Oil Slick Stuff

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I surely am mistaken, but read it somewhere?
You're half right. Yes, despite its role as the world’s largest importer of oil and refined products, the U.S. also exports fossil fuels. As of March, the latest data available, U.S. oil refiners were exporting more than 1.8 million barrels a day of crude oil, gasoline, diesel, jet fuel and other refined products. The top five destinations for U.S. fuel were Mexico, Canada, the Netherlands, Chile and Singapore.
http://www.msnbc.msn.com/id/24881660/

Did I say Oil? From the link OIL REFINERS WERE EXPORTING above: Limitations!
Notes: Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) certain domestically produced crude oil destined for Canada; (4) shipments to U.S. territories; and (5) California crude oil to Pacific Rim countries. Totals may not equal sum of components due to independent rounding. See Definitions, Sources, and Notes link above for more information on this table.
 
My main expertise is natural gas, so I'll give an example from that commodity. Nat. Gas is generally produced in the same areas as oil. Alaska produces a lot of natural gas, but recently it's been cited that there's a shortage of nat. gas supply for residents of Alaska. Why? It's being exported.

Oil is a global commodity and, unless we're ready to wall ourselves off from the rest of the world, we're subject to the price impact of global demand increases. I wish it were simple...i.e. increased domestic production equals increased domestic supply equals cheaper price at the pump. Foreign trade means our domestic supply is lumped in with global supply and balanced against global demand. At least, that's my take from what I've gathered.
 
Wrngway said:
My main expertise is natural gas, so I'll give an example from that commodity. Nat. Gas is generally produced in the same areas as oil. Alaska produces a lot of natural gas, but recently it's been cited that there's a shortage of nat. gas supply for residents of Alaska. Why? It's being exported.

Oil is a global commodity and, unless we're ready to wall ourselves off from the rest of the world, we're subject to the price impact of global demand increases. I wish it were simple...i.e. increased domestic production equals increased domestic supply equals cheaper price at the pump. Foreign trade means our domestic supply is lumped in with global supply and balanced against global demand. At least, that's my take from what I've gathered.
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Gotya, it is that way, but according to the below there are restrictions on OIL (Oil not gas etc.) What I read really said something like OIL pumped in Texas stays in the USA which may basically be true, if in the continental US. Is offshore still in the continental US, how about the Gulf of Mexico? I'm sure L2R will find the straight dope!:D

Notes: Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) certain domestically produced crude oil destined for Canada; (4) shipments to U.S. territories; and (5) California crude oil to Pacific Rim countries. Totals may not equal sum of components due to independent rounding. See Definitions, Sources, and Notes link above for more information on this table.
 
nnuut said:
I surely am mistaken, but read it somewhere?
You're half right. Yes, despite its role as the world’s largest importer of oil and refined products, the U.S. also exports fossil fuels. As of March, the latest data available, U.S. oil refiners were exporting more than 1.8 million barrels a day of crude oil, gasoline, diesel, jet fuel and other refined products. The top five destinations for U.S. fuel were Mexico, Canada, the Netherlands, Chile and Singapore.
http://www.msnbc.msn.com/id/24881660/

Did I say Oil? From the link OIL REFINERS WERE EXPORTING above: Limitations!
Notes: Crude oil exports are restricted to: (1) crude oil derived from fields under the State waters of Alaska's Cook Inlet; (2) Alaskan North Slope crude oil; (3) certain domestically produced crude oil destined for Canada; (4) shipments to U.S. territories; and (5) California crude oil to Pacific Rim countries. Totals may not equal sum of components due to independent rounding. See Definitions, Sources, and Notes link above for more information on this table.
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Those are the top five destinations but not the ONLY destinations. Count Japan and other Asian countries (I know Japan is Pacific Rim). For a long time after WWII, we were the sole source of fossil fuels for Japan. It's precisely because of the "limitations" above that drilling ANWR will NOT mean more/cheaper oil for the domestic market - see #1 and #2. #3 and #4 are drawn from ALL oil-producing states. Also, it's clear exports are NOT limited to 3, 4, 5 above since The Netherlands doesn't fit any of them - it's not part of Canada, it's not a US territory, and it's not a Pacific Rim country (Mexico, Chile and Singapore are). So, no, oil drilled in Texas doesn't have to stay in Texas..or anywhere else in the USA for that matter. The same applies to offshore oil.

