Posted on 07/02/2018 1:21:48 PM PDT by FreedomNotSafety
The speculators are at it again in the oil market, pushing up prices beyond the fundamentals.
(Excerpt) Read more at nasdaq.com ...
Nothing needs to be done. Higher prices will ramp up US production. Fracking boomed in a high priced market.
Gas prices are really affecting people, he better do something or bye bye mid-terms.
Sheesh. And who’s gonna refine it? Last I checked, refinery capacity is close to maxxed out. Oil ain’t the problem. Refining capacity is.
ridiculous
stupid idea
And we wonder why socialism is so gleefully subscribed to by lefties. Hell, it’s hard enough to keep righties away from the tender melodies of the siren song.
I agree with you, but we have a transportation problem from all the oil and gas in West Texas that can’t get to Houston or Corpus. But I agree, leave the SPR alone.
Glad to see that someone here understands basic economics.
The only speculators, who can actually cause gas prices to rise, are members of OPEC, or other government operators. The rest are just trying to predict where market forces are headed.
FWIW, for some perspective, gas prices in BC are currently about US$4.00/US gal.
Apart from the lack of refinery capacity (which is the real cause of the price spike; the world is awash in oil), the SPR is 1) too small to make that much of an impact on the market, and 2) mostly heavy crude, which is even more expensive and difficult to refine. It’s a last-resort source of petroleum in the face of a major disruption, and aimed at supporting the military where cost is no object and the end-user needs large quantities of bunker oil. Trying to drive down consumer gas prices using the SPR just might end up being counterproductive.
“”Sheesh. And who’s gonna refine it? Last I checked, refinery capacity is close to maxxed out. Oil ain’t the problem. Refining capacity is.””
I’m having to wait almost ten days to get my oil hauled as it is. Refineries are at the max and pipelines are full. Some of the smaller independents like myself are having to shut wells in! Our tanks are getting full with no place to go.
Oil we got, but the boatloads.
MORE Refining capacity is needed..............
You must not be looking at recent polls or consumer confidence #s if you really think that.
The more oil released, the less for our military forces. The less oil for military equipment, the more likely a nuke exchange...or several. Take your pick.
https://www.eia.gov/energyexplained/index.php?page=oil_home
Another handy link. Lack of refining capacity affects far more than just gas prices.
Why is there a capacity problem? It seems to have been ongoing. Are any new refineries coming on line? What has happened to our refinery capacity in recent years?
An executive order making buyers of crude stocks take delivery would end this crap.
And further, the retail price of gas basis crude under eighty per barrel is way too high. Bottom line, we have a glut of both oil and gasoline at the pump. It's all games. Right now the 'Iran story' is allowing the fund managers to attempt to drive up crude and the gasoline suppliers immediately follow suit.... but the supply of oil is just fine.
Gas prices rise and fall. Currently is having zero effect on travelers. OPEC will open the valves soon.
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