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.
Great report….something many people don’t understand. Question….If big oil companies are reporting a NET profit annually of roughly $50B…they can’t afford to upgrade the refineries over time?
It’s EASY MONEY WHEN IT’S JUST SHIPPED OUT INSTEAD OF REFINING IT!! They get money on Both ends selling it and selling it Again after it’s refined ! The cost of refining CUTS into their profits ?? They Still make billions a year ! Chump change for these companies having to upgrade! Stop Jonesing U.S.! BS ! IMHO…
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".
It's all about the money. Find out where the money's going and what group of politicians are profiting from it and you will know why America is suffering with high oil prices.
America has extremely affordable oil prices especially relative to Europe. I wouldn't call America's prices "high". Gas prices are actually cheaper where I live then 1 year ago. That commodity has deflated from my perspective. Yes the government is corrupt, but it hasn't affected oil prices.
Gas prices been lowering for last couple of months in parts of Arizona. It's 2.79 on average in those parts. Also, I haven't seen the gas prices rise during holidays the last 3 years than years before.
@@bryanjames7528The cheapest gas I ever bought was around $0.69 per gallon, circa 1994. That was back when a dollar was worth more than it is now, which is the real problem.
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.
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 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 ...
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.....
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 have always said that I would way rather buy what we need here in the U.S. from Canada than pretty much everyone else. But, you know, that makes too much sense.
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
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
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.
You realize that having the "cleanest" coal plants in the world does not mean you have "clean" coal-fired power plants, yes? Even the absolutely cleanest coal fired power plants still means emitting more radioactive particles than ANY nuclear plant, a wide array of toxic sulfur-containing emissions - the kind that leads to acid rain - and a waste sludge that is incredibly toxic to any life form more complicated than a bacteria which we have no means of storing safely (google search for "coal plants waste ponds") in pools of toxic sludge and have previously - many times - had spills that wipe out entire watersheds, and which we have no means of processing to render it harmless.
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.
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.
When i first started as a pipefitter in texas everything was .375 wall pipe,they went to. 250 wall pipe So they went to to sweet crude. The EPA forces the refinery to maintain a piping & vessel wear programs. One batch Sour Venezuelan crude really screws Up your pipe,acid pockets are dangerous!
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.
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......
@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😂😂😂
My Neice and and her hubby farm 15,000 acres and plants corn, soybeans, peanuts, and others. The government MAKES THEM PLANT GMO CORN oil. Everything is UP SIDE DOWN CRAZY!
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
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 🤦♂️
@@Flash3-22 Do you know how many miles of underground petroleum pipelines criss-cross this country? Some of which are multiple times more dangerous to human life than the XL, much less than to the water resources.
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.
@@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.
@@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
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?
@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!!
“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.
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.
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.
So basically, America just need to change some laws, find better way to get oil without harming wild life and a whole lot of support from the people. Got it.
The thing is, the methods we use to extract crude and the crude available to us are so relatively "clean", that it is cheaper to refine. By cheaper, refining facility operating costs are much lower, and maintenance periods are much less frequent and time-consuming. So governments that want to make money and save money at the same time will invest in these easier to maintain facilities, knowing(risking) the required source of crude must meet an exceptional grade. US refining facilities are built to process some of the dirtiest sources of crude, which contains the minerals and materials to produce more than just gas for a car. On top of that, the leftover slop(petcoke) is valuable to poorer countries, so while the US may pay $55/barrel for heavy crude, after extracting what we want from it, we sell the leftover slop again to countries as a source of energy production. Foreign light oil refinery production only makes transportation fuels, and not a lot of slop. With the advent of renewable energy and electric transportation, wealthy countries like Europe would lose a LOT of money because their oil production makes gas for transportation and "cleaner" energy production. The demand for light crude wouldn't change, however, because investments would be made in poorer countries to process light crude because it would still be cheaper than a million acres of solar and wind farms, it just wouldn't be financially positive to refine and export in Europe any longer, and it would be cheaper for these currently poor countries to refine their own light crude than it would be to buy it at Europe's prices. It would be a relatively very small investment to build a light crude refinery in Mexico, and get a deal to supply the US with gasoline from Mexico instead of Europe. I also built a light crude unit in the US recently, and many more are awaiting approval. It doesn't take as long as this video states, from first ground break to completion on a modest facility that isn't trying to break records, 9-12months. The biggest issue is obtaining quality materials and attracting a talented workforce. The talent is there, but these big jobs aren't paying right, and they treat their talent like trash, so they are left with the bottom of the barrel talent(look up the woes of the Golden Pass LNG project, a direct result of hiring the most desperate talent with the lowest amount of skills in the industry).
