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Why Does The US Import Oil When They Produce So Much?

Economics Explained 657 views

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Money
Comment from : @annarichardson8284

Imports Canadian oil at discount refine and sell the products to the world Question is Trump not getting a kickback from the oil men
Comment from : @donaldwhitworth7197

The us is the largest fuel exporter Its never about cheap demoestic fuel prices
Comment from : @rectorkirk1158

Very little said about the negative side of fraking
Comment from : @laurynasgiriunas4780

Why get a car that gets 50mpg when you could get a truck that gets 15mpg , but has a bed you'll use maybe 2-3 times every year?
Comment from : @Yuli95Sagitta

Because idiots ran our country for the last four years
Comment from : @fmike15

VERY unpleasant to listen to ! Speaker talks MUCH TOO FAST !!! Surely won't view next episode suggested
Comment from : @benoitgerin-lajoie

The higher per capita polluter has the audacity to criticize others on pollution and sustainability Amazing
Comment from : @jumbomuffin1316

Did someone say oil?
Comment from : @Beefypiece

The United States has a huge existential crisis its history and its future are something that none of us want to deal with we again have turned to a sideshow in this case It's the Return of the reality TV president but that is not going to save us
Comment from : @JamesBarry-t6q

Because you never get high on your own supply
Comment from : @josephnguyen4857

It’s not a paradox Use others supplies up before your own When that resource dries up, you’re the only one with supply It’s not hard to understand
Comment from : @thepowderdtoa5tman

US currently produces about 13 Million BOPD We consume about 20 Million BOPD Do the math We still need imports
Comment from : @Paul-z4i

"Docota" @4:06
Comment from : @sadikaeleer

😂😂😂😂😂 1:39 only 11 years remaining You’re an idiot
Comment from : @MOCOHO-JONNY

The US produces more oil than any other country on the planet More importantly, the US consumes significantly more oil than any other country on Earth OPEC retains power in the marketplace because it produces nearly as much as the US, while consuming a fraction of the global commodity It should also be noted that the oil and gas industry is in the business of making money It behooves oil companies to keep oil prices within a specified margin Invariably, the US will never secure enough power to dictate the market if it doesn’t diversify its energy portfolio Americans will not consume less oil for altruistic reasons Oil companies will not provide the commodity at a cheaper price out of sheer benevolence The shortfall between production and consumption can only be filled with a different commodity Currently, the best alternative is nuclear energy The US should be investing in ways to produce fusion energy as opposed to fission Fusion energy is the future Zero emissions, zero waste, and hydrogen is the most abundant element in the known universe
Comment from : @KevinJMerrifield

Why pawn off video of steam as “pollution”?
Comment from : @lsutigerphan5218

Why use ours when we can use theirs
Comment from : @lsutigerphan5218

Was the subject of domestic demand (relative to supply) ever addressed? I understand we sell sweet oil for sour oil due to our refinement capabilities, but are any of the oil imports related to addressing overall greater consumption/demand in the US relative to supply?
Comment from : @bobchandra4117

It’s disgusting how filthy rich these scum bags get
Comment from : @TheConservativeMexican95

Drill baby drill And while we are doing that, plan and execute a long term energy strategy
Comment from : @MrTimbo17

America is like the Titanic Too big to turn, too slow to react, in denial about sinking, and there aren't enough life boats for everyone
Comment from : @SpecialSP

Stupid leadership
Comment from : @SGomez3050

This actually will end up not being a good thing Being the dominant player in a dying technology means you are Blockbuster
Comment from : @bobpenny8011

Without watching this video There is only one answer Don't get high on your own supply
Comment from : @Dovah-KiinGaming

Drill baby drill
Comment from : @fatjaysgarage

2:15
Comment from : @dineshmadugalle2410

Just imagine if Canada stops exporting Crude Oil to the United States and sends that same oil to the countries that have band sweet oil and fracking There are many in Europe and if Trump wants to tariff Canadians, this will impact all the oil refineries set up to mange this oil and turn the USA to all the countries they have major issue already politically
Comment from : @davidestate

The thumbnail for this story is so wrong All these arrow coming from overseas and none from Canada Canada supplies about 60 of the country's crude oil imports and 50 of its total petroleum imports
Comment from : @sommmeguy

