Where US gets its oil from and how strategic petroleum reserve is used | JUST THE FAQS
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- Опубліковано 30 бер 2022
- The U.S. is the largest crude oil producer in the world, but it still relies on oil from other countries. Here's why.
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Amid record inflation and skyrocketing gas prices, President Joe Biden is expected to again lean on the country’s strategic petroleum reserve for relief. This time the president announced plans to release up to 180 million barrels of oil - up to 1 million a day - from the reserve, the largest withdrawal in the reserve's history.
Biden first dipped into the reserve in November, when he announced the release of 50 million barrels of oil from the stockpile in an attempt to bring down energy prices. That was before Russia, one of the world’s largest oil producers, invaded Ukraine in February, driving the west to impose tough sanctions on Russian oil and putting a further strain on the world’s oil supply.
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#Gas #GasPrices #OilReserves
Oil reserves in the US can provide opportunities for investors to benefit from the performance of the oil industry and potentially earn profits as the country's oil reserves play a significant role in the economy and global energy markets. However, it's crucial to thoroughly research and understand the risks associated with investing in this sector, such as volatility in oil prices, geopolitical factors, and regulatory changes.
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To anyone who is confused about why import/export of oil occurs for U.S.
It is because countries need to make money. It's all business. Since the age of discovering oil, the moment it finds it use - it can be sold.
With renewable energy, it will take years to have all drivers use electric. But with the use of electric, prices of electricity will go up. It will collapse the oil market as well. Unless you live in a country that possesses geothermal energy (like Iceland), electricity is affordable. I don't see everyone using electric cars 50-100 years from now. Long gone, we're all dead to see the future.
Maybe it's not just all businesses and it's actually an intent to perpetuate power and the huge investment they've made for centuries in order to get oil. We've had the technology for electric motors for a hundred years now and yet we haven't seen a real intention from any government or company of going fully electrical anywhere, ever.
The idea of the oil market collapsing while the electricity demand rises is of an insane -not efficient at all society that greeds through necessity and it's increasingly polarized.
Beautiful capitalism we got.
Electric is not making up enough of the global energy market. Our allies cannot use electric to sustain themselves through the winters. It'll be awhile for the world to catch up, the US may be the leaders and have this strategic advantage. This is the cost for the US to manage/meddle in world conflicts. Otherwise, we can just focus on our own needs and let the world go at it while closing ourselves off...
good video thanks!
He said they release and sell... so sure the supply is increased... but... how much is it costing those who buy it??? Who buys it? How much are they profiting. Remember Trump had filled or at least topped off our reserved for almost nothing as such an oil glut had occurred. OPEC and Russia were pumping away and so were we. We reached agreement they would slow down to balance it out. But that cheap oil we got is not being passed on to conumer... is gov making money on it? Do they have to profit to buy more to fill it?
Get a petition going, to have the strategic petroleum oil reserves filled. I'll sign it as soon as I come across it. This will help to end this problem with the current price of gasoline! If America has enough oil in its reserve system the price of diesel and gasoline will come down.
I don't think you understand the supply and demand of oil. Neither does Joe. This is proven everytime Joe puts his foot in America's economy.
They want all this electric this and that. If they only focused on trucks and could somehow bring cost of transport down using electric diesel or petro
hybrid... a smaller diesel or petro engine , or even existing ones could idle for a bit to charges graphene superwrcapacitors ( elon bought Maxwell who made those several years ago ) or lithium cells the truck runs on primarily. If we made the trucks need way less diesel or petro then it's cheaper... and self charging so dont have to deal with overpriced charging stations and extra tax on grid. There is tons of room on a semi truck for battery pack and just switch out drive train to hub motors. If we transported our most price sensitive goods this way... and increased production domestically and at worked on getting raw materials all from this hemisphere. Everything as China is proven an unreliable partner and a subversive adversary eroding our culture from within using ideological subversion tactics, sending poison to cartels to ship over. Screwing us in trade now playing start and stop supply chain games to gain higher dependence and upper hand. I say move more things to india and Mexico if labor and regulation just will not prohibit here in USA. Ensure all workers are making more than just a living wage if working on our products in another country. Top notch conditions, but sometimes job needs to just get done and our bureaucracy and red tape prevents it. China is about to flip the script and put the squeeze on us using chips as squeeze point. We need to get Intel up and going pronto to ensure we have the best chips in the world and affordable to product makers and consumers. Taiwaiin makes 40% of worlds chips and we are years away from that... we must move like it was wartime effort to de - leverage ... same with fuel. That's how they get us ... dependance
If you fill up the reserve, you'll be REDUCING supply to consumers and INCREASING demand! That will just raise prices! 🤦♂️
Too bad Biden is up the butt of NATO. There's money to be made here. I'll never forget when the Speedway worker praised Biden for tapping the reserves. Told me it would save $.13/ Gallon in the long run. So interesting.😅 I'm sweating.
well hell, this aged like milk on a hot day. Reserves at a 40yr low and plans to refill the reserves are only looking to replace 2% of the prior amount. If the current rate is even close to accurate then we will find out how much influence on the global oil market we truly have.
I love how they check the Biden Administration's talking points at the end, because everyone can afford a $40,000 or $50,000+ electric car and another $2,000 or $3,000 charger for the garage.
