Oil companies are exporting gasoline out of the United States, but switching to oil independence could let us can tell Saudi Arabia’s dictator and the most predatory oil companies to go screw themselves at the same time we do the best thing for an average working Americans.
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Republicans are running around screaming about Biden not authorizing new drilling leases in offshore or sensitive locations, while the oil industry is sitting on over 7000 unused leases.
And even if new leases were issued, and used as rapidly as is possible, it would be years before the oil coming from them was available on world markets.
This oil is being exported from America today. Right now. Right from under our noses. Making a fortune for a few billionaires and foreign countries while jacking American oil prices.
And we can stop that.
Some will argue that oil is traded internationally and we’re stuck with that. But that rule only applies to nations that are net importers. Countries that produce as much as they need (or more) set their own prices, which is why gasoline is selling right now for 11 cents a gallon in Libya, $1.28 a gallon in Kuwait, and $2.18 a gallon in Qatar. Gas prices are below $3 a gallon in dozens of countries as you read these words, and could be here, too.
But oil companies pumping in the US would very much prefer to sell at international prices around $90-$100 a barrel than a domestic supply-demand price of $60 a barrel. Which is why it’ll take the force of law — reinstating Jerry Ford’s 1975-2015 oil export ban — to make this work like it did up until the past 7 years.
America is capable of energy independence and we don’t need to dance to the tune of Saudi Arabia and Russia. All it’ll take is the willpower that Jerry Ford mustered in 1975 to ban the export of American oil and refined oil products once again.
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38 Comments
No, because oil is sold on the world market.
Oligarchs' Maga Politicians see Americans as labor and consumers to enrichen their personal wealth.
Nationalize it.
Profits over people is the capitalist philosophy.
More proof Regan fucked us
So how do we change things with so much corruption in our govt. love the show Thom
Capitalism survival of the fittest.
And you left out, Thom, that the support of Big Oil for Bolsonaro is a death sentence for the Amazon, the planet's one lung for mitigating the breakdown of our climate.
Ford 1975 no more oil exports. Carter: never use more foreign oil than in 1977. Use 20% solar power he was ahead of his time! Reagan is flooded with money by big oil no more Carter. Crazy. Make big oil a national utility!! Keep it here. The world is very volatile right now
High gas prices are hurting working Americans. Reduce oil to other country's.
You are completely of the edge, you attack the holy grail of western capitalism; the free market. You can't abandon the right of the oil companies to inflate the prices freely. Remember government is the problem, the greed of the CEOs can't be the problem, according toe the US Nobel-price winner Friedman. Greed is good and the base for the US trickle down economy. All true patriots have been taught about this economic truth by FOX News.
I don't understand the premise of this video. No matter where oil comes from, it goes into the global market, gets traded, refined and sold back to us as high priced gas. It doesn't matter whether we keep it, or release it. The only way around this is to nationalize it and refine that shit ourselves.
America yes. But oil is a global fungible non elastic demand product. So as Europe and Japan pays more for oil so do we.
That’s why the world needs to get off oil.
The oil refineries are choking the creation of gas. That causes low supply which provides cover for corporate greed. If the oil can't be refined domestically, freeing up reserves doesn't help. If oil reserves can't be refined, where does the oil go? It gets shipped globally. Think about the built-in incentives: the oil is extracted, sent directly by rail to shipping ports & loaded on oil tankers. Meanwhile, a dribble of oil gets processed domestically, using fewer workers, providing less product, and making more profit. They've figured how to massively get more from less, on the backs of their consumers.
Is that roughly accurate?
If everyother develop country can do it so can we it's greed
Thank the Republican led Congress at the time because they had the majority of the House and Senate. I watched Lisa complain on the Senate floor about low amount coming out of Alaska and it's been for years.
A good discussion for sure. Thanks.
It is absolutely contrary to the common good of the ordinary people of the USA to export oil.
Why do Americans need 5000 lb vehicles, when the rest of the world does fine with 2800-3000 lb vehicles?
THANK YOU THOM for showing us the REALITY of the Oil Industry IMO – I wouldn't call these oil policies "insane". I think it's more accurate to call them 'corrupt'. These ANTI-United States policies exist for one major reason. They are PRO-OIL-CORPORATION Policies. In REALITY, the $Agenda of the Fossil Fuel Industry is MORE important in Washington D.C. than the health and welfare of the American Public. : ( -StayWell Everyone -70SomethingGuy
☆☆☆☆☆☆ TRUMP&REPUBLICANS HAVE DESTROYED ALL OF AMERICA ! ? ! ? ! ? ☆☆☆☆☆☆
The US needs to nationalize the oil companies.
