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U.S. running out of room to store crude
The Toronto Star / The Associated Press ^
| March 12, 2015
| Jonathan Fahey
Posted on 03/14/2015 9:17:42 PM PDT by 2ndDivisionVet
If the amount of oil in storage continues to climb it could send the price of crude — and probably gasoline, too — plummeting.
The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months.
For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is consuming. That extra crude is flowing into storage tanks, especially at the country’s main trading hub in Cushing, Oklahoma, pushing U.S. supplies to their highest point in at least 80 years, the Energy Department reported last month....
(Excerpt) Read more at thestar.com ...
TOPICS: Business/Economy; Culture/Society
KEYWORDS: crudeoil; energy; gasoline; oil
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To: 2ndDivisionVet
Gas is back up to $3/gal here in Oregon.
Plus the state democrats in charge just gave us a carbon tax.
To: 2ndDivisionVet
So, refine some Diesel, sell it at a low price and I’ll top off my personal Tactical Reserve. Happy to help.
3
posted on
03/14/2015 9:23:55 PM PDT
by
Paladin2
To: 2ndDivisionVet
Good. Build more storage facilities. War is coming. We will need them.
4
posted on
03/14/2015 9:27:31 PM PDT
by
Lurker
(Violence is rarely the answer. But when it is it is the only answer.)
To: 2ndDivisionVet
YET!...............................
the retail price of gasoline lingers.. refusing to go down to proper levels..
5
posted on
03/14/2015 9:27:47 PM PDT
by
hosepipe
(" This propaganda has been edited (specifically) to include some fully orbed hyperbole.. ")
To: 2ndDivisionVet
why not just store it in California? being millions have fled the state in fear for their lives.
To: 2ndDivisionVet
Why not store more oil in the strategic oil reserve?
7
posted on
03/14/2015 9:41:06 PM PDT
by
entropy12
(Real function of economists is to make astrologers look respectable.)
To: hosepipe
2 reasons...
Summer blends cost more &
Refinery’s are shutdown due to fires and maintenance.
Surprise surprise!
8
posted on
03/14/2015 9:42:13 PM PDT
by
entropy12
(Real function of economists is to make astrologers look respectable.)
To: Cold Heart
Here in Iowa the Republicans just jacked up our gas tax.
9
posted on
03/14/2015 9:44:28 PM PDT
by
EternalVigilance
(No matter how powerful you are, God always has the veto on your next breath.)
To: EternalVigilance
Iowa needs to tax the living daylights out of alcohol from corn.
10
posted on
03/14/2015 9:53:42 PM PDT
by
Paladin2
To: entropy12
More to the point, there is also a refinery labor strike that is keeping the price of gasoline artificially high. When this strike ends, gas prices in California and other absurdly high retail price states will finally start to decline, but in California, thanks the to state cap and trade, the prices will probably never fall below $3 a gallon ever again.
11
posted on
03/14/2015 10:31:16 PM PDT
by
Pox
(Good Night. I expect more respect tomorrow.)
To: hosepipe
Please explain the methodology of determining a “proper level” for gasoline.
12
posted on
03/14/2015 10:56:10 PM PDT
by
gogeo
(If you are Tea Party, the eGOP does not want you.)
To: 2ndDivisionVet
And we haven’t built a new refinery in how long?
13
posted on
03/14/2015 11:23:34 PM PDT
by
clintonh8r
(ISIS IS ISlam/Christian lives matter!)
To: gogeo
14
posted on
03/14/2015 11:23:48 PM PDT
by
hosepipe
(" This propaganda has been edited (specifically) to include some fully orbed hyperbole.. ")
To: clintonh8r
BANANA has replaced NIMBY.
15
posted on
03/14/2015 11:29:03 PM PDT
by
2ndDivisionVet
(The question isn't who is going to let me; it's who is going to stop me.)
To: entropy12
Why not store more oil in the strategic oil reserve?
I read where 5M barrels were to be added. I suspect this is a drop in the barrel.
16
posted on
03/14/2015 11:40:22 PM PDT
by
867V309
(Boehner is the new Pelosi)
To: hosepipe
YET!...............................
the retail price of gasoline lingers.. refusing to go down to proper levels..
Crude hit a new low today, and demand is down, supply is up: way up. My guess: gasoline prices will fall.
17
posted on
03/14/2015 11:48:28 PM PDT
by
867V309
(Boehner is the new Pelosi)
To: entropy12
That’s just it—the SPR is almost full; it’s up to 95% of late.
18
posted on
03/15/2015 12:08:49 AM PDT
by
__rvx86
(Rafael Cruz Jr: soon to be the first conservative, Latino President of the U.S. Si se puede!)
To: __rvx86
I want to buy some oil stocks, but holding off.
Oil could drop further! Unbelievable!!
19
posted on
03/15/2015 1:08:18 AM PDT
by
entropy12
(Real function of economists is to make astrologers look respectable.)
To: 2ndDivisionVet
“The national average price of gasoline is $2.44 (U.S.) a gallon. That’s $1.02 cheaper than last year at this time, but up 37 cents over the past month.”
not here in california. I’ve been paying in thte $3.50 range for the last month or two....
20
posted on
03/15/2015 4:12:41 AM PDT
by
Vendome
(Don't take life so seriously-you won't live through it anyway-Enjoy Yourself ala Louis Prima)
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