Yes lets complain about polluting the environment but buy our oil from countries who are less regulated and less safe for the environment instead of just fixing our refineries
I live in Oklahoma, had friends and family in the oil business for many decades. Most of what they use as excuses are same as the politicians, a bunch of lies. Its easier to process the light oil, the heavy oil has more products that can be extracted, ie. several profit lines.
Is it true the US has some of the largest, verified, accessible oil and NG in the world? If so we could be a very rich country if we did away with w0ke energy, regulations. Oil, NG touches every product and endeavor we do.
@@coastalhillbilly3419 technically can grow all the oil we want via vertical hydroponics and algae. back in the 1960's they just did open ponds for the aquatic species program, with vertical hydroponics its much higher production rate. on this platform lookup "33zulu new biofuel".
Such a convenient answer... but everything in the U.S. is a business. They'd have to buy that land, they'd have to build a refinery, they'd have to hire workers, deal with regulations, etc. If it was profitable, someone would be doing it. They aren't because it isn't. Big oil makes more money with the infrastructure they have, than investing in more. And even if someone else had the money to invest, trusted the investment to be stable, and actually made an effort to put it into action, they'd still have to deal with activists, protests and, oh right, the big oil companies that don't want competition.
What part of it will cost hundreds of billions of dollars for these private companies to convert the refineries is so hard to understand? They do like to make money......
The UK had to import Saudi oil even though we were 'oil rich' from the North Sea. North Sea oil was too 'sweet and had to import lower grade oil from Saudi Arabia. Oils come from all over the world to blend them.
Well absolutely correct, as long as oil production within the US isn't constantly changing because of democratic policy those companies would be willing to make the change. They need a steady steam of production before bothering with. Killing the KeyStone Pipeline was a major key from it never happening.
@@carlsanders7824 not necessarily, they do what puts more money in their own pockets not the economy. Trickle down economics does not help the economy.
@@justinburcaw1426 Here's an ideal how about we the people especially those in Democrat states fire the Democrat party. And replace it with anything else that has common sense policies. There are more than two political parties in this country. People are just lazy and don't bother doing research.
The real BS is this guy thinks the US produces 19.4mbd. This is hogwash. Not even close. We produce 12mbd. We use about 20mbd. That's 8 million barrels a day we have to import.
@@NuncNuncNuncNunc Some of what is in this video is true, but a lot is BS. The US has never produced anywhere near 19.4mb in a single day, ever. It is off by many millions. I have no idea where he is getting these numbers. The EIA and IEA are THE source of oil production. They records going back decades. But he is right that a lot of our oil we produce today is entirely unsuitable for our refineries. The US had a very long period of decline in oil production from 1970 to about 2008. IIRC, we got down to about 4mb a day.
@@tarstarkusz Alot of those numbers are likely blacked out from the record for emergency war time storage. So OP is likely getting his information straight from the source in that regard ...
Canada has this very problem as well especially in Alberta and Saskatchewan if we built our own refinery we could look after North America for over 100 years .
I agree with you all lies and it's Joe Biden's fault trickle down economics one day in office any signs the document shutting the pipeline down that's when the oil companies lost a ton of money and put a lot of people out of work and made everything more expensive
There’s no such thing as fossil fuel Fossils have only been found as low as 16,000 feet. We drill for oil between 26,000 and 32,000 feet deep! We need to drop the words “fossil fuel” ⛽️ they keep telling us we have 10,000 new oil drilling leases, but a lease is worthless without a permit. We have ZERO PERMITS from this administration!! 🤷🏼♂️ We need to pass the bill HR1 to open up drilling & fracking oil! PERMITS!!! bill
Why didn't this video cover the fact that the US uses over 36 MILLION acres of land AND LOTS of water to produce corn for ethanol? Permian light could easily take its place and the US could use its own production. AND reuse that land to produce food for the US and others.
i cant speak for the author but i would venture guess it's because this video is about oil and why you dont use your oil as much as you could and instead import a lot of it.
I saw a study where it takes 1.2 gallons of fossil fuel to make 1 gallon of ethanol. When you take into account everything from fertilizer, farm equipment manufacturing and to keep it running and then the process to make the corn into ethanol I can see where this can be realistic.
It's manipulation. You don't need to retool every refinery in the US as the US does produce some heavy oils and imports heavy oils from allies, just a few would help a lot. The problem is high prices benefit the oil companies so why would they build a new light sweet refinery, or retool existing refineries, if it doesn't help their bottom line.
@@tabuilder That's not the same thing. I work overtime all the time but it has no impact on national security, the economy, global politics or environmental concerns. Oil checks all those boxes and more.
Our government has done this with the liberals help. BIDEN shut down most of all the new oil finds the second day he was in office. Time we start using our own oil reserves and make it more safe. Upgrade and build new refineries. BUILD THE PIPELINE. 😅
YEAH delta use to own a oil refinery . i been told by some people who worked at Delta air lines the fed gov was very mean and nasty to Delta and the rules were changing every week
@amraceway And Groceries And Utility Costs Will Be Affordable Again, And The Best Part: No More Illegals, They Will Be Allowed In The Correct Way! Following The Law!!
@@adobedirtblues1321 Yes, and idiots love the happy feeling of only getting mainstream news. Tell me, wise one, why did they cancel the Keystone Pipeline?
What should the government do about it? Start their own refineries? That would be communism. Incentivize big oil to do it? Do you really think big oil needs financial aid of any kind? De-regulate the industry so that the oil companies can afford to? That would just give the companies more ways to cheat their customers. If the government is the problem, please, explain how they can even fix it. Because if your answer is to spend taxes then you're just paying for your gas twice. If big oil companies don't think it's profitable, no one else is going to be able to make it profitable...
They have been saying the same excuse for 40 years, it costs to much and yet the oil companies rake in 100 billion in profit per year. The reason we do not switch the refineries is the same reason we are not using other types of fuels to run cars. The oil companies will not allow their monopoly to be challenged.
The EPA has a huge part to play. They refuse to approve refinery upgrades, and building of new refineries. This is even worse in CA ware CARB & the CA EPA get in the way.
So let that sink in people, light crude is used primarily for fuels, heavy crude for detergents and plastics....the USA has both but mostly light crude. But for some odd reason we aren't building light crude refineries.....
That's some real good sounding B'S. There's enough oil on a tank ship to last the country about 15 minutes. You forgot to say how much a tanker costs; and yes, they get replaced eventually. So, 2 - 3 tankers builds 1 refinery, but all the needed refineries exist...there are idle right now - oh, you forgot to mention this too? You said all this without saying, the oil companies make more profit from importing foreign oil, and exporting OURS! GREED is the reason...the only reason. That would have shortened your video, and not wasted my time though.
You're missing how economics works. Firstly, the oil companies don't own the tankers, or if they do they own them in the form of a subsidiary or contractor that owns the tankers. Secondly the tankers pay for themselves by performing their job: transporting the oil. The refineries are not paid for by the tankers, they're paid for by the oil that they refine. Even if they built a refinery they'd have to buy the oil from whoever unearthed it, or they'd have to unearth it and transport it themselves. If they're already unearthing it, then they're already selling it, which is already making them profits. They'd either have to lose customers and thus revenue by diverting product, or they'd have to invest in more drilling to obtain more oil just to supply the refineries that they built. Even if all of this was actually profitable, they'd want to increase their prices in order to offset the costs of the refineries, labor, transportation infrastructure etc. Which means either prices go up for the consumer, or they're too expensive to sell product. Which makes the whole venture a waste of time. The rich want easy profits, not risky ventures. Risky ventures are done by ambitious upstarts who aren't rich yet. And those people can't afford to fund a project like this. So unless you want the government to own and run the refineries, it's not likely to happen.
what did you find obfuscating about it? what he was describing is known as corporate greed. the capitalists controlling your oil industry dont want to invest in the infrastructure needed to bring prices down for your benefit. because they want to maximize profits.
If Congress would reimplement the 40 year long ban on exporting US produced crude there would be 3-4 million barrels per day of pipelines capacity freed up. That’s the equivalent of 5 Keystone XL pipelines.
Evading any mention of the corporate mind set of run it as long as it profits without investment of any kind fits suit! Heavy crude carries more byproducts, yet we've recently closed capable refineries, supply and demand set into action! A controlled regulator system is not a regulator. At present production numbers, a few days to a month's profits would pay for modernizing the mentioned refineries, but that would cant the economic flow to the elites pockets and demand more investment they do not like making.
