$70 Oil Business Plan

[robbedagain]

and Hurricane Katrina aint helpin much as I heard that oil was at over $71 a barrel this morning due to the closing of numerous oil production things in the Gulf of Mexico. May God help those folks int he Gulf coast

 

[UALDC767]

Dude:

You and I and the rest of the people who view this
board all recognize the fact that the bulk of our oil
comes from nations that are in the Islamic triangle.
My comments may appear racist to you, but they
are understood by the majority of Americans. Face
it Bubba, the U.S. oil supply is controlled primarily
by Islamic countries who wish to kill us, and they
are doing a nice, slow job of it.

Let's not even mention that the people who
killed over 2,000 Americans on 9-11 were
all from Islamic countries. Get over yourself
and recognize that if we don't get angry and
hate them as much as they hate us, we will
surely lose all that we have.

[post="293909"][/post]​

You seem to be a lil misguided on the facts.....check this out

http://www.eia.doe.gov/pub/oil_gas/petrole...f/table_s03.pdf

As of end of year 2003 ( the most recent data i found without doing any effort) the total imports for the USA from non OPEC countries was, on a monthly average:

7,103 (thousand barrels/day) of all petroleum products

5,087 (thousand barrels/day) of Crude Oil.

Canada being the largest exporter at 2072/1549 respectively. Mexico was next at 1623/1569.


As far as for OPEC exports: A total of 5,162 (all products)/4,578 (crude)

Saudia Arabia was the largest with 1774/1726. Venezuala next at 1376/1183.

Total ARAB OPEC exports to USA was 2881/2537.


So lets do the math.....Canada is the largest single overall exporter of petroleum (a close #3 for Crude). Saudia Arabia is #2 overall (#1 crude) and Mexico #3 overall (#2 crude).

So OPEC supplies less than half of the US consumption and the ARAB OPEC faction less than one-third of our overall imports!!!!

So yes, its all those 'sandheads' fault as you mildly put it. :down:

 

[ClueByFour]

Bush Weighs Tapping Strategic Oil Reserve

WACO, Texas (Aug. 29) - President Bush weighed a decision on whether to release some oil from the nation's petroleum reserves to help refiners hurt by Hurricane Katrina, administration officials said Monday. A decision was expected later in the day.

The storm already forced the shutdown of an estimated 1 million barrels of refining capacity along the nation's Gulf Coast.

Adminstration officials, speaking on the condition of anonymity because they were not authorized to speak publicly, said Bush seemed likely to authorize a loan of some oil from the Strategic Petroleum Reserve but that details remained in flux.

In 2004, the president authorized loans from the reserve to help refiners make up for missing supplies when Hurricane Ivan struck.

[post="294191"][/post]​

Assuming the LOOP reopens (or has enough oil in their domes to pump until they begin offloading oil again), crude supply is not the problem. In this case, it'll probably the loss of refining capacity. If you can't refine the oil coming from the SPR, it's a morale booster, but probably won't lower gas or Jet-A prices.

 

[SpinDoc]

Assuming the LOOP reopens (or has enough oil in their domes to pump until they begin offloading oil again), crude supply is not the problem. In this case, it'll probably the loss of refining capacity. If you can't refine the oil coming from the SPR, it's a morale booster, but probably won't lower gas or Jet-A prices.

[post="294317"][/post]​

SpinDoc replies:

Okay. You got me there. There are more
variables to the cost of a gallon of unleaded
than just the price of a barrel of crude oil.
Most Americans understand this. My point
is that the cost of getting a barrel of oil out
of the ground is not anywhere NEAR $71,
and the profits that are being made are
obscene. There has to be a way to force
a price decrease without resorting to
lifestyle changes, such as government
regulation (maybe allow a 20% profit
if someone wants to sell oil in the U.S.
which would equate to $14/bbl).

Also, the government should also force
oil companies to build additional refinery
capacity and keep it operational. Right
now, we are paying $1.50 cents more per
gallon than we need to for regular
unleaded. The Saudis, the U.S. and
European oil companies, and the NYMEX
speculators are all making a killing,
while virtually dooming the overall
U.S. economy. Are they really that
stupid and short-term profit oriented?
If they are, they are in for a rude
awakening when the market collapses
after the U.S. economy tanks hard.

 

[PHX-F/A]

The CBS in PHX today said America West is now calling the merger URGENT. With the huricane shutiing down 1/3 of the American oil production, the prices are going up up and up. With early October as the target date for closing, a lot can happen in a month and half. They don't want to loose any of the investors.

 

[imca85]

SpinDoc--- I suggest that you move to Russia. You would get along fine there.

 

[700UW]

I can't afford my gasoline

 

[Busdrvr]

And when are you going to realize it is not OPEC but our own oil companies who make the most money from oil.

