Posted on 03/03/2009 7:28:12 PM PST by John W
NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
It’s been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more.
(Excerpt) Read more at msnbc.msn.com ...
So when are all these businesses and oil people going to rise up against the Obama-con and the Democrats for destroying the economy? Are they EVER going to overcome the fear of retribution?
CEO’s that don’t defend their firms against Federal tyranny deserve to have their salaries cut. They deserve to be FIRED! What’s the purpose of making millions a year if you don’t have the guts to stand up to the Feds?
Do we have to flood the email inboxes of these corporations to get the message? START SPOTTING BLAME ON THE FED AND QUIT PANDERING, for God’s sake!
Well, if “peak oil” wasn’t proven to be WRONG before, this pretty much closes the book on that doesn’t it.
Oil has come down in price by about 68%, yet the oil companies are still trying to hold up the price of gasoline by shutting down refineries. Shame on them for gouging the people in these awful economic times.
Since I was laid off on 1/15/09, my car has moved about 3 times. I ride my bike to the stores.
We need Bush back to fill the Strategic Reserve @ $147 a barrel!
“Peak oil” was always wrong, but this is not the disproof.
Why the hell am I paying over $2 a gallon? Don’t give me supply and demand crap!
Ping
If memory serves me, you may want to comment on this article.
Yes, this story is purposely misleading, saying that demand for crude has plummeted.
Not because people don't want to buy more gas, the demand is down because the oil companies don't want to refine it and have to sell gas for less.
They never stop shooting themselves in the foot.
It going to be a glorious new world, and can hardly wait. /sar
They’ll be sitting on that oil for a long time. By the time July comes around the US economy will still be diving. They can’t hide forever.
Consumption is wayyyyyyyyyyyy down.
Should they keep the least efficient refineries open, so as to make more gasoline than they can market?
If it were your business, would you do that?
It’s going to be $60 a bbl in July?
Is that an insider tip, where should I invest today to almost double my money in 4 months?
Just another sign that bombing Iran in the near future is a good idea.
I feel for you, had my difficulties beginning last year around this time.
Unsolicited advice, based upon personal experience: get out of the house, do something to maintain a daliy routine, even though you might feel like just curling up into a ball and disappearing. Volunteer for the food bank or some other worthy organization. Keep busy. Sitting around worrying will drive you literally nuts, and your health may suffer. I had panic attacks and broke out in hives, never having experienced either before in my life.
It's hard, I know.
This doesn’t disprove “peak oil”
At some point, demand will increase again, and there will probably be a supply gap.
From the rigzone:
A New Epoch: Is Peak Oil Already in Progress?
http://www.rigzone.com/news/article.asp?a_id=26694
“...Here is the scenario. Oil demand is growing at an estimated 2% per year, and is expected to double, according to the International Energy Agency, by 2030. And yet, according to the October issue of Petroleum Review http://www.odacinfo.org/bulletin/documents/PetReviewOct2005.pdf
“the world’s largest publicly quoted oil companies are now really struggling to hold production levels, with only a few managing to maintain their market share of global production.”
And it gets more interesting. According to the article, BP has surpassed ExxonMobil as the largest producer in the world, while “in the first half of 2005 the top five, the top ten and the top 22 publicly quoted oil companies all produced less crude and NGLs [natural gas liquids] than they did in 2004 and only slightly more than they did in 2003 and 2002.”
In a second report Petroleum Review http://sydneypeakoil.com/downloads/PR_OCT2005_Megaprojects.pdf
concludes that “the world has now reached the point the volumes lost to depletion are much larger than the levels of likely new demand.”
Any one heard of T Boone Pickens of late? He spent a ton of his cash on his wind power plans last fall. Is he in a soup line somewhere?
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