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Re:The rich world needs higher real wage growth by Animats on Sunday July 01, 2018 @01:28PM (#17436519)
The emphasis on oil may reflect a European perspective. Only 19% of US oil is imported now, and the US generates very little electricity from oil. The US is a natural gas exporter. If the US wants energy independence, it's within reach.

At the other extreme, Japan imports essentially all its oil, as does the UK. Both import most of their natural gas.

Re:The rich world needs higher real wage growth by dalbasal on Sunday July 01, 2018 @01:36PM (#17436548)
In some senses, "The US" is not really involved in oil production. It is a more privatised industry in the US than most (oil producing) places. If oil prices go up in the Persian Gulf, petrol prices go up in Texas regardless of import/export balances.

In theory, the surplus profit is enjoyed by Texan oil producers, as opposed to Gulfy producers. This is increasingly dubious as the economy globalises. Gulfies own an interest in Texan oil wells. Texans own an interest in Gulf oil wells.

The Texan putting petrol in his ute... I'm not sure it matters to him that the US is a net exporter. Petrol costs him more. Oil derived products cost him more. His income does not increase.

This is not true in the reverse. In most oil producing nations, people do not pay the export price for oil. The local market price is usually lower.

Re:The rich world needs higher real wage growth by occamrazor on Monday July 02, 2018 @06:01PM (#17445731)
The UK (Scotland) produces oil. Is that production irrelevant compared to consumption?
Re:The rich world needs higher real wage growth by oriol16 on Sunday July 01, 2018 @03:02PM (#17436979)
US burns 20mbd and produces less than 10mbd. Are you sure imports are only 19%?
Re:The rich world needs higher real wage growth by TheCoelacanth on Sunday July 01, 2018 @07:03PM (#17438192)
Where are you getting the 10 and 20 million barrels per day numbers? Those are roughly the crude oil production and total petroleum product consumption numbers given here[1], but those aren't measuring comparable things because there are products other than crude oil that go into the consumption number. The same source gives 14.2 million barrels per day as the total petroleum product production.

[1] https://www.eia.gov/tools/faqs/faq.php?id=268&t=6

Re:The rich world needs higher real wage growth by Animats on Sunday July 01, 2018 @03:48PM (#17437209)
That's from [1], which seems bogus. I sent a query into EIA.

[1] https://www.eia.gov/tools/faqs/faq.php?id=32&t=6

Re:The rich world needs higher real wage growth by maxerickson on Sunday July 01, 2018 @03:56PM (#17437242)
Numbers seem to come from https://www.eia.gov/dnav/pet/pet_sum_snd_d_nus_mbblpd_a_cur.... which includes natural gas, ethanol and exports.