Originally posted by: Vegas Todd
OK, you read it. But did you understand it?
Kinda helps when making a point.
Todd, I've only said this on this site a dozen times over the past several years. Back in the day before the fracking explosion, we imported lots of crude...........lots of sour crude. Refineries where built to process this sour crude. We now produce much more sweet crude than we used to, and the domestic refineries can't use this stuff.
The solution is exporting sweet crude and importing sour crude. Biden's plan to block exports is stupid, since we can't refine the volumes that are leaving the country.
Yes, I've understood this issue ever since it became an issue over a decade ago. My grandfather worked in oil production as an engineer for Pure Oil his entire year. My father worked his entire career for Union Oil as an engineer, and I worked for Union Oil's chemical division and Ashland Oil's chemical division for two decades. While I no longer work for an oil company, I work for a distributor and we sell petrochemicals and derivatives. Where I have learned the most about the industry, however, is by reading and talking with my friend, Pete. Until Pete's recent retirement 18 months ago, Pete managed several multi-billion dollar oil production platforms in the Gulf of Mexico.
I'm far from an expert, but I know more about this business than 99% of the writers telling us about the industry.