Why the USA needs Heavy Oil & Annoying Canada is a Bad Idea
Автор: Alan Foum Geophysicist
Загружено: 2025-01-27
Просмотров: 4340
New US administration has threatened to impose significant tariffs on many goods as a way of obtaining geopolitical leverage
There is also a belief in building a tariff wall around the USA because of concerns over high US trade deficits – American Autarky?
Among the threatened products are non-US oil imports, including crude from Canada, Mexico and others
Some politicians believe that US has oil independence due to growth in shale oil (LTO)
But USA is still a net oil importer – bring in heavier crudes needed for refining into petroleum products (diesel, kerosene, RFO)
US exports surplus light oil to world markets benefiting everybody
Adding significant tariffs to imported crude will significantly push up petroleum product prices in the USA hurting American consumers
US oil industry cannot respond meaningfully because most US oil is light – US imports heavy oil to meet refining needs and has limited domestic sources of heavy oil
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