Winners only.

[RobGMN Premium Member]

you are 1000% correct but when the number 1 country (USA) who consumes more crude oil than anyone else is no longer buying it in large quantities from overseas making for much less competition for those who do, it goes down making gas cheaper. This also gives us the chance once the price comes down to periodically buy up large quantities cause it’s so cheap overseas. When you rely totally on foreign oil, the result is what we are seeing today.

If we are buying at market price, do we get a local discount? Nope. Buying overseas oil is for the most part cheaper than buying “local”. If we bought all of it from overseas, it would result in lower gas prices.
Thinking that gas would be really cheap if all oil production went domestic is erroneous. If the idea were true, US-made products would fill WalMart shelves.
The oil producers are private, not state owned.

 

[djdilliodon!]

If we are buying at market price, do we get a local discount? Nope. Buying overseas oil is for the most part cheaper than buying “local”. If we bought all of it from overseas, it would result in lower gas prices.
Thinking that gas would be really cheap if all oil production went domestic is erroneous. If the idea were true, US-made products would fill WalMart shelves.
The oil producers are private, not state owned.

from 2017 on, the USA every single year imported less oil than it did at its height in the earlier 2000’s. If we are drilling it here, refining it here etc, the global market prices will go down as we aren’t bidding for it. Let’s look at oil barrel consumption per day by country:

USA 17 million a day

china 14 million

India 4.6 million

and so I don’t have to type this all out in 10th place is Germany with 2 million. The UK is 15th at 1.5 million. Remove the USA from that list (or reduce its buying) and it should put it into perspective how much less competition there is on bidding for oil barrels! If you aren’t buying it much from the world market and the prices drop since there is less competition, how do you think it will look in the USA if they decided to charge much more for gas (cheaper to buy from overseas) lol. It wouldn’t fly! Products made in China compared to here are a totally different ball game then gas lol. No one is making bids for that and it going to the highest bidder . It’s actually the other way around as one can state what they want and the Chinese factories will bid the cheapest cause it’s all about profit to whoever is importing it!

 

[ThxOne Premium Member]

If we are buying at market price, do we get a local discount? Nope. Buying overseas oil is for the most part cheaper than buying “local”. If we bought all of it from overseas, it would result in lower gas prices.
Thinking that gas would be really cheap if all oil production went domestic is erroneous. If the idea were true, US-made products would fill WalMart shelves.
The oil producers are private, not state owned.

I want you to read this and think about it for just a few minutes.

"WTI refers to oil extracted from wells in the U.S. and sent via pipeline to Cushing, Oklahoma. The fact that supplies are land-locked is one of the drawbacks to West Texas crude as it’s relatively expensive to ship to certain parts of the globe. The product itself is very light and very sweet, making it ideal for gasoline refining, in particular. WTI continues to be the main benchmark for oil consumed in the United States."

This is one of three major sources of crude that help set oil prices... that's right, our AMERICAN CRUDE.

Now, if OPEC slows production of crude, it creates a supply shortage, prices go up.

RobGMN... what do you think happens if we stop pumping our own crude? Being one of the sources for crude that sets oil prices... do ya think it will also cause a shortage and make prices go up? Now mind you, Biden has HAULTED drilling in the Gulf of Mexico as well. Shut down Alaska's shit too. Biden... not Putin. Not Trump. BIDEN. You really want to say Biden doesn't affect gas prices? Really?

 

[RobGMN Premium Member]

“The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude. That is because what oil people call "lifting costs," the cost of actually getting the oil out of the ground, are so much lower in some other countries.”

If we go fully domestic, we pay higher prices. It’s basic economics, and precisely why WalMart buys China-made goods, and sells them to us.
The thought that if we went fully domestic oil and prices went higher, that there would be some type of revolt is a joke. What are we gonna do as consumers, import our own oil and refine our own gas? Uhmmm, nope. We will bend over and pay the price for what we need. It’s not a commodity we can just decide to live without as a country, so we have no control.

If we stopped pumping, the other major producers of the world would ramp up to fill the gap, and happily sell it to us.
Simple economics of supply and demand.

 

[ThxOne Premium Member]

If we stopped pumping, the other major producers of the world would ramp up to fill the gap, and happily sell it to us.
Simple economics of supply and demand.

Except they aren't.

 

[Kayge 10+ year member]

up until kung flu, life was just better under trump then Biden for sure

and yea, biden dont directly regulate the gas prices himself. i have not seen a single person even insinuate that. but you are damn near brain dead if you truly believe Biden policies arent a huge part of these high *** prices

 

[ThxOne Premium Member]

This was so funny to me... true, but funny.

"The only people who believe that Brandon has an approval rating as high as 35%, also believe he got 82 million votes."

 

[Buck 5,000+ posts]

Wow…

‘Moscow said on Thursday that 1,730 Ukrainian fighters had surrendered in Mariupol over three days, including 771 in the past 24 hours, claiming a surrender on a far bigger scale than Kyiv has acknowledged since ordering its garrison to stand down.’

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

That’s the Azov Nazis.

 

[RobGMN Premium Member]

Except they aren't.

Because we haven’t.

 

[Eggs 5,000+ posts]

 

[Buck 5,000+ posts]

 

[subzero 5,000+ posts]

Them Aliens.

 

[ThxOne Premium Member]

Because we haven’t.

To the end huh?

 

[ThxOne Premium Member]

Because we haven’t.

Rob thinks that if America stops pumping that the rest of the oil producers will say aweeeeeeee, lets pump more to fill America's gap because it's the right thing to do.

If they pump more, there is more supply, the price goes down. Does it look like the price is going down Rob???? Dumbasss.

 

[RobGMN Premium Member]

Rob thinks that if America stops pumping that the rest of the oil producers will say aweeeeeeee, lets pump more to fill America's gap because it's the right thing to do.

If they pump more, there is more supply, the price goes down. Does it look like the price is going down Rob???? Dumbasss.

Yes, that’s EXACTLY how commerce works. Apple produces millions of phones because “it’s the right thing to do”.

If we have no oil, they pump more to fill a need and make more money by selling it to us. Just like businesses that ramped up production of face masks when Covid hit.

Do you not know ANYTHING about how supply and demand works? Jeebus dude, this is 4th grade knowledge.
How the fvck can you call people “dumbasss” when you don’t even understand the simplest concepts of commerce?
Get a clue.