Quote:
Originally Posted by gearhead
Our economy will be held hostage by powers that would like to see us dead. More young soldiers sent to fight for oil, when a year ago we were energy independent.
|
I agree, but we are still energy independent. If we want to be.
Per the US Energy Information Administration
"In 2020, the United States imported about 7.86 million barrels per day. Also, in 2020, the United States exported about 8.50 MMb/d of petroleum, which means that the United States was a net petroleum exporter of 0.63 MMb/d in 2020."
We can be energy independent. But right now it's more cost efficient to increase imports than it is to restart our own well production.
"EIA expects that the United States will import more crude oil to fill the widening gap between refinery inputs of crude oil and domestic crude oil production in 2021 and 2022. U.S. crude oil production declined by an estimated 0.9 million b/d (8%) to 11.3 million b/d in 2020 because of well curtailment and a drop in drilling activity related to low crude oil prices."
So again, it's the oil companies who dictate prices by controlling supply.
"EIA expects the rising price of crude oil, which started in the fourth quarter of 2020, will contribute to more U.S. crude oil production later this year. EIA forecasts monthly domestic crude oil production will reach 11.3 million b/d by the end of 2021 and 11.9 million b/d by the end of 2022. These values are increases from the most recent monthly average of 11.1 million b/d in November 2020 (based on data in EIA’s Petroleum Supply Monthly) but still lower than the previous peak of 12.9 million b/d in November 2019."
We are paying huge subsidies and tax incentives to these companies to be independent from the random fluctuations and whims of mid east oil prices.
I say it's time we call in our chits and force the American oil companies to hold up their end of the bargain.