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Saudi Arabia – source of an impressive 15% of exports to the U.S. -- is holding its dance card close to the chest. It either could supply the US reliably over the next few decades, or, through its OPEC power, increase the price of crude even more. Despite the relatively stable relationship between the U.S. and the Saud family, rising regional tensions, increased Islamic militarism and ongoing Israeli-Palestinian tensions could threaten exports. And, the U.S. presence in Iraq has implications for the stability of Saudi Arabia’s supplies, too. Should the U.S. pull out of Iraq, any implied chance of U.S. troops supporting Saudi Arabia, should push come to shove, disappears. (How likely would the U.S. be to send troops back to Vietnam?) This could leave the Saud’s looking elsewhere for security guarantees – guarantees that would invariably be purchased with a realignment of oil sales to suit the new benefactors.

by Marin Katusa[FONT=times new roman, times]
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The country should be figuring out a way to use less oil, not drill more, and that it's counterproductive when it comes to reducing greenhouse gas emissions.

Just my opinion(be nice). I agree totally with the statement above.

Maybe someone can tell me what it means when they say:
They also say it would lessen U.S. dependence on foreign oil.
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Is oil not traded on a world market. Do people really believe because the oil came out the Gulf of Mexico the oil companies will give us a break on prices. I DO NOT!
 
Nice to hear from you, join the fray!!:D
Check out this post at the link below.
http://www.tsptalk.com/mb/showpost.php?p=171876&postcount=3594

This article is rather interesting:
The location of refineries plays another role in exports: Not all refineries in the United States are U.S.-owned. For example, Venezuela owns the three CITGO refineries in the United States. Most of the 750,000 barrels a day of fuel produced at those refineries is sold at the nation's 14,000 CITGO gas stations, but about 30,000 barrels a day is shipped back to Venezuela, where you can fill up for the government-subsidized price of 19 cents a gallon.
It’s also true that the U.S. exports crude oil — but only little. According to the latest Department of Energy figure, about 29,000 barrels of U.S. crude left the country in March — and all of it went to Canada, which sends roughly 2.5 million barrels day our way.[more]
The exports to Canada represent a small part of the output of Alaskan oil that can be cheaply shipped to nearby parts of Canada.
http://www.msnbc.msn.com/id/24881660/
 
Hey Nuut and the Oil Slick group,

What impact do you guys think SemGroup's demise had on rising oil prices? They disclosed a $2.4 Billion loss based on bad futures bets on 7/24. I'm sure a few Hedge Funds probably aided in putting a run on this company when the rumors hit the pits regarding a company on the brink due to bad futures bets. Look at the impact the Amaranth mess had on the natural gas market in 2006.

Now that SemGroup is done unwinding their bets, at the very least it should further lighten up on the buying pressure for Oil in the near term.
 
I really didn't catch the word on this happening and associate it with the price of Oil until I read your post.:embarrest: Yes, after your info and what I found in the linked article, these boys made the wrong bets and paid the price, as it seems Amaranth did in 2006. Maybe it will discourage the remaining Hedgies to back off?:notrust:
Thanks for the info Bullitt come back more often, you're always on top of things.:cool:
http://www.tulsaworld.com/news/article.aspx?subjectID=11&articleID=20080803_351_E1_spancl478816
 
Katrina and Rita only took out 109 Platforms and drill rigs, out of the 2900 in their paths..and Most of those those that were crippled, were at the end of their service life anyways

So this little tropical storm ain't gonna hurt anything..But there are those that will take every opportunity to cash in on the hype;)
 
I don't think it will do much unless it slows down to about 3 MPH and gains one hell of a momentum!!!! Watch the reaction in the morning!!:cool:
 
Oil halts climb, but storm threatens

Crude prices hover around $125 a barrel as traders keep eye on tropical storm.

Last Updated: August 4, 2008: 7:20 AM EDT



crude.bc.gif

NEW YORK (AP) -- Oil prices were steady near $125 a barrel Monday as the market kept on eye on a tropical storm that could affect oil facilities in the Gulf of Mexico. Concerns that a showdown over Iran's nuclear program could threaten crude supplies out of the Middle East also buoyed up prices.

By midday in Europe, light, sweet crude for September delivery fell 7 cents to $125.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.02 on Friday to settle at $125.10 a barrel.
In London, September Brent crude was up 29 cents at $124.47 a barrel on the ICE Futures exchange.
The National Hurricane Center issued a hurricane watch Sunday for the coast of western Louisiana and eastern Texas, which means that hurricane conditions are possible from Tropical Storm Edouard within the next 24 hours in the area.
The fifth named storm of the 2008 hurricane season has sustained maximum winds of about 50 miles per hour. By Sunday night, Edouard was located about 80 miles east-southeast off the mouth of the Mississippi River and about 390 miles east of Galveston, Texas.
Regarding Iran, U.S. Secretary of State Condoleezza Rice said Saturday that the United States would have no choice "but to begin again to prepare sanctions resolutions for the (U.N.) Security Council" if Iran did not halt the development of its uranium enrichment program.
Rice said that given the U.N.'s current scheduling, sanctions probably could not be expected in the next few weeks, but the U.S. will begin working with allies toward that goal.[more]
http://money.cnn.com/2008/08/04/markets/oil.ap/index.htm?postversion=2008080407
 
One this close to shore you should worry more about the REFINERIES than the platforms.....if the refineries are shut in there ain't gonna be no gas.
 
How messy is natural gas extraction? Can we do that offshore with less chance of dead fish/oiled birds and other problems? We have lots of offshore natural gas reserves. Yes, I know its a greenhouse gas, but NOx is worse (burning gasoline = air pollution) and coal is just as nasty producing SOx (Sufuric Acid, yum!).
 
Silverbird said:
How messy is natural gas extraction? Can we do that offshore with less chance of dead fish/oiled birds and other problems? We have lots of offshore natural gas reserves. Yes, I know its a greenhouse gas, but NOx is worse (burning gasoline = air pollution) and coal is just as nasty producing SOx (Sufuric Acid, yum!).
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I don't know, think I'll ask TBone Pickins!!:D
 
Silverbird said:
How messy is natural gas extraction? Can we do that offshore with less chance of dead fish/oiled birds and other problems? We have lots of offshore natural gas reserves. Yes, I know its a greenhouse gas, but NOx is worse (burning gasoline = air pollution) and coal is just as nasty producing SOx (Sufuric Acid, yum!).
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Yes NG is much cleaner to burn..But a lot of the wells are associated with crude oil as well..so in a lot of cases you get both out of the same well...

However there is an abundance of Clathrate hydrate (Gas Hydrates) in the Arctic regions and now the technique for harvesting it has been mastered..so there will be plenty of NG for years to come.

http://en.wikipedia.org/wiki/Gas_hydrates
 
Buster said:
Yes NG is much cleaner to burn..But a lot of the wells are associated with crude oil as well..so in a lot of cases you get both out of the same well...

However there is an abundance of Clathrate hydrate (Gas Hydrates) in the Arctic regions and now the technique for harvesting it has been mastered..so there will be plenty of NG for years to come.

http://en.wikipedia.org/wiki/Gas_hydrates
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Good post, Buster! Also, there's an abundance of gas hydrates in the deep, cold waters of the Gulf of Mexico in areas already explored and under lease by the oil companies; gas hydrates aren't isolated in the Arctic and other cold pristine regions of the globe.
 
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