@@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
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
I live in north dakota and work in the oil field. He's exactly right about our refineries being too expensive to overhaul for light crude. In the 20s the wild swinging grain prices were horrible for ND farmers, so we built a state flour mill to help stabilize prices. I worked there for 3 years. It's the largest flour mill in the western hemisphere, and even though it's government run, it's very profitable. I've been proposing for years that ND should do the same thing for oil. Use the enormous surplus in the oil legacy fund, and build a state refinery. It will stabilize oil prices, provide great jobs, and help America reduce oil imports
The problem is US has become too expensive to manufacture/produce/refine... All the unions, lawsuits, insurance, taxes, etc... It all adds up... I grew up near Detroit... It was the manufacturing capital of the world at one point.... These oil giants are multi-national... Even with the prices of transport to ports and shipping... It is cheaper to refine in 3rd world countries... Less labor and environmental costs... The bigger picture it's not just oil refining... it's everything... USA is a consumer economy.
I don't know who's pulling who's leg here but in McPherson Kansas at the oil refinery called NRCA they buy Kansas crude and make it into gasoline and Diesel. So does the one up north in Phillipsburg.
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.")
Light sweet crude is actually easier and less costly to process and requires a downgrade to the refinery or significant portions of unused refinery equipment they refinery still has to pay for. They upgraded in around 2014ish to modernize and become more energy efficient, which lowers their costs. As far as refineries, we have the best in the world. Because of all the extra processing to get the sulfur out of heavy sour crude, and we already have the equipment. It is cheaper to sell the light sweet crude which gets a market premium, and process the heavy sour crude. some of our oil imports/exports is simply refining oil for mexico and canada. They ship their oil here, we refine it and send them back finished products.
@@Kamala-km4ty Good information! Thank you! With $36 trillion in debt... I still think we should have more to show for it! Why do we have organizations asking for money to take care of veterans... with $36 trillion deficit they could all be taken care of! Plus we could have even more oil refineries too. Where the hell did all that money go?!?
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.
They know dependence on oil will someday end .And the greedy oil.companys want all that money in reserve so they can invest it in the new energy source and control all of that well into the future tooAnd btw ,they already have the blueprint for the new source of energy and they have kept it suppressed for a very long time now..why ? So they can drain all that oil down and sell it off first .the new source is much cleaner,safer, and more abundant. But why unveil it when they still have all that oil under tbe ground to sell ? They own it already ,rather its under neath your land or not ...because they are the only ones who can extract it ...you can't, they can ...so it's all belongs to them
The Jones Act needs to stay right where it is. Too many corners are being cut by shippers from other countries. Many accidents have been avoided because of the Jones Act.
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
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.
Both Canada and US share the same oil pay zones. In North Dakota there's the Three Forks, Bakken, Red River, Devonion and the Sillarion Formations. The Bakken and Three fork are sweet crude, the other three are sour crude. The process of refining are the same for both crudes. Sweet crude has very little sulfur in it verse sour crude. The main reason some prefer sour crude is for the sulfur. Sulfur is used all over the world to produce all kinds of products like sulfur drugs, epoxies and cement type product, farm products, vet drugs, ect. Right now the biggest pay zone producing are in the Red River (sour crude) about 7,000 to 9,000 feet deep. The Bakken at 4,000 to 5,000 feet deep and Three Forks at 3,000 to 4,500 feet deep. All oil and gas comes from shale rock.
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.
We have a thumbs up for agreement, we have a thumbs down for disagreement, what we need is a counter for scratching our head, as in what in the world are you talking about regard to this discussion.