The refineries in the USA can refine or process, heavy oil, it can also process sweet oil (with some adjustment of equipment- but) That is a fact Another fact is- the USA does not have enough heavy oil in its land to cover the amount of products that are produced by heavy oil With a very inexpensive adjustment, the refineries of USA will be able to process ALL the sweet oil we get from our land HOWEVER, the heavy oil that is imported is very, very cheap, and our refineries can process that oil, getting a hefty bang for the money Greed Business 101 Facts- USA has in their land Sweet oil by plenty with an API of over 34 Fact- Sweet oil cannot produce heavy fuel and several other by-products that the USA needs, including Fuel for ships, jet fuel, etc- for which you need an API of less than 24 If you get a barrel of sweet oil, and a barrel of heavy oil- it is better to process the barrel of heavy oil Cost of heavy oil is $78 vs cost of sweet oil is $74; and on top of the price, keep in mind that there are many important products that you will not get out of sweet oil Fracking, produces only Sweet oil Conclusion: Get the heavy oil, cheaper by-the-dozen from the other countries ( because you cannot produce it anyway), also, get the heavy oil from other countries, because is cheap Export your good for nothing sweet oil ( you don't need that much anyway, it produces barely nothing of what you need) Lastly, recreate more heavy dinosaurs and kill them within your borders- to get heavy oil and be energy independent Building refineries is NOT a solution- we do not have a problem of refineries
Comment from : @Jumanji-ds5nd

The United States is not even remotely close to only having 11 years of oil left
Comment from : @pete8016

All this video did was make me want to drink oil
Comment from : @derekgornall

I couln't think as fast as thisman speaks, but I figured out how to slow it down This is fascinating history
Comment from : @jank1892

Why consume your own supply when you can use another countries and save your own supply?
Comment from : @goldenspatian517

"Short term goals” 🤡
Comment from : @jsrperformance0084

wow, Dakota spelled with a C
Comment from : @chrisco7

"Energy independence" is a mythbrbrWhat people really want is cheap gasoline, but oil, gasoline and diesel are international commodities, so they are DEPENDENT on international supply and demandbrbrSorry, no local discount in the US even though we have been producing record amounts of oil & natural gas
Comment from : @KillroyX99

Note that recently, the US has built green feild refineries specifically optimizeed for the new light crude oil from fracking shale rockbrbrThe refineries are small, but still, light crude oil refining capacity added in the US brbrOther existing refineries have added refining capacity for light crude oilbrbrThe US has spare refining capacity and exports up to 25 million barrels of gasoline and diesel per day
Comment from : @KillroyX99

Our oil is very crude
Comment from : @vinhsanity

Greenland has billions and billions of barrels of oil This is why Trump wants to buy it 🤌🏾🏆
Comment from : @AmericanPatriot1220

4:03 north dacota
Comment from : @_harveyd

Mathem emissions reduction per ton 1000 dallors and carbon dioxide emissions reduction 250 dallors
Comment from : @AkbarFaqir

15 to 20 emissions reduction stiment carbon taxes
Comment from : @AkbarFaqir

100 dallors per beral crude oil refinery carbon taxes cellecting general sciente globally peace
Comment from : @AkbarFaqir

Isn't shale like from previous oceans? It's kinda poetic that climate change not only melts the ice raising sea levels but also the ground sinks under the pressure released when oil, gas, and water are removed
Comment from : @joshg469

All this talk about how wonderful frakking isbut doesn't speak of the known damage to ground water
Comment from : @paul5683

whoever controls the oil, wins the war Sun Tzu, Art of War
Comment from : @bailey5234

This video does not acknowledge the possibility of future technological innovations that will unlock new sources of energy, just as fracking and horizontal drilling did That's a major blind spot
Comment from : @SplashJohn

"Slow and inevitable march towards renewable energy " Gimme a break Similar to the COVID vaccine, 20 years from now, everyone who is now pushing the "renewable" propaganda, will adamantly deny they ever did so
Comment from : @SplashJohn

Bro I can do this video in a short sentence brbrAnswer: “BECAUSE OF OUR DUMB @$$ POLICIES”
Comment from : @danawhiteisagenius8654

