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Old 04-20-2009, 08:19 AM
 
Location: Charlotte
12,642 posts, read 15,571,454 times
Reputation: 1680

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Hurry Up and Use More Oil: They’re Running Out of Room to Store It All! (http://www.twilightearth.com/2009/03/hurry-up-and-use-more-oil-theyre-running-out-of-room-to-store-it-all/ - broken link)


Quote:
The demand for crude oil has dropped dramatically, and now oil producers are sitting on a glut of it, waiting for prices to rise. The storage facilities are running out of room, supertankers are parked offshore with full loads, and investors are left hanging.

More than 30 tankers, rented by oil companies, with capacities of 2 million barrels of oil each, are now simply floating storage tanks. The crews are idle, and the companies have them moored all over the world, just waiting. It’s good business for the owners of the tankers, with rental charges up at $75,000 per day.
Source

Hmm...things are going to get very interesting.
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Old 04-20-2009, 09:34 AM
 
Location: I currently exist only in a state of mind. one too complex for geographic location.
4,196 posts, read 5,835,363 times
Reputation: 670
perhaps now the idiots in washington will remove our huge tax on brazilian sugar so we can really stick it to those oil countries.
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Old 04-20-2009, 09:41 AM
 
Location: London UK & Florida USA
7,923 posts, read 8,832,510 times
Reputation: 2059
You are sooo right walidm. Rep to you
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Old 04-20-2009, 10:13 AM
 
Location: North Central Florida
6,218 posts, read 7,711,508 times
Reputation: 3939
I guess the price at the pump will start going up....after all, any excuse will do.

They'll be saying the cost of storing what we arent burning, has to be offset by higher costs to the consumer. Sounds about right, no?
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Old 04-20-2009, 10:16 AM
 
Location: southern california
61,289 posts, read 87,253,323 times
Reputation: 55556
you mean OPEC will no longer be rich and be able to force us into wars at tax payer expense??? no no not that.
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Old 04-20-2009, 10:44 AM
 
23,838 posts, read 23,082,097 times
Reputation: 9408
I think the economics argument here is a little off kilter. "Sitting on a glut, waiting for prices to rise". From a refiners standpoint, sure, make it cheap, sell it high. But last time I checked, high prices slowed down the purchase of oil/gas. A glut should make prices go down. That's just more evidence that our own companies are screwing our own people.
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Old 04-20-2009, 04:35 PM
 
Location: Charlotte
12,642 posts, read 15,571,454 times
Reputation: 1680
Quote:
Originally Posted by AeroGuyDC View Post
I think the economics argument here is a little off kilter. "Sitting on a glut, waiting for prices to rise". From a refiners standpoint, sure, make it cheap, sell it high. But last time I checked, high prices slowed down the purchase of oil/gas. A glut should make prices go down. That's just more evidence that our own companies are screwing our own people.
Interesting.


Quote:
Bottom line: oil companies only "develop leases when it is most profitable to do so."

"There are clearly oil and gas resources that are undeveloped in some of the existing leases," said Frank Rusco, with the GAO.

The Department of the Interior estimates 68 billion barrels of oil lie in areas already accessible to drilling in the Gulf of Mexico and Alaska. But today, nearly half of the existing rigs sit idle. Setting the stage, experts insist, for yet another oil crisis when the economy comes back to life.

"I suspect we'll end up having a shock, and a shortage and then the prices will skyrocket," said Matthew Simmons, an energy investment banker.
Source

hmm....there is that 50mpg VW....
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