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> US is self sufficient so they don't fear supply crunch The USA is a net importer of crude oil and petroleum products. At a level of 5 million barrels per day

by wcoenen 12y ago

> US is self sufficient so they don't fear supply crunch The USA is a net importer of crude oil and petroleum products. At a level of 5 million barrels per day. http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mttntus2&f=a http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mt...

criley2 12y ago
Majority of US imports come from Canada. American reliance on Middle Eastern oil is small. America is down to 27% imports: http://www.eia.gov/tools/faqs/faq.cfm?id=32&t=6 http://www.eia.gov/tools/faqs/faq.cfm?id=32&t=6 America imports roughly three times as much from Canada as it does Saudi Arabia: http://www.eia.gov/tools/faqs/faq.cfm?id=727&t=6 http://www.eia.gov/tools/faqs/faq.cfm?id=727&t=6 America currently has 690 million barrels in strategic reserve (It's silly to assume that Canadian imports would ever be cut off, but if the 3 million barrels elsewise got cut, we could potentially last for years on the reserve). That 690 million barrel reserve doesn't count the nation stock of oil. The United States is experiencing a massive oil glut with the oil inventories currently at an 80 year high (and sitting near maximum national capacity) at 482.4 million barrels of inventory. http://www.arkansasonline.com/news/2015/apr/13/tanks-full-of-oil-u-s-refineries-to-pum/?f=latest http://www.arkansasonline.com/news/2015/apr/13/tanks-full-of... So yeah, the US imports about 5,000,000 barrels a day (strong majority of that from Canada), but has over 1,000,000,000 barrels of oil stored inside our borders as inventory and reserve.
- maxerickson 12y ago
  Am I doing the arithmetic right, that it is a 200 day reserve? That creates some flexibility, but it isn't that long a period of time.
  - pixl97 12y ago
    200 days at current usage. If the supply was cut off, of course, prices would go up and usage would go down. Prices going up would re-open a huge amount of U.S. production that is currently shut-in.
at-fates-hands 12y ago
You can also add in the lack of refineries and the number has decreased steadily since the 1980's: http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=8_NA_8O0_NUS_C&f=A http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=8_... It's great we're producing a ton of oil, but if we don't have the capabilities to refine it, I'm not sure what good it does in the long run.
- venomsnake 12y ago
  There has been horizontal expansion of refineries. I don't think US have substantially lower capacity than before.

by wcoenen 12y ago

criley2 12y ago

Majority of US imports come from Canada. American reliance on Middle Eastern oil is small. America is down to 27% imports: http://www.eia.gov/tools/faqs/faq.cfm?id=32&t=6 http://www.eia.gov/tools/faqs/faq.cfm?id=32&t=6 America imports roughly three times as much from Canada as it does Saudi Arabia: http://www.eia.gov/tools/faqs/faq.cfm?id=727&t=6 http://www.eia.gov/tools/faqs/faq.cfm?id=727&t=6 America currently has 690 million barrels in strategic reserve (It's silly to assume that Canadian imports would ever be cut off, but if the 3 million barrels elsewise got cut, we could potentially last for years on the reserve). That 690 million barrel reserve doesn't count the nation stock of oil. The United States is experiencing a massive oil glut with the oil inventories currently at an 80 year high (and sitting near maximum national capacity) at 482.4 million barrels of inventory. http://www.arkansasonline.com/news/2015/apr/13/tanks-full-of-oil-u-s-refineries-to-pum/?f=latest http://www.arkansasonline.com/news/2015/apr/13/tanks-full-of... So yeah, the US imports about 5,000,000 barrels a day (strong majority of that from Canada), but has over 1,000,000,000 barrels of oil stored inside our borders as inventory and reserve.

maxerickson 12y ago
Am I doing the arithmetic right, that it is a 200 day reserve? That creates some flexibility, but it isn't that long a period of time.
- pixl97 12y ago
  200 days at current usage. If the supply was cut off, of course, prices would go up and usage would go down. Prices going up would re-open a huge amount of U.S. production that is currently shut-in.

at-fates-hands 12y ago

You can also add in the lack of refineries and the number has decreased steadily since the 1980's: http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=8_NA_8O0_NUS_C&f=A http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=8_... It's great we're producing a ton of oil, but if we don't have the capabilities to refine it, I'm not sure what good it does in the long run.

venomsnake 12y ago
There has been horizontal expansion of refineries. I don't think US have substantially lower capacity than before.