You might want to gas up today.

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1,509
Location
texas
Originally Posted by Kestas
I thought the US is a net exporter of oil and is now immune to the instabilities in the Mideast.
Arguably, the overall US economy is now neutral to the price of oil (please don't throw tomatoes at me!), but that doesn't mean the price of oil in the US is immune to instabilities in the Mideast. I.e. if ME oil production is curtailed, demand for US and other non-ME oil increases to fill the shortfall. Much depends on how long and sustained any loss in production is.
 
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2,778
Location
USA
No domestic producer is going to let their oil go for cheap on the domestic market when they could export it and get a higher price. So there ends up being only one price regardless of where the oil is produced or consumed.
 

4WD

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13,527
Location
Texas
Interesting he'd been in and out of there lately ... and was there really close to the embassy problem
 
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83
Location
Virginia
Originally Posted by 02SE
Originally Posted by Snagglefoot
Something happened in Baghdad.
One less terrorist.
...ah, yes -- that.
 
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8,953
Location
MA
Originally Posted by Kira
A faint suggestion of "lock" is in the air.
Yeah, but nobody said anything yet. I think there's excess capacity, I think output was cut recently. So if there's any real issues, output can just increase again. Plus I think output from shale is down due to low prices so if it stays up for long, it will probably increase again. Just a temporary gut reaction. Still the original premise might still be considered good advice.
 
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1,063
Location
Ontario, Canada
The reality doesn't matter to the oil companies, they use any & all excuses to raise the price of oil... Hark a sparrow f*arted in (you pick where) price of oil will go up.
 
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Messages
588
Location
Raleigh NC
Originally Posted by Donald
I will be it will be a temporary spike.
Yes, current demand doesn't support prices much higher than they are now, in fact they should be going down for the next month or so. It would take a fairly major disruption to turn them the other way for very long. Of course distributors and stations love to play speculator when this kind of news comes out, so you get an immediate but temporary .10 hit, plus prices are still up some from the holiday. You'd be better off to wait a week to fill up if you can.
 
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1,906
Location
Canada
Originally Posted by mk378
No domestic producer is going to let their oil go for cheap on the domestic market when they could export it and get a higher price. So there ends up being only one price regardless of where the oil is produced or consumed.
Export capacity is limited. People in, for example, Minnesota or Illinois, which are mostly on Canadian feed, may very well see no difference as their refineries are configured basically to mostly take Canadian feed, and the supply chains cannot easily redirect that production elsewhere.
 
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6,984
Location
SE British Columbia, Canada
Thread starter
Originally Posted by pitzel
Originally Posted by mk378
No domestic producer is going to let their oil go for cheap on the domestic market when they could export it and get a higher price. So there ends up being only one price regardless of where the oil is produced or consumed.
Export capacity is limited. People in, for example, Minnesota or Illinois, which are mostly on Canadian feed, may very well see no difference as their refineries are configured basically to mostly take Canadian feed, and the supply chains cannot easily redirect that production elsewhere.
The mid west refineries love WCS (Western Canadian Select) It's basically pipeline grade bitumen diluted with condensate. It's only $ 38 US per barrel but requires specialized refining equipment which all the mid west refineries have.
 
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1,739
Location
Cincinnati, USA
Seriously 3% gets you motivated? Every day, 3% price variance doesn't surprise me. I mean how hard is it to shave 3% off the amount of ham on a sammich, or 3% less toilet paper since you ate 3% less ham? wink The little things aren't worth the bother. If you have to be a slave to efficiency in everything to the tune of 3%, it will ruin your life.
 
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4,839
Location
VA
Originally Posted by 02SE
Originally Posted by Snagglefoot
Something happened in Baghdad.
One less terrorist.
thumbsup
 
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