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Melon

(1,756 posts)

17. Oil inventories fell

Reply to AZJonnie (Reply #15)

Sun May 10, 2026, 01:23 PM

May 10

Because we are pulling out of the reserves for export. This is in an attempt to temper gasoline prices and keep the world supplied. When you look at oil + petroleum products we are a net exporter. We import for mix to get more heavies, mix to get cheaper oil ( Canada and Venezuela heavy sour is ~20% discounted, and logistics). We could conceptually shut all of the exports off, except the Canadian exchange and bring the Venezuela oil and be just fine. Light crude looses efficiency in a gulf heavy refinery but you can still run it. Diesel would have lower output and the heavies for things like tars and asphalt.

We are exporting from the refinery’s including diesel to support Europe and exporting Oil. We don’t have a shortage of gas or diesel. It’s just pricing.

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Gas lines -Are they next? Everyone's talking about the cost of gas going higher. The gas lies in the 70's were [View all] 3Hotdogs May 10 OP

Already started. Along with no gas. Blue Full Moon May 10 #1

The lines in the 70's were caused by Nixon's price controls. Girard442 May 10 #2

The shortage in 1979 was not caused by Nixon. yardwork May 10 #6

As per Wikipedia, price controls remained on domestic oil production (but not gasoline) until 1979... Girard442 May 10 #11

Ok. I can see an argument that keeping the price low contributed. yardwork May 10 #16

No. This keeps getting posted. We export oil. We export fuel. Only California sources primarily from abroad. Melon May 10 #3

Weren't we exporting oil 50 years ago? 3Hotdogs May 10 #4

We were a large net importer of oil in the 70's Melon May 10 #8

Crude oil export ban enacted in 1977 paleotn May 10 #14

Yup. And other than literally right now, when the frackers are ramping up exporting because OTHER countries AZJonnie May 10 #15

Oil inventories fell Melon May 10 #17

The US, could, technically, impose whacking big export fees on our oil to keep it in the country. Girard442 May 10 #12

Oil is a commodity and we also export to support Melon May 10 #18

The automobile gas shortages in 1973 and 1979 were caused by embargoes. yardwork May 10 #5

Which country(yes) embargoed oil? Isn't the Strait action by Iraq a de facto embargo? 3Hotdogs May 10 #9

It was the Organization of Arab Petroleum Exporting Countries (OAPEC) EX500rider May 10 #22

It was caused by OPEC restricting output MichMan May 10 #10

Just in time for summer, when the price of gas always goes up, and 81% of Americans expect to travel. sop May 10 #7

Planning to fly from NYC to Seattle in July. Girard442 May 10 #13

Let's see, you can do a version of the Lewis and Clark expedition... haele May 10 #19

Have done PGH to Seattle on Amtrak - 3 nights. Thank god for the Roomette. RPM May 10 #21

I don't know. But I am keeping my gas tank full. GoodRaisin May 10 #20