Regarding oil and gas
It is always in fashion to blame whatever administration is sitting in the White House for the rising cost of gas. Seldom are the true reasons behind rising gas prices published.
The U.S. will use approximately 19.2 million barrels of oil daily, of which the U.S. produces about 8 to 9 million barrels daily. The rest comes from 15 other countries.
Canada is the largest exporter of oil to the U.S. at 2.15 million barrels daily, an increase of 58 percent over the past 10 years.
Mexico is next, at 1.216 million barrels daily, a decrease of 13 percent over the past 10 years.
Saudi Arabia is next, at 1.1 million barrels daily, a decrease of 32 percent over the past 10 years.
Nigeria is next, at 970,000 barrels daily, an increase of 15 percent over the past 10 years.
Not all oil imported is used to produce gas. The amount of sulfur in the oil has a lot to do with its being converted to gas. And the expense if doing so.
West Texas Intermediate is known as a “light sweet crude,” as is Nigeria’s oil. They are easier and less expensive to convert to gas. It is only fair to say the oil from Saudi Arabia is also a light sweet crude, but it is not as sweet as the aforementioned two.
But oil from Mexico is known as a “medium-weight sour crude,” due to the sulfur, and is more expensive to convert to usable gas.
It is not who is president that controls the price of gas. So many other factors are involved, such as the changeover from the winter blends to summer blends, just to mention one.
For those of you who do not know, I’ve followed and studied the oil industry for decades.
Here is a real shocker: The U.S. exports 458,000 barrels of what is known as “finished gasoline” daily.
Harry Temple III
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