NE1 notice the sky rocketing BBL price on the market for oil?

[Wagner]

Over the last week it has gone from $33---->$42

[AzNMpower32]

Now that Obama is president, it isn't important (to the media).

No seriously though, I'm not sure why petrol prices have risen quite noticeably. It's over $2/ US gallon ($0,53/litre).

[Meiac09]

Originally Posted by AzNMpower32

Now that Obama is president, it isn't important (to the media).

No seriously though, I'm not sure why petrol prices have risen quite noticeably. It's over $2/ US gallon ($0,53/litre).

Especially since the market isn't exactly strong. His new gas tax laws couldn't have taken effect already could they?

I have to go fill up now, while its $1.95.
I haven't filled the thing since the 16th of December though

[motordavid]

Guess you missed this post; no mystery: the refiners, not making
a big margin on gasoline have throttled back production.

'Gasoline, meanwhile, has become pricier at the pump because refiners have been producing less of it. Profits from refining have been so thin over the last several months that refiners have been earning little, or even losing money, on producing gasoline.

So now they are storing oil or selling it to traders, or retooling their refineries to produce less gasoline and more products with better profit margins, like heating oil, diesel or jet fuel.

Valero has curtailed gasoline supplies by extending maintenance time at some refineries and cutting production at eight of its 16 refineries. “There is not a lot of incentive right now to produce gasoline because there is lots of it,” said Bill Day, a spokesman for Valero, the nation’s largest refiner. “Obviously it would be better for us if there were more stability in prices.”

From this initial thread of mine:
http://www.xoutpost.com/lounge/56687-...who-knows.html

As for that BBL of oil price, my guess is since the bullies in that article
are hoarding, they are working hard to pump that price per bbl up, to
recover their option cost delivery, etc.
BR,mD

[Wagner]

MD - I wasn't talking about gasoline..as I understand that part, I'm talking about bbl/oil prices.

[motordavid]

Originally Posted by Wagner

MD - I wasn't talking about gasoline..as I understand that part, I'm talking about bbl/oil prices.

Big R, Just a snippet from that article:
"The different players have different reasons for storing oil, whether onshore or offshore.

National oil companies are hoping to reverse the price slide by holding oil off the market. Iran alone is reportedly using as many as 15 tankers to store crude oil in hopes that higher prices will prop up its economy, which is dependent on oil exports.

Private trading companies like Vitol and Phibro are storing oil in expectation of higher prices. They are taking their cues from markets where traders buy and sell contracts for future delivery of oil, which are signaling higher prices down the road.

Adam Sieminski, chief energy economist at Deutsche Bank, noted that a trading company could buy oil at the spot price of nearly $40 a barrel, store it and sell a contract to deliver it in a year for about $60. “You pay between $6 and $10 a barrel to store it, and you can make $10 a barrel,” he said. “That’s why Cushing is filling up rapidly and people are leasing tankers.”

Not that that art. is the final word, but I ref it as it is as good and clear
as I've found on the topic, lately.

If "you" had millions of bbls in storage, "you" would be working the chain of
rumor, innuendo and every other network aspect to get that commodities
price heading north again, imo. "You" being the gang(s) that control the
prices among other things.
BR,mD

[Wagner]

Well when inventory reports come out tomorrow it should be interesting.

[Meiac09]

well, at least they won't have any money to blow on nukes

[Quicksilver]

It is interesting that they (Whoever that is) are always
advocating using less fossil fuels by conservastion and
banging the "we're running out of oil" drum to high heavens.
But when you do go along with the program someone
has another angle to play. Another way to game the
system.

[E61Silver]

Originally Posted by Meiac09

well, at least they won't have any money to blow on nukes

Yes thats why we must kick the USA oil addiction, otherwise we end up funding bad people.

I sure that Obama's approach is to give tax incentives for alternative sources and not to add additional taxes to oil.