Gas Prices vs Boat Prices

[Bruce]

Isnt it funny that just 2 short years ago we were energy independent!

Are you implying that the US was not importing oil 2 years ago or that the US was domestically producing as much oil as we consumed two years ago?

I am not aware of any data to support either argument. If you do have data to support your claim please post it.

 

[Bruce]

Not only independent we were exporting…

We still are exporting. We were not independent in any recent time frame.

U.S. Exports of Crude Oil (Thousand Barrels per Day)

 

[Jim_in_Delaware]

Are you implying that the US was not importing oil 2 years ago or that the US was domestically producing as much oil as we consumed two years ago?

I am not aware of any data to support either argument. If you do have data to support your claim please post it.

Apologies, as I don't mean to jump into the conversation, but we have been lowering our dependency on import oil since 2005. Here's a chart from EIA.



From the same link, "Historically, the United States has been a net importer of petroleum. During 2020, COVID-19 mitigation efforts caused a drop in oil demand within the United States and internationally. International petroleum prices decreased in response to less consumption, which diminished incentives for key petroleum-exporting countries to increase production. This shift allowed the United States to export more petroleum in 2020 than it had in the past."

Jim

 

[FSH 210 Sport]

We still are exporting. We were not independent in any recent time frame.

U.S. Exports of Crude Oil (Thousand Barrels per Day)

That’s interesting … I’ll investigate further. Looks like the exports remained the same, but demand and where that came from have changed, just need to see that info. I do know that a lot of domestic oil production dropped off during the corona virus thing, as well as refineries shutting down as they just could not throttle back that far when demand was so low.

 

[Bruce]

That’s interesting … I’ll investigate further. Looks like the exports remained the same, but demand and where that came from have changed, just need to see that info. I do know that a lot of domestic oil production dropped off during the corona virus thing, as well as refineries shutting down as they just could not throttle back that far when demand was so low.

This has data on domestic production. We domestically consume over 18M barrels a day which is beyond production.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

Production declined when crude prices fell in 2020 and has increased as crude prices have increased. Much of the Middle East production costs less than $10 a barrel while much domestic production is over $50 a barrel.

There is a real issue that production companies are enjoying the high prices and not jumping to produce more. They can produce the same profits while selling less of their supply if they keep the supply tight. That is exactly what OPEC is doing.

There is no actual shortage. Just a sellers market.

 

[BlkGS]

Personally, I think it'll only affect the guy at the bottom of the totem pole. The guys buying a brand new 25' or bigger, no effect on them. The guy with a used Exciter, probably gonna hurt him a bit more.

That said, assuming you burn 20 gallons in a weekend, that's $40 bucks. That's the difference between packing lunches and stopping at subway on the way to the boat. I think people who really want to boat will find a way to make it no change.

 

[FSH 210 Sport]

This has data on domestic production. We domestically consume over 18M barrels a day which is beyond production.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

Production declined when crude prices fell in 2020 and has increased as crude prices have increased. Much of the Middle East production costs less than $10 a barrel while much domestic production is over $50 a barrel.

There is a real issue that production companies are enjoying the high prices and not jumping to produce more. They can produce the same profits while selling less of their supply if they keep the supply tight. That is exactly what OPEC is doing.

There is no actual shortage. Just a sellers market.

Thanks for the leg work on that! I was just going through that web site trying to look that info up. I had found this table which I think shows domestic production for 2019 was 6.5M bbls, and that number now is around 500,000 bbls. I dont know if I am reading that correctly or not though.

Supply and Disposition of Crude Oil and Petroleum Products

Totally agree that there are no shortages, to take a line from a movie, we are standing on a sea of oil.

I had thought the $ per bbl for domestic production cut off was $55, and I think the tar sands production is $75.

 

[Bruce]

@FSH 210 Sport US domestic crude oil production peaked at 12.97M barrels per day in November of 2019. That fell to 9.7M by May of 2020 and was 11.57M in December of 2022.

Domestic production was forecast to reach 12M barrels per day in February of 2022.

