Pay Attention - By the time you vote in November, the national debt will be $40 trillion dollars.
Half by the Republicans🐘, half by the Democrats 🫏
Want a change - vote for an independent.
williamtaggart.org
The definition of Counterfactual is "contrary to facts", so what is EIA doing?
open.substack.com/pub/williamt...
Third - Russia and Saudi Arabia produce less than US because Russia is down due to sanctions. Prior to sanctions - Russia + Saudi Arabia combined was 16 million barrels per day, higher than US 13.7 million. But Russia and Saudi Arabia proven reserves are far higher than the US proven reserves.
Second - We do NOT have the biggest oil reserves. We are far down on that list. Especially when you look at proven reserves - 90% likely to happen. It is only when you locate at possible reserves - 10% likely to happen that we move into the top five.
I need to repost this with comments about the President's speech last night.
First - We import more crude oil than we export. There is no US oil to sell. That claim flies in the face of reality.
I'm running as an independent for Congress. Want to know how it's going - just started a substack to let you know.
open.substack.com/pub/williamt...
@pkrugman.bsky.social - looks like you have an impersonator on Threads.
My thought was on the fact that the bus was working for years and I had used it multiple times when visiting family, so why wait for a train. Your read into it more than I meant.
Character limits mean we should never have policy discussions on social media, though everyone does.
Read my statements carefully. The author said a train line which had been under construction for years would finally open and he may travel using it. My point was that there was a working bus line during that time.
Never claimed to be an expert, you decided to do that. Which says more about you.
I’ve used the bus in Seattle.
There is a bus that makes the same route and works just fine.
The result is that our crude oil prices and as a result our gasoline prices are tied to the world market, even though we are a net exporter of petroleum. 🧵/end
US refineries are set up to process heavy crude oil, so we import it while selling the excess light oil, rather than paying to reconfigure our refineries. 🧵
Last week, the US averaged 7 million barrels per days of imports, mainly heavy crude, while exporting 4.9 million barrels per day of light crude from shale wells. 🧵
The difference came from crude oil imports. We are a NET exporters of petroleum because of the large amount of refined products we export, but we are a net importer of crude oil. 🧵
Why is the Iran War impacting US Gasoline prices? - Let me explain. - The US produced 13.7 million barrels per day for the week ending March 13th, making us the largest oil producer in the world. But US refineries consumed 16.2 million barrels per day of crude oil. 🧵
And there is no money for the local registrar of voters to do this. This is election chaos. 🧵/end
But guess what? You're present Driver's License does not indicate citizenship. Which means it doesn't work. This requires that all voters get re-registered and the only document that you can use is your passport or your birth certificate. 🧵
Because the Act says very clearly - "... DOCUMENTARY PROOF OF UNITED STATES CITIZENSHIP... means... any of the following: ‘(1) A form of identification issued consistent with the requirements of the REAL ID Act of 2005 that indicates the applicant is a citizen of the United States. ..."🧵
Let's discuss the SAVE America Act - If Republicans want this, then make it take effect in 2028 and give every voter two years to swap over. The act is a guarantee of election chaos if it passes and requires that the November 3rd mid-term election, only 7 months away, be conducted with new rules. 🧵
If the Iranian will doesn't break and they inflict economic and military casualties, we could find this an extremely expensive endeavor in terms of blood and treasure. To the point where they win. Even after Vietnam and Afghanistan, we appear to be learning the same lesson all over again. 🧵end
That's the point a lot of people miss. Iran can lose the battles, but still win the war by inflicting enough economic harm on the world. War is inevitably a test of wills, if the US can break the Iranian will, we win and the regime collapses. 🧵
... U.S. Army Col. Harry Summers Jr. recounts a statement he made to North Vietnamese Col. Tu in 1975. “You know,” Summers said, “you never defeated us on the battlefield.” Tu replied, “That may be so, but it is also irrelevant.” ... 🧵
Some people wonder why some of us are worried about the Iran war when the US is dominating the skies over Iran. That is best explained by a reference that @markhertling.bsky.social put in his @thebulwark.com article. 🧵
Iran Gets a Vote in This War
open.substack.com/pub/thebulwa...
A war in Iran will raise the price of oil, but a number of the fields that this report is touting will never be economic as the increasing price of oil drives up the fuel costs of everything necessary to build the facilities and wells.
Also, the US produces 5 billion barrels per year.
I have sat in meetings where the exploration manager announces the discovery and says the dreaded word "non-economic", meaning you didn't find enough barrels to warrant development and all the theoretical barrels disappear in an instant. 🧵
And economic also refers to energy - it takes energy to drill the well, build the facility and the pipelines to get the oil to shore to feed America's refineries. A well and the supply chain to get the oil to shore has to produce more energy than it needed to be built and operate. 🧵
"..technically recoverable oil..." - let me explain what that term means. It means that you can drill the well and flow the oil to the surface and get it to shore with the technical means available at the moment. That does not mean that it is economic. 🧵
jpt.spe.org/boem-estimat...
It's not inflation concerns - mortgage rates are tied to the bond market and the Treasury bond rates are going up. This is national debt and the fact that we are spending billions waging a war with no plan.
#Balancethebudget