Nationalize Big Oil!
Sending oil to Bolsonaro is done on purpose, they want the right wing guy to win.
F* Obama for removing that law, naturally all those others like Manchin as well.
How I miss one of the best president ever, Jimmy Carter, the world would be in a better place. F* the oil industry today as well as the last 100 years!
And I just read Aramco owns the largest U.S. oil refinery!
I think some clarification is in order.
In terms of crude oil + condensate, the U.S. second quarter 2022 production rate was 11.699 mb/d, off 1.078 mb/d or 8.44% relative to 4th quarter 2019 when production was 12.777 mb/d (the peak). Thom is talking about the total liquid hydrocarbons production rate which contains natural gas liquids, alcohols, other organic liquids, refinery gain as well as crude + condensate. Last I checked, the U.S. was producing around 6 mb/d of natural gas liquids but that has an energy density of roughly 0.6 to 0.7 that of gasoline and diesel. Natural gas liquids are mainly used for heating and petrochemicals, not for what crude + condensate are used for. Alcohols, such as ethanol, have an energy density of roughly 0.6 that of crude oil. When talking about energy content rather than volume, the U.S. would be a net importer of liquefied hydrocarbons.
The U.S. imports considerably more than it exports in terms of crude oil. The U.S. does export considerable amounts of gasoline and diesel which is questionable.
The U.S. increase in crude + condensate production from ~2005 to 2019 was overwhelmingly due to fracking. Here is a dirty little secret. In 2022, Bakken shale crude + condensate production is down about 400,000 b/d from its peak. Eagle-Ford shale production is down about 450,000 b/d from its peak. Essentially all of the U.S. oil production increase this year over 2021 is from the Permian Basin and that can't go on for too much longer. Expect U.S. crude + condensate production to drop considerably in coming years.
Here is another dirty little secret that you won't hear from the mainstream media. Global oil production in quarter 2 of 2022 was down 5.101 mb/d from the peak in quarter 4 of 2018. We will never again see the global production rate of Q4/2018.
It's appealing to think we can run everything on renewables but that won't be the case. It would be nice to see something on Germany's Energiewende program that has been going on for ~25 years. That was a program to replace fossil fuels and nuclear in the electrical generating sector of the German economy with renewables. Germany still has one of the highest per capita CO2 emission rates in Europe in spite of Energiewende.
Biden executive ordered everything Trump had going on. The Keystone pipeline was halted to a complete stop before even being completely built. Thom has to still keep going back to the Ronald Reagan era of over 35 years ago to cry about GOP mishaps not only pertaining to energy but everything else too. The oil reserves were sold at the end of summer to "China". Brazil has nothing to do with our oil catastrophe. But because Thom is another propagandist for the Democratic Party in order to earn his living because his progressive pipedream party will never see the light of day. He has to lie the same way Biden's press secretary does along with ever corporate fake stream news entity and their actors pretending to be journalist reporters to earn their living
Food and oil should not be allowed to go to the international market Until domestic needs are met first. What the heck are we doing sending our food to china and other places that don't wish us well?
Can't stop global warming if you don't stop destroying the rainforests and polluting the oceans.
The oil industry has had its corrupt tentacles around American and world politics for over a century, we'll never truly be energy independent until we establish alternative energy sources to weaken or entirely replace them.
America once owned the rights to all of Arabia oil. Nixon gave them the rights which formed
Stop exporting oil and become energy independent
No. Because the Oil Companies are a monopoly, and they have the system rigged($$$$$$$$)against us. They buy politicians(whores)and legislators(pimps)for their johns(john q. public). It's stupid. Sell our for less, buy theirs for more. Only in America. I'm starting to see why the 🌎 burns on us & Laughs. LedHed Steven 😁 😁 😁 😁 😁 😁
In 2017 Saudi Arabia was allowed to purchase the largest refinery in North America in Port Arthur, Texas
We certainly should
NATIONALIZE ALL AMERICAN ENERGY.
Am I the only one who has noticed, that with the mid-terms over, the price of both gas and diesel has dropped significantly? Here in Iowa we were paying $5 – 5. 20/gallon, now it's hovering around $4.73/gallon. I'm sure there's no reason for that….
O come on.. it is all rigged to profit the rich.. every issue is manufactured to benefit the rich.. we, the regular Citizens, are just here to get shafted by the rich.