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1   RWSGFY   2018 Apr 20, 12:09pm  

It's a signal to SA to start pumping.
2   Patrick   2018 Apr 20, 1:58pm  

WarrenTheApe says
We produce more oil than Saudi Arabia and Russia combined now.


Wow, I did not know that. Easy to confirm that the US is now producing more than Saudi, but I'm not sure about more than Saudi and Russia combined.

The Saudis still have a huge cost advantage though, since their oil is so close to the surface:



High oil prices actually benefit US producers by encouraging domestic production, making us more independent of the terror-sponsoring Gulf states. It also encourages more solar/electric development. So I'm not sure Trump should be calling for lower oil prices.
3   bob2356   2018 Apr 20, 3:41pm  

someone else says

Wow, I did not know that. Easy to confirm that the US is now producing more than Saudi, but I'm not sure about more than Saudi and Russia combined.


The US consumes 19.88 bpd and just passed 10 million bpd production for the first time since 1970. Buttoning up is not an option. Saudi's produce 11.6.
4   Booger   2018 Apr 20, 6:17pm  

someone else says
High oil prices actually benefit US producers by encouraging domestic production, making us more independent of the terror-sponsoring Gulf states. It also encourages more solar/electric development.


We don't generate electricity from oil any more, and haven't for decades. The ~1% of our electricity that we do generate from oil is waste oil (like when you change the oil in your car), and those plants mostly only run when everyone has their air conditioning on.

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