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The United States is the largest producer of oil in the world. We are also a net exporter. This happened within the past decade. Now we are told that we just
by melling 4y ago
The United States is the largest producer of oil in the world. We are also a net exporter.
This happened within the past decade.
Now we are told that we just need to drill even more.
Using every last drop of domestic oil is quite short-sighted.
- nradov 4y agoWe will never use every drop. There will always be some remaining which isn't economically viable to extract. But there is wisdom in leaving some significant quantity in the ground, both to limit environmental damage and as a hedge against foreign supply disruptions.
- cplusplusfellow 4y agoIt’s only a hedge if you use it.
- landemva 4y agoThe SPR is a hedge. Strange the Pres. has been releasing it to China. https://www.hawley.senate.gov/hawley-calls-investigation-bidens-release-emergency-oil-reserves-china-foreign-competitors https://www.hawley.senate.gov/hawley-calls-investigation-bid...
- tsol 4y ago>"Crude and fuel prices would likely be higher if (the SPR releases) hadn't happened, but at the same time, it isn't really having the effect that was assumed," said Matt Smith, lead oil analyst at Kpler. https://www.reuters.com/business/energy/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05/ https://www.reuters.com/business/energy/oil-us-reserves-head...
- junofan 4y agoWe are a net importer of crude oil. We are a net exporter of petroleum products.