BS: US to join OPEC?????

Subject: RE: BS: US to join OPEC?????
From: gnu
Date: 04 Jan 12 - 09:02 PM

Q... I hope they frack themselves and we get left alone. Although, it looks like NB is about to get fracked royally. They pulled out a while back after shots were fired but they will be back after the politicians get paid more money and the Yellow Striped Jack Boots are in place.

Subject: RE: BS: US to join OPEC?????
From: artbrooks
Date: 04 Jan 12 - 07:19 PM

From the article that Rapparee, the OP, linked to: ...fuel exports, worth an estimated $88 billion in 2011...of gasoline, diesel and jet fuel.

Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)
Date: 04 Jan 12 - 05:28 PM

OOPS- Error- just read the news report, the company bought was Daylight, in Canada, not U.S. I misheard the TV news bite. Oil and shale gas reserves.
The Bloomberg report says Chinese companies have bought $30 billion of Canadian assets in the past 5 years to meet energy demands in China, and to obtain access to drilling methods.

China has an est. 1,275 trillion feet of technically recoverable shale gas, more than the estimated reserves in the United States and Canada combined, according to an April report by the U.S. Energy Information Administration.
http://www.bloomberg.com/news/2011-10-09/sinopec-agrees-to-buy-daylight-energy-for-2-1-billion-to-meet-fuel-demand.html

Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)
Date: 04 Jan 12 - 05:11 PM

I'll answer for art, he will probably be back later.
Yes, some diesel and gasoline is included, I think mostly to Latin America.
Several factors- Agreements with other producers and consumers, location of refineries, type of crude.
Not all U. S. import is crude- more refined product is being done "on site"- Total, Shell and Ex-Mobil as well as Saudi Aramco have cooperative refineries with the Saudis, and some other producers are doing the same. Processed natural gas has increased this trend.

(Digression- just saw where Sinopec, one of the Chinese companies, has bought part of one of the U.S. fracking companies for $2 billion. Haven't heard of opposition being raised.)

Subject: RE: BS: US to join OPEC?????
From: gnu
Date: 04 Jan 12 - 04:08 PM

Exported? Like, specialty products? lubes... greases? Not gasoline and diesel fuel, eh?

Subject: RE: BS: US to join OPEC?????
From: artbrooks
Date: 03 Jan 12 - 08:35 PM

The US produces about 1/3 of the oil used in the US; part of that is then exported as finished petroleum products.

Subject: RE: BS: US to join OPEC?????
From: gnu
Date: 03 Jan 12 - 08:22 PM

I forgot... >;-)

Subject: RE: BS: US to join OPEC?????
From: gnu
Date: 03 Jan 12 - 08:20 PM

So, What does the US produce and sell to itself? 65%?

Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)
Date: 03 Jan 12 - 08:04 PM

Right, I should complete my sentences.

Subject: RE: BS: US to join OPEC?????
From: artbrooks
Date: 03 Jan 12 - 05:53 PM

That's 70% of US imports, or 45% of US oil consumption.

Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)
Date: 03 Jan 12 - 04:43 PM

Five countries supply 70 percent of U. S. petroleum. Sept. 2011 figures, in order:

Canada - 2300000 bbl/day
Saudi Arabia - 1450000
Mexico - 1100000
Venezuela - 750000
Nigeria - 530000 (a drop from earlier months)

Figures from EIA, U. S. Energy Information Administration.
Canadian figures will increase after completion of the pipeline.

Subject: RE: BS: US to join OPEC?????
From: gnu
Date: 31 Dec 11 - 07:22 PM

Why join when you can bomb?

Subject: RE: BS: US to join OPEC?????
From: Jack the Sailor
Date: 31 Dec 11 - 07:08 PM

But It does make it unlikely that the US or Canada would ask to join or be allowed to join.

Subject: RE: BS: US to join OPEC?????
From: gnu
Date: 31 Dec 11 - 07:04 PM

Which, I understand, is called free enterprise.

Subject: RE: BS: US to join OPEC?????
From: Jack the Sailor
Date: 31 Dec 11 - 03:40 PM

Because the purpose of OPEC is to squeeze every dime it can out of countries like Canada and the US?

Subject: RE: BS: US to join OPEC?????
From: Rapparee
Date: 31 Dec 11 - 10:18 AM

Well, the US is exporting petroleum. And OPEC stands fro the Organization of Petroleum Exporting Countries. Canada exports petroleum as well. So why don't they join?

Subject: RE: BS: US to join OPEC?????
From: artbrooks
Date: 31 Dec 11 - 09:01 AM

The article refers to exports of refined petroleum products, of course; we still import (in terms of $ value) three times more crude than that.

But just to put it all in perspective, the US produces domestically about 1/3 of the oil it consumes - unlike, say, Japan or Germany, which produce zero. The largest importers are Canada and Mexico, and relatively little comes from Muslim nations...about 14% came from the Persian Gulf region in 2010. Less than half comes from OPEC.

Subject: RE: BS: US to join OPEC?????
From: Jack the Sailor
Date: 31 Dec 11 - 03:22 AM

Nope. Too much refining capacity.

Subject: RE: BS: US to join OPEC?????
From: GUEST,.gargoyle
Date: 30 Dec 11 - 11:39 PM

RE: never thought this would happen

So...the "Straigts of Hormuz" don't have you shaken'?

Let me tell you brother, energy independence came riding on the back of free enterprise and capital investment. Fracking gave us freedom from the fanatics of Islam.

Sincerely,
Gargoyle

Ya... Never thought ... never will ...

Subject: BS: US to join OPEC?????
From: Rapparee
Date: 30 Dec 11 - 10:18 PM

Well, I swan!!!!!

Last time I was four years old! Glory be, I swear I never thought this would happen again in my lifetime!