Originally Posted by
MaxQ
The US extracts about 13.5 million bbls/day of oil.
US refineries use about 16.5 mbl/day.
Yet we not only export crude oil, we seem to be actively encouraging this as national policy.
Is there a basic 101 type reasoning for this.
“Big oil” wants to own the oil before it comes out the ground, and refine it at facilities they already own. Cheapest places to source oil are Africa and S America and Gulf.
Drilling company’s want to drill for oil and sell oil for profit to whoever pays the most to refine it.
Drilling company’s want top dollar and lobby government to sell their product overseas.
They don’t want major oil company’s squeezing them out of their profits. Major oil wants to pay them a labor rate for drilling and cut out the equity of drilling for profit.