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O/T Oil/Gas

J

jhilyer

Member
Just heard on the radio this morning that the American Petroleum Institute says "oil reserves are suprisingly high" right now. Huh.

Unless gas prices are about to take a "suprising" dive, I'd say that pretty much shoots the law of supply and demand. Seems to me the system is broken.

But I don't blame the oil companies, and this crap about whether to keep tax breaks for them or not is a sham. I can't fault them for making a profit - that's the capitalist system, and it's worked pretty well over the years.

Futures traders, man. Driving the price of oil up. What do you think?
 
(quoted from post at 06:36:28 05/18/11) Just heard on the radio this morning that the American Petroleum Institute says "oil reserves are suprisingly high" right now. Huh.

Unless gas prices are about to take a "suprising" dive, I'd say that pretty much shoots the law of supply and demand. Seems to me the system is broken.

But I don't blame the oil companies, and this crap about whether to keep tax breaks for them or not is a sham. I can't fault them for making a profit - that's the capitalist system, and it's worked pretty well over the years.

Futures traders, man. Driving the price of oil up. What do you think?
Click to expand...

The old law of supply and demand no longer applies. That system was broken intentionally. I used to blame it on the commodities traders, but I think that is only a very small part of the current problem. There is a much deeper, much more sinister force at work here, and it is up to us to vote that sinister force out of power.
 
Doesn't really matter whats driving it everything is so out of whack and we the paying public just sit back and take it. they come out now telling about the mining industry and its free ride and nobody cares. I say everyman for himself and until we run the current population of the whitehouse out and install totally new blood nothing will change so why even raise your blood pressure talking about it?
 
I'm inclined to agree that there's more going on here than I thought,but I don't know that it's anything that we can "vote out". I don't think it has anything to do with anyone who is "elected".
With that said,yes,I can see where there would be a glut of product on the market. A week or two ago,one of the zit faced internet gas analysts was on the local news saying that we were using 9.1 million barrels of gas a day but only refining 8.8,but I don't think he took in to account the ethanol that was being blended WITH that 8.8.
 
I dunno, the fellers that passed me doing 70+ in their 1 ton pickups and their Escalades on 60 mph highways seem to have plenty of fuel. I figure they're in a hurry to get to a computer so they can get on a discussion forum and complain about the price.
 
(quoted from post at 06:36:28 05/18/11) Just heard on the radio this morning that the American Petroleum Institute says "oil reserves are suprisingly high" right now. Huh.

Unless gas prices are about to take a "suprising" dive, I'd say that pretty much shoots the law of supply and demand. Seems to me the system is broken.

But I don't blame the oil companies, and this crap about whether to keep tax breaks for them or not is a sham. I can't fault them for making a profit - that's the capitalist system, and it's worked pretty well over the years.

Futures traders, man. Driving the price of oil up. What do you think?
Click to expand...

US govt. and business is well aware that Americans have excess cash. All you have to do is look at the alcohol, gambling, sporting and even concert sales across the counry. Everything points to the fact that people that have massive amounts of excess cash.
 
Supposedly, according to talking heads on TV yesterday, we're going to see a $.40 to $.50 drop at the pumps in the next week. Of course, we heard the EXACT same words about a week ago, just before we had a $.48 INCREASE here.

I don't believe a flippin' word I hear about ANYTHING related to the economy.
 
(quoted from post at 06:58:17 05/18/11) I'm inclined to agree that there's more going on here than I thought,but I don't know that it's anything that we can "vote out". I don't think it has anything to do with anyone who is "elected".
With that said,yes,I can see where there would be a glut of product on the market. A week or two ago,one of the zit faced internet gas analysts was on the local news saying that we were using 9.1 million barrels of gas a day but only refining 8.8,but I don't think he took in to account the ethanol that was being blended WITH that 8.8.
Click to expand...

I agree the problem is deeper than what we can "just vote out" because we really have no idea WHO is pulling the strings attached to the puppet in the Whitehouse, but if we are very careful of which puppet we allow to be in power next time around, maybe we can start to turn this avalanche around.
 
Exactly. The price of oil goes down, I hear that there is actually an oil SURPLUS, but prices either stay the same or go higher. Something's rotten...
 
it does seem that no matter who you vote for the bureaucrats are the ones in charge and the politicians won't restrain them because the
bureaucrats are doing the dirty work the politicians
want done (abundant agenda) EPA , school system,
health and all the things that should be done by the
states . I don't see anyway to get away from it but
start over . I wish you luck trying to change it
politically . defunding all government agencies
might work
 
(quoted from post at 08:08:15 05/18/11) it does seem that no matter who you vote for the bureaucrats are the ones in charge and the politicians won't restrain them because the
bureaucrats are doing the dirty work the politicians
want done (abundant agenda) EPA , school system,
health and all the things that should be done by the
states . I don't see anyway to get away from it but
start over . I wish you luck trying to change it
politically . defunding all government agencies
might work
Click to expand...

A good start would be to totally defund the EPA.
 