U.S. crude oil production forecast to rise in 2022 and 2023 to record-high levels - U.S. Energy Information Administration (EIA)

www.eia.gov

 

[Bruce]

This drilling productivity report is interesting. I hope we see big increases soon.

Drilling Productivity Report - U.S. Energy Information Administration (EIA)

www.eia.gov

 

[adrianp89]

Its was $3.78 in Otlando fl on Friday' saturday motning it was 3.98 i always go at best cruise 30mph and the only lake is 25 min. It will hurt once we atart going to the beach but small price for happyness.

That place by the outlets off i4 is probably $10 a gallon now lol

 

[BlkGS]

That place by the outlets off i4 is probably $10 a gallon now lol

I think the gas station on Disney now requires a lightning lane reservation for every member in your party...

 

[RobbieO]

In CA we have a major catalytic converter stealing cartel. Now they will be going after our fuel as well. Time to bear arms.

 

[OCMD]

I left the Orlando airport yesterday, and saw a station at $4.25. As for whether we were energy dependent a few years ago, it depends on your definition of independence. If we got rid of more than we took in? I suppose you could argue this is independence, but I believe it is simply semantics. And this is not just oil, but natural gas. U.S. natural gas exports 2020 | Statista The USA was a net total energy exporter in 2019 and 2020, meaning that we produced more energy than we consumed. In 2019, we produced more oil and more natural gas than either Russia or Saudi Arabia. Oil imports and exports - U.S. Energy Information Administration (EIA) This oil and natural gas renaissance came about with the introduction of hydraulic fracturing, which the Obama administration tried several times to discredit, only to be unable to find any signs of water pollution from its use. Even under the Obama EPA, the science showed there was nothing to fear from properly conducted hydraulic fracturing. Thus, the Obama administration continued to lease federal lands for oil development. I'd argue we were more towards energy independence two years ago, certainly with gas at 1.79 in October, 2020.

The previous administration moved forward with these plans to lease land for oil development in the Arctic National Wildlife Refuge (ANWR)—the 1.6-million-acre coastal plain on Alaska’s North Slope—that was authorized in a 2017 budget bill and on federal lands in Kern County, California. Lawsuits failed and then the current administration in the first day of office put a stop to this with an executive order. This was unfortunate, as there is an estimated 7.7 billion barrels of oil available in this region, to be extracted over the 40 or so years. This would mean, yes, gas for less than 2 bucks a gallon. Of course, now there are new lawsuits pending, by the Alaska state agency that bought oil leases in the ANWR region, claiming the current administration enacted illegal measures to impede drilling in this area. Clearly, the current administration preaches green energy out of one side of its mouth, but one year after his executive order halting new oil and gas leases, Biden has outpaced Trump in issuing drilling permits on public lands. Of course, these are all tied up in lawsuits. After setting a record for the largest offshore lease sale last year in the Gulf of Mexico, the Interior Department plans to auction off oil and gas drilling rights on more than 200,000 acres across Western states by the end of March, followed by 1 million acres in the Cook Inlet, off the coast of Alaska. So maybe the current administration really wants the oil. Who knows what the current President is thinking? Certainly after observing him, one can't tell. The bottom line is in 2 years the current administration will be out of office and we will be back to square one with the drilling commencing, and a new slew of lawsuits to try and stop it. It is unfortunate the initial executive order was imposed, as a study out of the University of Wyoming estimated that about 300,000 jobs were lost because of the order. All, IMO, because of this green energy being pushed by the current administration out of one side of his mouth. What a conundrum.

 

[FSH 210 Sport]

I left the Orlando airport yesterday, and saw a station at $4.25. As for whether we were energy dependent a few years ago, it depends on your definition of independence. If we got rid of more than we took in? I suppose you could argue this is independence, but I believe it is simply semantics. And this is not just oil, but natural gas. U.S. natural gas exports 2020 | Statista The USA was a net total energy exporter in 2019 and 2020, meaning that we produced more energy than we consumed. In 2019, we produced more oil and more natural gas than either Russia or Saudi Arabia. Oil imports and exports - U.S. Energy Information Administration (EIA) This oil and natural gas renaissance came about with the introduction of hydraulic fracturing, which the Obama administration tried several times to discredit, only to be unable to find any signs of water pollution from its use. Even under the Obama EPA, the science showed there was nothing to fear from properly conducted hydraulic fracturing. Thus, the Obama administration continued to lease federal lands for oil development. I'd argue we were more towards energy independence two years ago, certainly with gas at 1.79 in October, 2020.

