Global crude oil glut strains storage options

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... talk of collusion...
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...it is standard practice.
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There is no supply and demand concept that drives the price of oil or gas. It is driven by the investor's greed who want to make a killing with it. When it's summer the price of heating oil barely drops. The demand is down, but the price stays up why?. Gas prices will stay stabil unless one small refinery in the big picture has a fire or something then because of that, the price shoots way up. Even recently there was a reported refinery problem ,so the gas prices that were falling suddenly started rising. I really doubt one refinery's output effects the entire country's gas reserve.It's just greed and any excuse to cash in, and the government stands by and lets it happen. Does anyone remember when George Bush's term as president was just about over? when had the biggest jump in gas prices ever.Seemed like he was giving his friends in the oil business a little "thanks for the support bump" before he left the office. And if we really have soo much oil on hand, why isn't the price of fuel like in is in Saudi Arabia? They have lots of oil to.,,,
 
yeap, back in 2009 when prices dropped, big oil and speculators had oil sitting in tanker in the atlantic and pacific.

Greed has no end, I say price control oil and gas in US. if you want to exercise your patriotic right to pay more gas, sure go ahead and write a check to big oil.
 
The price going down for oil means there will be less drilling for new oil using the costly methods. That is already happening, read the stories of Houston.

We should just leave the tar sands oil in the ground. Just because there is oil in the ground does not mean we should go after it.

Scientists have determined that we need to leave about 2/3 of the oil in the ground and never pump it. Else we will speed up the climate change process more than it already is.
 
Originally Posted By: Donald
The price going down for oil means there will be less drilling for new oil using the costly methods. That is already happening, read the stories of Houston.

We should just leave the tar sands oil in the ground. Just because there is oil in the ground does not mean we should go after it.

Scientists have determined that we need to leave about 2/3 of the oil in the ground and never pump it. Else we will speed up the climate change process more than it already is.



I'm not sure I believe those 'scientists'..
 
Originally Posted By: pbm



I'm not sure I believe those 'scientists'..


The important question to ask any scientist is ...

Who signs your paycheck...?
 
The refineries with the help of the EPA can have a controlling effect on the price at the pump.

In a few months prices here in S. Cal have gone from $2.21 to $3.49.

What ever the price mechanism might be we will pay the price, those of us that have to drive to work or drive at work.

If the price is not high enough the politicians can get more involved to "help" us out and guarantee an even higher price. Politicians can make anything cost more and then tell us they are doing a great job help us.

The level of expertise displayed by our politicians in everything they do borders on blind self interest and purposeful sabotage.
 
Originally Posted By: OneEyeJack




If the price is not high enough the politicians can get more involved to "help" us out and guarantee an even higher price. Politicians can make anything cost more and then tell us they are doing a great job help us.

The level of expertise displayed by our politicians in everything they do borders on blind self interest and purposeful sabotage.


Interesting world you live in.
 
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Slightly off topic but try this for the UK fuel prices:

Tax on the fuel + further 20% tax on the total of the fuel and the fuel tax.
Not much incentive there for the government to want lower fuel prices regardless of what the oil price is.

The annoying thing here in the USA is that when fuel prices are low all that everyone talks about is when it will go up again. If that is what everyone says that they are expecting then that is what they will get. It's a self fulfilling prophesy.
 
Originally Posted By: geeman789
Originally Posted By: pbm



I'm not sure I believe those 'scientists'..


The important question to ask any scientist is ...

Who signs your paycheck...?


Good Point

We just had the coldest February ever.
 
Originally Posted By: simple_gifts
Originally Posted By: OneEyeJack
If the price is not high enough the politicians can get more involved to "help" us out and guarantee an even higher price. Politicians can make anything cost more and then tell us they are doing a great job help us.

The level of expertise displayed by our politicians in everything they do borders on blind self interest and purposeful sabotage.


Interesting world you live in.


I think he's angry about this:

Originally Posted By: OneEyeJack
In a few months prices here in S. Cal have gone from $2.21 to $3.49.
 
Originally Posted By: aa1986
^ There is some talk of manipulation by / collusion amongst refineries.


Who needs refinery collusion when you have Saudi manipulating the market?
 
Huh? The Saudi's are overproducing oil, helping to drive the oil price down, and they, and not refineries are somehow responsible for increasing prices at the pump?
 
Refineries are switching over to mandated Summer blends. With the current glut of oil can you imagine the price per gallon if there was only one 12 month blend for all of the US? Also if the US had built a few more refineries in the past 20 years?
 
Yeah, the Saudis aren't interested in ceding share to the other OPEC countries who need $100/barrel oil to make their economies solvent and will likely continue to pump. Although I think "cheap" oil is a relative thing if my gas price here went up 65 cents/gal in three weeks due to summer gas switchover, refinery shutdown, etc. How this actually relates to supply and demand and how this is priced into the market is always very suspect.
 
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