Article

2026-07-24 Economy

Another 1.3 Million Barrels/Day Removed from the Market

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Dopey Photch2701 2026-07-24 10:35|| E-Mail|| Front Page|| [245 views ] Top

1
1.3 million bpd removed from the world market.
Yet here in the USA, we still producing 1/3 more oil than needed here and Exporting it.

So why are we paying $4++ a gallon for gas?

Posted by NN2N1 2026-07-24 12:18|| 2026-07-24 12:18|| Front Page Top

2 I had a crazy thought that for Trump to get the US oil companies into Venezuela (remember all but one, I think, was resistant to moving [back] to Venezuela), that higher oil prices (profits) for Big Oil might entice them to change their minds about Venezuela. Just an idea, FWIW.

Meanwhile, here's an article from this morning by Lance Roberts:

"Are Oil Prices Driving the Iran Conflict?"

Posted by DooDahMan 2026-07-24 12:43|| 2026-07-24 12:43|| Front Page Top

3 Some things to think about re oil

1. The US both exports and imports oil and oil products because it oil and oil products are a world market. Imports to the US, are, for example, largely to the west coast of the US. Exports are mostly from Texas to Europe.

2. Local factors have some influence on local pricing which is why Brent Crude is a couple dollars more a barrel than West Texas Crude. For example today Brent is about $7 more a barrel than WTI.

3. This works similarly for many other commodities, e.g., gold, wheat, steel.

4. There are some products that are difficult and/or expensive to move, e.g. grand pianos. You would likely see a fairly significant difference in price over the world because of this.

Posted by Lord Garth 2026-07-24 12:58|| 2026-07-24 12:58|| Front Page Top

4 I can't provide more info/details, but from what I have heard, Brent crude is all on paper (future contracts). There is no way to "take delivery" of Brent crude...FWIW.

Still mind-boggling that the UK has tons of black gold off of its coasts, but the Labour weirdtards have forbade drilling. It's all there for the taking.

Posted by DooDahMan 2026-07-24 13:02|| 2026-07-24 13:02|| Front Page Top

5 Imports to the US, are, for example, largely to the west coast of the US. Exports are mostly from Texas to Europe.

You wouldn't want California importing oil from Texas, or drilling for our own oil (heaven forbid), would you? Not when we can pay more, much more, for Middle Eastern oil, not to mention the shipping. And besides that we have state gas taxes that increase the price we pay at the pump by about $2 a gallon.

Posted by Abu Uluque 2026-07-24 13:31|| 2026-07-24 13:31|| Front Page Top

6 Crude is one thing - refined product is another. Lots of commentary currently on the availability of diesel across the next six weeks.

Posted by Dopey Photch2701 2026-07-24 17:20|| 2026-07-24 17:20|| Front Page Top

7 I seem to recall that we don’t really have enough refining capacity to meet increased needs… Do I remember right?

Posted by trailing wife 2026-07-24 20:39|| 2026-07-24 20:39|| Front Page Top

23:26 trailing wife
22:46 Skidmark
21:00 Seeking Cure For Ignorance
20:45 trailing wife
20:39 trailing wife
20:21 Rambler
20:18 trailing wife
20:13 trailing wife
20:01 Woodrow
19:59 trailing wife
19:41 NN2N1
19:15 trailing wife
19:10 chris
18:56 Lord Garth
18:48 Lord Garth
18:42 Chantry
18:26 Frank G
18:22 Frank G
18:21 Frank G
18:02 MikeKozlowski
17:23 Dopey Photch2701
17:20 Dopey Photch2701
17:17 Seeking Cure For Ignorance
17:16 Dopey Photch2701
Merry-Go-Blog