Oil economics

“His intentions seem admirable, but big corp., again smack of big auto and oils replacement.

His content referral to gov. research gives me pause. how many independANT thinkers will he take out this time?
last edited: 7/10/08 6:00:10 AM”

“I think Iran's screwing with us just because they can!”

“The 'Hulk' has little defence from enough 'killer bees'.”

“Arctic May Hold 90 Billion Barrels of Oil, U.S. Says

http://www.bloomberg.com/apps/news?pid=20601082&sid=aqEDMhrCvp28”

“http://www.rockymountainnews.com/news/2008/jul/22/city-gives-dnc-host-committee-pass-gas-tax/

The democrap committee hosting the Democratic National Convention has used the city's gas pumps to fill up and apparently avoided paying state and federal fuel taxes.”

“so a group of people that are generally in favor of taxes are not paying them? Nice.”

“Democraps think Laws are for the little people, not themselves.”

“The drilling will never happen. Too many people fighting over it, how to do it, who will do it and benifit.

Time to find an alternative source.”

“The drilling WILL happen, but probably not by us. No reason we can't do both--drill and find alternative sources.”

“While we've had our noses in the rest of the worlds business, Hollywood has become our own reality.”

“http://money.cnn.com/2008/07/24/markets/cftc/index.htm?cnn=yes

Sorry above posted from the stupid website”

“From some articles I read a few weeks ago, the Russians began conducting military exercises in the Arctic. Unlikely they plan to let oil and gas remain in the ground if that's the case.”

“All President Bush had to do was say he was lifting the ban on off shore drilling and the price of oil went down.

Drilling = lower gasoline prices. Duh!”

“uh huh, as the prospect of a few drops ten years down the line was enough to send prices for August down.

Prices went down because we're all starting to use less gas due to poor economy.”

“The first half of 2008 oil consumption increased 520,000 barrels per day. You might want to check your math, Y2.

http://www.eia.doe.gov/steo”

“There you go again, bacpac, using facts on a socialist.”

“http://www.cnn.com/2008/US/07/23/mississippi.spill/index.html

Look a river of oil!”

“From your own EIA link Bacpac

U.S. consumption is expected to decline by about 400,000 bbl/d in 2008. Adjusting for increased ethanol use, U.S. petroleum consumption is projected to fall by 530,000 bbl/d in 2008.”

“US consumption does not= world wide consumption. WH any apples and oranges floating in the old Oilissippi?”

“World consumption is still going up, Y2.

World consumption is the basis for oil pricing, not the US market alone or the unnamed, nonexistent CEO's in the futures market as Obama claims.”

“Well in a way Bacpac, but it's more complex than that.

A lot of it is US money coming away from the commodities markets.

US consumption is seen as reflective of an economic climate which will probably spead globally.

What's the betting the EIA revises these estimates.”

“Revising the estimates will affect the price. Until they do I will stand by my statement that the recent price drop was a result of President Bush removing the ban on off shore drilling. If we started drilling the price would continue to drop.”

“Seriously - you believe that? You believe that the prospect of more oil 10-20 years down the road was enough to send oil lower. Even with most observers agreeing that this won't get through congress.

You'll struggle to get a contract 10+ years out, certainly on NYMEX.”

“Yes, I believe it. I follow the market.”

“well, ok then.... just don't invest in commodities any time soon ;o)”

“PR stunt by Richi Raaghead with Joe Moss' 'So Sacred' for music.”

“700 Billion later, Oil goes back through the roof”

“crap.”

“Whoo Hoo! Oil up over $22.00 a barrel! Keep it going, stupid Democrats #&%!$in it up again!”

“Shaikh attack!!Shaikh attack!!”

“Updated: 7:21 a.m. September 23, 2008
METRO ATLANTA
Frustration, long lines, hour-long waits at some gas pumps
Another problem: Traffic congestion at stations spilling out onto major roadways

By CHRISTIAN BOONE

The Atlanta Journal-Constitution

Monday, September 22, 2008

Closed gas stations continued to greet morning commuters in many parts of metro Atlanta Tuesday, with long lines expected at those able to replenish their supplies.

Gov. Sonny Perdue asked federal officials to allow metro stations to sell dirtier-burning fuel to help quell the spot shortages, which began after Hurricanes Gustav and Ike but worsened over the weekend.

Some industry officials blamed panic-buying and top-offs for worsening the shortages. But increasingly, motorists looking for gas simply need it to keep going to work and about their daily lives. Many had held out until they were very low gas, thinking the shortage would quickly ease. On Monday a few ran out while in line and literally pushed cars the last few feet to a pump.

Cobb County police had to break up a few budding altercations as tempers flared at stations with fuel to sell.

“I think we’re getting a good sense of people’s frustration and anxiety,” said Cobb police spokesman Dana Pierce.

Another problem: Lines at some stations spilled onto major thoroughfares, clogging normally fluid driving lanes.

The root of the shortages lies hundreds of miles to the west, where Gulf Coast refineries are still rebuilding capacity after the two hurricanes.

The major pipelines that deliver fuel to many parts of the eastern U.S. are ready for shipments — the supplies just aren’t available. Analysts say the gasoline shortages across the Southeast should disappear in the next week, once Gulf Coast refineries resume normal production levels.

