It depends on the elasticity of the supply-demand curve.
JPMorgan predicts $380 oil on worst-case Russian output cuts
- Thread starter ipatent
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It depends on the elasticity of the supply-demand curve.
The US has (had) scrubbers on the stacks of coal fired electrical power plants (which power the electric vehicles which the generally dumb public thinks create motion out of thin air, lol. The amount of power lost during long distance transport across transmission lines is a large percent of what begins the journey) whereas China (new coal fired plant every week for years) and India and Mexico with coal power plants snug up on the US border don't even blink an eyelash at pumping all the crap straight out the pipe. This green energy push is used to put a cork in US energy production in a redicuously out of proportion manner when compared to our international competition. Who benefits? Riddle me that.
Typical socialist policies will result in much higher prices for oil and slow growth in the US.
It's irrelevant and a terrible excuse to place all the restrictions/regulations on drilling and refining here.
Or other oil producers like Venezuela will step in and fill in the supply gap left by Russia. Venezuela would love to sell more oil at this higher price; its economy desperately needs it.
No, its wretched system needs to fail. They had a very good economy before going bat guano crazy socialist. We need to produce our own oil and not depend on despots overseas.
We do produce our own oil. I think our main issue is we do not produce enough sour which is required for diesel.
US is supposed to be the largest oil producer in the world. https://www.worldometers.info/oil/oil-production-by-country/
There are different grades of oil. How much sour do we produce, and how much of it do we have to import to make diesel?
Because we cannot make diesel with WTI.