We actually do produce roughly the same amount of oil as we use. Our refineries are set up to turn heavy crude into gasoline. The US oil reserves are sweet crude oil which our refineries are not set up to turn into gasoline. This is a choice of the oil companies as a way to increase profit by being able to negotiate on the international market pricing of barrels of raw crude oil. The same is true about tar sand from the keystone xl extension that was never completed our refineries do not process that into gasoline. Tar Sand is used for making plastic we make some of that here, but a lot is exported to places like China that make dollar store plastic items and a lot of other items from inexpensive foreign labor.
Most of the US now realizes the media and other power players in our institutions of production and information are lying, but there are still some that hang onto their misguided information as actual fact. They could cut production and because the US production had dropped close to 2 million barrels per day they could raise prices. Once they raised prices, they could cut production further and still get the income. It was a virtuous cycle for them, but horrible for the Western world. The hotter oil temperature means that the water on the outside of the potato can boil off, and that allows the outside to become drier and crispier and to undergo the Maillard reaction which means it will brown. Cooking in boiling water can reach Maillard reaction temperatures in special pressure cookers, but it won’t just happen at the surface, and it will be too much of a good thing and the food will just taste off.
In history Standard oil was the most profitable company have you heard of Rockefeller? Today I would suggest ROYAL DUTCH SHELL might be the most profitable because of its worldwide presence! The American Fuel & Petrochemical Manufacturers (AFPM) claim utilization is currently at 95% – those however are not ‘official’ numbers but I’d expect they are fairly accurate. Which if they have crept up above the 90s is high normal actually. It rarely reaches much above 95% and only briefly so when it has in the past. Considering that profit margins are typically a percentage of the sales price which is determined by the product cost and crude oil at record high prices is the main component I’d be surprised if they weren’t making record profits. It’s called business.
According to one Green Group, the top 5 oil producers made 35 billion in the first quarter of 2022 and THAT WAS ONLY SLIGHTLY MORE THAT THE SAME TIME IN 2021 FIRST QUARTER! The oil change light is a reminder that the oil is either no longer fully properly operating at the factory specs limits (Due to excess mileage, age, or deterioration.), or even possible oil dilution from too many cold engine operations or possible engine internal leak [Coolant]or wears [Gasoline dilution in the oil]. Even on the simplest of oil change reminder lights, the oil is probably operating below factory best specs.
So yes, you can still continue to finish your current drive, but make plans to get the oil/filter changed as soon as you can to keep the engine’s operations as fit as possible (As well as the engine’s overall life.). Probably somewhere around 40%. It’s a difficult question because different parts of the refinery have different minimum operating conditions. This is especially so with the sulfur recovery unit (SRU). Some refineries are designed to operate the units independently, so while the crude unit is down the alky unit could still be processing feedstock.
There is no energy transition, just a political pause. Life will return to normal in a couple of years when Americans realize this administration has fooled them into thinking the government will take care of them. We need the liberty our founders bestowed to us to be able to take care of ourselves in a prosperous economy. Elections have consequences. Remember that most of the global oil, and consequently the prices, come from OPEC, Venezuela, Brazil, Saudi, Russia, etc. They set the prices for the raw product, not the big oil companies. Big oil companies are, in some cases, buying oil at inflated prices, costing them big time.
The activists start pretending there is a “social” cost that oil must pay and unlike any other industry need not be able to deduct expenses paid to acquire and process oil. One producing trend is called the Sunniland trend, on the Gulf Coast south of Tampa, IIRC. The other is in the Jay Field area at the tip of the Panhandle. Current total production for the state is about 4–5,000 barrels per day, down from almost 120,000 barrels per day in the early 1980s. I can remember when Exxon had a producing office in Pensacola — that must have been some pretty nice duty. Problem is — with all the damage done to the industry in 2020, new drilling fell to meet demand, and demand for expensive local oil disappeared while the Russians and Saudis supplied a glut of cheap oil. Drilling kicked up in 2021 but was in catchup mode by an industry that had lost companies and workers. Things have picked up quite a bit, but the industry can only drill so many wells at one time and it takes nearly a year from start to finish for a well to come online.