So gas prices are climbing at the pump? The glut in oil could not be more pronounced. Storage tanks in Cushing,Ok are brimming as are those in the Permian basin. Refined Gasoline and distillates are over flowing. Well, oil traders not only going to put American producers out of work but refiners as well if they don't price their product better. People are not going to take a gouging like they did under Bush.
I take it from the EIA report that expects a over production of oil worldwide for 2015 of 2.7 million barrels a day. Big slowdown in Russia, Big slowdown in China, and a slowdown all through Europe...............so flat consumption at best with over two million barrels a day going to storage at best (a lot of that is being produced by Canada and routed through the "flanagan south/spearhead" pipelines. End of story.
Which oil terminal in what country is "actually dropping" oil storage? They are building storage tanks like no tomorrow to increase working storage space last time I looked............lets just take the countries with the biggest refineries we have two in the top ten, but S. Korea has the biggest followed by India and Venezuala is in there. BP has the biggest oil terminal in Europe up for sale but it's full..........................world demand is dropping this year and tank storage keeps getting bigger.
Do you have any idea how much oil is stored in Amsterdam?, venezuala? , The oil capacity at cushing, OK went from a all time low to a all time high in 4 months. Why.............and quit calling me names numbskull.
I must be seeing double. Nope, you stated the same asinine remark twice. I guess I have to inform you ignorant #$%$ again, WE ARE AT A 80 YR HIGH (at least) WITH 483.7 MILLION BARRELS (not including the SPR). Again.................China is slowing down and world reserves are (like in the Netherlands.......is high because of production................fool.
I don't see it. The entire world has oil to sell. Russia, Brazil, and Venezuala is completing one the biggest refineries in North America so it will be able to refine the "Orinoco sludge" we have been importing to refine.
China is slowing down, way down.............that's less oil demand. We are at a ALL TIME in the past 80 yr high for all padds .........483.7 million barrels.............and climbing. Why is it climbing so fast? Because demand sucks, and supply keeps rolling in.
Demand? Crude Inventory has built up so high in the past 4 months, storage space is becoming scarce. The Inventory at Cushing is three times the levels in late 2014. That coincidently was when the Flannigan south/spearhead pipeline was completed by Enbridge. Now the 61.50 million barrel Inventory is not only over three times the inventory 4 months ago but with 13 million barrels of the working limit and 24 million barrels of the absolute seam busting capacity. The U.S. (ALL PADD INVENTORY) excluding the SPR, is at a all time 483.7 million barrels. So how much excess crude is that exactly......well roughly, not exactly, every car in the U.S. would have to fill up 3 times this week to bring the crude inventory (providing refinerys could process it which they couldn't) to late 2014 levels. summary.....oils going down and so is the price at the pump.