More oil drilled = more oil for export to where demand is highest for the greatest profit. Free market principles.
 
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Japan buys from IRAN, also!!! The NOTES on the chart are not limited to the top 5!:cool:
Do you see what I mean?
 
nnuut said:
Japan buys from IRAN, also!!! The NOTES on the chart are not limited to the top 5!:cool:
Do you see what I mean?
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Yes, I'm sleepy.;)

So why not stop exporting and stockpile for ourselves? No can do....we're part of the global oil market and if we did it, everyone except OPEC would do it. OPEC would be back in the driver's seat. Does anybody else realize this is the first time since 1976 that OPEC has NOT been in control of the oil market....CONSUMERS are? We are driving the price down by cutting back on use.
 
Oil rebounds from 3-day slide

Crude futures climb above $130 a barrel. Recent decline has taken $16 a barrel off prices.

Updated: July 18, 2008: 5:58 AM EDT

SINGAPORE (AP) -- Oil climbed back above $130 a barrel Friday in Asia as news of an output cut in Nigeria helped to halt the steady decline in prices that began three days ago.
Eni SpA said Thursday that it had shut down pipelines carrying 47,000 barrels of oil a day after a "sudden drop of pressure."
A Nigerian military official said an explosion had damaged an Eni pipeline in the country's oil-rich south early Thursday, although he didn't know how severely.
"I can confirm that there was an explosion, but we don't yet know if the pipeline was vandalized or if it was an accident," Col. Chris Musa, the head of the Bayelsa State military, told The Associated Press.[more]
http://money.cnn.com/2008/07/18/markets/oil.ap/index.htm?cnn=yes
 
Settle........$128.88.........-16.20 For the week:D Sorry wrong data!! FIXED!
How low can she go?:worried:
 
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Gasoline has dropped an averge .06/gal today..

So I guess going by L2R's way of thinking..that was due to the lower oil prices last October:rolleyes:
 
Buster said:
Gasoline has dropped an averge .06/gal today..

So I guess going by L2R's way of thinking..that was due to the lower oil prices last October:rolleyes:
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Isn't it funny that the Politicians try to get all the press they can when
prices go up. But they simply can't be found when the price of gasoline
drops 10x's slower. At least, thats the way it appears to me.

$128.88 per barrel. Is it my confussion over the corallation between oil
and gas ? I ask anyone willing to teach me. The last time oil was at
$128.88 per barrel, what was the National Average for the price of Gas
at that time? Now, whats the National Avg. Price for Gasoline Today ?

Is the Average Price higher in comparison, if so why ? With all things
being equal, I would have thought that gasoline prices at the pump
would reflect (generally) the same price as when Oil was last priced
at 128.88 per barrel. I'M SOOOOOOOO CONFUSED ! :confused:
 
All I know is there is a time lag between Oil prices and Gas prices. Refineries buy oil at $128, store it and then make Gas, the price isn't reflected until they distribute the Gas made with the lower priced Oil. Supposedly before the price is lowered the local Gas stations have to sell the higher priced product that is in their tanks and the distributors have Millions of Barrels bought at higher prices that they need to sell before the cheaper Gas can be sold. Futures are products bought ahead of time. By purchasing FUTURES they guarantee todays price months ahead trying to out guess future prices, if they buy well they make more money. So we have the TRICKLE DOWN EFFECT for products that are made from OIL.:cool:
 
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Some info from our friends at BBC!:)


Why the oil price keeps rising



oil_price2_466x300gr.gif
Oil has hit a new high of $139 a barrel, only six months after hitting the $100 mark. The continued rise is partly due to a shortage in supply and continued demand from market investors convinced the price will keep on rising. Chart how the price of oil has risen - and fallen - since 1970 against a background of key world events. [more]
http://news.bbc.co.uk/2/hi/business/7431805.stm
 
Gas dropped another .26/gal..today......I paid $3.57/gal for regular at Conoco and it is pure gasoline too..That must be from oil prices before Katrina....Go figure:rolleyes:
 
Analysts Ponder If Oil Bubble's Burst

Oil Recorded Another Drop Friday, Placing It Almost $20 A Barrel Lower Than Its Peak


image4274768g.jpg
​
Oil traders react during trading activity on the floor of the New York Mercantile Exchange, July 18, 2008. (AP Photo/Bebeto Matthews)

(AP) The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped?

