Gas Prices?

[holdover]

Bouncing between 1.90 and 2.00 in the Roanoke area of VA

[Gun Smoke]

Russians and Arabs trying to put the new technology U.S. oil producers out of business. Look out if they do.

I heard all my life that the U.S. was drowning in oil-that we had bigger reserves than the Saudi's. This was way before the phony oil crisis of the early '70's. Over time much of the easy to extract oil has been pumped and the big reserves are now in shale and off shore. Talk was that this oil could be extracted but would cost more than the general public wanted to pay.

Now that fracking has been developed we are the chief exporter of crude. I wish we weren't. I wish North America would become self sufficient and not export nor import crude. Cost would be more but we would be independent of the world market.

[jon_norstog]

Bakken crude is below $20 at the wellhead. Whiting was below $.60 a share for a while, it's gone up well over a dollar.... been selling 10 million shares a day, up and down. Someone is making money - they call it "pump and dump."

jn

[S.A. Boggs]

Within a 5 mile radius price is from $1.86-$2.23, mainly the later.
Sam

[Vern Humphrey]

I heard all my life that the U.S. was drowning in oil-that we had bigger reserves than the Saudi's. This was way before the phony oil crisis of the early '70's. Over time much of the easy to extract oil has been pumped and the big reserves are now in shale and off shore. Talk was that this oil could be extracted but would cost more than the general public wanted to pay.

Now that fracking has been developed we are the chief exporter of crude. I wish we weren't. I wish North America would become self sufficient and not export nor import crude. Cost would be more but we would be independent of the world market.

We are independent of the world market in oil. And selling any product overseas helps our balance of trade. It's not smart for government to meddle with the economy.

[Gun Smoke]

We are independent of the world market in oil. And selling any product overseas helps our balance of trade. It's not smart for government to meddle with the economy.

The large oil companies still buy sour (sulfur) cheaper crude from overseas and sell the sweet good stuff crude to small refiners who can not process the crap stock. I wish we would not export at all and conserve what we have.

[Vern Humphrey]

The large oil companies still buy sour (sulfur) cheaper crude from overseas and sell the sweet good stuff crude to small refiners who can not process the crap stock. I wish we would not export at all and conserve what we have.

Are you willing to accept the resulting trade war? And the impact on the world-wide economy?

[S.A. Boggs]

Are you willing to accept the resulting trade war? And the impact on the world-wide economy?

Many years ago when I was in college one of my "prefessors" from Kenya said that the American market could do very well trading with itself and that scares the world. Do we really need to trade with China for electronics/textiles/shoes? One thing the U.S. has is food of all types and the ability to grow it here. Food is a powerful weapon for a nation to utilize.
Sam

[Vern Humphrey]

Many years ago when I was in college one of my "prefessors" from Kenya said that the American market could do very well trading with itself and that scares the world. Do we really need to trade with China for electronics/textiles/shoes? One thing the U.S. has is food of all types and the ability to grow it here. Food is a powerful weapon for a nation to utilize.
Sam

In the 1800s the US became a world economic power by virtue of its internal markets. But it isn't the 1800s any more.

[togor]

In 2019 the US average crude oil consumption per day was 20M bbl. Production was 12M bbl. So no not energy independent, even if we take everything the Canucks make and add it our own.

We are not independent of the world oil market, as evidenced by the reaction of the industry here to the Russo-Saudi production bump.