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Oil surges as Saudi king dies, refiners struggle (Crude now $62 and rising)
Reuters Canada ^
| August 1, 2005
| Simon Webb
Posted on 08/01/2005 10:34:42 AM PDT by Jomini
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As allied armies romp to victory after victory in Iraq, the opposition concentrates mass on the vulnerable Western energy jugular. Each day the price of crude increases, the debased dollar weakens further. Joe six pack getting crushed again every week at the pump.
The classic Eastern stretch-and-break attack continues as a major terrorist strike will propel crude into the stratosphere. A year from now $62 will look like a bargain.
J
1
posted on
08/01/2005 10:34:46 AM PDT
by
Jomini
To: Jomini
2
posted on
08/01/2005 10:45:37 AM PDT
by
Finalapproach29er
(America is gradually becoming the Godless,out-of-control golden-calf scene,in "The Ten Commandments")
To: Jomini
a spate of U.S. refinery outages How the HELL do refinery outages raise the price of crude oil? If anything, that means refineries will be buying slightly LESS until the outages are fixed.
There's some serious manipulation going on here...
3
posted on
08/01/2005 10:47:06 AM PDT
by
dirtboy
(Drool overflowed my buffer...)
To: Jomini
..refiners struggle (to control laughter & glee).
4
posted on
08/01/2005 10:47:37 AM PDT
by
norraad
("What light!">Blues Brothers)
To: Finalapproach29er
Seen any gas lines lately ?
5
posted on
08/01/2005 10:52:43 AM PDT
by
Eric in the Ozarks
(Scratch a Liberal. Uncover a Fascist)
To: Jomini
Read over the weekend via newspaper that CAFTA will result in US exporting billions in petroleum. Maybe the exporting will be temporarily stopped but I won't hold my breath. The American consumers are being gouged horribly so why in the world does the US oil companies and govt want to export petroleum to the central american nations when it could be used at home. Message to the oil companies and to the govt: charity begins at home.
To: lilylangtree
Yes, they know that, just recently refineries were given millions of our taxpayers dollars by heir Humelund Security to beef up security in the form of overpriced fences & out of dated cameras.
7
posted on
08/01/2005 10:57:35 AM PDT
by
norraad
("What light!">Blues Brothers)
To: lilylangtree
It seems like a bunch of persons on this web site want to nationalize the US oil industry!
8
posted on
08/01/2005 11:08:05 AM PDT
by
kaktuskid
To: norraad
NO LIE!
This is a joke! All refinery units are bought down for maintainence on two to four year cycles. They can only run about four maybe stretching to nearly five years before they have to be shutdown for repair.
The other joke is reducing stocks of gasoline and motor fuels! Would you not expect the stocks to reduce when you are at peak consuption? That is how the refining business operates EVERY year. They build gasoline, diesel and AV / jet fuel inventory in the spring and sell it down in the summer. In the fall they build stockpiles of fuel oils, propane and kero for winter demand and sell it down in the winter to make room for the spring build up of you guessed it! Motor fuels!
It has been a repeating cycle for the 25 years I've worked in refineries...
9
posted on
08/01/2005 11:08:41 AM PDT
by
El Laton Caliente
(NRA Member & GUNSNET.NET Moderator)
To: Jomini
So, what's the odds on this Abdullah guy? 81? Couldn't walk without Dubya holding his hand......
One thing about high oil prices; it replenishes the Saudi treasury.....helping them and their vital interests....
To: El Laton Caliente
This is also exactly why the fleet average MPG has changed very little & won't until the refinery fraction ratios change.
That's what determines our fleet average MPG, nothing else.
Like mother planning the family meals, nothing left over, nothing to waste.
The car companies dial in the MPG at mothers beckoning.
11
posted on
08/01/2005 11:15:59 AM PDT
by
norraad
("What light!">Blues Brothers)
To: Jomini
I don't know why King Faud's death would cause the price of oil to rise. If they plant him, he'll turn into oil eventually, thereby increasing the total supply and reducing the price, right? Well, yeah, granted it'll take a few hundred centuries...
To: southernnorthcarolina
Like a rat waiting at the cheese bar, any excuse to pull the lever to up the price will do.
13
posted on
08/01/2005 11:20:23 AM PDT
by
norraad
("What light!">Blues Brothers)
To: Eric in the Ozarks
"Seen any gas lines lately ?"
Yes. We had a gas shortage down here. Hard to find gas and if a station had gas, the lines were long. Dennis cut off our supplies. Last week stations started to get gas again.
To: Jomini
The commodities speculators will use any excuse to bid up oil prices. If I were the President, I'd announce this week that we are in war time and will start rationing gas to x-number of gallons per driver starting Sept. 1. It would be so simple to do with computers keeping a tally on your driver's license number. Talk about a market crash! I'd be delighted to have played a part in the war on terror by putting the Saudis and the oil speculators out of business.
To: Eric in the Ozarks
"Seen any gas lines lately ?"
Actually, yes.
But that was in the panicked "everybody gas up your car" run-up to Hurricane Dennis. The night before the storm arrived you couldn't find gas on Panama City Beach, FL for love or money, and there was not much across the bay in Panama City proper, either.
We've had frequent supply disruptions since. We actually still had some gas stations running out of regular and mid-grade gas as late as last week. (Despite the fact that the Panama City area didn't have any serious damage from the storm.)
Hopefully it's all worked out now.
We've also seen supply disruptions for other things - the baby food sections of the grocery stores kept going almost empty during the 3 weeks following the storm, and stocks of lots of other items (especially dairy products and breads) were frequently low.
Many times I'd go into a normally well-stocked store and see sections of empty shelves scattered throughout.
AFAIK no one here really had to do without anything important, though many of us couldn't find our usual brands/flavors/sizes. I'm sure it was worse farther west (closer to the storm's path), and I know the places that were hard hit by the 4 hurricanes last season had things MUCH worse.
But seeing those "out of gas" signs on the pumps and those empty shelves in the stores does viscerally remind you how dependent you are on the rest of the world for the necessities of daily life.
16
posted on
08/01/2005 11:22:11 AM PDT
by
lasisra
To: Jomini
The oil speculation going on is absolutely ridiculous. If someone yells "boo" too loud at an oil rig, the price jumps by 2 bucks.
Something has to be done. The economy can't take much more of this.
17
posted on
08/01/2005 11:23:47 AM PDT
by
mysterio
To: dirtboy
Econ 101 my friend. given constant demand for finished product a refinery shut down lowers supply thus prices rise.
To: lasisra
The point is, gasoline is plentiful and available, unlike when Jimmah Cahtah was in charge.
19
posted on
08/01/2005 11:24:26 AM PDT
by
Eric in the Ozarks
(Scratch a Liberal. Uncover a Fascist)
To: imskylark
So, W was responsible for living in a hurricane prone area ?
20
posted on
08/01/2005 11:25:46 AM PDT
by
Eric in the Ozarks
(Scratch a Liberal. Uncover a Fascist)
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