Good 😊😊
Comment from : @KartavyaVashistha

Windmills are a huge problem for landfills along with battery’s and solar they aren’t long term solutions Oil fills the gap til nuclear can comeback If you don’t believe me lookup what company’s like google and Microsoft are using for the massive amounts of energy needed for AI nuclear
Comment from : @atvracin74

You're overly optimistic about renewables (wind and solar) significantly impacting oil demand In first world countries electricity is approx 15 of our total energy consumption, with WnS providing 10-40 of that If anything can displace fossil fuel it is nuclear energy
Comment from : @edarmstrong7197

i can explain in one brief sentence: “There is only so much sugar in the world so I’ll use yours before I get to mine”
Comment from : @etotigana88

What good is being the loan superpower if you can’t just take oil from places like Mexico and Venezuela? I’m kind of kidding, but I’m kind of not Especially about Venezuela
Comment from : @pathutchison7688

We’ve been “ten years away from running out of oil” since the 80’s
Comment from : @pathutchison7688

good ol north dacota
Comment from : @cbam4517

Lighter oil is easier to refine But it’s too hard to for the existing refining infrastructure to refine it, okay…
Comment from : @herbankidd

You ever thought that the US wishes to own the oil market entirely Thats the reason we fight in wars for it, its for supemacy to become the biggest super power economically and when everyone realizes they have no more oil, they will buy the United States oil or find other ways around it
Comment from : @Psa-ms

Technology and economy boom the lives of people
Comment from : @hgdon-homeiswheretreesare-9239

Because we import the dirtiest nastiest oil on the planet and have the best technology to refine it without morbidly polluting the Earth The oil we produce is almost drinkable so we send that out to the countries that want to buy
Comment from : @janaewoods7736

Sasol is making American billions and here in south Africa we energy staving
Comment from : @Thinkaboutit-m2w

It's called hoarding
Comment from : @AbhishekSingh-zf3ro

The US doesn't use it because it chooses not to There 30mins saved
Comment from : @johncrocker4209

Very good video, thank you!
Comment from : @santiagocuartas273

It is simple The Biden Administration and policies The US is blessed with energy resources And is also blessed with Canada and Mexico as friendly energy neighbors Alaska is our ace-in-the-hole, if only we are willing to drill baby drill and drill a lot more
Comment from : @mdb1239

I geek out on energy vids
Comment from : @jasona5806

Means US is having lack of refinineries for domestic crude oil so they are selling their ones and buy refined ones !!
Comment from : @MamtaDevi-gw3zr

The fact that the environmental cost isn't considered regular in a discussion like this is ridiculous
Comment from : @highshelf

Haven't you done a video on this before? Is this an old video updated and uploaded?
Comment from : @Delosian

Over 50 of imported US oil comes from Alberta Canada through pipelines Remove Canada from the equation, which basically functions like a 51st state, and the US doesn’t import nearly as much
Comment from : @TrendyStone

Oil will eventually run out, so having as much of it as you can right now is very smart
Comment from : @BreatheTheMatrix

4:05 how tf do you spell Dakota wrong😭
Comment from : @goatedkota430

The only reason that other countries don’t do well with oil is because of US 😂
Comment from : @fzrrahman4202

I thought Biden cleared up most of our reserve to prop up his approval rating by trying to keep gas as low as possible during election season Also when prices was at rock bottom Congress, blocked Trump from buying more on the pennies during covid
Comment from : @kosmosXcannon

It’s due to the economic concept of comparative advantage
Comment from : @Izamen

You have no idea what your talking about
Comment from : @Good015

I mean the way of the future is nuclear it’s scary and dangerous but it’s the cleanest most efficient producer of electricity via waste to power output
Comment from : @rudemax9458

Google say USA have oil for next 539 years at the current rate of consumption
Comment from : @MuhammadAsghar-ck2um

I think you better get more of an understanding of how oil refining works cause you got it wrong in a typical way
Comment from : @ak1moonmoon39

Maybe, the oil industry will pivot from being an energy industry to a basic materials industry with more focus on higher value petrochemicals than low margin motor fuels
Comment from : @bobsinhav