“We’re capable of running full operations, but we don’t have the supply to maintain that kind of flow rate,” said Steve Baker, a spokesman for Colonial Pipeline, which delivers gasoline and other fuel from Texas, Louisiana, Mississippi and Alabama to Atlanta and other major cities in the Southeast.

Baker said Monday the pipeline, which was not damaged in the storms, was beginning to get barrels from affected refineries, but he couldn’t say when Colonial would be back at full capacity.

The reduced pipeline flow, in turn, means reduced fuel truck deliveries from terminals to stations.

And stations that get deliveries are in many cases quickly beseiged by customers driving on fumes.

“I think it’s a temporary situation, but consumers shouldn’t be shocked if stations in their area run out of product,” said Ben Brockwell, director of data, pricing and information services for the Oil Price Information Service in Wall, N.J. “The supply system was critically disrupted, and you can’t shut something down and expect it to get started back smoothly without there being some aftershocks.”

Metro Atlanta is required to use a cleaner-burning type of fuel than others areas to meet clean air standards. That means gas can’t simply be diverted from other areas with ample supplies.

The federal response to Perdue’s call to ease that rule wasn’t immediately clear.

Meanwhile, metro Atlantans who can find gas are paying the highest prices in the lower 48 states.

AAA’s gas survey on Tuesday showed the local average at $4.01, vs. a national average of $3.72. Only Hawaii and Alaska had higher averages than Georgia.

It wasn’t just commuters worrying about supplies on Monday. Small businesses also were getting nervous.

Lisa Norton, a driver at Domino’s Pizza’s on Howell Mill Road, was sent out by her manager Monday afternoon to locate the stations that still have fuel.

Domino’s stores throughout the metro area are planning ahead, said Katie Lehman, assistant manager at the chain’s Crabapple location.

“That’s probably making things worse,” said Lehman, noting that everyone seems to be concerned about driving on anything less than a full tank.

— The Associated Press contributed to this report”

“Democrats to let offshore drilling ban expire

Hopefully this, along with some alternative fuels, will lead to some financial relief and/or less dependence on other countries down the road. Too little too late? Environmentally poor decision? Political (poll driven prior to an election) move?

It'll be interesting to see how this plays out in the next several years. Discuss.

http://hosted.ap.org/dynamic/stories/O/OFFSHORE_DRILLING?SITE=WWLAM&SECTION=HOME&TEMPLATE=DEFAULT”

“You are rather thick, huh Conformist? Using less really couldn't possibly be an option. You're a good killin' and drillin' party member. Congrats!

Fortunately, the states have the last say...”

“I think your response to my post demonstrates who the thick one is, lol. Please, by all means, keep it up.”

“Now go play with your guns...”

“Even with less use, we still need to use our own and stop pouring money, diplomacy and troops into the middle east.”

“Thursday is new gun day. Talk to me tomorrow.”

“After reading and looking into the whole drilling issue, I believe we should open any area within our borders and drill. Let's get it flowing so we can stop importing from the Middle East. I think the oil companies that are in charge of this should also contribute funds to explore the use of wind, solar and nuke energy sources.

I think we need to keep troops in Iraq though, maybe not the full force that is there now, just enough to keep a base or 2 open. Turkey is the closest we have come to having a Middle East base and now that we have it and becuase we have pumped so much money into the region, half that country should be ours.”

“oops, I didn't mean remove them all. When have we ever done that. We have troops in Korea (south), Japan and Europe. I don't think we have troops in vietnam, but we lost that one.”

“Hmmm, that reminds me. I need to buy another gun.”

“I don't think we have troops in vietnam, but we lost that one.

The effort to prevent independence failed but the U.S. didn't really lose, just withdrew and quit wasting lives and money.
The rubber and rice exports are still big as ever.

Geo, make sure you buy the right color gun for after Labor Day.”

“I don't understand why the politicians keep talking about "Energy Independence" and want to drill here. I mean why don't we use all of the oil we can get from the Saudis and anyone else until theirs is gone THEN drill here?
Also, if we have to drill here to meet our needs, why are we exporting oil?
And when we do drill here any output will go on the WORLD MARKET and be sold to the highest bidder, it won't stay here for our exclusive use.”

“That's what I always say. � We may well be drilling everywhere Eventually, but let's use up Their oil first!

And I've always heard Japan gets a major share of everything that comes from the North Slope. � Where do people think oil from ANWR would actually go? � (or oil from the Outer Continental Shelf, for that matter?)”

“It does come down to funneling money to the terrorists, but the reality is, that money is going to keep flowing to the house of saud whether it's dollars, rupes, yuan whatever.

So we stop buying oil from the ME and drill here and feck up our environment (which we'll have to pay a ton to restore later on down the road).

What's so hard about the use less concept and why have we been sooo gdamn slow to adopt it?”

“I'm talking looooooooooooooong term.

Providing we don't blow ourselves up, we'll need the hydocarbons for materials, not fuel.”

“The problem isn't using up their resources first. The problem is, like you hear so much on TV, is the transfer of wealth from our country to the middle east. The point of drill here is that the money stays here. the jobs stay here. OPEC can't blackmail us by controlling the flow. Hell OPEC might even break up with each country looking out for itself (which they kind of do now). Our security would be on more firm ground if we weren't worried about that supply being dried up. We would have less of an interest in the middle east and perhaps stop meddling over there.”

“How does one spell,' Jared Diamond'?”

“A n n n n d h e r e's W.”