The US still buys 700,000 barrels of fossil fuel per day from PUTIN….WHY?

[bendog]

No
No, I mean global companies like UPS, Exxon, BP and Shell oil. Putin has really screwed up.

I was agreeing with you. The multinationals are "sanctioning" Russian oil.

 

[surada]

I was agreeing with you. The multinationals are "sanctioning" Russian oil.

Even GM and UPS. I wonder if Putin has lost his mind.

 

[Jim H - VA USA]

At $100 per barrel…..700,000 bpd….$70 million per day in revenue for Russia from the US.

That is nearly $3 billion in revenue per year.

Just the US…now if the entire planet embargoed Russian fossil fuel, it would crush Russia.

Typo.

Nearly $30B per year.

Reportedly, enough to finance his war against Ukraine in full, for a whole month.

 

[kyzr]

No argument from me that the progressives forced Biden to do stupid shit like kill KeystoneX: and actually encourage US producers to not try and develop new wells. BUt the FACT is that US production is UP over a year ago.

U.S. oil production set to increase further in 2022, energy expert Dan Yergin says

U.S. oil production is back and set to increase in 2022 after more than a year of OPEC and its allies "running the show," said oil expert Daniel Yergin.

www.cnbc.com

The reason oil prices are rising is three fold. 1) OPEC cut production even while global demand rose post pandemic, and US producers aren't looking for another boom and c. buyers are locking in prices for future oil purchases because there's fear ALL countries will ban Russian oil.

"Saudi Arabia, OPEC’s most important member nation, produced 10.8 million barrels of oil per day in 2020, according to the U.S. Energy Information Administration. That’s down from 12.1 million two years earlier.

OPEC’s plan to throttle back its oil wells, and the commitment to that plan, “will likely maintain upward pressure on prices,” said CFRA chief investment strategist Sam Stovall.

In the U.S., oil producers aren’t in a hurry to expand production. Why? For one thing, they don’t want to invest heavily on new wells only to see supply increase, prices decline and their profits dwindle.

This was a major theme of the fracking boom that helped propel the U.S. to become the number one global oil producing nation over the last decade and a half. Many companies went bankrupt as they overextended themselves building out infrastructure, only to see oil and gas prices plummet on greater and greater supply."

Why Is The Price Of Gasoline Rising?

Despite the Federal Reserve's efforts to curb inflation in 2023, Americans will feel the pinch at the gas pump this fall. Brent crude oil prices have risen more than 30% in the past three months and are now trading near $93 per barrel, levels not seen since November 2022. Gasoline prices have fol

www.forbes.com

Buyers are shying away from Russian oil because they fear a global sanction, and Russia exports around 5million barrels a day

Oil prices surge over 7% as global crude reserve release disappoints

Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine.

www.reuters.com

And Keystone is NOT shut down. The expansion line was shut down (stupidly imo). But we're talking at most 500-800,000 barrels a day. The US alone uses around over 20 million barrels per day and the world uses around 100 million a day.

Insana: Energy prices are soaring, but the Keystone Pipeline wouldnât have helped ease the pressure

It's highly likely that energy prices will remain elevated for some time to come.

www.cnbc.com

What does the release of oil reserves mean for you at the gas pump?

KHOU 11 energy expert Ed Hirs warns the release is only a short-term fix. The pain of filling up at the pump isn’t going away anytime soon.

www.khou.com

US refiners, like all refiners, balance out their "portfolios" of types of crude. I have no idea if KeystoneXL oil would have been comparable to Russian heavy crude. BUT IT IS IRRELEVANT TO THE COST OF GAS WHICH IS TIED TO THE COST OF OIL. And keystone XL's 500-800K per day is not a differnce maker.

But Biden played politics in pulling its permit, and the Media Whore pols are playing politics saying it should open

Generally agree with you, but your excuse making has more than a few flaws.
1. The 830,000 KeystoneXL flow would be a difference maker. That would be 830,000 bbls less oil to buy from Russia or Iran. The only whore is Joe Biden killing domestic production while buying oil from Russia.
2. Biden also stopped drilling in ANWR, not a short-term solution, but a long-term difference maker.
3. True US oil production is up slightly, BUT, it is NOT where it was in 2019 under Trump. The chart below ends Feb2022. Biden's "War on Energy" has the oil companies hesitant to invest capital for fear Biden would pull the rug out from under them. You must admit Biden's energy policies are moronic.

 

[surada]

Typo.

Nearly $30B per year.

Reportedly, enough to finance his war against Ukraine in full, for a whole month.

More like $300,000-500,000 per day.

 

[surada]

Generally agree with you, but your excuse making has more than a few flaws.
1. The 830,000 KeystoneXL flow would be a difference maker. That would be 830,000 bbls less oil to buy from Russia or Iran. The only whore is Joe Biden killing domestic production while buying oil from Russia.
2. Biden also stopped drilling in ANWR, not a short-term solution, but a long-term difference maker.
3. True US oil production is up slightly, BUT, it is NOT where it was in 2019 under Trump. The chart below ends Feb2022. Biden's "War on Energy" has the oil companies hesitant to invest capital for fear Biden would pull the rug out from under them. You must admit Biden's energy policies are moronic.

View attachment 610660

Keystone XL is strictly for export and only benefits the Chinese.

 

[Jim H - VA USA]

More like $300,000-500,000 per day.

No. I was replying to post #2 which said 700,000 bpd. Either you missed that, or your math is atrocious!