@raymondhoffman4371 Seriously? 😅 The US government has been taken over by anti American communists that are ripping us all off. You haven't been paying attention have you? There's been a revolution happening for the last 8 years. Wake up! 🇺🇲
So all of that oil, of course, is a one time commodity. I never hear anyone talk about the economics of oil leases. Because the oil that is under federal lands is our common inheritance. The rest of the stuff I don’t know… Maybe it should be nationalized😂😂😂
i use to work for chevron pascagoula mississippi. most places were already updated to extract it from anything, it’s not cheaper to import oil for the consumer just the importer that why prices are the way they are, when we pump/extract our own it’s cheaper cause we don’t get the import fees, that gets passed onto us. they just ran the XL pipe line wide open to restock our reserves cause it’s cheaper to do that then stock it with foreign oil
@@Flash3-22 guess you didn’t read the whole statement lmao😂 “the pipeline is wide open to restock our reserves “ that’s why fuel is cheap at the moment 🤦♂️
We are in the process of changing over all the equipment at our refineries to run on what we are extracting in the US. Currently, its setup for the thick, black goopy stuff from places like the middle east, Canada, even Venezuela. We have a light sweet oil, looks almost like cooking oil or maple syrup, and the refinery equipment has to be changed over to process it. This will take a good 5-8 years to complete, of which we are a good 3-4 years in.. It just takes that long to change-over, upgrade, and squeeze in some of the maintenance that I'm sure is long overdue. This is a big undertaking.
Investments that should have been taking place 40 years ago till present but do to bought off politicians from lobby money, which is almost all of them, that hasn't happened, etc, etc, etc.....
It wouldn’t cost all that much relatively speaking to retrofit refineries in the Gulf to refine our light sweet crude. They’ve been making record profits by exporting. It’s not the taxpayers job to pay their expenses.
As the video said, the US has better technology and makes more money to refine heavy crude, and light crude is better exported because higher prices, so it is like renting out your house in AirBnB, and pay rent to live in your parents basement, everyone is happy
@@johnye4433 he said light crude is cheaper. you refine heavy crude because your refineries were made for that, and the rich dont want to invest in retrofitting for light crude. because they want to maximize profits
Like the great Alaskan pipeline Jimmy Carter touted. Alaskan crude is sour (heavy in sulfur). The only refineries capable of handling it are in Japan, so almost all of it went to Japan. As for US refining, it would be west coast, California, and nobody wants to put up with California’s Khafkaesqe regulatory atmosphere, so why try to process sour or heavy crude there. It can be done, but California makes it financially infeasable.
What do you think the Keystone pipeline was for? To move that oil east of the Rockies to refineries that could handle the "heavy oil". Leaving Cali n Japan empty handed putting the money made into OUR HANDS not theirs. Its not just estates and properties that Don knows a LOT about , it takes big business to handle big business. People that has been in politics for decades , left or right just know how to lie and steal.
It is the Same US Government that is Constantly telling Parents how to Raise their Children that Should be Putting Up Refineries in at least Five Other States. Plus, that will Not just Help the Price of Gas at the Pump, but it will help the Economy by Giving Our American People JOBS.
Not true, very little goes to Japan. Washington and California gets the majority of it, even Hawaii. Even Alaska has refineries that use it. H2S is the main cause of oil being sour.
@@sabin97 indeed if america used its own oil a lot more then gasoline etc. prices would fall from heaven to earth therefore not making as much greedy profit
@OriginalReact You wouldn't mind posting proof of that would you... The national debt has grown by over $7.29 trillion since Biden took office in 2021.
@OriginalReact That's A Very Close Race IF Put In The Proper Perspective All I know is my overall cost of living Is A LOT Higher Today Than In President Trumps First Term...
This video is a low-information voter killer! I sold Oil and Gas LP's as a young man with a Series 22. I later received a Series 63 and finally my Series 7. I studied the Industry for years. This is probably the best explanation of the Oil and Gas Industry I have ever seen. Kudos.
I think banning drilling has more to do with saving domestic oils reserve's in favor of depleting foreign reserve's. Its easier to sell this strategy as environmental protection and its a way of getting votes.
Also the elites plan to push us into 15 minute cities and create huge "buffer zones". Essentially preserving the US oil reserves for their own use while they dribble it to cities at maximum profit and total energy control.
Yep. Problem it will take decades for oil to be depleted in foreign countries like Saudi Arabia or even longer. Definitely past your lifetime. Politicians just want your vote
@@redfields5070 What? You don't have to Get Groceries, Go to Work, or get a medical Check-up If you Can Live like that; Good for You!! Because MILLIONS of AMERICANS HAVE TO GO OUT and GET A LIFE!!!
@@redfields5070 Then Build with YOUR OWN MONEY a Massive & Efficient TRANSIT SYSTEM that the AMERICAN PEOPLE CAN USE Daily to go to WORK, BUY FOOD, GO to the Doctor and take their Children to SCHOOL. Instead of Criticizing People for Doing what they HAVE TO DO DAILY for LIVING.
@@12567NoYouCannot I think you misunderstand my comment. I'm saying people have to get from home to their job and back again. Mass transit couldn't possibly replace cars in my city. It is way too far to walk from any mass transit hub to where we work. We do not live in vertical spaces so that all buildings are within walking distance. It's easily 5-10 miles from every termination point.
@@BVonBuescher you dweeb. so they say our infrastructure doesnt have the right technology to process it, and that they'd rather sell it to someone else than pay to upgrade our technology, because we will magically happen to stop using oil sometime later? sounds like a scam to me
@@BVonBuescher so they'd rather skimp costs by using outdated tech using the feeble and false notion that we will be going oil free soon anyway? and I'm the one who dlesnt understand? lol go away
our country can refine and use our own oil. but our government is way too busy being corrupt and trying to cover up their own lies. if we kept our own oil and stopped buying others , we would be energy independent , and several other countries would collapse due to us not buying theirs.
If that is true @grimgames1978 then why did Trump not reinstated the oil export ban that was placed by Ford which was repealed by the Obama administration?
Not true, but it would help. We’d still have to import crude even if we kept the 3-4 million barrels of crude we export each day but we’d need to import less and have lower prices at the pump. You can thank the GOP for voting to lift the 40 year long ban on exporting our crude oil in 2015 at the behest of frackers.
We couldn't just use our own oil without prices skyrocketing. Because we in the US dont control the price of oil per barrel. That's another thing our government signed over to the overseas oil producers. So without undoing that, which the politicians wont Because they're in big oil pockets, it would lead to huge price increases for not selling our oil overseas
Light oil = more gasolin. They mix it with ther oil. And have a lot of gasolin on top of necessary petroleun refinery product which are presented only in heavy oil. This is why green energy total scam, we can replace gasolin, but oil gives to humanity much more.
The 6th executive order Joe Biden issued was cancelling the Keystone pipeline. It was done in the first hours he took office. He also froze oil leases too. Now what were you saying about American presidents and their influence on gasoline prices?
The oil market is worldwide, not just in the US. So if we produce more that has the effect of putting downward pressure on the overall oil prices causing prices to be lower. Over simplified, yes but it is a supply/demand mandate thing. More supply=lower prices, long as one or a small groups of companies isn’t able to monopolize a market it like Debeers has done with diamonds. Plus you can add groups trying everything they could to prevent any new refineries and can drastically increase the cost of building new refineries
@Senor, the Saudis were waging a price war against Russia and US frackers, fearing loss of market share. They produce a barrel of crude for less than either. It worked in part as 600 oil and gas companies went bankrupt between 2015-2021 walking away from $321 billion in debt. Source; Haynes Boone Bankruptcy Monitor. You can easily find that. Bankruptcies continued all through the Trump admin. Now that they’ve washed that $321 billion in sunk costs, the Big 4 stepped in and bought up those assets for cheap. The Big 4 are now netting record profits each quarter.
OPEC. Oil prices are decided on a market very similar to the stock market. OPEC reduces production to reduce supply. This drives up the price for everyone. High oil prices=good for OPEC. Low oil prices=bad for OPEC. Like most things "economy" what is good for the rich is usually bad for the middle class consumer.
“The US makes more money by exporting our oil and importing replacement oil.” ??? The private companies make more money, crude production isn’t a government enterprise. Duh.
It boils down to the epa regulations and state regulations make it impossible to build new refineries because of all the cost in fees. The refineries will never make their money back from new refineries.
