Oil Slick Stuff

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Offshore drilling was doing well in Congress - even keeping in mind some legislators will never vote for it - until BP had their major fiasco.
 
A change in the law is needed, to mandate that all Oil pumped in US Territorial Waters must be refined and sold in the USA. :D
DRILL DRILL DRILL oilgusher.gif
 
12/29/2010 - Updated 4:07 PM ET
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Crude dips dips from two-year high
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By Nick Godt, MarketWatch

NEW YORK (MarketWatch) — Oil futures fell back from a two-year high on Wednesday as investors took positions ahead of weekly supplies data and weighed odds that hard winter weather in the Northeast United States will boost demand.
Crude for February delivery finished the session at $91.12 a barrel, down 37 cents, or 0.4% on the New York Mercantile Exchange.
The contract on Monday hit a 26-month high of $91.88.
http://markets.usatoday.com/custom/...S&guid={FC7FE592-1352-11E0-9A9E-00212804637C}
 
12/30/2010 - Updated 10:22 AM ET
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Crude futures lower after jobs data
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By Laura Mandaro, MarketWatch & John Spence, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil prices fell Thursday, weighed by a slowdown in Chinese manufacturing and a jump in oil inventories.
Crude for February delivery [CLG11] was down 95 cents, or 1%, to $90.17 a barrel on the New York Mercantile Exchange.
Weighing on prices, the American Petroleum Institute late Wednesday said crude-oil inventories rose 3.1 million barrels in the week ended Dec. 24. Gasoline stocks fell 3.1 million barrels, while distillate stocks gained 1.38 million barrels, the trade group estimated.http://markets.usatoday.com/custom/...S&guid={E4EDF6C6-141F-11E0-9A9E-00212804637C}
 
James48843 said:
Where is it going now?

We export 1 million barrels a day.

We import 10 million barrels a day.
http://www.nationmaster.com/country/us-united-states/ene-energy

Even if we had such a law, we' d still have 9 million barrels of imports, plus we'd have higher prices.
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I imagine that much of the oil pumped off of our coast is shipped directly overseas. So now you are suggesting that a change like that would have NO EFFECT Oil exports? No links, No proof, No matter.:laugh:
 
12/30/2010 - Updated 12:21 PM ET
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Crude futures lower slip on supplies, China data
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By Nick Godt, MarketWatch & John Spence, MarketWatch

NEW YORK (MarketWatch) — Crude-oil futures fell to session lows on Thursday after the Energy Department reported a much smaller-than-expected drop in U.S. crude supplies, adding to concerns over a slowdown in Chinese manufacturing.
U.S. crude supplies fell 1.3 million barrels in the week ended Dec. 24, much smaller than the draw of approximately 3.2 million barrels analysts surveyed by Platts expected. A shallower drop in supplies indicates less demand for oil.http://markets.usatoday.com/custom/...S&guid={E4EDF6C6-141F-11E0-9A9E-00212804637C}
 
Much as I would like the idea on the refine and sell here, we can only do that with oil on federally owned lands and even then we would have a bad precident (Chavez nationalizes everything already, same with Russia/Gasprom). Otherwise other countries would demand the right to do the same thing - Saudi Arabia and their ilk have always wanted to demand all refining of their oil be done in-country - and the only reason they haven't been able to demand it is it breaks international agreements. Once the precident becomes "he who has the oil makes the rules" we get nasty policies from Russia, Saudi Arabia and other suppliers, and we would have no grounds to complain about the ultimate "he who has the oil makes the rules" - President for life Chavez of Venezuela and Europe would have no grounds to complain about the games played by Russia.

Personally, I think the problem is Oil is currently being played in the market like gold or silver, and it's not the same kind of commodity. Oil futures do not appear to be taking out the random ups and downs of pricing - the opposite seems to be occuring.
 
I've been over this before, but the USA has limits on the amount of Crude that may be exported to other countries. If the Oil in our international waters was treated the same way we would be in a different situation.

Excerpt:

USA. Export Sales of Crude Oil​

America’s northerly neighbor Canada is the sole customer for U.S. crude oil exports. Canada bought US $1.8 billion worth of crude oil from the U.S. in 2009, down 21.8% from the prior year.​
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12/31/2010 - Updated 8:51 AM ET
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Oil stays under $90, heads toward 2010 gains
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By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) — Crude-oil futures remained under $90 a barrel on Friday with the commodity poised for its second yearly rise on thinking that the global recovery will heighten demand for energy.
Benchmark crude for February delivery [CLG11] was down 49 cents at $89.35 a barrel in electronic trade on the New York Mercantile Exchange.http://markets.usatoday.com/custom/...S&guid={A8285806-14DF-11E0-9A9E-00212804637C}
 
Oil falls below $90 amid light year-end trading

Oil falls below $90 a barrel in Europe amid year-end profit-taking after rally




Pablo Gorondi, Associated Press, On Friday December 31, 2010, 11:11 am


Oil prices slipped further below $90 a barrel Friday as investors took profits amid light year-end trading volume. Despite the fall, oil prices are set to end the year around 12 percent higher than where they started -- a clear signal that the global economy has returned to growth following the worst recession since World War II .
By early afternoon in Europe, benchmark oil for February delivery was down 37 cents to $89.47 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost $1.28 to settle at $89.84 on Thursday.
http://finance.yahoo.com/news/Oil-f...88.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
Find a Snopes opinion on this one!;)

Opinion

The 6 Myths About Oil

By Alex Epstein
Published December 29, 2010
| FoxNews.com
Every American consumes an average of three gallons of oil a day. Republicans and Democrats call this reliance on oil an “addiction”—an irrational, self-destructive habit that must be broken as soon as possible. This year's BP oil spill disaster is only making the chorus to “end our addiction to oil” louder. But if we examine the most common arguments for this idea, we see that they are myths. Oil is a vital, viable, and desirable part of our energy future.
http://www.foxnews.com/opinion/2010/12/29/myths-oil/
 
Russia finds the addiction VERY profitable..Too bad we are not as smart as the Ruskies:mad:


With the commissioning of the Eastern Siberia - Pacific Ocean pipeline (ESPO), Moscow is carving out a large chunk of the world's second-largest energy consumers' market.
"The shipments started at 0030 (4:30 p.m. EST on Friday). We plan to pump 1.3 million tonnes of oil in January," Igor Dyomin, a spokesman for Russian oil pipeline monopoly Transneft, told Reuters.
According to the final schedule for crude oil exports andtransit, in January-March 2011, Russia will ship 3.68 million tonnes of oil to China via ESPO.
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Brace yourself, you might think about breaking out the bicycles or something like this!:o View attachment 10402

Gas prices: Bracing for more pain at the pump



Click chart to see gas prices in your state By Laurie Segall, staff reporter January 1, 2011: 9:09 AM ET

NEW YORK (CNNMoney.com) -- Drivers may be bracing for more pain at the pump in 2011 as gas prices continue to head higher.
The price for a gallon of gas has risen 3% over the past 12 days and last week, prices crossed the $3 mark for the first time since October 2008. At $3.073 a gallon, gas prices are still 25% below their peak of $4.114 set in July 2008.
http://money.cnn.com/2010/12/30/markets/oil_commodities_gas/index.htm
 
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