Posted on 05/04/2005 6:52:14 PM PDT by kellynla
There are a dozen refineries within trucking distance of this field. That won't sustain a major find (which this probably isn't) but it could let these guys ride a tight market, especially with quality crude.
There is the story of the college kid who, during the shortages of the seventies, would call the small refineries and ask them if they had any extra crude. A surprising number said "yes". He would then call other refineries until he found one with extra capacity. He made a fortune brokering small lots and retired before he passed his 300 level courses.
I may go pick up a cheap SUV now before the rush.
"That is only part of the problem."
Obviously OPEC would rather sell half as much oil for 5 times the price. The other part of the problem is that OPEC has to a great extent lost control of pricing issues. These are as much decided by traders as by the producers, and the only future for the traders is to have the prices go up.
The only problem OPEC might have with this is that eventually these high prices will be incentive to develop real alternatives to OPEC dependency. We should be giving major publicity every day to news about progress (assuming there is some) in developing these viable alternatives.
I guy that I went to high-school with, and a local business man were arrested in the early 80s for siphoning off Arco oil from a pipeline and then selling in back to them.
(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
There is a Wolverine Pipline that starts in Canada, passes through the Detroit area, accross Michigan, into northern Indiana, then into Illinois. I don't know if thats the same outfit but they are in oil anyway.
I don't think it can be the same. Something I read says they have only a few dozen employees.
The ultimate buy low sell high scheme. :-)
I suspect the price was higher than they thought and not one I would wish to pay.
a Grand Rapids Michigan ping. :') And another Utah link, for the halibut.
Utah sits on huge oil reserve
Springville Herald | April 21, 2005
Posted on 04/21/2005 2:56:45 AM PDT by RWR8189
http://www.freerepublic.com/focus/f-news/1388012/posts
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