Oil headed for 70 bucks s barrel. Here we go.
Wonder how long till the pump price reflects it. https://www.bnnbloomberg.ca/oil-soars-as-u-s-killing-of-iran-general-stirs-fear-of-conflict-1.1368724
Forum Discussion
Cummins12V98 wrote:
Since the US is oil independent ain't going to happen.
1) we may be oil independent, but that doesn't mean the price is independent of world oil prices for equivalent oil, it tracks it pretty well, and oil royalties are based on the benchmark price for equivalent oil.
2) we (US) doesn't presently have the capability of using only domestic oil since much of our refinery capacity is based on refining the heavy crude we used to rely on, and still rely on given refinery capability. Much of the shale that has come on line is a lighter "sweet" crude. Takes a different refinery setup.
Now, since the world oil supplies are much more distributed, loosing any one supply doesn't have near the impact it did in the 70's.
