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A comment on U.S. to release oil from reserves in coordination with other countries. Parent comment

Re:U.S. to release oil from reserves in coordination with ot... by servytor on Tuesday November 23, 2021 @09:52AM (#29318443)
At one point I started worrying about oil, after watching some documentary about it, and my friend made two really good points in about 2014.

1). Peak oil will never happen, and in fact OPEC is scared of high oil prices, because it will automatically create an insane demand into research into synthesizing oil at an industrial scale instead of just being university research postings.

2). America has the best oil refineries of any other country; we might be dependent on oil but other nations are dependent on our export of gasoline.

I have no clue if those statements are accurate, but his claims made sense to me.

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Re:U.S. to release oil from reserves in coordination with ot... by xhrpost on Tuesday November 23, 2021 @10:34AM (#29318986)
1) What I heard is that we will never "run out" of oil because there will always be oil that is more expensive to extract than the current market price. Thus, the price can always increase if there is sufficient demand and then that oil is profitable to extract.
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Re:U.S. to release oil from reserves in coordination with ot... by okl on Tuesday November 23, 2021 @10:14AM (#29318719)
Regarding 1): There already are such projects, notably used by Nazi-Germany during WWII: https://en.wikipedia.org/wiki/Coal_liquefaction Coal prices are currently at insane levels compared to crude oil, however.

Regarding 2): US has been a net importer of distillates since 2012.

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Re:U.S. to release oil from reserves in coordination with ot... by xhrpost on Tuesday November 23, 2021 @10:35AM (#29318993)
2.) You mean net exporter?

https://www.usitc.gov/research_and_analysis/documents/foreso... https://www.eia.gov/todayinenergy/detail.php?id=49596

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Re:U.S. to release oil from reserves in coordination with ot... by okl on Tuesday November 23, 2021 @10:43AM (#29319112)
Oh, yep, sorry. Held the chart upside down and looked at the sum of crude+products. Thanks for the correction.
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