The previous administration moved forward with these plans to lease land for oil development in the Arctic National Wildlife Refuge (ANWR)—the 1.6-million-acre coastal plain on Alaska’s North Slope—that was authorized in a 2017 budget bill and on federal lands in Kern County, California. Lawsuits failed and then the current administration in the first day of office put a stop to this with an executive order. This was unfortunate, as there is an estimated 7.7 billion barrels of oil available in this region, to be extracted over the 40 or so years. This would mean, yes, gas for less than 2 bucks a gallon. Of course, now there are new lawsuits pending, by the Alaska state agency that bought oil leases in the ANWR region, claiming the current administration enacted illegal measures to impede drilling in this area. Clearly, the current administration preaches green energy out of one side of its mouth, but one year after his executive order halting new oil and gas leases, Biden has outpaced Trump in issuing drilling permits on public lands. Of course, these are all tied up in lawsuits. After setting a record for the largest offshore lease sale last year in the Gulf of Mexico, the Interior Department plans to auction off oil and gas drilling rights on more than 200,000 acres across Western states by the end of March, followed by 1 million acres in the Cook Inlet, off the coast of Alaska. So maybe the current administration really wants the oil. Who knows what the current President is thinking? Certainly after observing him, one can't tell. The bottom line is in 2 years the current administration will be out of office and we will be back to square one with the drilling commencing, and a new slew of lawsuits to try and stop it. It is unfortunate the initial executive order was imposed, as a study out of the University of Wyoming estimated that about 300,000 jobs were lost because of the order. All, IMO, because of this green energy being pushed by the current administration out of one side of his mouth. What a conundrum.

Thats a very nice way to put it! Well done!

 

[MidnightRider]

In CA we have a major catalytic converter stealing cartel. Now they will be going after our fuel as well. Time to bear arms.

To that point I ordered a locking gas cap for my 2004 Yukon. We have already had the gas theft (albeit rare) in our neighborhood in the past, expecting an uptick of that everywhere.

 

[Skierdad]

I imagine that gas theft will become an issue in some places. This is when I am glad to live where I live. We shouldn't see too much of an issue with this. I am not saying it doesn't happen but it won't be at the level of the larger cities.

 

[RobbieO]

To that point I ordered a locking gas cap for my 2004 Yukon. We have already had the gas theft (albeit rare) in our neighborhood in the past, expecting an uptick of that everywhere.

The locking gas cap for my 2022 Ram is backordered until May. Obviously made in China

 

[BigN8]

To that point I ordered a locking gas cap for my 2004 Yukon. We have already had the gas theft (albeit rare) in our neighborhood in the past, expecting an uptick of that everywhere.

It goes against conventional wisdom, but I think I would forego the locking gas cap. I'm reading stories of thieves resorting to just drilling a hole in the bottom of the gas tank and taking the gas that way. On top of which it could cost up to $1000 to replace a gas tank. I'd rather them just steal the gas. I would think fake security cameras, or real security cameras combined with high illumination of your driveway would go further.

 

[Jim_in_Delaware]

The locking gas cap for my 2022 Ram is backordered until May. Obviously made in China

Do you have a gas cap on your 2022 Ram? I have a 2020 1500, that does not have a gas cap.

Jim

 

[RobbieO]

It goes against conventional wisdom, but I think I would forego the locking gas cap. I'm reading stories of thieves resorting to just drilling a hole in the bottom of the gas tank and taking the gas that way. On top of which it could cost up to $1000 to replace a gas tank. I'd rather them just steal the gas. I would think fake security cameras, or real security cameras combined with high illumination of your driveway would go further.

That's a great point. I used to leave my Leer camper shell open so they wouldn't break the glass.