There's an analyst by the name of Patrick DeHann that they trot out on the local news here. When they claimed there was a "problem at a refinery" near Chicago a few weeks ago that led to a 25 cent increase,he said the refiners never reveal what the problem is,but he said in that case he had found out that the "problem" had nothing to do with actual refining capacity,so yes,something stinks and it ain't my socks this time.
 
Normally speaking, crude oil reserves refer to proven, recoverable but undrilled and unproduced product, not actually what is in refineries, on tankers, in the pipleine system enroute etc. That amount is usually referred to as supply. As far as reserves go, I have been in the business since 1973 and the worldwide proven reserves of both oil and gas have increased every year, not decreased as many gov't officials and environmentalists would like everyone to believe. The reason for the increse of recoverable reserves is advancements in exploration, drilling and production/reservoir enhancing technology, same as a silicon chip of today storing the information that it took a cray computer of the 60's or 70's to process. The USA could easily become the heavy manufacturing powerhouse that it was in the 50's and 60's and pay good wages if we got serious about developing our nat. gas and oil resources within the lower 48. China and Japan run sweat shops and pay slave wages but they are both nearly absolutely dependent on imported energy, we don't have to be, cheap energy will always nnalert cheap labor.
 
They might be headed to a computer so they can find cheaper gas so they can drive 30 miles out of their way to save a nickel a gallon on their next fill up......
 
It back up over 100 bucks right now. Up 3.39 for the day and its only 12;30 pm eastern standard time right now. Still half a day to go.
 
(quoted from post at 11:12:21 05/18/11)
A good start would be to totally defund the EPA.
Click to expand...

Amen to that. And while they're at it, get rid of the State Environmentalists too. I'm tired of hearing about wetlands, hazmat teams for a 10 gallon diesel spill, not filling up on "ozone action days", etc.

As to the original topic, yeah, gas seems to jump when there's even a hint of a spike in crude oil prices due to demand, a refinery fire, overseas war, etc. But it sure is slow coming down. And it never seems to find that original low price point it was at when whatever caused it to spike passes. And I agree with some posters: doesn't matter who's in charge of the government, it's the bureaucrats who stay from regime to regime who cause us all the trouble.
 
rustyfarmall,

"WHO is pulling the strings attached to the puppet in the Whitehouse,"

Ask 'The Donald' he got shut-up quick, I don't recall any REAL proof for his dropping out of the birth debate and the back track of running for pres.
I have to laugh at the press' take on it.
 
(quoted from post at 10:26:44 05/18/11) rustyfarmall,

"WHO is pulling the strings attached to the puppet in the Whitehouse,"

Ask 'The Donald' he got shut-up quick, I don't recall any REAL proof for his dropping out of the birth debate and the back track of running for pres.
I have to laugh at the press' take on it.
Click to expand...

Exactly!! Until we learn who the real puppet master is, and somehow render him powerless, nothing else we do will make even the slightest difference.
 
jhilyer, and others,

Do you realize how many small and electric cars are on the road, the larger vehicles are waiting for longer trips and you're just not going out like you would normally do.

Just look at diesel fuel, at one time they said "you want cheap fuel buy a diesel" look what happened.

If you use it, up goes the price. "Supply & demand"!

Don't use it, up goes the price. "Profit & loss - CASH Flo - Company stock Market value - Speculators!

I predict Gas will drop, to get rid of the old gas before its no good.
AND then we start the blame game all over again, the usual suspects, big trucks, Gov., Spec., Greed, supply, China's usage, No USA drilling on and on.
 
Remember last time prices were sky high back in 08? When the economy tanked prices went from nearly $5 down to $2.29 in the matter of a week. Oil skidded from near $150 a bbl to $32. There was still plenty of gas. I think the oil price is what tanked the economy. Every body uses gas not everyone had one of those mortgages. So much for supply and demend, its all the traffic will bear.
 
LOL!! I have a neighbor that does just that. Drives his F350 halfway across the county to save .05 a gallon on diesel. And he whines about "having" to do it, constantly. He's 80 years old, and a very grumpy old man.
 
An article where? Even though no new ones have been built,obviously the existing ones have been expanded to keep up with demand or we would be in a constant shortage.
There was one here in mid Michigan,but when it came up for sale,there weren't any takers. No demand for existing refineries evidently.
 
tlak --- Because the 10th amendment to the U.S. CONSTITUTION reads, ''all powers not specifically granted to the federal government are reserved for the states'' --- States rights, you ever hear of them, you know, the reason the civil war was fought?
 
You guys forgot Mother Nature...The next thing will be that the flooding Mississippi "may" cause a tempory closure of the oil refineries. That should cause a "nice" spike in our fuel prices...$5 gasoline will be a reality.
 
Brian If refineries are the problem, why do we refine oil for Mexico...All the small companies have been bought out so there is no competition no more and more large companies are getting bigger, before long two large companies and you pay my price or nothing...same thing happening with phone companies...just wait its coming......
 
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