Imagine getting permits to build a refinery... so you invest billions of dollars to build one, and start construction. A couple of years later, some politician REVOKES your permit.
@@markvalery8632 They were built before all the regulations were put in place by the epa. That's why they keep upgrading and repairing them. It's actually cheaper to over haul a whole factory than it is to try to build a new more efficient one. As for the states. They bring on revenue and tax money. Not to mention they are located in places that it's easier to ship from via water ways.
From a strategic point of view, it is smarter to use everyone else's oil and gas and let them run out of it before using ours at a greatly inflated price. That thinking works if we never fully utilize atomic energy.
Have you seen one of those skits where two people, right next to each other, are selling the same exact thing. They each keep lowering their prices, causing the other one to lower his price as well. Finally…the prices have been driven down so low that one guy buys out all of the other guy’s products. Then he can sell the product for whatever price he wants with no competition. It seems like the same thing here.
By the time the world runs out of oil, the Middle East will own every single square foot of the USA. There are several hundred years of current known reserves. Probably closer to 1,000 years if we develop every known deposit.
Quite a lot of malarkey, the way this is posted: While is worth noting that some refineries, particularly those designed for heavier crudes, may face challenges in fully adapting to the lighter oil trend without significant investments, US refineries have made several adjustments to process the increasing supply of light crude oil, and this is what i found : Blending: Refiners often mix lighter WTI Midland crude with heavier grades to create a blend that's compatible with their existing equipment. This allows them to maintain optimal processing without major infrastructure changes. Reconfiguration of units: Some refineries in the US have modified their processing units to handle lighter crude. This includes: Increasing capacity of units that process light distillates (like naphtha) Potentially reducing capacity of units that process middle distillates (like diesel) Under-utilization of certain equipment: Hydrocrackers, which are designed to break down heavier molecules, may be underutilized when processing lighter crude. Adjusting refinery crude oil slates: The average API gravity of crude oil inputs into US refineries has increased from 30.2 degrees in 2005 to 33.0 degrees in the first half of 2022, indicating a shift towards lighter crude. Potential for new investments: Some refineries might consider investing in new equipment to better handle super-light crude, although this is a significant financial commitment. Output adjustments: Refineries processing lighter crude may produce higher volumes of petrochemical feedstock naphtha and lower volumes of diesel and jet fuel. Operational adjustments: Refiners may need to run reformer units (which process naphtha) at higher capacities to handle the increased light distillate output. These adjustments allow US refineries to process the increasing domestic production of light crude while still maintaining the flexibility to process heavier imported crudes when economically advantageous. If anything is wrong about this comment , please let me know to change it.
No! Your 100% wrong . The oil Infrastructure would benefit all Americans on every front. From taking it out of the ground to refining, and distribution. All the money spent in the country would stay in the country because AMERICAN CITIZENS WILL BE WORKING IN ALL OF THESE AREAS OF PRODUCTION, KEEPING PROSPERITY IN THE US ECONOMY. WHAT EVER IS LEFT OVER WOULD BE SOLD FOR EXPORT PROFIT.
that depends on what you mean by "green energy". the total pollution for the electricity generated by a a solar panel during its lifetime is orders of magnitude lower than the pollution of generating that same amount of electricity with fossil fuels. when most people say "green energy" they dont mean "absolutely zero pollution". they mean a significant reduction in pollution. and that's a very good thing.
@@sabin97 True but EV, Solar, Wind turbines are all far from the "green" aspect as is being reported to the public. Have you watched "The Great Global Warming Swindle" documentary? Just more good information for the brain to ponder.
@@dublkrossr2059 if by "green" you mean absolutely zero pollution then of course NOTHING humans do is "green". if you mean significantly less pollution then they are green. also global warming is real. i've noticed the effects FOR YEARS......buildings that were relatively close to the ocean, are now almost IN the ocean. i have lost a lot of cays, also because of a rising ocean level. some of my crops (hardy, heat-resistant crops) have died because of the more intense heat in the summer. summer temperatures have extended far into october. it's not a "swindle" it's reality. i dont need some anglo telling me "listen to me, dont believe your lying eyes".
Crude oil is going to become more expensive each year. There’s nothing that can be done about that. We need ALL forms of energy ASAP if you want your grandkids to have a secure energy future. Any Alaskan oil produced would be exported.
I recall a scientific write-up from the 1980's in the Exxon trade magazine "THE LAMP" that showed a visual comparison of the MANY TYPES of CRUDE OIL in the world -- from what I remember, there were roughly 12 or more distinct types. Each type of crude had different properties of chemical (molecular) contents, different levels of hydrocarbons, different contaminants, and different viscosity. Being that the United States has not built any new oil refineries since 1979, pretty much all of the existing refineries rely on OLD Technology to do the actual refining and all other processes. It is then easy to realize that not ALL types of crude oil can be efficiently utilized by US refineries -- some types of crude are just not the right types. So there are many situations where it is more profitable to transport and Sell oil from the USA to other places in the world that can use it and then turn around and BUY more appropriate types of crude oil from yet other places around the world. So, yes, we do buy and sell crude oil and other petrol products amongst our allies AND our enemies. It is beneficial to us and to them, even if we hate each other at the same time.
Makes perfect sense. The transition to clean energy is the way to go. If only windmill noise didn't cause cancer. And wind turbines weren't a graveyard for birds the numbers of which nobody has ever seen before in the history of our nation, maybe in the history of the world. And wind energy worked on calm days since we can't watch TV until the wind kicks up. And magnets worked when they get wet. And solar energy wasn't useless on cloudy days. ("Bust out the candles, Mable, it's raining.")
Alberta Canada sends most of it's oil south as it produces the heavy oil that the US refineries can use . It also limits the numbers of markets the oil gets shipped to and also keeps the price of it low as the demand for it isn't there .
Government interference will kill any industry. In this case, look no further than the EPA to wonder why we don't modernize and improve our refineries.
The whole world knows that Ukraine war as it is: UK and USA against Russia. Germany and EU in the middle as the public scapegoats. That's the way it is since the 2nd WW.
THE PROBLEM WITH THE ENVIORNMENT, IS HUMANS!!! Yet, we always seem to shift blame away from ourselves. Oil isnt bad for the enviornment, it exists as part of a natural process of organic degradation miles below our feet. Human consumption and use makes it bad. Want to live a modern life like the one you are used to? It requires oil period. Most people only think of oil as trasnsportation, gasoline and oil changes. It's not, we depend on it for quite literally, EVERYTHING! Most everything you own, wear or use is most likely made by, made of, or fueled by oil at some point during the process. Just think for a minute of all of the examples of this, not just oil. Same can be said about MOST ANYTHING humans do, lithium, cobalt, nickel, coal, manufacturing, waste management, waste water sewer injection wells, Agriculture, Architechture!!! All of it has a cause and effect on the enviornment, because WE are bad. How about guns? They are completely harmless and infinitely absent of intention without a human. The creation of guns? Intended use to kill, by humans.
I'm an Excavating contractor...have a equipment dealer friend. His son works for a huge research lab that builds, invents " air scrubbers" for coal fired power plants. He claims America has the cleanest coal fired plants in the world....as well.
"Use others oil first saving ours for later." What are you .... selfish , greedy or all of the above. "Infrastructure considered" sounds like a sugar coated bullshit excuse to cover such selfish ignorance.
@@Flash3-22 false our refineries are designed for heavy crude and we have light crude. So we import heavy crude to refine and sell our light crude to be refined over seas
Southern California was founded on oil....you can see pumps and wells everywhere . The GOVT however shut down the fields decades ago as Strategic Reserves..
regulators put in unreasonable regulations on refining and will not allow any new refineries to utilize the oil. It can be refined and manipulated like crazy adn NO oil products is wasted. This ius the fault of environmentalist's with BUllcrap reasons - the tech is available to do wonders with this products
The US produces oil but cannot utilize it effectively, which is a complicated problem. Despite abundant resources, factors such as infrastructure, demand and law make it difficult for US crude oil to serve domestically. So what will the future be like?
@@dknowles60 It's the cheapest form of energy after the initial investment. And the initial investment would be a fraction of the trillions we waste on the military industrial complex
Excellent video. Basically, the oil producers can sell American light oil overseas and buy and refine foreign heavy oil for a tidy profit. So drilling more here in America is NOT going to lower oil or gas prices!