Buddy I doubt you know basic Econ 101, let alone supply and demand side oil reserves. Clearly you know more than the experts who’ve spent their entire lives trying to balance the books. Cheezus Christ 🤦♂️
@@abel_underwater Here's some basic facts that blow a hole if your "supply and demand" statement. The U.S. is currently producing 11,371 (thousands of barrels per day), that number is courtesy of the US energy information administration (EIA for short). That number is comparable to the August 2018 number which was 11,373, now why is that important? Because prior to August 2018 we were producing less than 11,000 a month and we had no shortage. In fact, we continued at that 11,000 plus rate through April of 2020 where we dipped, but then rebounded by March of 2021 and continued above the 11,000 mark all the way through to January of this year. Why is that so important because it clearly blows a hole in the White House is talking points that it's a supply and demand problem.
The problem with pricing is currently under this administration because of statements that they have made it is effecting the market. January 21st, 2021 Biden signed an executive order immediately stopping all production and exploration of oil on any public lands in the United States, even though he was warned that it could cause what is going on in the market right now, they did not care. They continue to push it through. He also put climate extremists in charge of the EPA and the bureau of land management, which makes it extremely difficult for anyone to get permits in the United States. Keep in mind, the last year that Trump was in office, there were more than 36,000 permits available and in the past year Biden administration gave up less than 9,000 and out of those 9,000 it could take up to 10 years to get all of the other permits for zoning around the wells completed before they can even drill.
Finally I don't trust the media in general these are the same people who have been telling me since the 1970s that we were either going to freeze because of a mini ice age, burn up because of global warming, or die because of an ozone layer hole. We were also going to die in y2k, El nino was going to kill us, and the Mayan or Aztec gods were going to rain hellfire on us because their calendar ran out of time. I've been to this rodeo before, this is nothing but the Carter administration 2.0. The reality is if politicians like Biden really believed what they say why are they buying beach front property? I would love an answer to that question, but the news media doesn't seem to want to ask it.
@@lhead7226 I’m not reading all that man, clearly you’re expertise should be applied somewhere worthwhile. Like idk…maybe the White House or Government Financial Committees, instead of under some random UA-cam video.
But with electric, you aren’t spending $400 or however much a month on gas. Also, my friends mom bought a hybrid like 10 years ago and it was the usual price of a nice, new car
@@amazingsupergirl7125 something to consider. What happens when the price of electricity skyrockets? This is something a lot of people don't understand. The US electrical grid cannot handle what the Biden administration wants, which is an electric vehicle in every home. Let's say hypothetically he can do it and put an electric vehicle in every single home. That would be 139 million homes, We only have 46,000 EV public charging sites and 120,000 private ones available currently, If you think supply and demand's bad now with gasoline, just wait you haven't seen anything yet.
Something else to consider Is this, the average battery system in an electric vehicle currently lasts only 12 years. You've paid $50,000 for a car and in 12 years you'll have to replace that car or spend $12,000 or more on new batteries. Also the batteries needed for the vehicles have lithium, Cobalt, and lead in them. They are needed to produce those batteries and are open pit mined outside of the US and outside of EPA regulations. Not only that, we currently have no recycling available to recycle the batteries for electric vehicles, which means all of those contaminants will end up in our dump. I'm all for saving the planet but you have to realistically look at what they're saying and question everything, because nobody's putting out a solution to the problem I outlined.
Strategic reserves means sending it over seas
Yes, because the goal is to reduce prices, not fill a shortage. The market is global, and current inflationary pressures stem from Europe.
Brandon doesn't know where oil comes from.
I am actually about to start a job as an energy market analyst, and my name is Brandon. I better know where it comes from, lololol. I ment that as a joke :)
not joking about taking a job as an energy market analyst though :)
For V8
We need to produce oil from other sources that help take CO2 out of the air and out of the water.
That’s going to be expensive and they will operate at a loss, but it Has to be done. Later on there will be offsets and it will be necessary.
Just taking that CO2 out of the air and out of the water and putting it back into oil put it into a form that is usable instead of just putting that CO2 into something else that you can’t use .
We need to squirrel away CO2 into oil so that it could be used later for whatever project that we need. Especially one that’s going to be about 20 to 50,000,000 tons. Besides the energy to process it and put it into orbit once you store it.
withotu co2 plants will die, which means you will die
get educated
The strategic reserves are used to make yourself look good before an election apparently.
lmao he cancelled the refilling
Oil From U.S. Strategic Reserve Heads for Europe Amid Global Supply Crunch: Thanks a lot Quid Pro Joe!
You know the oil market is global, right? This is to reduce oil prices. There is no actual reduction in supply.
@@Jake-rs9nq Strategic Petroleum Reserve (United States) Why don't you enlighten us?
@@fuzzresponder2225 Which part do you not understand?
The situation is complicated. US only imports 5% of the oil from Saudi but we need the oil price to drop in order to maintain world regional and world stability. Putin cannot finance his war if oil and gas goes back to $40-60 a barrel.
@@jtbui2010 Thanks, but sadly It appears that Putin is doing just fine without us and our the Petro-Dollar maybe coming to an end.
America baby
I thought Venezuela produced the most
I think they have the most oil untapped, not produced. Not 100% sure
when will USA start to import petroleum from Latin America
Long live V8
U forgot Russia
Let's go Brandon
I don't agree.
FJB
Am sorry I find oil am not giving it to the us
❤
Georgia oil as a jachinth oil color as the well color of parffin oil line of Georgia oil go lower Georgia northern course 60 out at 40 - 45 out an drill baby drill as an gulf 2/3 of the well an shell 1/3 of the well
😂
...then came Brandon. Disaster.
Ok, so what about the green new deal then?
You forgot Iraqi and Syrian oil that you still stealing
Just search امريكا تسرق نفط سوريا and find a translator then lemme know your findings, ofc you won't watch those stuff on fox news
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