Gas below $1/gal in MN

Discussion in 'Prime Main Forum (2017-Current)' started by Northerner, Apr 1, 2020.

  1. MikeDee

    MikeDee Senior Member

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    Well, whatever... President Trump indicated he may impose tariffs, but thinks Saudi Arabia and Russia will work it out so he won't have to.
     
  2. Rmay635703

    Rmay635703 Senior Member

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    Fungible commodities are very difficult to put a tariff on especially when we ship our oil overseas to process into gasoline and then ship it back
     
  3. MikeDee

    MikeDee Senior Member

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    I don't think gasoline gets shipped in from outside the country. It gets refined here.
     
  4. thymara

    thymara Junior Member

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    The Irving Oil Refinery is a Canadian oil refinery located in Saint John, New Brunswick. It is currently the largest oil refinery in Canada, capable of producing more than 320,000 barrels (51,000 m3) of refined products per day.[1] Over 80 per cent of the production is exported to the United States, accounting for 19 per cent of the country's gasoline imports and 75 per cent of Canada's gasoline exports to the US.

    115,000 barrels per day of imported Saudi oil that is processed in Canada is processed at the Irving oil refinery.
     
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  5. MikeDee

    MikeDee Senior Member

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    What fraction of gasoline that's used in this country is imported?
     
  6. thymara

    thymara Junior Member

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    In 2019, the United States imported about 9.10 million barrels per day (MMb/d) of petroleum from nearly 90 countries. Petroleum includes crude oil, hydrocarbon gas liquids, refined petroleum products such as gasoline and diesel fuel, and biofuels (including ethanol and biodiesel). Crude oil imports of about 6.79 MMb/d accounted for about 75% U.S. total gross petroleum imports in 2019, and non-crude oil petroleum accounted for about 25% of total gross petroleum imports.

    It appears I have not answered your question, I need to think before answering
     
  7. MikeDee

    MikeDee Senior Member

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    Does not answer the question. Talking gasoline only here. I can't find it on a quick Google search. I suspect it's a small fraction.
     
  8. thymara

    thymara Junior Member

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    In 2019 the US imported 81,000 barrels/day of gasoline. Here's where I found Finished Motor Gasoline
     
  9. MikeDee

    MikeDee Senior Member

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  10. fuzzy1

    fuzzy1 Senior Member

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    The U.S. Department of Energy, Energy Information Administration, has a web page showing exactly that:

    U.S. Weekly Imports of Total Gasoline
     
  11. Blue-Adept

    Blue-Adept Active Member

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    Trump Gas Tax. Directly from your wallet.
     
  12. MikeDee

    MikeDee Senior Member

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    Let's look at that. Domestic oil industry goes under because the government didn't protect it. US is no longer energy independent, buys most of us oil from the Middle East, as does the rest of the world. Iran becomes a world power, like Iraq was, with the world buying it's oil. Sanctions won't work, Iran has nuclear weapons WW III begins...
     
  13. Zythryn

    Zythryn Senior Member

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    I can make up future stories as well:

    Domestic oil industry goes under because it has always been unprofitable without government support.
    The US, in order to become truly energy independent greatly accelerates the move to electrifying transportation. GM gets (another) bailed out, with the string attached that they must sell 80% EVs.

    The Middle East continues its economic slide, but nobody cares so the wars remain regional.
     
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  14. bisco

    bisco cookie crumbler

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    gm gets bailed out (again) :cool:
     
  15. MikeDee

    MikeDee Senior Member

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    Yep, oil industry too in spite of what some people want to happen.
     
  16. bisco

    bisco cookie crumbler

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    i hope xom gets a bailout, their stock is killing me
     
  17. Rmay635703

    Rmay635703 Senior Member

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    that is a deceptive metric
    19%+ of “crude/finished petroleum products “ as a whole are imported
    that metric has been moderately stable since 2015 (before it was much higher)
    If you include “solid petroleum “ products that number skyrockets.

    the likelihood of re-importation of our own products and finished goods made from our petroleum is all but secured due to the commingled global oil market.

    we also lack the production ability to process much of our own crude into fuel and would have to do time consuming extensive expensive retrofits to existing facilities to process it.

    Tarriffs would likely not increase our processing of our own oil
     
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  18. Blue-Adept

    Blue-Adept Active Member

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    Simple solution. Make everyone pay the true cost for fuel. No government subsidies.

    I planned ahead. Always buy the most reliable and fuel efficient vehicles. If I need a truck I rent one. If I need a suv or van I rent one. I don't need one every day, week or month. Others can do as they see choose. But don't make me pay for others addictions to oil.
     
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  19. smyles

    smyles Active Member

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    For batteries too? Cause $4500 fed credit and all that...
     
  20. MikeDee

    MikeDee Senior Member

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    I don't know where you got the 19%+ from, but I didn't use that in my calculation. The 81,000 barrels per day was from the reference in post #48, which was for "finished motor gasoline."
     
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