Should US oil cpompanies who sell their oil outside of the US lose their subsidies?

[bripat9643]

It's a boondoggle. The company has lots of unused pipeline capacity all over the US. They take out a loan and pocket 10% off the top for walking around money.

You'll excuse us if we don't believe you are competent to run their business.

 

[bendog]

We banned nearly all oil exports from 1975 till 2015. We were still oil dependent every one of those years.......

I'd forgotten that til you posted last week. But my question was ... did it actually reduce the cost of oil and diesel?

What are the main components of the retail price of gasoline?​

The retail price of gasoline includes four main components:

• The cost of crude oil
• Refining costs and profits
• Distribution and marketing costs and profits
• Taxes

Factors affecting gasoline prices - U.S. Energy Information Administration (EIA)

The major factors that affect gasoline prices and the components of retail gasoline pump prices.

www.eia.gov

While it may actually cost less to ship East Texas Crude to a refinery in LA or Tex than to ship crude oil from the Gulf or somewhere else, DOES that mean the REFINER pays less? I honestly don't know.

But I doubt it makes much different in the cost at the pump. Even if Refiners have to pay a couple of bucks a barrel less for crude, the other three costs would be identical for any oil.

 

[LeftofLeft]

Gas prices by President 2004- Present:


Bush -$2.55
Obama - $3.00
Trump - $2.48
Biden - $3.01

Which Party pushes policy more friendly to US Domestic Oil?

 

[BlindBoo]

I'd forgotten that til you posted last week. But my question was ... did it actually reduce the cost of oil and diesel?

What are the main components of the retail price of gasoline?​

The retail price of gasoline includes four main components:

• The cost of crude oil
• Refining costs and profits
• Distribution and marketing costs and profits
• Taxes

Factors affecting gasoline prices - U.S. Energy Information Administration (EIA)

The major factors that affect gasoline prices and the components of retail gasoline pump prices.

www.eia.gov

While it may actually cost less to ship East Texas Crude to a refinery in LA or Tex than to ship crude oil from the Gulf or somewhere else, DOES that mean the REFINER pays less? I honestly don't know.

But I doubt it makes much different in the cost at the pump. Even if Refiners have to pay a couple of bucks a barrel less for crude, the other three costs would be identical for any oil.

I don't think it did, nor did it reduce our dependence on foreign oil. By 2005-06 we were importing 13+mbd and only producing about 7mbd.

 

[bripat9643]

We banned nearly all oil exports from 1975 till 2015. We were still oil dependent every one of those years.......

We didn't ban anything.

 

[BlindBoo]

Gas prices by President 2004- Present:


Bush -$2.55
Obama - $3.00
Trump - $2.48
Biden - $3.01

Which Party pushes policy more friendly to US Domestic Oil?

Oil Production under each president paints a different picture. The long slide ended with Bush the Younger, Obama' first term began a long surge upwards that continued in the Trump term until the Covid slump hit.

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

[BlindBoo]

We didn't ban anything.

Holy fucking shit, Batman!

We ban all kind of things.

After 40-year ban, U.S. starts exporting crude oil

The U.S. is already exporting crude oil overseas, despite the crash in prices. But don't expect American oil exports to skyrocket any time soon.

money.cnn.com

"Lawmakers are close to authorizing oil exports as part of a broader $1.1 trillion spending and tax bill working its way through Congress. Sources told CNN the compromise measure, which is needed to avert a government shutdown, includes a provision that would roll back the export restriction.

The oil export ban was signed into law in 1975, part of the reaction to an OPEC embargo that created a shortage of crude and slammed the American economy with skyrocketing prices."

 

[Rigby5]

Who said anything about them sourcing it from oversees. I am talking about oil drilled in the US. Almost all of it is exported. If more of it was sold in the US, it could help lower gas prices. But the companies choose to export because they can make more money selling it oversees than domestically. And if they make that choice, they shouldn't receive tax subsidies.

Sorry, but I think you have it wrong.
It has always been illegal to sell US drilled oil outside the US.
The oil the US exports comes from places like Canada usually.
There are a few instances where domestic oil can legally be exported, but only when it is more convenient and as an exchange for imported oil.

There are oil subsidies, but they mostly are from cheap land leases and tax exemptions.
The government does not give them any money.
But I personally do favor federal land oil nationalization and a socialist oil company created.
Almost every oil producing country does that, to reduce domestic prices to customers.

 

[AsherN]

Gas prices by President 2004- Present:


Bush -$2.55
Obama - $3.00
Trump - $2.48
Biden - $3.01

Which Party pushes policy more friendly to US Domestic Oil?

Oil pricing is global.

 

[LeftofLeft]

Oil Production under each president paints a different picture. The long slide ended with Bush the Younger, Obama' first term began a long surge upwards that continued in the Trump term until the Covid slump hit.

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

Obama ran saying “Energy prices must necessarily rise”. Biden ran saying “It’s time to reign in the oil companies”. Clearly, the Democrat Party does not push policy friendly to oil companies. Supporters should accept this rather than make excuses for their impact on domestic oil prices.

U.S.: annual gas prices 2023 | Statista

In 2023, customers at U.S.

www.statista.com

 

[bendog]

Oil Production under each president paints a different picture. The long slide ended with Bush the Younger, Obama' first term began a long surge upwards that continued in the Trump term until the Covid slump hit.

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

And the production increases in the US coincided with higher worldwide cost of oil per barrel and NOT with which party got itself elected to the WH

Oil Price History Over the Decades

U.S. oil prices have been up and down since 1970. Highs and lows have been spurred by various events in history.

www.thebalance.com

 

[surada]

You'll excuse us if we don't believe you are competent to run their business.

Actually I do know. Keystone XL is a con job at our expense. They sell that gunk for $29 a barrel.

 

[surada]

Obama ran saying “Energy prices must necessarily rise”. Biden ran saying “It’s time to reign in the oil companies”. Clearly, the Democrat Party does not push policy friendly to oil companies. Supporters should accept this rather than make excuses for their impact on domestic oil prices.

U.S.: annual gas prices 2023 | Statista

In 2023, customers at U.S.

www.statista.com

Lol if the price per barrel hadn't gone up, oil companies would NOT have invested in production. That's how the business works.

 

[LeftofLeft]

Oil pricing is global.

It is Global. Global is inclusive of US Policy towards domestic oil companies.

 

[AsherN]

It is Global. Global is inclusive of US Policy towards domestic oil companies.

The point is that forcing US produced oik to remain in the US will have no or negative effect on oil prices,

 

[LeftofLeft]

Lol if the price per barrel hadn't gone up, oil companies would NOT have invested in production. That's how the business works.

You keep skirting the core issue that Government regulation impacts the oil industry as well as any other industry which ultimately are reflected in price. Democrat Policies are not friendly to US Oil Companies.

 

[LeftofLeft]

The point is that forcing US produced oik to remain in the US will have no or negative effect on oil prices,

That is not my argument.

 

[surada]

You keep skirting the core issue that Government regulation impacts the oil industry as well as any other industry which ultimately are reflected in price. Democrat Policies are not friendly to US Oil Companies.

Not much. The US isn't very concerned about the environment.... not like other countries. We're pretty light on regulations. We have no economies of scale and most US wells produce less than 50 barrels a day so there's lots of double and triple handling.

 

[bripat9643]

Actually I do know. Keystone XL is a con job at our expense. They sell that gunk for $29 a barrel.

You don;'t know shit. You're spewing prog talking points.

 

[surada]

You don;'t know shit. You're spewing prog talking points.

You just can't handle the facts, girly.