20 odd years ago there was a company, Changing World Technologies I believe it's called, and they had formulated a way of making very pure crude oil for fuel production from a process using Turkey offal and it could have been done very cheaply in terms of the cost of oil per barrel. Wonder whatever happened with 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.
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.
@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...
"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.
This is a long ago, memory from the 70s so it could have errors. but the way I recall it is when I was being investaged for my joining the Air Force, there was a concern about one of my relatives. I knew nothing about him, I don't remember his name now, this was 1975. My mother knew. He worked with one of the major oil campanies. I THINK it was Phillips 66. He was somesort of adviser, working with the government of what I remember was Saudi Arabia. They were teaching the Saudis how to drill for oil. As I was told, This was in the 50s but I was not sure if it was the 40s. I do rememer that once I knew about him. I found that he later worked at capping wells that became gushers. As I recall at some point he worked with the figher fighter named Red Adair. But I think he mainly drilled wells. Maybe someone familiar can fill in any gaps.
Yes and no. Yes we need to build more nuclear power plants, and I would like to see him using thorium is fuel instead of uranium, or recycle the uranium waste. Fortunately we don't build any bombs, we just replace the uranium/Plutonium in them as they get old. For that matter the bombs are getting lighter, we're using less nuclear material.
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.
@@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
Also, unlike many other countries, we don't have a nationalized oil and gas industry. So what is produced here doesn't belong to us; it belongs to the oil and gas companies.
We are set up to process heavy crude. If we were to decide to invest in retooling to process light crude how successful do you think those projects would be given environmental regulation and environmental groups fighting it tooth and nail?
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.
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
@@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.
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.
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
Ever had the feeling that you were being gaslighted?
thats the only thing a guoveyrnmeynt does hahaha
All the time
Help me
HELP ME
😭
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.
Great report….something many people don’t understand. Question….If big oil companies are reporting a NET profit annually of roughly $50B…they can’t afford to upgrade the refineries over time?
Investors,............
It's called permits and those permits are more expensive than the upgrade.
There are no new permits for oil refineries untill just recently
@
If we can build our own refineries that do the job….
We don’t need anyone’s oil
It’s EASY MONEY WHEN IT’S JUST SHIPPED OUT INSTEAD OF REFINING IT!! They get money on Both ends selling it and selling it Again after it’s refined ! The cost of refining CUTS into their profits ?? They Still make billions a year ! Chump change for these companies having to upgrade! Stop Jonesing U.S.! BS ! IMHO…
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.
It's all about the money. Find out where the money's going and what group of politicians are profiting from it and you will know why America is suffering with high oil prices.
America has extremely affordable oil prices especially relative to Europe. I wouldn't call America's prices "high". Gas prices are actually cheaper where I live then 1 year ago. That commodity has deflated from my perspective. Yes the government is corrupt, but it hasn't affected oil prices.
Can you say "Democrat Leadership"?
the kawmies have made no bones about it they want high fuel prices period
Gas prices been lowering for last couple of months in parts of Arizona. It's 2.79 on average in those parts. Also, I haven't seen the gas prices rise during holidays the last 3 years than years before.
@@bryanjames7528The cheapest gas I ever bought was around $0.69 per gallon, circa 1994.
That was back when a dollar was worth more than it is now, which is the real problem.
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.
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?
Yes, please! This will be an amazing series. Thank you for your work and dedication.
Never knew of the Jones Act.
Something Trump needs to look into.
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 ...
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.
Thank you so much. I wanted to understand this and know why gas prices are so high
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
@@crhu319 "gas mobiles" aren't going anywhere
I think that the oil co are making insane profits by doing both. They sell and buy at hugh profits.
Fed Gov in the Way
We must build more processing plants...
The environmentalists won't let you.
@@erickanterask yourself why
How about switching to hydrogen like Iceland did many years ago? (cheap and readily available)
Your overlords won’t allow it.
$36.3 TRILLION deficit but our oil infrastructure is outdated? 😮 How? Why? 😮
Trump was asked, "how will you improve the economy"? He said, "drill baby drill"!!! Brilliant yes?