Venezuela imports their own oil, has their own refineries and gas stations in America, Saudi Arabia does the same thing. American media doesn't talk about this.
@@dlengelkesAmerican oil is lighter and is perfect for gasoline. As for why they dont want to refine it? Well the private companies dont want to invest Billions in it. Solution is US Gov should put a mandate that they Have to refine it. Because US would earn more if they did refine it instead of just shipped it crude
@@nocapproductions5471 ... and your gas prices would go up. Did you miss the part about how much it would cost to convert our refineries to process US light oil? Who do you think pays for it?
@@chuckmiller5763 USA is drilling more oil than it ever has. There are many more rigs now than there were under Trump - no surprise, the economy was so bad under Trump that oil futures dropped below zero for the first time in history.
You ever see that meme for protestors surrounding an oil tanker ship on the water for being any eco-friendly, as the protestors where in kayaks made out of petroleum based products.
Some people here won't agree. They will still blame the government and this type of people shouldn't be allowed to near the government house, as they will collapse the economy without proper research
Because we need to build refineries. Historically it was cheaper to ship out what we pump to have someone else refine it. Stupidly, we didn't invest in ourselves. Had we done so, we could out-produce SA by 20% or more.
Before you start explaining deeper, I was going to say I'm going to need something a lot stronger than coffee to make sense of this . However you've done a very good job but what still doesn't make sense is if we're selling a lot of oil and we're rebuying it cheaper than what we're selling it for how comes the price at the pump is so damn High .
All B.Schitt ! USA hasn't built a refineries for over 50 years. The oil industry makes record profits and needs to start caring about USA and make a little. Less profit from greedy Corporations.
![Chris Langan - The Interview THEY Didn't Want You To See - CTMU [Full Version; Timestamps]](/img/n.gif)
Ever had the feeling that you were being gaslighted?
thats the only thing a guoveyrnmeynt does hahaha
All the time
Help me
HELP ME
😭
Yes lets complain about polluting the environment but buy our oil from countries who are less regulated and less safe for the environment instead of just fixing our refineries
How young are you, the Us has clean up a lot since 1974
@@dknowles60 apparently not enough if concerns about fracking leaking pollutants into the water supply is still a thing.
@@dknowles60makes his point even more valid
Yeah, ok. I guess we should support your agenda.
The Saudis produce crude as cleanly as we do. They’re holding back 1 million barrels per day of production right now to keep the price up.
I live in Oklahoma, had friends and family in the oil business for many decades.
Most of what they use as excuses are same as the politicians, a bunch of lies.
Its easier to process the light oil, the heavy oil has more products that can be extracted,
ie. several profit lines.
Is it true the US has some of the largest, verified, accessible oil and NG in the world?
If so we could be a very rich country if we did away with w0ke energy, regulations.
Oil, NG touches every product and endeavor we do.
Well….. it’s true 🤷♂️
@@coastalhillbilly3419 technically can grow all the oil we want via vertical hydroponics and algae.
back in the 1960's they just did open ponds for the aquatic species program, with vertical hydroponics
its much higher production rate. on this platform lookup "33zulu new biofuel".
@@coastalhillbilly3419 YEA
@@coastalhillbilly3419 The country would not be rich, the multi-national oil and gas companies would be rich.
USA is a huge country with plenty of land to do any process we need.
Takes a lot more than just land. It takes fertile land and water - lots of water - to name just a couple.
@@GntlTch And For The Government To Get Out Of The Way With so many asinine counterproductive rules and regulations...
Such a convenient answer... but everything in the U.S. is a business. They'd have to buy that land, they'd have to build a refinery, they'd have to hire workers, deal with regulations, etc. If it was profitable, someone would be doing it. They aren't because it isn't. Big oil makes more money with the infrastructure they have, than investing in more. And even if someone else had the money to invest, trusted the investment to be stable, and actually made an effort to put it into action, they'd still have to deal with activists, protests and, oh right, the big oil companies that don't want competition.
What part of it will cost hundreds of billions of dollars for these private companies to convert the refineries is so hard to understand? They do like to make money......
This is a propaganda video. Be carefull...the BS smell from it might leak into the next video.
So your saying spending blood in wars is cheaper I call BS
It is. They buy cheap and sell high
Let’s be real it comes down to old rich dudes making sure they stay rich. We could use our own oil. We chose not to.
"We"?
We can use water to drive cars but they want put the cars out they killed the man who came up with it they greedy af
The UK had to import Saudi oil even though we were 'oil rich' from the North Sea. North Sea oil was too 'sweet and had to import lower grade oil from Saudi Arabia. Oils come from all over the world to blend them.
The FACT IS, THE DEMS ( INCLUDING HARRIS AND BIDEN) HAVE PREVENTED OIL REFINERIES FROM BEING BUILT FOR DECADES!
Omg. Who do you work for?
The amount of money we give other countries we can afford to modernize our refineries
Well absolutely correct, as long as oil production within the US isn't constantly changing because of democratic policy those companies would be willing to make the change. They need a steady steam of production before bothering with. Killing the KeyStone Pipeline was a major key from it never happening.
If it made economic sense, then the companies would be doing it.
@@carlsanders7824 not necessarily, they do what puts more money in their own pockets not the economy. Trickle down economics does not help the economy.
EPA makes that cost prohibitive.
@@justinburcaw1426 Here's an ideal how about we the people especially those in Democrat states fire the Democrat party. And replace it with anything else that has common sense policies. There are more than two political parties in this country. People are just lazy and don't bother doing research.
Totally BS, it is all bureaucracy at it's finest.
The real BS is this guy thinks the US produces 19.4mbd. This is hogwash. Not even close. We produce 12mbd. We use about 20mbd. That's 8 million barrels a day we have to import.
Is this channel funded by...?
Spoken like a true internet economist.
@@NuncNuncNuncNunc Some of what is in this video is true, but a lot is BS. The US has never produced anywhere near 19.4mb in a single day, ever. It is off by many millions. I have no idea where he is getting these numbers. The EIA and IEA are THE source of oil production. They records going back decades.
But he is right that a lot of our oil we produce today is entirely unsuitable for our refineries. The US had a very long period of decline in oil production from 1970 to about 2008. IIRC, we got down to about 4mb a day.
@@tarstarkusz Alot of those numbers are likely blacked out from the record for emergency war time storage. So OP is likely getting his information straight from the source in that regard ...
Canada has this very problem as well especially in Alberta and Saskatchewan if we built our own refinery we could look after North America for over 100 years .
Lies lies and more lies, how dumb do you think we are ??.
I agree with you all lies and it's Joe Biden's fault trickle down economics one day in office any signs the document shutting the pipeline down that's when the oil companies lost a ton of money and put a lot of people out of work and made everything more expensive
You have anything to refute anything said in this video?
@@BryanW-bp3leWe had ZERO problems using our own oil during the Trump administration.
There’s no such thing as fossil fuel Fossils have only been found as low as 16,000 feet. We drill for oil between 26,000 and 32,000 feet deep! We need to drop the words “fossil fuel” ⛽️ they keep telling us we have 10,000 new oil drilling leases, but a lease is worthless without a permit. We have ZERO PERMITS from this administration!! 🤷🏼♂️ We need to pass the bill HR1 to open up drilling & fracking oil! PERMITS!!! bill
If building refineries is so prohibitively expensive, how did we come to have the ones we already have?
Why didn't this video cover the fact that the US uses over 36 MILLION acres of land AND LOTS of water to produce corn for ethanol? Permian light could easily take its place and the US could use its own production. AND reuse that land to produce food for the US and others.
Sufficient tax incentives is the only way to get companies to do things they do not presently do because of the economics.
We make too much corn.
Permian contaminates a lot of water.
i cant speak for the author but i would venture guess it's because this video is about oil and why you dont use your oil as much as you could and instead import a lot of it.
I saw a study where it takes 1.2 gallons of fossil fuel to make 1 gallon of ethanol. When you take into account everything from fertilizer, farm equipment manufacturing and to keep it running and then the process to make the corn into ethanol I can see where this can be realistic.
It's manipulation. You don't need to retool every refinery in the US as the US does produce some heavy oils and imports heavy oils from allies, just a few would help a lot. The problem is high prices benefit the oil companies so why would they build a new light sweet refinery, or retool existing refineries, if it doesn't help their bottom line.
Bingo!!! You’re one of the few that gets it!
