Posted on 11/10/2022 5:05:03 AM PST by george76
Distillate levels in the United States have plummeted to the lowest levels since 2008..
Low distillate inventories have sent diesel prices soaring.
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The primary distillates are diesel, jet fuel ,and heating oil). However, in 2008 distillate levels were low coming out of spring. Currently, they are low going into fall. That’s far worse than the situation in 2008.
Distillate demand generally spikes in spring — when farmers are planting crops — and in fall, when they are harvesting those crops and people start buying fuel oil for winter. Thus, a low distillate inventory in late April 2008 isn’t quite as serious as a low inventory in October 2022. In fact, distillate inventories haven’t been this low in October since the EIA began reporting this data in 1982.
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Third, U.S. refinery capacity has fallen in the past few years as several unprofitable refineries were closed. So, that’s a new factor that has appeared in the past couple of years.
But the primary reason is the cutoff of Russian imports. Prior to Russia’s invasion of Ukraine, the U.S. was importing nearly 700,000 barrels per day (BPD) of petroleum and petroleum products.
(Excerpt) Read more at oilprice.com ...
BIDEN^4
No argument from me on that point.
One would think this would be an important lesson for everyone all over the United States who buys food or products that are transported by diesel, but apparently America, and not just the Notheast America, are going to get just what they want which is un-affordable food and products and loss of jobs.
Can’t fix stupid, which is America now clearly after this last election.
Everyone will be hungry, but the Massholes will be cold and hungry. :-)
Yep
Stock up now for the future of lack of fuel for transport, farming and heating. Food, in particular, will have a hard time of it because of the shortages in fertilizers in addition to increased fuel costs.
I can see where the situation could get very bad fast, faster than SloJo and his clown car full of advisors can think of what to do. And when they do attempt to do something, expect martial law, asset confiscation, and a directed economy.
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