Oil Slick Stuff

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It is good to see oil falling below $100.00. But how can you explain gas jumping to $3.45/gal, here in Northeast Ohio, yesterday besides greed.
 
In a first, gasoline and other fuels are top US export


NEW YORK (AP) — For the first time in at least 21 years, the top export of the world's biggest gas guzzler, is — wait for it — fuel.

Measured in dollars, the United States is on pace this year to ship more gasoline, diesel and jet fuel than any other type of export, according to government records dating back to 1990.
Here are the top U.S. exports for the past six years, according to U.S. Census records.
___
2011 (Through October)
1 — Fuel: $73.4 billion;
2 — Aircraft: $70.8 billion;
3 — Motor Vehicles: $39.6 billion;
4 — Vacuum Tubes: $37.1 billion;
5 — Telecommunications Equipment: $33.2 billion.
Click to expand...

More:
http://news.yahoo.com/first-gas-other-fuels-top-us-export-200739553.html


So the biggest, most valuable United States of American export?

Fuel.

Gosh- I wonder how come we don't simply keep that fuel here, and then we could break our dependence on foreign oil.

Except it's not about the fuel. It's all about the money. Who will pay the most money? Even with our massive government subsidies, the oil companies still ship out the fuel to foreign customers and make record, record profits.
 
Gas at $3.49 today, up a dime from last week== Ethanol subsidies end at midnight, so the gas stations are bumping up pump price as a result.
 
Oil prices spike 4% on Iran supply threats

By Aaron Smith@CNNMoneyMarketsJanuary 3, 2012: 11:24 AM ET

NEW YORK (CNNMoney) -- Oil prices surged 4% Tuesday, fueled by continued anxiety over Iran's growing threat to shut down the Strait of Hormuz after the Iranian military launched a missile test.
"It's mostly about Iran right now," said Peter Beutel, analyst with energy risk management firm Cameron Hanover. "That's the most bullish factor."


Oil prices jumped 4% to $102.88 a barrel, up $4.05.
http://money.cnn.com/2012/01/03/markets/oil_iran/index.htm?hpt=hp_t3
 
Jan. 2, 2012 8:23 PM ET
Expert: Wastewater well in Ohio triggered quakes
THOMAS J. SHEERANTHOMAS J. SHEERAN, Associated Press Google

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CLEVELAND (AP) — A northeast Ohio well used to dispose of wastewater from oil and gas drilling almost certainly caused a series of 11 minor quakes in the Youngstown area since last spring, a seismologist investigating the quakes said Monday.

Research is continuing on the now-shuttered injection well at Youngstown and seismic activity, but it might take a year for the wastewater-related rumblings in the earth to dissipate, said John Armbruster of Columbia University's Lamont-Doherty Earth Observatory in Palisades, New York.
Brine wastewater dumped in wells comes from drilling operations, including the so-called fracking process to extract gas from underground shale that has been a source of concern among environmental groups and some property owners. Injection wells have also been suspected in quakes in Astabula in far northeast Ohio, and in Arkansas, Colorado, and Oklahoma, Armbruster said.
Thousands of gallons (liters) of brine were injected daily into the Youngstown well that opened in 2010 until its owner, Northstar Disposal Services LLC, agreed Friday to stop injecting the waste into the earth as a precaution while authorities assessed any potential links to the quakes.
After the latest and largest quake Saturday at 4.0 magnitude, state officials announced their beliefs that injecting wastewater near a fault line had created enough pressure to cause seismic activity. They said four inactive wells within a five-mile (8 kilometer) radius of the Youngstown well would remain closed. But they also stressed that injection wells are different from drilling wells that employ fracking.
Click to expand...
http://hosted2.ap.org/APDEFAULT/b2f...rthquakes/id-834b27f1182e420d9b8879890db56279
 
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