 

[Billiejeens]

Here is what we know-

Obama was running a shadow Government out of Ukraine to thwart President Trump.
The Biden Family has had maybe the most corrupt dealings with Ukraine, in the history of history

If Russia takes over Ukraine all of the evidence disappears.

That's probably why we green lighted a small incursion.

 

[surada]

No. I was replying to post #2 which said 700,000 bpd. Either you missed that, or your math is atrocious!

The sources I've read are referencing the last six months. I have no way of knowing for sure. Most of what we import comes from Mexico, Canada and Russia with a little bit from OPEC.

 

[bendog]

Generally agree with you, but your excuse making has more than a few flaws.
1. The 830,000 KeystoneXL flow would be a difference maker. That would be 830,000 bbls less oil to buy from Russia or Iran. The only whore is Joe Biden killing domestic production while buying oil from Russia.
2. Biden also stopped drilling in ANWR, not a short-term solution, but a long-term difference maker.
3. True US oil production is up slightly, BUT, it is NOT where it was in 2019 under Trump. The chart below ends Feb2022. Biden's "War on Energy" has the oil companies hesitant to invest capital for fear Biden would pull the rug out from under them. You must admit Biden's energy policies are moronic.

View attachment 610660

NO. Just because another 500-800k barrels a day flowed through XL would not mean jack shit to what we pay. The oil goes into the global supply. The Saudis alone have cut nearly twice that from the global supply. And Russia's input of 5million a day is no more, and not because of Biden.

WE DON"T KEEP WHAT WE DRILL. We buy Xamount from the supply. Some of that is US production, even probably most since it's "already here" in Texas or La .... or ND (the US courts shut down the Dakota Access pipeline btw) But that doesn't have jack shit to the cost. Cost is per barrel and set by global demand.

The US has increased production since 2021, OPEC has not. That's the issue.

 

[surada]

Here is what we know-

Obama was running a shadow Government out of Ukraine to thwart President Trump.
The Biden Family has had maybe the most corrupt dealings with Ukraine, in the history of history

If Russia takes over Ukraine all of the evidence disappears.

That's probably why we green lighted a small incursion.

You must love crackpot conspiracy theories.

 

[Billiejeens]

You must love crackpot conspiracy theories.

Those are facts

 

[bendog]

Keystone XL is strictly for export and only benefits the Chinese.

Not all of XL. But yes, mainly the entire shebang (-: of Keystone is for canadian tar sand oil.

But I don't see how that affects US govt spending.

 

[kyzr]

Keystone XL is strictly for export and only benefits the Chinese.

Its Canadian oil added to the global supply.

 

[surada]

NO. Just because another 500-800k barrels a day flowed through XL would not mean jack shit to what we pay. The oil goes into the global supply. The Saudis alone have cut nearly twice that from the global supply. And Russia's input of 5million a day is no more, and not because of Biden.

WE DON"T KEEP WHAT WE DRILL. We buy Xamount from the supply. Some of that is US production, even probably most since it's "already here" in Texas or La .... or ND (the US courts shut down the Dakota Access pipeline btw) But that doesn't have jack shit to the cost. Cost is per barrel and set by global demand.

The US has increased production since 2021, OPEC has not. That's the issue.

Saudi Arabia produced 12 million bpd... Since the covid slow down they're producing 10 million bpd.

 

[Flash]

 

[kyzr]

NO. Just because another 500-800k barrels a day flowed through XL would not mean jack shit to what we pay. The oil goes into the global supply. The Saudis alone have cut nearly twice that from the global supply. And Russia's input of 5million a day is no more, and not because of Biden.
WE DON"T KEEP WHAT WE DRILL. We buy Xamount from the supply. Some of that is US production, even probably most since it's "already here" in Texas or La .... or ND (the US courts shut down the Dakota Access pipeline btw) But that doesn't have jack shit to the cost. Cost is per barrel and set by global demand.
The US has increased production since 2021, OPEC has not. That's the issue.

Trump had the US selling oil, Biden has the US buying oil. See the difference?
US production is down because of Biden's "war on energy".
If Trump was president we'd still be selling oil.

 

[Harpy Eagle]

We buy more oil today than last year.

Link

US oil production is down, and demand is up

wrong

yellow dot is Feb 2022

U.S. Crude Oil Production - Historical Chart

Interactive historical chart showing the monthly level of U.S. crude oil production back to 1983 from the US Energy Information Adminstration (EIA). Values shown are in thousands of barrels produced per day.

www.macrotrends.net

 

[surada]

Not all of XL. But yes, mainly the entire shebang (-: of Keystone is for canadian tar sand oil.

But I don't see how that affects US govt spending.

I frankly don't care . I just hate the pie in the sky lies about jobs. Keystone XL doesn't benefit US consumers or taxpayers. It by-passes us altogether. China is losing their shirts on this crud unless they can take advantage of the free trade zone.

 

[Jim H - VA USA]

The sources I've read are referencing the last six months. I have no way of knowing for sure. Most of what we import comes from Mexico, Canada and Russia with a little bit from OPEC.

Official numbers for US oil imports by country of origin are here:

U.S. Total Crude Oil and Products Imports

In July 2021, Biden Admin imported nearly 800,000 bpd from Russia. In December, it was over 400,000.

Jen Psaki said yesterday that we are importing 10% of our imports from Russia.

According to this chart, that would be on the order of 700,000 bpd...

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

I think OP's numbers are credible.