Would you work "overtime" if it didn't benefit you financially?
@@tabuilder That's not the same thing. I work overtime all the time but it has no impact on national security, the economy, global politics or environmental concerns. Oil checks all those boxes and more.
The price of oil can either drive up inflation or bring it down.
@@mrclintc1 Exactly, although the bring it down part doesn't always happen.
Companies aren’t pulling out of oil refining and production, our government is forcing them out.
Yes! Case in point what was the largest refinery on the east in Phila.closed some time ago.
Our government has done this with the liberals help. BIDEN shut down most of all the new oil finds the second day he was in office. Time we start using our own oil reserves and make it more safe. Upgrade and build new refineries. BUILD THE PIPELINE. 😅
@@track1949 break the lockout by reopen that refinery.
YEAH delta use to own a oil refinery . i been told by some people who worked at Delta air lines the fed gov was very mean and nasty to Delta and the rules were changing every week
"Green $$$$" energy.
We better build new oil refineries that can use our oil !
Never Gonna Happen With A Democrat In Office!!
@@speedbuggy5573 Well now Trump is in charge gas will be super cheap.
@@amraceway That's what u think....come back in a year when its still not cheaper.
@amraceway And Groceries And Utility Costs Will Be Affordable Again, And The Best Part: No More Illegals, They Will Be Allowed In The Correct Way! Following The Law!!
@john-smith. And why would think it won't be?
It's President Trump: NOT Joe N Kamala Anymore!
Can we say Gaslighted? Not the companies fault! It's our impudent and impotent government that now put a target on our back. Say your prayers people!
Yeah, right, it’s totally obvious to you. Because simpletons love simple answers.
@@adobedirtblues1321 Yes, and idiots love the happy feeling of only getting mainstream news. Tell me, wise one, why did they cancel the Keystone Pipeline?
Dude, it's the company lawyers that write those laws.
What should the government do about it? Start their own refineries? That would be communism. Incentivize big oil to do it? Do you really think big oil needs financial aid of any kind? De-regulate the industry so that the oil companies can afford to? That would just give the companies more ways to cheat their customers.
If the government is the problem, please, explain how they can even fix it. Because if your answer is to spend taxes then you're just paying for your gas twice.
If big oil companies don't think it's profitable, no one else is going to be able to make it profitable...
Corruption is the reason why..
1000000000% fact
Free trade perhaps. Historically, if you're not trading with another country, you're warring with it.
Give an example.
@@carlsanders7824 >>: $$$,$$$,$$$...
Yep government regulations is the problem.
They have been saying the same excuse for 40 years, it costs to much and yet the oil companies rake in 100 billion in profit per year. The reason we do not switch the refineries is the same reason we are not using other types of fuels to run cars. The oil companies will not allow their monopoly to be challenged.
Yet the money we sent to Ukraine alone could've built enough refineries to keep 🇺🇸 self relient. But Democratic politics 🤨
That makes no sense. If we processed the oil we used here, then the US oil companies would have an even bigger stranglehold on our energy needs.
No one is stopping anyone from buying an electric car.
@@carlsanders7824 : The Oil Companies are Corporations, and the SCOTUS reasoned Corporations are People Too.
The EPA has a huge part to play. They refuse to approve refinery upgrades, and building of new refineries. This is even worse in CA ware CARB & the CA EPA get in the way.
We must build more processing plants...
The environmentalists won't let you.
@@erickanterask yourself why
So let that sink in people, light crude is used primarily for fuels, heavy crude for detergents and plastics....the USA has both but mostly light crude. But for some odd reason we aren't building light crude refineries.....
Bad investment with gas mobiles going away.
You can thank the Fed Gov for that
That's some real good sounding B'S.
There's enough oil on a tank ship to last the country about 15 minutes. You forgot to say how much a tanker costs; and yes, they get replaced eventually. So, 2 - 3 tankers builds 1 refinery, but all the needed refineries exist...there are idle right now - oh, you forgot to mention this too?
You said all this without saying, the oil companies make more profit from importing foreign oil, and exporting OURS! GREED is the reason...the only reason. That would have shortened your video, and not wasted my time though.
NO. Greed is not the reason. THE GOVERNMENT IS THE REASON PRICES ARE TOO HIGH.
It's a global market?
You're missing how economics works. Firstly, the oil companies don't own the tankers, or if they do they own them in the form of a subsidiary or contractor that owns the tankers. Secondly the tankers pay for themselves by performing their job: transporting the oil. The refineries are not paid for by the tankers, they're paid for by the oil that they refine. Even if they built a refinery they'd have to buy the oil from whoever unearthed it, or they'd have to unearth it and transport it themselves. If they're already unearthing it, then they're already selling it, which is already making them profits. They'd either have to lose customers and thus revenue by diverting product, or they'd have to invest in more drilling to obtain more oil just to supply the refineries that they built. Even if all of this was actually profitable, they'd want to increase their prices in order to offset the costs of the refineries, labor, transportation infrastructure etc. Which means either prices go up for the consumer, or they're too expensive to sell product. Which makes the whole venture a waste of time.
The rich want easy profits, not risky ventures. Risky ventures are done by ambitious upstarts who aren't rich yet. And those people can't afford to fund a project like this. So unless you want the government to own and run the refineries, it's not likely to happen.
@@spencerharward4884 a convenient answer for anyone who wants someone to blame without caring to understand how the world works. Very convenient.
This seems more like obfuscation than an attempt to explain things.
EXACTLY!!!
what did you find obfuscating about it?
what he was describing is known as corporate greed.
the capitalists controlling your oil industry dont want to invest in the infrastructure needed to bring prices down for your benefit. because they want to maximize profits.
If Congress would reimplement the 40 year long ban on exporting US produced crude there would be 3-4 million barrels per day of pipelines capacity freed up. That’s the equivalent of 5 Keystone XL pipelines.
Evading any mention of the corporate mind set of run it as long as it profits without investment of any kind fits suit! Heavy crude carries more byproducts, yet we've recently closed capable refineries, supply and demand set into action! A controlled regulator system is not a regulator. At present production numbers, a few days to a month's profits would pay for modernizing the mentioned refineries, but that would cant the economic flow to the elites pockets and demand more investment they do not like making.
Likely deep state got to this channel, like so many others.
US oil is of a higher grade. Bottom line? It’s worth more selling it outright, and buying cheaper lower grade oil.
Than why is gas so high
@raymondhoffman4371
Seriously? 😅 The US government has been taken over by anti American communists that are ripping us all off. You haven't been paying attention have you? There's been a revolution happening for the last 8 years. Wake up! 🇺🇲
@@raymondhoffman4371
A simple way to explain it. Biden/Harris
So all of that oil, of course, is a one time commodity. I never hear anyone talk about the economics of oil leases. Because the oil that is under federal lands is our common inheritance. The rest of the stuff I don’t know… Maybe it should be nationalized😂😂😂
@@agent7118 I personally know that Kamala Harris gets a dime in her purse every time you pump gallon of gas. It’s true.
i use to work for chevron pascagoula mississippi. most places were already updated to extract it from anything, it’s not cheaper to import oil for the consumer just the importer that why prices are the way they are, when we pump/extract our own it’s cheaper cause we don’t get the import fees, that gets passed onto us. they just ran the XL pipe line wide open to restock our reserves cause it’s cheaper to do that then stock it with foreign oil
The shutdown of the pipeline was multifactoral.
Cost for completion, impact on water sources, and
history of catastrophic spills.
@@Flash3-22 guess you didn’t read the whole statement lmao😂 “the pipeline is wide open to restock our reserves “ that’s why fuel is cheap at the moment 🤦♂️
I've never heard so much bull in my entire life. XD 10 out of 10 DO NOT RECOMMEND!
We are in the process of changing over all the equipment at our refineries to run on what we are extracting in the US. Currently, its setup for the thick, black goopy stuff from places like the middle east, Canada, even Venezuela. We have a light sweet oil, looks almost like cooking oil or maple syrup, and the refinery equipment has to be changed over to process it. This will take a good 5-8 years to complete, of which we are a good 3-4 years in.. It just takes that long to change-over, upgrade, and squeeze in some of the maintenance that I'm sure is long overdue. This is a big undertaking.
And costly.
The US can use its own oil, but it would require investment.
Investments that should have been taking place 40 years ago till present but do to bought off politicians from lobby money, which is almost all of them, that hasn't happened, etc, etc, etc.....
exactly.
and that investment would be an expense for the rich, and would bring prices down.
and they want to maximize profits.
