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 ...
$2.09 here.
Hate
U
Lucky
Bass tuhd....
My Mom is paying under $2 in Tulsa...somewhere
Not to worry as soon global cooling and peak oil hit us the price will raise again /S
Good - it should counter the Summer blend/ maintenance price hikes that are due to come along in a few months...
WSJ reported another huge pile of petroleum was on its way to market, with the market already saturated.
Ocmar kicks camel.
We alreade refine more crude into diesel than we use.
The ratios of gasoline/diesel in the refining process is not moved around with a few valve changes. There are fixed limits to what can economically be done.
We make more diesel than gasoline, compared to our usage in the US. Europe makes more gasoline than diesel, compared to their usuage. So they export gasoline and we export diesel.
All that because diesel passanger cars are more common in the Europe than the US.
Tenatively, it has. Local unions will have to vote on accepting the contracts.
End of refinery strike in sight; gas prices may fall
http://www.latimes.com/business/la-fi-usw-shell-contract-20150312-story.html
March 12, 2015
The United Steelworkers reached a tentative contract with Shell Oil Co. on Thursday after more than a month of contentious talks and strikes, union officials said.
The union said it had settled on a new four-year pact with Shell, the lead negotiator for the oil industry, and the U.S. subsidiary of Royal Dutch Shell in the Netherlands. The deal was reached in Houston.
The previous contract, which covered 30,000 refinery workers nationwide, expired at the end of January. On Feb. 1, the union called for work stoppages, which at last count included 6,500 workers at 15 facilities.
We need more refineries, obviously.
When was the last refinery built in the United States?
http://www.eia.gov/tools/faqs/faq.cfm?id=29&t=6
We don't have refinery shortage. But we do have needless complicated different reciepies all over the country making it difficult to replace refinery output during outages. You can't use Texas Gasoline in California.
Thank you for the update! I was exceptionally busy this past week and missed this news.
Exxon La refinery explosion caused the price jump.
la=LA.
So, send it down the pipeline for export...oh, wait...
And,regulations, bottlenecks, outdated laws.
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