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U.S. Oil Stockpile Highest in More Than 80 Years
Wall Street Journal ^ | 5/30/2013 | Jerry A. DiColo

Posted on 05/30/2013 11:45:13 AM PDT by Obadiah

For anyone still questioning whether the U.S. shale-oil boom is a historic reshaping of the U.S. energy market, today’s Energy Department report on domestic crude-oil stockpiles offers a striking statistic: The U.S. currently has more oil in storage than at any time since 1931.

Commercial crude-oil stockpiles rose to by 3 million to 397.6 million barrels last week, the Energy Department said in its weekly Petroleum Status Report. Oil stockpiles are up 10% since the start of the year and 30% since May 2008.

All that extra supply has kept U.S. oil prices under $100 a barrel even as prices overseas remain in triple digits. (Nymex crude-oil futures were recently 33 cents higher Thursday, at $93.46 a barrel, supported by a jump in gasoline demand.)

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy
KEYWORDS: energy; natgas; oil; usoil; usoilgas
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I still contend that we are awash in oil. Yet, gas prices are at their highest national average ever. I understand that easy-to-capture oil is hard to find now, but at what point does the supply and demand market begin to work?
1 posted on 05/30/2013 11:45:13 AM PDT by Obadiah
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To: thackney

ping


2 posted on 05/30/2013 11:45:36 AM PDT by Obadiah (What is twisted cannot be straightened...)
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To: Obadiah

It’s absurd that small US oil companies cannot export oil and get a fair price.


3 posted on 05/30/2013 11:47:26 AM PDT by MeanWestTexan (Beware Obama's Reichstag Fire.)
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To: Obadiah

I contend that we have a refinery bottleneck in the form of EPA-mandated formulations of boutique gasolines limiting refining capacity. Get rid of the EPA nightmare and watch what happens to gas prices. That’s my story and I’m stickin’ to it.


4 posted on 05/30/2013 11:50:37 AM PDT by Tonytitan
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To: Obadiah
...what point does the supply and demand market begin to work?

As soon as you supply O-dinga and his cronies with moohlah, you'll be able to demand lesser prices, isn't that how they play?

It's a brother's plan for keeping us down. Dig yourself out of one hole and they make sure ten others are placed in your way, it's the Chicago way...

5 posted on 05/30/2013 11:50:47 AM PDT by Lx (Do you like it, do you like it. Scott? I call it Mr. and Mrs. Tennerman chili.)
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To: Obadiah

Good collateral when the Chinese loans come due.

We are sitting on our natural resources while using others.


6 posted on 05/30/2013 11:50:55 AM PDT by dhs12345
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To: Obadiah

Time to replenish the strategic reserve.


7 posted on 05/30/2013 11:51:47 AM PDT by DannyTN
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To: Tonytitan

We do have a refinery problem IMO. When they reformulate each spring and fall, the prices spike. That shouldn’t be taking place.


8 posted on 05/30/2013 11:51:57 AM PDT by DoughtyOne (Funny thing happened on the way to the Constitution burning, Lefties rights were violated...)
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To: Obadiah
You really consider a 26 day supply so massive to drive down prices?

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9 posted on 05/30/2013 11:52:45 AM PDT by thackney (life is fragile, handle with prayer)
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Freepathon day 60

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10 posted on 05/30/2013 11:55:16 AM PDT by RedMDer (You are Free Republic. There are no outside influences. Just us, all of us. Please donate today!)
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To: Tonytitan
And that is a resonable and logical story.

Fracking has made nat gas cheap and the industry is out ahead of the EPA. But give them a year or two and fracking will be heavily regulated or outright banned and probably for no good reason. See California... it has already started.

I have always wondered if the real drive here is to make energy expensive so that we use less of it and then polute less. Ignore the clains that extraction might be unsafe for the enviroment. The real goal is to force us to use less energy.

A decade of sustained cost pressure will force Americans to buy smaller cars, make our homes more efficient, etc. etc.

We are being “nudged.”

11 posted on 05/30/2013 12:01:21 PM PDT by dhs12345
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To: Obadiah; thackney

According to a “unimpeachable source” the production cost of oil from Bakken and Eagle Ford is around $70 per barrel. That pretty much pegs the price of gasoline right there. Unless you would rather purchase “cheaper” oil from abroad, exporting our dollars and jobs overseas, and empower our enemies.

The era of $10/barrel oil is not coming back. And I don’t want it to. I’m actually fine with gas in the $3-$3.50 range as it is necessary to support our own production. As long as the price is stable, the economy will adjust.


12 posted on 05/30/2013 12:02:08 PM PDT by henkster (I have one more cow than my neighbor. I am a kulak.)
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To: thackney
It's not just the raw 26-day supply, although that seems to be increasing too. It's all the new sources that are coming or will come online with the prospect of much more oil coming to market. So yeah, we have all we need and I contend that unless some outlier situation crops up we will always have all we need.

But somehow, there are people like preppers who seem to live in a constant mode of concern that there is currently or will soon never be enough and it is that fear that seems to be the “fuel” that keeps driving the market in this case.

13 posted on 05/30/2013 12:03:45 PM PDT by Obadiah (What is twisted cannot be straightened...)
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To: DoughtyOne

No doubt.

Rhetorical question: Which fed agency or agencies get to decide if a new refinery is built or not?


14 posted on 05/30/2013 12:03:52 PM PDT by dhs12345
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To: dhs12345
The real goal is to force us to use less energy.

Wrong. The goal is government control, the ultimate goal of Marxists since forever. They want central planning for transportation, housing, vocations, etc.

Energy usage is merely the means to an end.

15 posted on 05/30/2013 12:04:39 PM PDT by abb
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To: thackney

The SPR currently holds the equivalent of 80 days of import
protection (based on 2012 data of 8.72 million barrels per day of net petroleum imports).


16 posted on 05/30/2013 12:08:12 PM PDT by dblshot (I am John Galt.)
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To: Tonytitan

No big new refineries in over 25 years. The old ones keep getting modified to meet epa rules and regs and they do “up” their capacity but with the “summer blends” and the “winter blends” and spring time and fall time and solar equinox time and all the other crap I can see why it’s hard to run them. Their profit margins are small and the gov gets more per gallon than “big oil” does. How frickin’ stupid? John Stossel had a good article on Townhall.com yesterday about that very subject.


17 posted on 05/30/2013 12:09:47 PM PDT by rktman (BACKGROUND CHECKS? YOU FIRST mr. president(not that we'd get the truth!))
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To: abb
Interesting. More sinister than I thought.

So making energy expensive will force us to look to the goverment for our salvation.

And in typical government fasion, they won’t be prepared if what they want actually happens.

Example: Libs are/were pushing electric cars but no one is planning for the massive upgrade in the power grid that will be necessary to support all of the electric cars.

18 posted on 05/30/2013 12:11:13 PM PDT by dhs12345
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To: Obadiah
The U.S. currently has more oil in storage than at any time since 1931.

No jobs, just like in the 1930's. People don't need the gas to get to work anymore. There is no work.

19 posted on 05/30/2013 12:16:40 PM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Obadiah
Yet, gas prices are at their highest national average ever.

? ? ? ? ? ?

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Also, please consider the falling value of the dollar when comparing prices over time.


20 posted on 05/30/2013 12:16:47 PM PDT by thackney (life is fragile, handle with prayer)
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