Brilliant? No. Weren't you paying attention? Did you not hear one single word? Good fkn grief!!
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 .
The maps in this video never showed the known reserves in Alaska either.... North America has plenty of oil.
I have always said that I would way rather buy what we need here in the U.S. from Canada than pretty much everyone else. But, you know, that makes too much sense.
"Saskatchewan, Saskatchewan, show me an itch and I'll scratch ya one!" - Roger Miller
@@RyanWeaver-f7m the leftists are about to be out of office.. then the adults can do some common sense plans
I worked in the oilfields in western Canada for 11 years. We have the cleanest and safest oil retrieval methods in the world.
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
Thank you for your explanation. Very informative and understandable. Great job !
Very interesting program! Our government and greed shot us in the foot!!
Our government IS CONTROLLED BY CAPITALIST
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.
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.
We Do
@dknowles60 That's right, we do. And coal usage is still detrimental to the environment and more expensive than emerging renewable sources.
You realize that having the "cleanest" coal plants in the world does not mean you have "clean" coal-fired power plants, yes? Even the absolutely cleanest coal fired power plants still means emitting more radioactive particles than ANY nuclear plant, a wide array of toxic sulfur-containing emissions - the kind that leads to acid rain - and a waste sludge that is incredibly toxic to any life form more complicated than a bacteria which we have no means of storing safely (google search for "coal plants waste ponds") in pools of toxic sludge and have previously - many times - had spills that wipe out entire watersheds, and which we have no means of processing to render it harmless.
@@wadehathawaymusic Not sure what a 'reenable source is'
@@doranmaxwell1755. No such thing. Biggest grift in industrial history to produce energy inefficiently
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.
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.
When i first started as a pipefitter in texas everything was .375 wall pipe,they went to. 250 wall pipe
So they went to to sweet crude.
The EPA forces the refinery to maintain a piping & vessel wear
programs. One batch Sour Venezuelan crude really screws
Up your pipe,acid pockets are dangerous!
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.
After reading the comments below, I'm not going to depend on ANY of them as fact. I recommend no one else should either.
Just waiting and hoping for the best. I spit my coffee. He sounded so hilarious wow.
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.
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.
My Neice and and her hubby farm 15,000 acres and plants corn, soybeans, peanuts, and others. The government MAKES THEM PLANT GMO CORN oil. Everything is UP SIDE DOWN CRAZY!
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
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 🤦♂️
@@Flash3-22 Do you know how many miles of underground petroleum pipelines criss-cross this country? Some of which are multiple times more dangerous to human life than the XL, much less than to the water resources.
They will pump it if the price is right.
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.
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.
Very informative, helps with understanding the situation.
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!!!
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
Always enjoy the info,thanks for sharing👍
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!
“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.
And the government gets all the import taxes and taxes on the oil sold. So YES, the Government does increase profits by importation of oil.
❤Thank you very much for your professional insight. Well said and well OBSERVED.
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
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.
So basically, America just need to change some laws, find better way to get oil without harming wild life and a whole lot of support from the people. Got it.
All about Money 💵, for the love of it is leading to Destruction !
US alaska oil is the best European countries pay dearly for itfor it 😮
The thing is, the methods we use to extract crude and the crude available to us are so relatively "clean", that it is cheaper to refine. By cheaper, refining facility operating costs are much lower, and maintenance periods are much less frequent and time-consuming. So governments that want to make money and save money at the same time will invest in these easier to maintain facilities, knowing(risking) the required source of crude must meet an exceptional grade. US refining facilities are built to process some of the dirtiest sources of crude, which contains the minerals and materials to produce more than just gas for a car. On top of that, the leftover slop(petcoke) is valuable to poorer countries, so while the US may pay $55/barrel for heavy crude, after extracting what we want from it, we sell the leftover slop again to countries as a source of energy production. Foreign light oil refinery production only makes transportation fuels, and not a lot of slop. With the advent of renewable energy and electric transportation, wealthy countries like Europe would lose a LOT of money because their oil production makes gas for transportation and "cleaner" energy production. The demand for light crude wouldn't change, however, because investments would be made in poorer countries to process light crude because it would still be cheaper than a million acres of solar and wind farms, it just wouldn't be financially positive to refine and export in Europe any longer, and it would be cheaper for these currently poor countries to refine their own light crude than it would be to buy it at Europe's prices. It would be a relatively very small investment to build a light crude refinery in Mexico, and get a deal to supply the US with gasoline from Mexico instead of Europe. I also built a light crude unit in the US recently, and many more are awaiting approval. It doesn't take as long as this video states, from first ground break to completion on a modest facility that isn't trying to break records, 9-12months. The biggest issue is obtaining quality materials and attracting a talented workforce. The talent is there, but these big jobs aren't paying right, and they treat their talent like trash, so they are left with the bottom of the barrel talent(look up the woes of the Golden Pass LNG project, a direct result of hiring the most desperate talent with the lowest amount of skills in the industry).
