re: Trump willing to end war without opening Hormuz Strait - WSJ

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To keep our economy going?

We don't produce enough of the type of oil that we need for our refineries. We have to import 6-8M barrels per day to keep things going.

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We are a net petroleum exporter. A major part of our export production is light sweet crude. Light sweet crude brings in more dollars than heavy crude. It can be converted into more products.

So even if we were not a net petroleum exporter, and instead had an import-export balance in which we were bringing in as much heavy crude by volume as we were exporting light sweet crude, it would still work out well for us.

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We fricked it up but somehow it’s their problem to resolve?

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Not only that. This negative externality is a reason why they didn't want to engage. We engage irrationally, create the shite sandwich, derail the global oil economy, and tell them, "tough titty should have helped us hurt you all along"

Absolutely insane

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We fricked it up but somehow it’s their problem to resolve?

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The Trump Doctrine

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This Iran thing has just been amazing, scary, and sad to watch.

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So many here that laughed at people on the left that were terrified of Covid and were mad at the government's reactions, have now used the fear factor to justify the government's actions for war.

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We are a net petroleum exporter.

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40% of the oil used in U.S. refineries is imported.

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We engage irrationally, create the shite sandwich, derail the global oil economy, and tell them, "tough titty should have helped us hurt you all along"

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There may have been some appetite to help or at least cooperation on getting the oil flowing, but we didn’t tell anyone ahead of time.

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officials with knowledge on the matter


Every time.

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Yup and the Soy Brigade led by SFP are lapping it up

All the usual suspects have their panties in a bunch up in here

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We don't NEED the oil that passes through the strait, the rest of the world does. We produce enough to be independent and then some.

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Just remember, even though we're "energy independent" and ourselves aren't dependent on oil that passes through, it doesn't mean that we wouldn't be affected at the pump if it remains closed. We still import crude oil due to needing different blends, and even our oil at home is part of the free market and priced globally.

Sustained $100 WTI would sure guarantee better raises and bonuses for my industry than this past cycle, but not sure about the overall effect to our economy. I do think our economy can blow and go and keep growing at sustained $80. Just not sure about triple digits.

Also, we’re still a net importer of crude oil. We’re a net exporter of “total petroleum product”.

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Negative!

Control of Hormuz was always on the Iranian scorecard. They just needed enough of a backing military threat to be able to pull it off.

But the move was inevitable.

Better to bring it to head now, with an absolutely decimated, Iranian military force, then to wait until Iran had nukes, and missiles which could reach Paris. We did the EU a big favor. Now if they get off their butts, they can finish the job, or they can leave the straits functionally closed.

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This Iran thing has just been amazing, scary, and sad to watch.

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