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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 427.64-3.9%4:00 PM EST
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To: GROUND ZERO™ who wrote (108690)12/2/2014 8:25:17 AM
From: Elroy Jetson  Read Replies (2) of 219961
 
You must think the US imports refined products, rather than being the net exporter of refined products it is. The very last thing the United States needs is additional refinery capacity.

As for domestic drilling for oil, there are very few potential oil fields which are not open for exploitation and virtually all of these are costly offshore fields in waters far deeper than the Gulf of Mexico.

just imagine if the U.S. did it's own real oil drilling and refining.

You've overlooking the tremendous increase in Russian oil production - and China's increased imports from Iran, most of which are not captured in official figures as these exports as China and Iran have many reasons to pretend these sanction breaking trades are not significant. Even Iraqi exports are up significantly, even though not all sales occur through Iraqi government channels.

Between increased Russian, Iraq and Irani oil and gas production and increased U.S. gas production, and related extinguished oil demand, a mere resumption of Saudi output has collapsed prices. Is is possible Saudi Arabia could cut output enough to raise prices? Probably, but it would be very costly to them and low prices currently serve the own foreign policy objectives.

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