It wouldn’t cost all that much relatively speaking to retrofit refineries in the Gulf to refine our light sweet crude. They’ve been making record profits by exporting. It’s not the taxpayers job to pay their expenses.
As the video said, the US has better technology and makes more money to refine heavy crude, and light crude is better exported because higher prices, so it is like renting out your house in AirBnB, and pay rent to live in your parents basement, everyone is happy
@@johnye4433
he said light crude is cheaper.
you refine heavy crude because your refineries were made for that, and the rich dont want to invest in retrofitting for light crude.
because they want to maximize profits
Like the great Alaskan pipeline Jimmy Carter touted. Alaskan crude is sour (heavy in sulfur). The only refineries capable of handling it are in Japan, so almost all of it went to Japan. As for US refining, it would be west coast, California, and nobody wants to put up with California’s Khafkaesqe regulatory atmosphere, so why try to process sour or heavy crude there. It can be done, but California makes it financially infeasable.
What do you think the Keystone pipeline was for? To move that oil east of the Rockies to refineries that could handle the "heavy oil". Leaving Cali n Japan empty handed putting the money made into OUR HANDS not theirs. Its not just estates and properties that Don knows a LOT about , it takes big business to handle big business. People that has been in politics for decades , left or right just know how to lie and steal.
It is the Same US Government that is Constantly telling Parents how to Raise their Children that Should be Putting Up Refineries in at least Five Other States. Plus, that will Not just Help the Price of Gas at the Pump, but it will help the Economy by Giving Our American People JOBS.
Not true, very little goes to Japan. Washington and California gets the majority of it, even Hawaii. Even Alaska has refineries that use it. H2S is the main cause of oil being sour.
nice lie some of that oil use to come to the Us
If America wanted to dominate this business it would. They chose not to. Bet.
wrong Fed Gov is in way
@@dknowles60 correct. They are who would need to “ want to “.
it's called corporate greed.
why would the rich invest money to charge you less?
that's not a rhetorical question.
@@sabin97 indeed if america used its own oil a lot more then gasoline etc. prices would fall from heaven to earth therefore not making as much greedy profit
@JEFFNPRATICIA: Very Well Said!!!
If we stopped supporting world economy and worry about economy, America would do better. Cheaper also.
And President Trump Poved That Was Possible: Then Came Joe N Kamala...
@@speedbuggy5573 Did he? Is that why he increased the National Debt by $7.8 Trillion in 4 years (Thats a lot)
@OriginalReact You wouldn't mind posting proof of that would you...
The national debt has grown by over $7.29 trillion since Biden took office in 2021.
@OriginalReact That's A Very Close Race IF Put In The Proper Perspective
All I know is my overall cost of living Is A LOT Higher Today Than In President Trumps First Term...
@@speedbuggy5573 If he gets in again and starts pushing these tariffs he keeps talking about. It will get even more expensive
This video is a low-information voter killer! I sold Oil and Gas LP's as a young man with a Series 22. I later received a Series 63 and finally my Series 7. I studied the Industry for years. This is probably the best explanation of the Oil and Gas Industry I have ever seen. Kudos.
I also thought it was very thorough but it appears to have greatly confused many people from all these ridiculous comments posted.
I'll bet you got the jab to .😅😂
@@tedlewis309 they got all the boosters, AND a free bridge of their own.
I think banning drilling has more to do with saving domestic oils reserve's in favor of depleting foreign reserve's. Its easier to sell this strategy as environmental protection and its a way of getting votes.
That's always how i saw it
Also the elites plan to push us into 15 minute cities and create huge "buffer zones". Essentially preserving the US oil reserves for their own use while they dribble it to cities at maximum profit and total energy control.
Very interesting.
Biden emptied our oil reserves, and cancelled our pipelines
Yep. Problem it will take decades for oil to be depleted in foreign countries like Saudi Arabia or even longer. Definitely past your lifetime. Politicians just want your vote
After reading the comments below, I'm not going to depend on ANY of them as fact. I recommend no one else should either.
Very interesting program! Our government and greed shot us in the foot!!
Notice how the gas prices drop during an election year. I'm sure its just a coincidence.
That's a fact.
We have a lot more than that away each year. It’s 90% politician policy that’s destroyed the oil industry in the US.
YEAH
all boils down to GREED.
Yeah, your greed to ride in your car to get to all the things you want to do.
@@redfields5070 What? You don't have to Get Groceries, Go to Work, or get a medical Check-up If you Can Live like that; Good for You!! Because MILLIONS of AMERICANS HAVE TO GO OUT and GET A LIFE!!!
@@redfields5070 Then Build with YOUR OWN MONEY a Massive & Efficient TRANSIT SYSTEM that the AMERICAN PEOPLE CAN USE Daily to go to WORK, BUY FOOD, GO to the Doctor and take their Children to SCHOOL. Instead of Criticizing People for Doing what they HAVE TO DO DAILY for LIVING.
@@12567NoYouCannot
I think you misunderstand my comment. I'm saying people have to get from home to their job and back again. Mass transit couldn't possibly replace cars in my city. It is way too far to walk from any mass transit hub to where we work. We do not live in vertical spaces so that all buildings are within walking distance. It's easily 5-10 miles from every termination point.
Mostly, people who do not understand free enterprise and capitalism say things like that. They think profits are evil.
In short, it’s all a scam 😒
Just because you don’t understand macroeconomics, doesn’t mean it’s a scam, it means you need to reassess your education and probably voting habits
@@BVonBuescher you dweeb. so they say our infrastructure doesnt have the right technology to process it, and that they'd rather sell it to someone else than pay to upgrade our technology, because we will magically happen to stop using oil sometime later? sounds like a scam to me
@@BVonBuescher for the record I took industrial chem courses in college so Im probably more educated than you on the topic, fool 😡 sit down
@@BVonBuescher I went to college for chemistry, what was that about reassessing my education? 😡
@@BVonBuescher so they'd rather skimp costs by using outdated tech using the feeble and false notion that we will be going oil free soon anyway? and I'm the one who dlesnt understand? lol go away
our country can refine and use our own oil. but our government is way too busy being corrupt and trying to cover up their own lies. if we kept our own oil and stopped buying others , we would be energy independent , and several other countries would collapse due to us not buying theirs.
If that is true @grimgames1978 then why did Trump not reinstated the oil export ban that was placed by Ford which was repealed by the Obama administration?
Not true, but it would help. We’d still have to import crude even if we kept the 3-4 million barrels of crude we export each day but we’d need to import less and have lower prices at the pump. You can thank the GOP for voting to lift the 40 year long ban on exporting our crude oil in 2015 at the behest of frackers.
We couldn't just use our own oil without prices skyrocketing. Because we in the US dont control the price of oil per barrel. That's another thing our government signed over to the overseas oil producers. So without undoing that, which the politicians wont Because they're in big oil pockets, it would lead to huge price increases for not selling our oil overseas
Our government isn't buying (most of) the oil. Oil companies are. You do not fill your gas tank up with US Government brand Gasoline.
Too costly to use our own oil. Didn’t you watch the entire vid?
America was energy independent under Trump. Let's do it again.
Absolute lie , like everything Chump says !
Production is higher now than under 45
US alaska oil is the best European countries pay dearly for itfor it 😮
I've often wondered about all this. Left unexamined is how the nations that buy our oil use it. Their light oil refineries, etc.
Light oil = more gasolin. They mix it with ther oil. And have a lot of gasolin on top of necessary petroleun refinery product which are presented only in heavy oil. This is why green energy total scam, we can replace gasolin, but oil gives to humanity much more.
This video should be required viewing for anyone who actually believes that the president can control/influence gasoline prices in any meaningful way.
then why is the Price of gasoline coming Down, Hint Harris needs help
The 6th executive order Joe Biden issued was cancelling the Keystone pipeline. It was done in the first hours he took office. He also froze oil leases too. Now what were you saying about American presidents and their influence on gasoline prices?
Oh, you mean you are falling for this? 😂🤣😅😂
@@dknowles60 Supply and demand. Summer is over.
@@Flash3-22 wrong again
The first video I have. Hard time believing.someone please explain why the prices were so low back then.... compared to now?
