To all- please ping me to Canadian topics.
Canada Ping!
Posted on 04/03/2013 1:16:30 PM PDT by thackney
I am not talking about the physical product but figures on paper, or a screen. It does not vary even if you are talklng about crude of different gravity. Like gold that stays in the vault, it still changes hands.
I don't follow. Unlike investments in gold, crude is bought and consumed, not held. Only the Strategic Petroleum Reserve buys oil to hold, but it doesn't change hands, unless it comes out of the ground and is delivered.
Trading on the market is not trading oil, it is trading the future delivery of oil. But I don't see how that relates to Alaska oil to Japan.
The oil that is produced in Texas and in Saudi Arabia ,all part of the pool of oil available for sale and use. in this respect, it is like the grain produced in the Ukraine or Argentina or Kansas. All is pretty close to being fungible,like cash.
To all- please ping me to Canadian topics.
Canada Ping!
Fungible based upon the limits and cost of transportation. There is a reason that essential the same quality oil in North Dakota has sold for ~$10 less than in Cushing, and that has been $10~20 dollars less than the coast.
typical lefty spewing out misinformation and manipulating the facts to suit your personal agenda..in short a bullcrapper...
http://www.huffingtonpost.com/2013/03/28/minnesota-oil-spill_n_2967118.html
http://collegeinsurrection.com/2013/03/great-vagina-man-shouts-down-pro-life-speaker-at-u-waterloo/
The above article will give a flavour of the leftist hellhole where this Thomas Homer-Dixon bird “teaches”. This guy is a phoney back stabbing hypocrite and the article is riddled with the standard socialist talking points.
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