Looks like the clutched pearls about Biden hampering oil outputs was shockingly a big fat lie. The US topped 13M barrels a week for the first time ever coming in at 13.1M. Now what? Maybe we can blame geopolitical problems for gas prices and work on more stable supplied green energy? (Bloomberg) – U.S. crude oil production surged to a record during the third quarter and is expected to climb further above 13 MMbpd as the nation increasingly plays a vital role in supplying global markets. U.S. oil production jumped to 13.13 MMbpd last quarter and is forecast to rise to 13.16 MMbpd in the fourth quarter, according to the Energy Information Administration’s monthly Short-Term Energy Outlook released Wednesday. That’s up from a prior fourth-quarter estimate of 12.94 MMbpd. In the last few months, Saudi Arabia and Russia have tightened markets by curbing supplies. The U.S. has routinely shipped about 4 MMbpd to overseas markets to fill the gap from a tight physical market. U.S. crude oil production surges to record high in Q3 2023, EIA reports
So odd, here the US is producing a record amount of oil yet gasoline prices remain relatively high. It's almost like oil is a global commodity and some other entity or entities is/are manipulating oil prices.
Gas prices in Brevard are around $3.25/gallon, just slightly ($0.07) above pre-pandemic averages when adjusted for inflation.
This is good. First, now the left is happy we are drilling? lol Second, what did Biden do to produce more oil? This is in spite of Biden if anything. Biden continues to pass long massive instinves to move away from fossil fuels. The increase has more to do with the price of oil. More money per barrel makes it more lucrative to increase production.
Average gas prices for the last 9 years, until before Trump was elected. Historical Gas Price Charts - Tampa Gas Prices
It depends on the oil. Gasoline is produced from sweet crude, and just over half the oil produced in the U.S. is that brand. It’s also much more expensive per barrel than sour crude. Alaskan and off shore crude is sour and unsuitable for fuel production whereas crude from Texas is sweet. Bottom line there’s not enough sweet crude being produced to lower prices, but there’s plenty to get the roads paved.
Ahh, the point that just zoomed right over your head is that MAGA loves to blame Biden when gas prices are high and they claim he has suppressed oil production. The price of gasoline is obviously largely dependent on the price of oil. If you think Biden controls the price of oil, your MAGA cap is on too tight. Again, it's a global commodity and the US doesn't belong to OPEC last time I checked. I believe the intent of the OP was to put on full display the hypocrisy and total lack of understanding of oil production and pricing on the part of MAGA. Oil production goes down or oil/gas costs more...Biden's fault. The reverse happens...it's some random event. Thanks for playing. The word you couldn't even get close enough to spelling for spellcheck to take over was "incentives." Unless you have a dinosaur herd someplace, we are going to need alternatives to oil.
You can make gasoline from sour crude, it just requires additional refining and results in a lower yield which might not make it economically feasible when sweet crude prices are relatively low. Saudi crude is sour.
That's not correct. "Although exports increased in the first half of 2023, the United States still imports more crude oil than it exports, meaning it remains a net crude oil importer. The United States continues to import crude oil despite rising domestic crude oil production in part because many U.S. refineries are configured to process heavy, sour crude oil (with a low API gravity and high sulfur content) rather than the light, sweet crude oil (with a high API gravity and low sulfur content) typically produced in the United States. U.S. crude oil imports come primarily from historical trading partners such as Mexico and Canada. Heavy, sour grades of crude oil are often discounted compared with light, sweet grades of crude oil because they require more complex refinery units to produce profitable yields of refined products such as motor gasoline, diesel, and jet fuel. Most U.S. crude oil imports take place when it is more profitable for U.S. refiners to process discounted heavier grades because those refineries have already invested in the additional complexity required to refine them." U.S. crude oil exports reached a record high in first half of 2023
As if both sides don’t play this crap every single time. Of course the OP was being sarcastic and pointing that out. Still doesn’t mean I can’t call it out for BS. We more or less are saying the same thing in regards to the price of oil. Ya sorry I was on my phone typing that out early in the morning. Thanks for the post spell check.
Sour is turned into fuel, just a different refining process. Prior to shale, practically every refinery on the gulf coast refined Venezuelan sour
At the USCe game. Gas was $2.99 at the exit. Someone had already peeled off all the “I did that!” stickers off the pumps I’m guessing.
Refinery capacity controls price of gas as much or more than price of oil these days. Fortunately there were two refineries put on line this year that added a little over 1 M bpd. One in Mexico and one in Nigeria.
You say that as if it's a bad thing. And as EV market share grows, the demand for gas, and thus the price of gas, will decline. It's already surely having an impact. EV market share in the US is at 8% and in China it's at 26%. Thanks Joe!