Lots of reasons.. war and the threat of war, global inflation, geopolitical tensions, greed
Harris is trying to win the POUTS
The oil market is worldwide, not just in the US. So if we produce more that has the effect of putting downward pressure on the overall oil prices causing prices to be lower. Over simplified, yes but it is a supply/demand mandate thing. More supply=lower prices, long as one or a small groups of companies isn’t able to monopolize a market it like Debeers has done with diamonds. Plus you can add groups trying everything they could to prevent any new refineries and can drastically increase the cost of building new refineries
@Senor, the Saudis were waging a price war against Russia and US frackers, fearing loss of market share. They produce a barrel of crude for less than either. It worked in part as 600 oil and gas companies went bankrupt between 2015-2021 walking away from $321 billion in debt. Source; Haynes Boone Bankruptcy Monitor. You can easily find that. Bankruptcies continued all through the Trump admin.
Now that they’ve washed that $321 billion in sunk costs, the Big 4 stepped in and bought up those assets for cheap. The Big 4 are now netting record profits each quarter.
OPEC. Oil prices are decided on a market very similar to the stock market. OPEC reduces production to reduce supply. This drives up the price for everyone. High oil prices=good for OPEC. Low oil prices=bad for OPEC. Like most things "economy" what is good for the rich is usually bad for the middle class consumer.
$200b to be self sufficient...
They've sent more money to Ukraine
Duh! The majority of that money never leaves the USA economy...
When you add the government into a scenario, logic is always thrown out the window!
The video says building more pipelines, longer distances is massively costly. That's not a government issue. That's a business issue.
@@Leafyjo except Biden shut down the pipeline.
“The US makes more money by exporting our oil and importing replacement oil.” ??? The private companies make more money, crude production isn’t a government enterprise. Duh.
It boils down to the epa regulations and state regulations make it impossible to build new refineries because of all the cost in fees. The refineries will never make their money back from new refineries.
Imagine getting permits to build a refinery... so you invest billions of dollars to build one, and start construction.
A couple of years later, some politician REVOKES your permit.
Agreed. The video left out that important part of the equation.
@@Nyet-Zdyes YEA
Why did the same era and states allow all these new LNG facilities to be built?
@@markvalery8632 They were built before all the regulations were put in place by the epa. That's why they keep upgrading and repairing them. It's actually cheaper to over haul a whole factory than it is to try to build a new more efficient one. As for the states. They bring on revenue and tax money. Not to mention they are located in places that it's easier to ship from via water ways.
From a strategic point of view, it is smarter to use everyone else's oil and gas and let them run out of it before using ours at a greatly inflated price. That thinking works if we never fully utilize atomic energy.
Have you seen one of those skits where two people, right next to each other, are selling the same exact thing.
They each keep lowering their prices, causing the other one to lower his price as well.
Finally…the prices have been driven down so low that one guy buys out all of the other guy’s products.
Then he can sell the product for whatever price he wants with no competition.
It seems like the same thing here.
If we had listened to Al Gore back in 2000, we would have a bunch of nuclear plants like Europe specifically Germany…clean asf
By the time the world runs out of oil, the Middle East will own every single square foot of the USA. There are several hundred years of current known reserves. Probably closer to 1,000 years if we develop every known deposit.
Legislation is the problem
Because someone pays good money to do everything up side down !
Quite a lot of malarkey, the way this is posted:
While is worth noting that some refineries, particularly those designed for heavier crudes, may face challenges in fully adapting to the lighter oil trend without significant investments, US refineries have made several adjustments to process the increasing supply of light crude oil, and this is what i found :
Blending: Refiners often mix lighter WTI Midland crude with heavier grades to create a blend that's compatible with their existing equipment. This allows them to maintain optimal processing without major infrastructure changes.
Reconfiguration of units: Some refineries in the US have modified their processing units to handle lighter crude. This includes:
Increasing capacity of units that process light distillates (like naphtha)
Potentially reducing capacity of units that process middle distillates (like diesel)
Under-utilization of certain equipment: Hydrocrackers, which are designed to break down heavier molecules, may be underutilized when processing lighter crude.
Adjusting refinery crude oil slates: The average API gravity of crude oil inputs into US refineries has increased from 30.2 degrees in 2005 to 33.0 degrees in the first half of 2022, indicating a shift towards lighter crude.
Potential for new investments: Some refineries might consider investing in new equipment to better handle super-light crude, although this is a significant financial commitment.
Output adjustments: Refineries processing lighter crude may produce higher volumes of petrochemical feedstock naphtha and lower volumes of diesel and jet fuel.
Operational adjustments: Refiners may need to run reformer units (which process naphtha) at higher capacities to handle the increased light distillate output.
These adjustments allow US refineries to process the increasing domestic production of light crude while still maintaining the flexibility to process heavier imported crudes when economically advantageous.
If anything is wrong about this comment , please let me know to change it.
No! Your 100% wrong . The oil Infrastructure would benefit all Americans on every front. From taking it out of the ground to refining, and distribution. All the money spent in the country would stay in the country because AMERICAN CITIZENS WILL BE WORKING IN ALL OF THESE AREAS OF PRODUCTION, KEEPING PROSPERITY IN THE US ECONOMY. WHAT EVER IS LEFT OVER WOULD BE SOLD FOR EXPORT PROFIT.
tell that to the Dems and your fed gov
@@dknowles60 You mean democratic inserted fed gov.
There is no green energy
Except for grass fed meat lol I'm energetic af when I'm BBQ'n a fat steak
that depends on what you mean by "green energy".
the total pollution for the electricity generated by a a solar panel during its lifetime is orders of magnitude lower than the pollution of generating that same amount of electricity with fossil fuels.
when most people say "green energy" they dont mean "absolutely zero pollution". they mean a significant reduction in pollution. and that's a very good thing.
@@sabin97 True but EV, Solar, Wind turbines are all far from the "green" aspect as is being reported to the public. Have you watched "The Great Global Warming Swindle" documentary? Just more good information for the brain to ponder.
@@dublkrossr2059
if by "green" you mean absolutely zero pollution then of course NOTHING humans do is "green".
if you mean significantly less pollution then they are green.
also global warming is real. i've noticed the effects FOR YEARS......buildings that were relatively close to the ocean, are now almost IN the ocean. i have lost a lot of cays, also because of a rising ocean level. some of my crops (hardy, heat-resistant crops) have died because of the more intense heat in the summer. summer temperatures have extended far into october.
it's not a "swindle" it's reality. i dont need some anglo telling me "listen to me, dont believe your lying eyes".
Crude oil is going to become more expensive each year. There’s nothing that can be done about that. We need ALL forms of energy ASAP if you want your grandkids to have a secure energy future. Any Alaskan oil produced would be exported.
Next video is going to start off saying in 2023 we had the lowest border crossing in history 🤦♀️
That is no 🐺💩! ! 👌
So you think this is wrong? Then prove it.
My god people like you are annoying.
Yep, that's how propaganda works.
I recall a scientific write-up from the 1980's in the Exxon trade magazine "THE LAMP" that showed a visual comparison of the MANY TYPES of CRUDE OIL in the world -- from what I remember, there were roughly 12 or more distinct types. Each type of crude had different properties of chemical (molecular) contents, different levels of hydrocarbons, different contaminants, and different viscosity.
Being that the United States has not built any new oil refineries since 1979, pretty much all of the existing refineries rely on OLD Technology to do the actual refining and all other processes. It is then easy to realize that not ALL types of crude oil can be efficiently utilized by US refineries -- some types of crude are just not the right types. So there are many situations where it is more profitable to transport and Sell oil from the USA to other places in the world that can use it and then turn around and BUY more appropriate types of crude oil from yet other places around the world. So, yes, we do buy and sell crude oil and other petrol products amongst our allies AND our enemies. It is beneficial to us and to them, even if we hate each other at the same time.
that was 1976
Just waiting and hoping for the best. I spit my coffee. He sounded so hilarious wow.
All about Money 💵, for the love of it is leading to Destruction !
Makes perfect sense.
The transition to clean energy is the way to go.
If only windmill noise didn't cause cancer. And wind turbines weren't a graveyard for birds the numbers of which nobody has ever seen before in the history of our nation, maybe in the history of the world. And wind energy worked on calm days since we can't watch TV until the wind kicks up. And magnets worked when they get wet. And solar energy wasn't useless on cloudy days. ("Bust out the candles, Mable, it's raining.")
And if solar panels didn't break in hailstorms.
There's no such thing as "clean energy." If there was, it would have caught on decades ago.
