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BS: US to join OPEC?????

30 Dec 11 - 10:18 PM (#3282250)
Subject: BS: US to join OPEC?????
From: Rapparee

Well, I swan!!!!!

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

30 Dec 11 - 11:39 PM (#3282264)
Subject: RE: BS: US to join OPEC?????
From: GUEST,.gargoyle

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 ...

31 Dec 11 - 03:22 AM (#3282294)
Subject: RE: BS: US to join OPEC?????
From: Jack the Sailor

Nope. Too much refining capacity.

31 Dec 11 - 09:01 AM (#3282374)
Subject: RE: BS: US to join OPEC?????
From: artbrooks

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.

31 Dec 11 - 10:18 AM (#3282411)
Subject: RE: BS: US to join OPEC?????
From: Rapparee

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?

31 Dec 11 - 03:40 PM (#3282598)
Subject: RE: BS: US to join OPEC?????
From: Jack the Sailor

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

31 Dec 11 - 07:04 PM (#3282677)
Subject: RE: BS: US to join OPEC?????
From: gnu

Which, I understand, is called free enterprise.

31 Dec 11 - 07:08 PM (#3282679)
Subject: RE: BS: US to join OPEC?????
From: Jack the Sailor

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

31 Dec 11 - 07:22 PM (#3282684)
Subject: RE: BS: US to join OPEC?????
From: gnu

Why join when you can bomb?

03 Jan 12 - 04:43 PM (#3284314)
Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)

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.

03 Jan 12 - 05:53 PM (#3284358)
Subject: RE: BS: US to join OPEC?????
From: artbrooks

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

03 Jan 12 - 08:04 PM (#3284410)
Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)

Right, I should complete my sentences.

03 Jan 12 - 08:20 PM (#3284417)
Subject: RE: BS: US to join OPEC?????
From: gnu

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

03 Jan 12 - 08:22 PM (#3284418)
Subject: RE: BS: US to join OPEC?????
From: gnu

I forgot... >;-)

03 Jan 12 - 08:35 PM (#3284427)
Subject: RE: BS: US to join OPEC?????
From: artbrooks

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

04 Jan 12 - 04:08 PM (#3284912)
Subject: RE: BS: US to join OPEC?????
From: gnu

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

04 Jan 12 - 05:11 PM (#3284932)
Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)

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.)

04 Jan 12 - 05:28 PM (#3284944)
Subject: RE: BS: US to join OPEC?????
From: Q (Frank Staplin)

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

04 Jan 12 - 07:19 PM (#3284997)
Subject: RE: BS: US to join OPEC?????
From: artbrooks

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

04 Jan 12 - 09:02 PM (#3285033)
Subject: RE: BS: US to join OPEC?????
From: gnu

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.