03-07-2022, 11:35 AM
(03-07-2022, 11:23 AM)Luvnit2 Wrote: We were energy independent not long ago, in 2020 we used less oil than in previous years due to the pandemic. One would think we could have built up huge reserves for a rainy day, but somehow when ended up having to buy dirtier oil (had to get oil from somewhere and continue to let Russia drill more for that dirtier oil and sell it to us and Europe.
I work in the oil industry as well, though I am on the software side as an analyst. Stewy can correct me if I am wrong here. We lost our energy independence due to the pandemic causing production issues. Demand plummeted, but so did production, and we are still feeling that as demand has normalized. It is much easier to shut production down than it is to ramp production up. The U.S. has around 40 billion bbls in reserve right now, which is massive. They weren't able to add to that, though, since production also dipped.
Commenting in general here, I 100% agree with the overall sentiment in this thread - people are going to blame Biden for the gas/oil prices but they aren't really his fault. People are also going to harp on the Keystone. My MIL was wailing on Biden, telling him to turn the Keystone on and I had to remind her that the Keystone has been on for close to a decade and transports 500k bbls per day. He killed the XL project, which was going to transport tar sands crude that would be sent to the international market, primarily. It was never operational, though.