Build a refinery? Imagine trying to get a permit to do that.
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
This is a very good video explaining the reasons why the oil situation is the way it is.
Nice bar graphs - no labels
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?
Just proof our politicians are not in charge .
money money
The politicians are in collusion with big oil
I live in north dakota and work in the oil field. He's exactly right about our refineries being too expensive to overhaul for light crude.
In the 20s the wild swinging grain prices were horrible for ND farmers, so we built a state flour mill to help stabilize prices. I worked there for 3 years. It's the largest flour mill in the western hemisphere, and even though it's government run, it's very profitable.
I've been proposing for years that ND should do the same thing for oil. Use the enormous surplus in the oil legacy fund, and build a state refinery. It will stabilize oil prices, provide great jobs, and help America reduce oil imports
The problem is US has become too expensive to manufacture/produce/refine... All the unions, lawsuits, insurance, taxes, etc... It all adds up... I grew up near Detroit... It was the manufacturing capital of the world at one point.... These oil giants are multi-national... Even with the prices of transport to ports and shipping... It is cheaper to refine in 3rd world countries... Less labor and environmental costs... The bigger picture it's not just oil refining... it's everything... USA is a consumer economy.
@@filfalcongolfi think the intention is to change that.
So your saying spending blood in wars is cheaper I call BS
It is. They buy cheap and sell high
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.
I don't know who's pulling who's leg here but in McPherson Kansas at the oil refinery called NRCA they buy Kansas crude and make it into gasoline and Diesel. So does the one up north in Phillipsburg.
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.
Gold ,Oil ,Diamond's the God's of this World...😢😢 Sad so Sad !!
$36.3 TRILLION deficit but our oil infrastructure is outdated? 😮 How? Why? 😮
Light sweet crude is actually easier and less costly to process and requires a downgrade to the refinery or significant portions of unused refinery equipment they refinery still has to pay for. They upgraded in around 2014ish to modernize and become more energy efficient, which lowers their costs.
As far as refineries, we have the best in the world. Because of all the extra processing to get the sulfur out of heavy sour crude, and we already have the equipment. It is cheaper to sell the light sweet crude which gets a market premium, and process the heavy sour crude.
some of our oil imports/exports is simply refining oil for mexico and canada. They ship their oil here, we refine it and send them back finished products.
@@Kamala-km4ty Good information! Thank you!
With $36 trillion in debt... I still think we should have more to show for it! Why do we have organizations asking for money to take care of veterans... with $36 trillion deficit they could all be taken care of!
Plus we could have even more oil refineries too.
Where the hell did all that money go?!?
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.
The money the gas/oil companies have, they can afford to refine both oils.
They know dependence on oil will someday end .And the greedy oil.companys want all that money in reserve so they can invest it in the new energy source and control all of that well into the future tooAnd btw ,they already have the blueprint for the new source of energy and they have kept it suppressed for a very long time now..why ? So they can drain all that oil down and sell it off first .the new source is much cleaner,safer, and more abundant. But why unveil it when they still have all that oil under tbe ground to sell ? They own it already ,rather its under neath your land or not ...because they are the only ones who can extract it ...you can't, they can ...so it's all belongs to them
AND are u telling me i cant move to Houston for a refinery job?? I love that smell of the refinery and the soot too!!
