Gas below $1/gal in MN

Well, whatever... President Trump indicated he may impose tariffs, but thinks Saudi Arabia and Russia will work it out so he won't have to.

 

Fungible commodities are very difficult to put a tariff on especially when we ship our oil overseas to process into gasoline and then ship it back

 

I don't think gasoline gets shipped in from outside the country. It gets refined here.

 

The Irving Oil Refinery is a Canadian oil refinery located in Saint John, New Brunswick. It is currently the largest oil refinery in Canada, capable of producing more than 320,000 barrels (51,000 m3) of refined products per day.[1] Over 80 per cent of the production is exported to the United States, accounting for 19 per cent of the country's gasoline imports and 75 per cent of Canada's gasoline exports to the US.

115,000 barrels per day of imported Saudi oil that is processed in Canada is processed at the Irving oil refinery.

 

What fraction of gasoline that's used in this country is imported?

 

In 2019, the United States imported about 9.10 million barrels per day (MMb/d) of petroleum from nearly 90 countries. Petroleum includes crude oil, hydrocarbon gas liquids, refined petroleum products such as gasoline and diesel fuel, and biofuels (including ethanol and biodiesel). Crude oil imports of about 6.79 MMb/d accounted for about 75% U.S. total gross petroleum imports in 2019, and non-crude oil petroleum accounted for about 25% of total gross petroleum imports.

It appears I have not answered your question, I need to think before answering

 

Does not answer the question. Talking gasoline only here. I can't find it on a quick Google search. I suspect it's a small fraction.

 

In 2019 the US imported 81,000 barrels/day of gasoline. Here's where I found Finished Motor Gasoline

 

How much gasoline does the United States consume? - FAQ - U.S. Energy Information Administration (EIA) says the US consumed 9.28 million barrels of gasoline per day in 2019. 81,000/9,280,000 = 0.87%

 

The U.S. Department of Energy, Energy Information Administration, has a web page showing exactly that:

U.S. Weekly Imports of Total Gasoline

 

Trump Gas Tax. Directly from your wallet.

 

Let's look at that. Domestic oil industry goes under because the government didn't protect it. US is no longer energy independent, buys most of us oil from the Middle East, as does the rest of the world. Iran becomes a world power, like Iraq was, with the world buying it's oil. Sanctions won't work, Iran has nuclear weapons WW III begins...

 

I can make up future stories as well:

Domestic oil industry goes under because it has always been unprofitable without government support.
The US, in order to become truly energy independent greatly accelerates the move to electrifying transportation. GM gets (another) bailed out, with the string attached that they must sell 80% EVs.

The Middle East continues its economic slide, but nobody cares so the wars remain regional.

 

gm gets bailed out (again)

 

Yep, oil industry too in spite of what some people want to happen.

 

i hope xom gets a bailout, their stock is killing me

 

that is a deceptive metric
19%+ of “crude/finished petroleum products “ as a whole are imported
that metric has been moderately stable since 2015 (before it was much higher)
If you include “solid petroleum “ products that number skyrockets.

the likelihood of re-importation of our own products and finished goods made from our petroleum is all but secured due to the commingled global oil market.

we also lack the production ability to process much of our own crude into fuel and would have to do time consuming extensive expensive retrofits to existing facilities to process it.

Tarriffs would likely not increase our processing of our own oil

 

Simple solution. Make everyone pay the true cost for fuel. No government subsidies.

I planned ahead. Always buy the most reliable and fuel efficient vehicles. If I need a truck I rent one. If I need a suv or van I rent one. I don't need one every day, week or month. Others can do as they see choose. But don't make me pay for others addictions to oil.

 

For batteries too? Cause $4500 fed credit and all that...

 

I don't know where you got the 19%+ from, but I didn't use that in my calculation. The 81,000 barrels per day was from the reference in post #48, which was for "finished motor gasoline."