Biden telling oil producers to stop exports will ‘create logistical nightmares, deprive other markets’: Expert
The Schork Group co-founder and principal Stephen Schork says if the Biden administration wants to relieve gas shortages in local markets, it should rescind the Jones Act.
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STEPHEN SCHORK: Refineries are doing yeoman’s work this summer, running the refineries at breakneck pace to try and get as much product to the market as possible. I think Granholm’s comments once again demonstrate her utter lack of understanding how the global hydrocarbon economy works. The administration could simply, if they wanted to help relieve shortages in local markets, rescind the Jones Act, and they refuse to do this.
The Jones Act is a 100-year-old maritime law that states that interstate commerce, waterborne has to be transacted on U.S. flagged vessels. U.S. flagged vessels, there’s a small inventory of those vessels, and therefore, the premium to hire those vessels is very high. So if I’m producing gasoline in Houston and I want to get into New York Harbor, there’s a limit to how many U.S. flagged vessels I could put that gasoline on. Therefore, I would have to go to a foreign [carrier]. It is much more expensive because it’s going to trade at a premium to the Jones Act vessels and that artificially raises the cost.
So we’re saying don’t export our product, but we’re hampering our ability to get that product where it’s being produced domestically to get it to a domestic consumption market. Therefore, by trying to say, ‘Hey, don’t export,’ all you’re going to do – create logistical nightmares, you’re going to swap certain markets, you’re going to deprive other markets of product, you’re going to create incredible arc opportunities. This is a boon for energy traders. It will do nothing to help alleviate the cost for the consumer at the pump.
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What don't I understand . If nothing makes sense , then the improbable has got to be the truth .
Star trek , Spock quote .
Don't forget, Biden did all this damage on his first day of office. Now we're still suffering and begging!!
She was a shitty governor and no that she joined Bidens harem shes an even bigger idiot, she has no experience in the energy field other then taking kick backs from companies, she shut down the idea of solar farms on vacant land in Michigan when she was playing governor, she should either resign or be fired.
is this whole segment a joke on basic economics?
Is there any Biden Appointee that's worth their weight in Schiff?
Fire Biden's energy secutary
Lock our oil to America only!!!
Another nut job
World is getting fedup against the Media News they can see clearly how they Colluded Bias against a World Power Media will be Held Liable so it seems World has all their Streams they can easily see and Hear they are being lied to and Decaveid Not Fooling American People not to Mention The entire World is Laughing at The Media will loose all.
When yall delete comments give a reason for the deletion reason!
What happens when morons run the govt.
complete idiots leading the world, go world, go
Well of course. None of them get those positions because of their knowledge of that field. Presidents just plug in holes with people from their party. She's a complete dunce when it comes to oil, and most other things outside the political realm. Anyone think Mayor Monkeypox Pete knows one thing about infrastructure? This shouldn't be a story – it goes for both parties and always has been. The arrogance of these people don't allow them to surround themselves with the real experts. You guys pointing out the obvious is a waste of time really. I had to go NBC and watch some of their news just to see what was happening in other parts of the world. FOX is a strictly political channel, 24/7. For all of us real people who are trying to live our lives and stay grounded, hearing political vomit 24/7 doesn't do anyone any good. It's harmful to the psyche of people.
IMO, SHE WAS A
TERRIBLE GOV. AND IS A TERRIBLE
ENERGY SECT. !!!!!!!!!!!!!
She needs to take her vitamins….she lacks energy.
Musk "gets it" because he is brilliant, Granholm "doesn't get it" because she chooses ideology and corruption over facts and common sense.
Granholm is the Antithesis of intelligent and devoid of common sense. She should throw away the glasses as they do not make her look smart because she then opens her mouth and says things so nonsensical and ridiculous that only a Leftist Nut or Biden himself could buy the nonsensical lies that come out of her mouth. Can you imagine a conversation between Granholm and Biden? LOL! It would be like Forrest Gump meets the town fool and I have no idea which would be which?
No matter what you are told by a news outlet. THINK FOR YOURSELF. Gather all the news you can on a subject, and THINK FOR YOURSELF.
Her job is to ruin the middle class, and represent the party donars, not the people.
FJB
Anything coming from the failed governor of Michigan is not worth listening to.