The consumer does not buy oil from OPEC, they buy it from the oil companies.

The price of crude on the opec oil site is $59.75 on Thursday's close.

By the way, call the EAS you got issues.

[post="293981"][/post]​

The opec crude price is for a "basket" of products. It's like saying the average price of a chevy is $25,000. Is a Corvette worth more? There is a spread of close to $15 between the lowest quality OPEC oils and the highest. then you have to figure out how to get it here..... You want cheaper oil? Drill for more, use less, or both.

 

[ClueByFour]

The Saudis, the U.S. and
European oil companies, and the NYMEX
speculators are all making a killing,
while virtually dooming the overall
U.S. economy. Are they really that
stupid and short-term profit oriented?

[post="294393"][/post]​

Nope. They have not yet found the price point at which people stop buying oil. As long as people continue to pump gas into their huge cars and SUVs and such, the oil companies can continue to jack up the prices.

 

[sfb]

SpinDoc replies:

Okay. You got me there. There are more
variables to the cost of a gallon of unleaded
than just the price of a barrel of crude oil.
Most Americans understand this. My point
is that the cost of getting a barrel of oil out
of the ground is not anywhere NEAR $71,
and the profits that are being made are
obscene. There has to be a way to force
a price decrease without resorting to
lifestyle changes, such as government
regulation (maybe allow a 20% profit
if someone wants to sell oil in the U.S.
which would equate to $14/bbl).

Actually, most Americans don't really understand the multitude of factors which affect the price of a gallon of gasoline. All the calls to release oil from the SPR are pointless if the refinery capacity simply isn't there. Part of the escalation in the price of gasoline is due to the fact that we are forced to import part of our gasoline supply from Europe and the euro has been quite high in comparison to the dollar for the past couple of years.

If the U.S. government were to cap the price of crude oil sold to the U.S., why on earth would any supplier sell their oil to the U.S.? Let's say China is willing to buy for $30 per barrel -- the suppliers would all gladly sell there. OPEC would simply reduce its production to supply to the non-U.S. world market. With insufficient crude being sold to the United States, we would see wrenching shortages that would make the 1970's oil shocks look like the good old days.

Also, the government should also force
oil companies to build additional refinery
capacity and keep it operational. Right
now, we are paying $1.50 cents more per
gallon than we need to for regular
unleaded. The Saudis, the U.S. and
European oil companies, and the NYMEX
speculators are all making a killing,
while virtually dooming the overall
U.S. economy. Are they really that
stupid and short-term profit oriented?
If they are, they are in for a rude
awakening when the market collapses
after the U.S. economy tanks hard.

Do you get the fact that the government and NIMBY's are precisely the reason we don't have enough refinery capacity in this country? It is so incredibly difficult today to get a new refinery through the environmental/community review process that companies simply are unwilling to go through the hassle.

The Saudis understand very well that high oil prices could choke off growth in the global economy and are very uncomfortable with prices at their current levels -- this is why the Saudi oil minister continually talks up their ability to produce more to meet world demand. They want to avoid a crash in oil prices caused by a worldwide recession; they also would like to stave off the adoption of substitutes to oil in oil-consuming nations, since this weakens the market for oil over the long term.

 

[700UW]

It is just getting worse:

LONDON (Reuters) - Oil thundered to a new high near $71 on Tuesday as oil firms assessed damage wrought by Hurricane Katrina's rampage through the Gulf of Mexico, where most oil and gas output was at a standstill and refineries were shut.

U.S. crude hit a record $70.85 a barrel a day after Katrina ripped through the Gulf, which pumps a quarter of U.S. oil and gas, and slammed into Mississippi, killing at least 50 people.

U.S. natural gas was also sharply higher, and wholesale gasoline shot up to almost $3 on the Gulf coast. Gasoline trading on the New York Mercantile Exchange was halted briefly after the contract gained the maximum allowed.

 

[a320av8r]

Anyone selling there SUV yet?

[post="294194"][/post]​

You mean sacrifice???
No way, I'm an American!!!

 

[barbeetantrums]

I can't afford my gasoline

[post="294455"][/post]​

"That hybrid car doesn't seem so queer after all..."

 

[GeezLouis]

SpinDoc replies:

There has to be a way to force
a price decrease without resorting to
lifestyle changes, such as government
regulation (maybe allow a 20% profit
if someone wants to sell oil in the U.S.
which would equate to $14/bbl).

[post="294393"][/post]​

And what do you propose we do if OPEC won't agree to this?

 

[700UW]

BUSH ADMINISTRATION TO RELEASE OIL FROM PETROLEUM RESERVES TO BOOST SUPPLY