Biden telling oil producers to stop exports will ‘create logistical nightmares, deprive other markets’: Expert
The Schork Group co-founder and principal Stephen Schork says if the Biden administration wants to relieve gas shortages in local markets, it should rescind the Jones Act.
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STEPHEN SCHORK: Refineries are doing yeoman’s work this summer, running the refineries at breakneck pace to try and get as much product to the market as possible. I think Granholm’s comments once again demonstrate her utter lack of understanding how the global hydrocarbon economy works. The administration could simply, if they wanted to help relieve shortages in local markets, rescind the Jones Act, and they refuse to do this.
The Jones Act is a 100-year-old maritime law that states that interstate commerce, waterborne has to be transacted on U.S. flagged vessels. U.S. flagged vessels, there’s a small inventory of those vessels, and therefore, the premium to hire those vessels is very high. So if I’m producing gasoline in Houston and I want to get into New York Harbor, there’s a limit to how many U.S. flagged vessels I could put that gasoline on. Therefore, I would have to go to a foreign [carrier]. It is much more expensive because it’s going to trade at a premium to the Jones Act vessels and that artificially raises the cost.
So we’re saying don’t export our product, but we’re hampering our ability to get that product where it’s being produced domestically to get it to a domestic consumption market. Therefore, by trying to say, ‘Hey, don’t export,’ all you’re going to do – create logistical nightmares, you’re going to swap certain markets, you’re going to deprive other markets of product, you’re going to create incredible arc opportunities. This is a boon for energy traders. It will do nothing to help alleviate the cost for the consumer at the pump.
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40 Comments
PrePlanned Breakdown of America by American Hands!!!! Made in America will Mean Something Again!!! America is Lost and Gone
SHE HAS A STUPID LOOK IN HER EYES
Jackie is a baddie
We meaning Americans are handed a bills of goods that are ineptitude wise just like biden, when are the people who live and work in the US growup and act mature, your president is what America is full of BS..
There has to be at least one Biden appointee that’s capable of doing the job they were given but I can’t think of one.
At the present time, the refineries are starting to produce the winter blends as required by EPA rules. This happens twice a year. It is another governments fingers screwing up the works.
She identifys as….. ignorant.
She is completely useless, just another unqualified person put there because she's female, not because she's the best person for the position
We have the finest politicians money can buy.
Well, of COURSE she's wholly unqualified to be Energy Secretary. She was unqualified to be our governor! Check the right boxes, signal the "correct" virtue, and you too can fail upwards to the detriment of Americans everywhere☹ Like many of us said from the beginning, fully half of Biden's cabinet fit that woke-a$$ metric!
repubs are coming to vote HUGE 2022 ,..WE REMEMBER HOW YOUNGKIN WON,, VA,..AND WE ARE KEEPING TO THAT STRATEGY; WE DON'T TALK TO POLLSTERS when they call,..we just go vote and we vote huge !! 79 million gops are coming to the "real" polls nov
Fox Spews again demonstrates it's utter lack of understanding on any subject. They're all a bunch of Murdoch parrots 🐦🐦🐦
I would suggest that viewers learn to think for themselves, however it has become obvious that cognition is an ability beyond the grasp of regular Fox viewers and spewers.
under this "farcical corrupted Brandon-Biden" regime, I HOPE OIL ZOOMS TO $4.50 A GALLON, U.S., AGAIN, BY ELECTION DAY 2022! NEVER FORGET HOW THIS "THING" DESTROYED THE SUCCESSFUL 'TRUMP-BUILT' ECONOMY, TRADE DEALS, MINORITY EMPLOYMENT, AND GAVE US 42-YEAR HIGH INFLATION FOR ALL———WEEE! "WHERE'S HUNTER?"!
FUC THE FUTURE!!!!!!!!!!! BRAAAAAPPPP!!!!!!!!!!!!!!!🤣🤣🤣🤣🤣🤣🤣
Granholm and the Biden Cartel should all be banned from using jets, limos and or any other means of fuel burning transportation for life. Let them live out their own ideology.
Another leftist Bimbo here!!
This lady needs FIRED!!
And the energy secretary what is she doing there She doesn’t even know her JOB ,when wrong people are in government you end up with a Stuffed up country
Absolutely NO BACKGROUND or knowledge of ANY aspect of energy …
It's what happens when you fill your key cabinet positions to achieve a politically motivated diversity program without an consideration for competence.
As governor of Michigan, she showed little understanding on how to run a state, so there's that.
Is ANYONE surprised?!
I honestly can’t wait until inflation hits 15% lol. That’s what it’s going to take for people to wake up and rip these people out of office lol
When did these people start giving orders to businesses? Are we already under a socialist order ?
lol
Jackie needs a VOICE COACH. Her vice cuts through like a knife in my ears.
None of the secretaries of dept's have been appointed because they know anything about their portfolios. First and foremost they are party apparatchiks, secondly they are mindless Marxist ideologues, lastly they are plain shallow people with no integrity.
I won a writing contest to meet Granholm when I was a kid. It was one of the most exciting things in my life because I won something. I looked up to her as Michigan’s governor after I met her thinking maybe one day I could be like her.
Now I shake my head and think wow she’s saying things that make what my little sister told her all those years ago sound sane (she told Granholm that when she grew up she was going to dye her hair purple and become a Teen Titan but hey 6 year olds say things).
Lesson is don’t idolize people as a child; it’s a rude awakening when you are an adult.
3:02 What is a turnaround? 🤣
Give her the chair !!
Granholm is so in competent and inept, she probably does not even know what a Joule is.
Granholm knows as much about energy as Pete knows about transportation. 0
Joe essentially made the oil companies Yuge profits by turning away from oil…
Another horrible pick by Biden ,famous for terrible picks I hope when repubs get power they fire every one of those picks. Trump kept some and they back stabbed him
She sits on a green energy electric vehicle company board. The conflict of interest here is extreme.
There is no shortage only incompetence in this administration
Keep US oil on US ships! Not China ships
Friggin duhhh, agenda!!!
Jennifer Granholm is another clueless Ivy League educated admin-these elite schools need to examine why their ignorant graduates are laying waste to this country w their poor decisions
its time to get real peopke who know the industry in the cabinet not a bureaucratic, gender affirming, woke socialist regime.
Rumphole