re: Forbes Editorial: America Produces The Most Oil. So Why Are Gas Prices Surging?

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Thanks to Obama for removing the crude oil export ban.

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I would counter, though, and opine that has the export ban not been lifted, the shale revolution doesn’t explode the way it has to where we are now producing more oil than anyone else, a record 13.8 Million barrels a day in September and October 2025. As a result, we’d have less overall oil being produced at home right now, and thereby more exposed to OPEC+’s swings, and there currently situation of oil choked off in the strait. In fact, that “20%” of the world’s oil being at risk would maybe instead account for something like 30% of the world’s oil.

America does not market its oil products because it does not make products.

Companies with assets, liabilities and owners equity do…in a profit model.

This ain’t hard!

If between the lines, is the real question ‘why are oil companies making a profit?’

See above. Same.

And in US, IOCs make higher return on assets / investment than in other parts of the world. Why? Capitalism and can enjoy upside of revenue opportunities (higher prices). Whereas, in other countries there are more cost-sharing / revenue limits or even price controls.

America drives oil company profits.

The incentives are built-in…exec big bonuses who are competing with one another for promotion and higher profit sharing incentives, shareholder (dividends) including many law makers and lobbies, pension funds, debtors et al.

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People like easy answers, such as “corporate greed.” That is emotionally satisfying, but it doesn’t tell the full story.

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So Biden lied to us?

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greed fueled by selfishness

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....nothing changed about the cost for what was already refined, transported, and taxed upon

The cost next week ...but... not the overnight jump at the pump.

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Forbes Editorial: America Produces The Most Oil. So Why Are Gas Prices Surging?

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Because it’s a global commodity and those retards in Europe have completely outsourced their fuel supply to us and the ME.

Eta
Also this:

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Drivers saw increases of roughly 50 cents per gallon almost overnight following the outbreak of hostilities with Iran

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Is price gouging. There is no way that the gasoline in the tank under the station was bought at a $0.50/gal higher price than the day before. I fricking hate when gas stations preemptively raise prices like this.

It's almost as if no one took a 2000 level Econ course.

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I also hate the use of energy independence vis-a-vis the US since we are a long way away from that. It is often confused or conflated with being a net BTU exporter which is not remotely the same thing in our case.

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Agree. The “energy independence” term has been a big political campaign talking point over the past 6 years or so, though.

A large number of voters unfortunately will blindly trust whatever their favorite politician(s) say without looking into the facts.

As a former boss of mine always liked to say, “The devil’s in the details”.

It's not really complicated from an economic standpoint.

Oil is oil, it doesn't matter where it's produced. It's a resource that has a value via supply and demand. Oil is a global market and it's all fungible really.

Oil produced here in the US is not going to be sold in the US cheaply when there are foreign markets bidding on it for much higher prices.