The billion dollar a day oil profiteering game. Gas is over $4 a gallon in the USA because we’re exporting millions of barrels of crude?

Photo above – in 1979 when the original "Mad Max" was filmed, gas in America was $0.86 per gallon. In inflation adjusted numbers almost exactly the $4.16 we’re paying now. “The world is built on chaos” (Max Rockatansky, the road warrior).

For the past several weeks I kept reading that America buys “almost nothing” (in terms of oil) from the middle east. Turns out it's actually 6%, but that still qualifies as “almost nothing”. So when the president said Iran’s attacks on ships in the Strait of Hormuz were somebody else’s problem, i thought that might be true. I believe NATO and Asia should pony up to secure their own energy security and trade routes.

Not so fast. Turns out oil a global commodity and it flows downhill to the highest bidder. Therefore 8 million barrels a day are leaving America, destined for other nations. (see link below) This is why I’m paying $4.16 in Tampa today. Some big oil producing states (like Alaska) are paying even more ($4.60). Evidently, it’s more convenient and profitable to send Alaskan crude across the pacific than down to the rest of us in the lower 48 states. Who knew?

I’ve previously said – in several columns – that I’d be happy to pay $1 a gallon more at the pump FOR THE REST OF MY LIFE if it would mean turning Russia back from the Ukraine, and the collapse of the middle east’s most shambolic regimes. Now I’m paying that $1 a gallon, but my goals are still out of reach.

Is crude oil flowing through the strait of Hormuz again, after last night's miraculous midnight ceasefire? Not clear. Iran is still launching missiles at all points on the compass, because Lebanon got bombed. Iran has also set a toll of $2 million per oil tanker to squeeze though the straits. You can buy a LOT of drones for $2 million. If you want to know why the cease fire could end almost as quickly as it began, look no further than these tanker tolls. Despotic regimes only agree to ceasefires in order to rearm. If you can find an example when this HASN’T been true, please post a link.

So, America is (maybe, kind of, almost) out of drone defense tech. Iran has hit the Hormuz Powerball jackpot. America is paying $700 million A DAY more for shopping and commuting (13 million barrels at 42 gallons each at a $1.20 increase)

Please explain to me who’s winning, and what happens next.

I’m just sayin’ . .

https://www.msn.com/en-us/money/markets/america-barely-uses-middle-east-oil-so-why-did-gas-prices-rise/ar-AA20sbp1?ocid=msedgntp&pc=HCTS&cvid=69d6e442692d45fa918df80f4172ac48&ei=21

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wildbill83 · 41-45, M

Perhaps we should cease exporting our oil to Europe (we can stockpile it for our own reserved and reduce our own prices drastically being that we have more than enough to supply our own needs)

Of course, that would require Europe to find another source (one they haven't sanctioned already...). And take an active role in maintaining security of world trade routes (and we know how much they hate doing that...)

I'm sure most Americans would be thrilled to get out of NATO and shut down our expensive european bases (after all, what's the point of having them if we're not "allowed" to use them by our so called "allies" anyways?)

Then the next time some terrorist backing regime starts interrupting global shipping routes, we can just sit back and say "not our problem... find another world policeman"....

FreddieUK · 70-79, M

@wildbill83 The latest official figures I could find from the US Energy Information Agency showed the following table

The top five destination countries of U.S. total petroleum exports by export volume and percentage share of U.S. total petroleum exports in 2023 were:

Mexico—1.17 million b/d—11%
China—0.98 million b/d—10%
The Netherlands—0.86 million b/d—9%
Canada—0.80 million b/d—8%
Japan—0.62 million b/d—6%

Not so much a European issue after all, perhaps?

wildbill83 · 41-45, M

@FreddieUK After cutting ties with Russian oil, the US became Europe's largest single supplier (15-16% or 570 million barrels a year), 60%+ for LNG (and that number keeps increasing)

I find it interesting that Germany, which often boasts about it's greenie bullshit and energy independence is one of the largest importers, and gets 96% of it's total LNG from the US

*stats according to Institute for Energy Economics and Financial Analysis (IEEFA)

SunshineGirl · 36-40, F

@wildbill83

Perhaps we should cease exporting our oil to Europe (we can stockpile it for our own reserved and reduce our own prices drastically being that we have more than enough to supply our own needs)

Are you proposing nationalising fossil fuel extraction and refining? 🤔

wildbill83 · 41-45, M

@SunshineGirl no, I propose putting our own interests/needs above those of our feckless allies...

SunshineGirl · 36-40, F

@wildbill83 "Your" oil and gas industries are owned by multi-national corporations who operate in the global marketplace. They are not agencies of the US government.

SusanInFlorida · 31-35, F

@wildbill83 i don't think you're wrong. but which corporation is going to contribute to the next senate and presidential campaigns of someone who prevented them from selling stuff abroad for a profit? everyone likes import controls, but they hate export restrictions.