Guest wrote:A few comments on the current situation:
1) Tension with Iran that could threaten Middle East oil exports
The US no longer imports oil from overseas, US production is 12.5 Million barrels oil per day. If there is an oil shock the Far East will feel the brunt, China will feel it the most and then China can reign in Iran! If China doesn't reign in Iran, China can have riots in China!
an argument based off a misunderstood fact
U.S. imports about 7 million barrels of crude oil a day still. The oil U.S. produces is too light for its complex refineries so they need to keep importing medium and heavy grade crudes to be profitable. U.S. oil production can hit 30 million barrels a day and refineries would still have to import... although to be fair over half of it coming from Canada
https://www.eia.gov/dnav/pet/hist/LeafH ... RIMUS2&f=M