Indiana Open Wheel - View Single Post - Will your schedule change?

Charles Nungester (Offline)
#46 3/9/22 12:06 AM

[quote=captrat;549627]

Originally Posted by ThrowbackRacingTeam:
You do realize we were energy independent just over 2 years ago and the wars in Middle East had nothing to do with oil but everything to do with Israel’s occupation of Palestinian land and the ongoing Cold War with Russia fought through 3rd party belligerents. As for racing, I’m already crossing off some races on my list. The prospects are bad and we already went through this during the president before *****. This is no surprise to some of us. Your lives are about to drastically change.[/QUOT

So you think that 2 years ago we were not importing oil from primarily from the Middle East? Also Russian oil is about 3% of our total petroleum imports. The petroleum market has been a global inter-connected economy since the Europeans left the Middle East nearly 100 years ago.

There are different types of Oil. Brent Crude is the one most American refineries use to distill Gas, Diesel. But yes, we were exporting more oil than importing in 2019. now we are about two million barrels a day to the import side.

There are several factors that go into it. While most Gulf and lower midwest oil is refinable here. Oil from the Alaskan Pipeline is mostly exported.

Also late 2018-early 2019 The price of a Barrel of Oil was roughly 30 dollars. Now nearing 130 At 30 dollars a barrel many drilling and pumping sites in the US are not profitable. It takes about 50 dollars plus for them to make money on the research, drilling, leases and royalties (Yes the US GOVT makes royalties on leased land pumping) So at that time Im sure some drilling stopped. Also Covid when the highways in major cities were bare from March to may of 2020 caused a lot of shut down in production.

I barely scratched the surface

Charles Nungester

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