Quote:
Originally Posted by SunnySide
Russia is one of the world’s largest oil producers. According to the 2021 BP Statistical Review of World Energy, i n 2020 Russia produced 10.1 million barrels per day (BPD) of crude oil and natural gas condensate. That was good for second place behind the U.S. at 11.3 million BPD. Saudi Arabia was third at 9.3 million BPD.
However, the U.S. also consumes far more oil (17.2 million BPD) than Russia (3.2 million BPD) or Saudi Arabia (3.5 million BPD). The net result is that the U.S. is a net importer of crude oil, while Russia and Saudi Arabia are major crude oil exporters.
But that leads to the question of how sanctions on Russia might impact the U.S. market. As of late 2021, the U.S. was importing 8.5 million BPD of crude oil from all countries. Canada was our top supplier, sending the U.S. 4.5 million BPD. (Having secure oil supplies from close allies highlights the importance of the Keystone XL Pipeline expansion). Mexico was second, at 700,000 BPD, and then Russia at 595,000 BPD. Saudi Arabia was our 4th largest supplier at 555,000 BPD.
Thus, Russia supplied 7% of U.S. crude oil imports in late 2021 – a significant number. Replacing that oil will put additional upward pressure on global oil prices, virtually assuring that oil will exceed $100/bbl if the situation further escalates.
https://www.forbes.com/sites/rrapier...h=36dee2d518c3
Seems like we need to invest in renewable energies and electric cars etc and get away from fossil fuels. We need to revisit the Keystone Pipeline.
We are the worlds No. 1 producer of oil and gas ... and we consume more than we make.
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We nor any member country of NATO pays money to NATO. Thats not how it works. I know Trump has repeated the inaccuracy a million times. |
You highlight Russia is a massive oil producer, you got to question why that industry sector was omitted in our sanctions.
Biden energy policy has been a predictable disgraceful disaster. Keystone, to fracking bans, limiting permits.
Just remember inflation and energy prices were way up before this…no one is gonna act like this Russian war is the genesis of the problem. The problems were already happening as a direct result of Biden’s policy choices. He chose this path