The Jones Act needs to be repealed. It would help Puerto Rico immensely because they are bypassed by most ships because of it.
The Jones Act needs to stay right where it is. Too many corners are being cut by shippers from other countries. Many accidents have been avoided because of the Jones Act.
@larryswinford3472 sorry, don't agree
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?
If they stopped oil production you can bet that we'd be paying a days wage for a single loaf of bread.
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.
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.
Both Canada and US share the same oil pay zones. In North Dakota there's the Three Forks, Bakken, Red River, Devonion and the Sillarion Formations. The Bakken and Three fork are sweet crude, the other three are sour crude. The process of refining are the same for both crudes. Sweet crude has very little sulfur in it verse sour crude. The main reason some prefer sour crude is for the sulfur. Sulfur is used all over the world to produce all kinds of products like sulfur drugs, epoxies and cement type product, farm products, vet drugs, ect. Right now the biggest pay zone producing are in the Red River (sour crude) about 7,000 to 9,000 feet deep. The Bakken at 4,000 to 5,000 feet deep and Three Forks at 3,000 to 4,500 feet deep. All oil and gas comes from shale rock.
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.
We have a thumbs up for agreement, we have a thumbs down for disagreement, what we need is a counter for scratching our head, as in what in the world are you talking about regard to this discussion.
The question starts to be answered at 6:51
20 odd years ago there was a company, Changing World Technologies I believe it's called, and they had formulated a way of making very pure crude oil for fuel production from a process using Turkey offal and it could have been done very cheaply in terms of the cost of oil per barrel. Wonder whatever happened with 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.
If we stopped supporting world economy and worry about our 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
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.
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
No wonder we ended up with a dumbass like trump."lets go crappo"
This is a long ago, memory from the 70s so it could have errors. but the way I recall it is when I was being investaged for my joining the Air Force, there was a concern about one of my relatives.
I knew nothing about him, I don't remember his name now, this was 1975. My mother knew. He worked with one of the major oil campanies. I THINK it was Phillips 66. He was somesort of adviser, working with the government of what I remember was Saudi Arabia.
They were teaching the Saudis how to drill for oil. As I was told, This was in the 50s but I was not sure if it was the 40s. I do rememer that once I knew about him. I found that he later worked at capping wells that became gushers.
As I recall at some point he worked with the figher fighter named Red Adair. But I think he mainly drilled wells.
Maybe someone familiar can fill in any gaps.
TLDR they export the oil for some people to take profit of it, and then they import oil for people to pay for it
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
Just a wild silly guess,.. because it sanctioned its own self! 🤪😂😅🤣
Maybe the USA should build nuclear power plants, instead of nuclear bombs!
Yes and no. Yes we need to build more nuclear power plants, and I would like to see him using thorium is fuel instead of uranium, or recycle the uranium waste. Fortunately we don't build any bombs, we just replace the uranium/Plutonium in them as they get old. For that matter the bombs are getting lighter, we're using less nuclear material.
Notice how the gas prices drop during an election year. I'm sure its just a coincidence.
That's a fact.
Should specific humans be allowed to 'own' and 'profit from' natural resources solely?
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.
"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
This was very interesting. I learned alot.
Also, unlike many other countries, we don't have a nationalized oil and gas industry. So what is produced here doesn't belong to us; it belongs to the oil and gas companies.
Like the Fed Gov would do the Job any better, Just go back to 1`918 when the Fed Gov ran the Rail roads, it was a big failure
Follow the money
We are set up to process heavy crude. If we were to decide to invest in retooling to process light crude how successful do you think those projects would be given environmental regulation and environmental groups fighting it tooth and nail?
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.
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 liked, after hearing if you do such things.
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.
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.
Why isn’t the refinery on st croix in operation?
I've never heard so much bull in my entire life. XD 10 out of 10 DO NOT RECOMMEND!
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.
They are feeding us the light oil and calling it often seed oil,😂
In simple terms it’s not the grade oil our refineries can refine
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?