US hit record oil production of 13.1M - Thanks Biden!

Exporting LNG to help offset russian gas is hurting our energy advantage more than anything but seems like a small ask for what the EU is paying for nat gas and what Ukraine is paying in blood and destruction. It will be interesting to see if it spikes again this winter.

 

I believe it was part of a larger covid stimulus package that was passed anyway.
They weren’t doing for anything other than to try to look like they weren’t helping big oil. Stupid, we could have rimmed the SPR and made 4x return.

 

Approximately every 26M EVs reduce demand by 1M barrels per day. Of course there are other uses for oil and developing countries are expanding personal vehicle ownership to offset this. Exponential growth in the EV market globally will help. China alone will add more than 7 million EVs this year. I expect places like Hong Kong with its $12 per gallon gasoline will quickly be a majority EV.

 

I was specifically referring the SPR and the need for oil in the US. In a few years, new EVs will cost about the same as gas vehicles. So people will have a choice of buying a new gas car or a new EV for about the same amount, but paying significantly less in energy costs (about half of what a similar level gas-powered car costs per mile). It will be a no brainer. I won't need to buy a new car for a few more years, but when I do, it will be an EV.

 

That’s a lot of cars.
There were about 13+ million new cars sold last year in the US so it will take a while to put a dent in oil use in that arena.

 

I am waiting until Toyota releases their 900 mile solid state batteries. They didn't go all in on lithium like everyone else

 

It is a lot but the US isn’t the only place selling electrics and oil is sold on a worldwide market. 1 in 4 cars sold in China is fully electric (1 in 3 for any type of electric) and that % goes up every year.

Further, we’re in a time of exponential growth in worldwide EV sales. Give it two years and see what happens sales are up 60% from just two years ago. 1 in 7 new cars sold worldwide is an electric.

 

i suspect it will a accelerate when the next generation of batteries are adapted for commercial use. we are waiting on the new toyota line to replace wife's hybrid camry

 

It could be - i think everyone would welcome better batteries. Commercial isn’t just long-haul trucking though and for local commercial use the tech is already there. Amazon has ordered 100,000 EV vans from Rivian and has taken possession of over 5,000 so far. FedEx and UPS have both started adopting EV vans as well though they are behind Amazon at the moment. Tesla’s semi is still working out the kinks but has already delivered a few to Pepsi where most of their fleet travels under 100 miles a day and the Tesla semi can travel ~450 miles.

 

moving trailers and freight cars around yards is a growing segment. Same for airport airside eqpt. Lots of growth opportunities. Deliver tanker full of gasoline with an electric truck. Recharge while you discharge.

Electric tugboats are just starting. Crowley Marine out of Jax at the port in San Diego. Building a battery bank to help load balance the system, get cheaper rates, and accelerate charging capacity.

San Diego is getting nation’s first all-electric tugboat

 

I want to wait until the technology is old enough to buy a drink. By then, maybe they work all the kinks out and bring the cost down. Right now the EV market prices out many folks, including me, even if I wanted to.

 

1. How is the

Cool. Can you get a note to the WH to fill the SPR backup?

 

The tax credit really helps. You can now get an EV for less than the price of gas powered for the same size vehicle in some cases. For some vehicles that puts you at or around $30k

*Edit the Chevy Bolt EUV is 30k BEFORE the tax credit

 

I would not want to be one of the unfortunate souls on an electric tugboat taking on water.

 

ramp Venezuelan exports up and squeeze OPEC?

Oil for Democracy: U.S. and Venezuela Strike a Deal (msn.com)

In the geopolitical chessboard, oil often serves as a pivotal piece, a catalyst for change. Such seems to be the case with the recent agreement between the United States and Venezuela. Negotiations between the Biden administration and the government of Venezuelan President Nicolás Maduro have led to a breakthrough that could ease the ongoing sanctions on Venezuela’s oil industry, a lifeline for a nation that boasts 17.5% of the world’s explored oil reserves.

The deal, as yet unannounced but confirmed by sources familiar with the discussions, proposes a trade-off: the United States will lift certain oil sanctions; in return, Venezuela will allow a competitive and internationally monitored presidential election in 2024. The agreement hinges on Maduro’s government and Venezuela’s U.S.-backed opposition signing a pact that outlines commitments to ensure a freer and fairer voting process.

While the timeline remains unclear, the deal dictates that Maduro would agree to a process for lifting bans on opposition candidates running for office. It also requires Maduro’s commitment to accepting international electoral observations and opening up media access for the elections. However, it remains uncertain if the release of political prisoners in Venezuela forms part of the agreement.

The easing of sanctions could include a general license for Venezuela’s state-owned oil agency, allowing it to resume business with the United States and other countries. However, Venezuelan assets currently held frozen in the United States are not part of the agreement. The U.S. government appears to be approaching this easing of sanctions cautiously, likely to impose a time limit on the sanctions relief, enabling it to reverse the decision if Maduro fails to comply with the terms of the deal.

 

Assuming you are joking. See post 31. Per CNBC it’s not up because of Biden it’s up in spite of Biden. Keep on keeping on. I’ll pause before we collectively Kneel before Zod

 

Bought a used Chevy Bolt a few months ago, 15k miles on it, got it for 21k. Prices are getting comparable to ICE cars.