Since the U.S. is now the Worlds largest producer of oil, why would the attack on Saudi Arabia by Yemen, affect what I PAY for a gallon?
of gas in the U.S.???
If the U.S. is exporting crude oil, put a 6 month halt to exporting, huh???
Oil Producing Countries 2019 - World Population Review
worldpopulationreview.com › countries › oil-producing-countries
BTW, the company that I work for WILL be contracted to re-establish the wells destroyed by the drone strikes.
One Billion dollar contract is JUST the Start!!!!!!!
- Anonymous9 months agoFavourite answer
No it won't affect us in any way. But it will get us more price per barrel, more taxes and more jobs. Another win for Donald Trump
- Anonymous8 months ago
That's just the way commodities markets work. Probably the prices of soybeans and pork bellies, were affectrf, too.
- RICKLv 79 months ago
Because the US still imports 4 times as much oil as it exports
- AnnonymousLv 69 months ago
Because you contards think all the oil produced in the U.S. stays in the U.S. it's also exported around the world.
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- don_sv_azLv 79 months ago
USA exports $48.3 billion worth of crude oil
USA imports $163.1 billion worth of crude oil
- 9 months ago
Any disruption has a financial effect on the energy markets.
- W.T. DoorLv 79 months ago
Edit: It appears the attack was on a stabilization facility near Abqaiq and not on well heads or a refinery.
Oil is priced globally.
It is interesting that representatives of the Iranian government went to Moscow a few days ago and suddenly "Yemeni rebels" successfully attack an oil facility in eastern Saudi Arabia. The oil facility is not close to Yemen, but it is just across the Arabian Gulf from Iran.
Realize Russia and Iran want to be able to export oil to replace whatever Saudi Arabia can't provide.
- GregLv 79 months ago
So you are happy to say that you do not understand the economics of commodities. Let me try to help. Oil is a considered a commodity, meaning that oil is oil, just like gold is gold. The price of a commodity is set by supply and demand. The supply just got reduced and demand is staying the same and so the price will go up. When the price goes up demand will reduce and some producers who could not profit at the lower price will star producing adding to the supply.
- electricpoleLv 79 months ago
Crude oil, refined petroleum and petrochemicals are a global commodity. Not all crude varieties are identical, and a vacuum in one area of production will be felt globally.
- TevaLv 59 months ago
The US is the largest exporter of oil in the world, you're buying the imported stuff.