“Energy independence”

[sdholloway56]

Was never much more than a PR talking point for the fossil fuel industry.

It is true that on a BTU basis if you calculated NG, LNG exports, the import of some grades of crude, export of others but primarily refined products, we were roughly balanced before the pandemic.

Also true that we’re now about 5% in deficit and won’t catch up from the drilling hole for at least a year.

BTW, that also means that virtually all the windfall profits are going to Americans and US corps.

[BA Deere]

Perhaps just a "talking point" however when the point was being made, fuel prices were half what they are now. 

[sdholloway56]

Yes.

Globally.

[BA Deere]

So, if the "US energy independence" still a talking point would prices at the pump be $1 or $2 cheaper?    Remember 10 some years ago  WTI was $150?  Gas wasn`t above $4 in the broad sense in the US, now with $118 crude, gas is $5 and over. 

[sdholloway56]

Yeah, I was thinking about that an was going to go check out crack spreads and refining margins just so I could have something factual to go on.

A price gouging anti-competitive oligopoly, like N fert?

But anyway, the approx. 1% of world oil production that the US is currently not supplying does matter, but it isn't in the top 5 stories.

[sdholloway56]

starters, pretending that you're actually interested in anything but getting in the last word

Source: Platts

Refining marker margins ($/bbl) – RMM*	2Q 2022 to date	4Q 2021
US – North West Coast	58.0	26.9
US – Mid West	42.5	16.0
North West Europe	37.6	11.5
Mediterranean	37.9	11.5

[sdholloway56]

It would appear that refiner margins alone are responsible for about $.75/gal vs. the benchmark period you reference.

[BA Deere]

All RMM`s are is like grain basis (close to river, feedlot or eplant the more favorable your basis over Chicago)  California a lot of usage, a lot of regulations, fewer refineries = high gas price.  Midwest sparse population, eplants (mini refineries) ect = lower gas prices.  

Much of the gas price unreasonable increase is fear premium baked in every gallon price.  Biden campaigned on "shutting down fossil fuel industry" His first day he shut down Keystone and wilderness drilling and pushes electricity.  If you are in the oil industry, it`s hardly incentive to invest in the future.   Meanwhile Biden begs the eeeeeeevil Saudis for more oil.  That`s a lot of shipping expense for something that`s right in North Dakota.

[dwillinois]

Like Antifa energy independence and cheap energy are just myths along with border security etc.. ya know America first stuff 

[sdholloway56]

Aw gawd.

Jibber jabber.