So?
Can I get a 'Duh!' from the crowd, please?
Start charging “RENT”....high rent...make it cheaper to unload their oil rather than drive it around...
Try and find gasoline at any price in socialist countries like Cuba, China, or North Korea.
(as posted to the site)
Big deal.
Oil companies and refiners make about **10c a gallon ** profit on fuel. That’s after doing all the work of bringing the oil to the surface, cracking it and refining it.
Whereas the British Treasury makes **351 cents per gallon ** and does nothing whatever to earn this.
Who are the sharks again? Hint: its not “market speculators”. It’s the British Government.
ping
You can not play with Mother Nature and sooner or later an accident WILL HAPPEN!
I think there’s a bit of a false bit of chicanery here.
We’ve got a similar situation at refineries in Texas. It’s not that they’re “holding product off the market” - its just that there is a glut of supply and every possible container that can hold refined product is full.
(source:BP refinery workers in Texas City)
Well they have to dock/park/store those huge vessels some place when demand is down. They can’t be tied to the docks taking up space where other ships need to be off loading/loading. I can understand floating storage tanks for some period as they keep the wells flowing at previous rates. But at some point all available storage will be filled whether floating, land, temporary, etc and the wells will be shut back.
A good source of all refineries planned/unplanned down time.With fuel demand week, refineries shutting down
Refineries from New Mexico to New Jersey are under severe economic pressure because of falling demand for fuel, with a number of facilities shutting down in recent months.
Valero Energy Corp., which shuttered a major refinery over the summer, said Friday it would permanently close its Delaware City oil refinery and layoff 550 workers.
It is the largest largest refinery in the U.S. to close this year.
Refineries in the Northeast are particularly vulnerable because many are older, operate less efficiently and must compete with gasoline imported from Europe.
The Delaware City refinery, where workers were notified of the closing Friday, lost about $1 million every day this year, said Valero spokesman Bill Day.
El Paso, Texas-based Western Refining Inc. announced earlier this month that it would close its Bloomfield, N.M., facility, putting 100 people out of work. Valero, based in San Antonio, said in September that it would idle two units in Delaware City, cutting about 150 jobs. Last month, the company said it would cut another 100 jobs at its Paulsboro, N.J. refinery by the end of the year.
The Paulsboro announcement came just days after Sunoco Inc. said it would indefinitely idle its Eagle Point facility, which employs about 400 workers in New Jersey.
In June Valero shut its refinery in Aruba, which had a capacity of about 275,000 barrels a day.
The Delaware City refinery had a capacity of 210,00 barrels a day.
US Refinery Status:
Difficult to read further after such false but indcentiary statements.
Vast majority of commodities speculators are bankrupt within 12-18 months of trading. And yet, Marxists made the "masses" believe that speculators always win. This article even claims they are the only ones that win.
Well, it works: many on this forum, too, believe this garbage about "speculators" and "greedy Wall Street."
How are the morotists victims? This is total nonsense. The oil in these tankers is not sold yet. There are no buyers.
bflr
Oh no, capitalism!
Iran did this a year or two ago but someone said they can only hold it for 90 days before it goes bad.