Experts won't go that far just yet.

"It's too early to say we've seen the worst of it," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, New Jersey "We would be Pollyannish if we believe one week represents a trend."

Still, with oil recording yet another drop on Friday, some industry experts who just days ago thought there was more juice left in oil's meteoric run are reconsidering.

"If this is not the bubble's implosion, than it's a reasonable facsimile," analyst and trader Stephen Schork said in his daily market commentary. "Time will tell. Nevertheless, for the time being we no longer care to hold a bullish view."

Light, sweet crude for August delivery fell 41 cents Friday to settle at $128.88 on the New York Mercantile Exchange - well below its trading record of more than $147 a week earlier.

The average price of a gallon of regular gas fell about a penny for the day, to $4.105 according to auto club AAA, the Oil Price Information Service and Wright Express. Diesel prices dipped three-tenths of a cent to $4.842 a gallon.

Some analysts said a nationwide average of $4 or even lower could be in the offing - almost unthinkable in a summer when there has seemed to be no relief at the pump - although they cautioned that there is no guarantee prices will stay low. [more]http://www.cbsnews.com/stories/2008/07/18/business/main4274769.shtml
 
although they cautioned that there is no guarantee prices will stay low.
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All Can say is these numbnuts need to STFU!!!!:mad:

If that ain't a non committal statement, then I don't know what is...It's like the weatherman on TV saying we have a 50% chance of rain..Asshats..!!!!:mad::mad::mad:

May diseased Camel flees infest your crotch
 
Buster said:
Gasoline has dropped an averge .06/gal today..

So I guess going by L2R's way of thinking..that was due to the lower oil prices last October:rolleyes:
Click to expand...

nnuut said:
All I know is there is a time lag between Oil prices and Gas prices. Refineries buy oil at $128, store it and then make Gas, the price isn't reflected until they distribute the Gas made with the lower priced Oil. Supposedly before the price is lowered the local Gas stations have to sell the higher priced product that is in their tanks and the distributors have Millions of Barrels bought at higher prices that they need to sell before the cheaper Gas can be sold. Futures are products bought ahead of time. By purchasing FUTURES they guarantee todays price months ahead trying to out guess future prices, if they buy well they make more money. So we have the TRICKLE DOWN EFFECT for products that are made from OIL.:cool:
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Buster's right...but it's not "my way of thinking", it's how things work. Norm is exactly correct. The drop in gasoline prices is NOT in response to this week's oil prices....that's from oil sold MONTHS ago at lower prices. The $140+ oil hasn't even been delivered for refining yet. By law gasoline has to be priced according to the price of the oil refined, not the price of oil the day the gasoline hits the pump.

A note on price gouging...Gas station owner here just went to jail for putting 83 octane in his holding tanks and selling it as 89 octane. 3 days in jail and a $500 fine...a misdemeanor. He's getting sued by owners of vehicles that require the higher octanes for best performance.
 
Buster said:
May diseased Camel flees infest your crotch
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Hey!! You stole that one from CARNAC the MAGNIFICENT, right?
I like this one:
[FONT=Arial, Helvetica]May a desert weirdo lower his figs into their mother's soup. :laugh::laugh:[/FONT]
 
luv2read said:
Buster's right...but it's not "my way of thinking", it's how things work. Norm is exactly correct. The drop in gasoline prices is NOT in response to this week's oil prices....that's from oil sold MONTHS ago at lower prices. The $140+ oil hasn't even been delivered for refining yet. By law gasoline has to be priced according to the price of the oil refined, not the price of oil the day the gasoline hits the pump.

A note on price gouging...Gas station owner here just went to jail for putting 83 octane in his holding tanks and selling it as 89 octane. 3 days in jail and a $500 fine...a misdemeanor. He's getting sued by owners of vehicles that require the higher octanes for best performance.
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I really don't know if all that is true but it takes time. I've seen current economic geopolitical conditions effect the price of Gas at the station within 2 weeks, how, why, I don't know!!! :confused:
 
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