gonna be in a tough position. I find it rdiculous that we have a supposed couple hundred of years of US reserve oil and we arent using it.
 
TechRaiderRider said:
we'll (likely) always need import of heavy crude
to blend with our light crude/condensate
produced from our unconventional resource plays -
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You’ve probably forgotten more about oil than I’ll ever know, so I’ll defer to you. However, we should be augmenting our reserves instead of depending on outsiders. Just my opinion.
 
RTR...USN (ret) said:
You’ve probably forgotten more about oil than I’ll ever know, so I’ll defer to you. However, we should be augmenting our reserves instead of depending on outsiders. Just my opinion.
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as mentioned prior,
we need heavy oil to blend
with our light oil/condensate for refining,
so we'll (likely) always be somewhat dependent
on our neighbors -

regarding augmenting our reserves,
are you talkin bout exploitation
or somethin else?
 
since the summer of 2020,
US oil production has been increasing,
while imports have been fairly constant -

so why have the oil prices
(and subsequently gasoline prices)
been on the rise during this period?

and what causes the daily/weekly volatility?
(esp over the last two weeks)
 
RTR...USN (ret) said:
We produce more than we use, or we used to anyway. Interesting article from nasdaq.com.
Link below…
https://www.nasdaq.com/articles/ame...-meet-its-needs-so-why-do-we-import-crude?amp
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yep - that article mentions exactly what we discussed -
the need for imported heavy oil for refining -
the lifting costs issue is less relevant,
as that is more of a driver of profits,
and is not directly impacting domestic production
which has been increasing since the summer of '20 -
 
TechRaiderRider said:
why would a rock formation
make me angry?
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The USGS estimates that there may be 1.3 to 7.3 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 4.3 billion barrels). These are estimates of oil that has yet to be found, but if found, could be produced using currently available technology and industry practices. Estimates are based on an assessment of the geologic data.
An additional 4.9 trillion cubic feet of associated/dissolved natural gas and 0.42 billion barrels of natural gas have been estimated. These are mean values for undiscovered volumes.
 
Bama Believer said:
The USGS estimates that there may be 1.3 to 7.3 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation (with a mean estimate of 4.3 billion barrels). These are estimates of oil that has yet to be found, but if found, could be produced using currently available technology and industry practices. Estimates are based on an assessment of the geologic data.
An additional 4.9 trillion cubic feet of associated/dissolved natural gas and 0.42 billion barrels of natural gas have been estimated. These are mean values for undiscovered volumes.
Click to expand...
my point is that we have enough oil in the US to keep us going until a better energy source is found and implemented. I don't understand the heavy oil vs light oil referenced above,, it may be true that we have to import some oil.. but I wish we didn't have to depend on anybody for anything,, (fucking chips from china determining our manufacturing schedules.. ugh!!) as @RTR...USN (ret) alluded too, Philanthropy is great, and a thriving global economy is better for us,, but I'd rather have fuck you money if you will.. yeah, we'll spread the wealth but if you fuck with us, we can turn it off and not miss a beat. that's where Id like us to be.
 
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