This is a very good video explaining the reasons why the oil situation is the way it is.
Alberta Canada sends most of it's oil south as it produces the heavy oil that the US refineries can use . It also limits the numbers of markets the oil gets shipped to and also keeps the price of it low as the demand for it isn't there .
Government interference will kill any industry. In this case, look no further than the EPA to wonder why we don't modernize and improve our refineries.
Incompetant leadership. US was energy independent 4 years ago.
No we weren't. Even now we are importing less crude oil than we were during the height of Trumps administration (2018).
YEHA, I guess You Tube for Got about the 1973 Spanking that OPEC gave the Us be for most people on You Tube were born
Jones Act needs to go in the trash
No one is going to spend that kind of money, Ukraine would like to make a statement.
UKRAINE : HOLD MY VODKA , WATCH THIS !
The whole world knows that Ukraine war as it is: UK and USA against Russia. Germany and EU in the middle as the public scapegoats. That's the way it is since the 2nd WW.
THE PROBLEM WITH THE ENVIORNMENT, IS HUMANS!!! Yet, we always seem to shift blame away from ourselves. Oil isnt bad for the enviornment, it exists as part of a natural process of organic degradation miles below our feet. Human consumption and use makes it bad. Want to live a modern life like the one you are used to? It requires oil period. Most people only think of oil as trasnsportation, gasoline and oil changes. It's not, we depend on it for quite literally, EVERYTHING! Most everything you own, wear or use is most likely made by, made of, or fueled by oil at some point during the process. Just think for a minute of all of the examples of this, not just oil. Same can be said about MOST ANYTHING humans do, lithium, cobalt, nickel, coal, manufacturing, waste management, waste water sewer injection wells, Agriculture, Architechture!!! All of it has a cause and effect on the enviornment, because WE are bad. How about guns? They are completely harmless and infinitely absent of intention without a human. The creation of guns? Intended use to kill, by humans.
I'm an Excavating contractor...have a equipment dealer friend. His son works for a huge research lab that builds, invents " air scrubbers" for coal fired power plants. He claims America has the cleanest coal fired plants in the world....as well.
Very well done. Should be required viewing for every American.
Sadly, if you read the comments here, you will find that even if they are required to view it, many STILL will downright refuse to understand.
Follow the money
The question starts to be answered at 6:51
Drill baby drill. Refine baby refine.
They will pump it if the price is right.
Ive always thought: Use others oil first saving ours for later..... infrastructure considered.
It is all sold. Nothing is saved. You do not make money storing oil in the long run.
@@carlsanders7824 true.
"Use others oil first saving ours for later." What are you .... selfish , greedy or all of the above. "Infrastructure considered" sounds like a sugar coated bullshit excuse to cover such selfish ignorance.
@@warrendragon74 lol. Lighten up Francis
@@robertadams2857 Whats wrong , Karen. Dont like to be called out. Boohoo lol.
Let's just face our system is Broken
The system works fine. The incentives are what drive actions.
no Fed Gov in the Way
@@carlsanders7824 No it's rigged dummy!
Only because a certain candidate is telling you that story.
"Nothing good" for for refining our own and using our own oil except no more wars for oil.
We are refining most of our own oil.
@@Flash3-22 false our refineries are designed for heavy crude and we have light crude. So we import heavy crude to refine and sell our light crude to be refined over seas
Just proof our politicians are not in charge .
Southern California was founded on oil....you can see pumps and wells everywhere . The GOVT however shut down the fields decades ago as Strategic Reserves..
nice lie they were Sold to Al gore
TLDR they export the oil for some people to take profit of it, and then they import oil for people to pay for it
regulators put in unreasonable regulations on refining and will not allow any new refineries to utilize the oil. It can be refined and manipulated like crazy adn NO oil products is wasted. This ius the fault of environmentalist's with BUllcrap reasons - the tech is available to do wonders with this products
YEA
"will not allow any new refineries to utilize the oil": Can you give me an exact example to back up what you say?
@@markvalery8632 Our savior Lord Trump said so. What more proof do you need?
The US produces oil but cannot utilize it effectively, which is a complicated problem. Despite abundant resources, factors such as infrastructure, demand and law make it difficult for US crude oil to serve domestically. So what will the future be like?
how young are you , Last big brand new oil Refinery built came on line in 1977, fed gov EPA in the Way
Nuclear energy
@@Kitajima2 very costly
@@dknowles60 It's the cheapest form of energy after the initial investment. And the initial investment would be a fraction of the trillions we waste on the military industrial complex
@@Kitajima2 Nuclear energy is gradually replaced
I think the problem could be solved by examining the US Patent Office for suppressed energy producing and saving inventions.
Excellent video. Basically, the oil producers can sell American light oil overseas and buy and refine foreign heavy oil for a tidy profit. So drilling more here in America is NOT going to lower oil or gas prices!
Venezuela imports their own oil, has their own refineries and gas stations in America, Saudi Arabia does the same thing. American media doesn't talk about this.
American oil is not suitable for Diesel production. The hydrocarbon chains are too short.
How about Gasoline?
Diesel moves the world and economies, gas just moves ass.
@@lookingbehind6335 gasoline is what fuels our cars. So can American Oil be uses to be gasoline.
@@dlengelkesAmerican oil is lighter and is perfect for gasoline. As for why they dont want to refine it? Well the private companies dont want to invest Billions in it. Solution is US Gov should put a mandate that they Have to refine it. Because US would earn more if they did refine it instead of just shipped it crude
@@nocapproductions5471 ... and your gas prices would go up. Did you miss the part about how much it would cost to convert our refineries to process US light oil? Who do you think pays for it?
We could of modernized everything for the cost of a Ukraine Russian war.
❤Thank you very much for your professional insight. Well said and well OBSERVED.
So the cost of improving our oil infrastructure would cut into about 5% of our war budget, so ya, that's out of the question.
Oil companies are not government owned,
yet we are importing oil each day. While in 2019 we were exporting oil and not importing it.
No. We have never stopped importing oil.
Correct, and barrels of oil were almost free for a little while. DRILL BABY DRILL.
@@chuckmiller5763 USA is drilling more oil than it ever has. There are many more rigs now than there were under Trump - no surprise, the economy was so bad under Trump that oil futures dropped below zero for the first time in history.
Wrong the us has never stopped importing oil. We import and export constantly, as a matter of fact were exporting more than were importing NOW
WRONG, all you have to do is ask Google how much oil we import by the year from Saudi Arabia. I'm MAGA all the way but this post is embarrassing.
In simple terms it’s not the grade oil our refineries can refine
The protesters using/wearing crude oil-based clothing and products is always a massive irony to me.
They used their gas guzzling cars to get to the protest.
You ever see that meme for protestors surrounding an oil tanker ship on the water for being any eco-friendly, as the protestors where in kayaks made out of petroleum based products.
Some people here won't agree. They will still blame the government and this type of people shouldn't be allowed to near the government house, as they will collapse the economy without proper research
Gold ,Oil ,Diamond's the God's of this World...😢😢 Sad so Sad !!
Wait for November 6th 2024.
"Drill baby drill!"
TRUMP November 5th!
Expect fireworks!
Yeah, right, it’s totally obvious to you. Because simpletons love simple answers.
Green energy will never replace oil.
The Democratic stop laying pipe lines big mustake
Because we need to build refineries. Historically it was cheaper to ship out what we pump to have someone else refine it. Stupidly, we didn't invest in ourselves. Had we done so, we could out-produce SA by 20% or more.
Before you start explaining deeper, I was going to say I'm going to need something a lot stronger than coffee to make sense of this . However you've done a very good job but what still doesn't make sense is if we're selling a lot of oil and we're rebuying it cheaper than what we're selling it for how comes the price at the pump is so damn High .
It's Because Of The Government.
And The Tree Hugging Far Left...
Drill baby drill
Sick of Democrat politics and lorrding over people.
Oil makes us *Rich* 🛢️💰😎
Makes the politicians rich not the citizens
@@SeekTheTruthJesus I know
No, it makes a very small number of people very, very, VERY rich.
But everyone else it makes poorer.
@@amzarnacht6710 I know
Get your butt down to the gulf. Get a job offshore and you could be well off too.
All B.Schitt ! USA hasn't built a refineries for over 50 years. The oil industry makes record profits and needs to start caring about USA and make a little. Less profit from greedy Corporations.
nice lie
Some oil can be used right out of the ground. for diesel engines.