Posted on 03/03/2015 2:26:05 PM PST by BeauBo
NEW YORK (AP) — The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country's main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last week.
(Excerpt) Read more at news.yahoo.com ...
Gasoline prices would drop less sharply, and head back up in a few months.
Would this be peak oil?
Gummint stockpiling food, ammo, oil.
Interesting.
Wouldn’t It be the opposite?
If this be the case, why are we still importing Arab oil???
How much you wanna bet we HAVE TO because of some secret agreement.
It think it is trough oil.
Well, I got some mason jars....................
We should be OK for awhile - I filled the car this morning.
No, this would be ‘HIDE’ oil......................................
LOL!
zero
We import it...refine it and export it....
2 Elisha replied to her, “How can I help you? Tell me, what do you have in your house?”
“Your servant has nothing there at all,” she said, “except a small jar of olive oil.”
3 Elisha said, “Go around and ask all your neighbors for empty jars. Don’t ask for just a few. 4 Then go inside and shut the door behind you and your sons. Pour oil into all the jars, and as each is filled, put it to one side.”
5 She left him and shut the door behind her and her sons. They brought the jars to her and she kept pouring. 6 When all the jars were full, she said to her son, “Bring me another one.”
But he replied, “There is not a jar left.” Then the oil stopped flowing.
7 She went and told the man of God, and he said, “Go, sell the oil and pay your debts. You and your sons can live on what is left.”
I’ll offer up some basement space if they are interested.
But no, we don’ need no pipeline!
“why are we still importing Arab oil???”
Refineries are configured for a particular kind if oil, so oil that is being refined into a particular product is sent to a refinery that is set up to handle that kind of oil, into that kind of product.
The big US refineries in the Gulf mostly handle heavy crude like you get from Venezuela and Mexico, so that is mostly what we import. You can produce asphalt with it. Arab oil tends to be very light sweet crude, so it can be better used for certain kinds of lighter petroleum products.
There is some degree of interchangability, and all the folks in the business are free to try and get the best price deal wherever they can.
If refined products were storable, I’d be buying 5-1000 gallons of it to put away for retirement.
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