Oil is at its highest right now, in part, due to a fire at one oil refinery, a single event which can have a lot a of impact when one of your problems is so few refineries. Not exactly a situation we should be in as the best and most powerful nation in the world. Another debacle we can place firmly at the feet of the Left and the cowardice of politicians who pander to those pygmies.
Oil climbs toward $107
Oil prices rose half a dollar to a one-week high near $107 a barrel on Monday, extending last week’s late rebound after the dollar fell and a fire hit a U.S. refinery…
Gains were also fuelled by news of a fire at Exxon Mobil’s 150,000 barrel per day Los Angeles-area refinery in Torrance, California, which forced the closure of a hydrotreater, raising concerns about summer gasoline supplies.
As oil prices resume climbing toward their March 17 record high of $111.80, OPEC officials have stuck to their familiar refrain over the well-supplied state of the market.
“Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar’s value, shortage of refinery capacity and some political tensions in the world,” OPEC Secretary-General Abdullah al-Badri was quoted as saying by Iran’s official IRNA news agency.
It’s a rather pathetic and painful situation when you hear the truth from the Islamic beasts who run OPEC as opposed to our own government.
Related Link:
WSJ: Oil Refinements
Meanwhile, an ignorant minority of environazis are trying to stop the building of the first new refinery in decades in the US by screeching about the necessity of having popular vote after popular vote in its proposed location in Union county, SD, even though it is clear that they are no more than a lunatic, leftist, collectivist fringe among the independent and sturdy folk of SD.
you know, we should really take this as a wakeup call accompanied by a flashing red light. if a disruption at one facility causes such problems, imagine what a coordinated attack against multiple refineries could do to our economy. i just home homeland security is on the case.
Recently,the heads of the major oil companies were brought before the Senate to offer an explination for their huge profits.The oil executives made no apologies and instead shifted the blame to Congress,saying that if they would only allow domestic drilling,gas prices would come down. I couldn’t agree more. Think about it,if it was announced tomorrow that a huge oil reserve had been located in Alaska and other spots around the country,it would have the immediate effect of shakin up the OPEC syndicate.Even though it would be several years before any oil could actually be pumped from these American reserves,it would be troubling for the OPEC members because they would know that in time America could become self-sufficient,as far as our energy needs were concerned,and the loss of the United States,a major importer of OPEC oil,would be catastrophic to OPEC. I believe that would cause an immediate drop in oil prices…not a huge drop but a drop nonethelesss. And when we actually started pumping oil from the newly found reserves,OPEC would be forced to drop their price.And America would be far less dependent on hostile nations for our oil and we would also make good profits. If we hate to see the Exxon or Shell executives make all that money,then let’s put them to work by drilling domestically….let them truly earn their bread. And at the same time,have them develope alternate forms of energy. We would win all the way around!
I’m on shaky ground when it comes to economics and the price of crude oil but one thing has always puzzled me. Why is it that when someone farts, has a bunion or hangnail at the refinery it immediatly reflects as a price increase at the pump?
Yet, let OPEC announce an increase in prodcuction or decrease in crude prices and it takes forever to cause a drop in gasoline prices. I just don’t get the discrepancy. Supply and demand is all I really know about prices but something doesn’t add up.
Rich, let me try to explain the refinery issue. In Vacaville, CA, my old hometown, a lot of people commute to the assorted refineries in the Bay Area. Most of these are running at full capacity, meaning if we shipped a million barrels of crude to the area, it wouldn’t get to we the people any faster. In fact, back when I was in high school in the late 90s, there was so much demand for the services of these refineries that the Tasco refinery in Benecia was trying to figure out how to squeeze their scheduled maintenance in, without interrupting the output of gas.
The regulations requiring seasonal and regional blends of gasoline doesn’t help matters any, either.
I am not sure about the specifics, but here is an idea. Reverse the Alaskan pipeline trade deal (not sure of the real name) and start keeping the 90% of the oil we export, and exporting the 10% that we are currently keeping. Just reverse it….even if it’s temporary. Build more refineries. I know that’s easier said than done because of eco lobbyists like that idiot Al Gore. (i bet he doesn’t even put ice in his drinks anymore cuz it makes him cry to see the little tiny icebergs melt) But, instead of letting OPEC and other big oil companies build them, have them built by the government. Hire through the government also. That way the jobs are also government jobs which can be a plus. Now I know there are a lot of particulars involved with my idea. And a lot of BS to wade through as well to make it happen. Maybe it’s not even possible, I don’t know. But I do know that it makes me sick to see how they(big oil) are claiming higher and higher profits per quarter than ever before. Now wouldn’t you think that a cap could be affixed so that they make the same amount per quarter. A cap that could be affixed to curtail the rise of gas price. I have a great idea, stop supplying gas to our Senators, and Representatives. I can’t write off gas in my taxes for my commute to work, so why should they get their gas free for their commute. Once they start paying gas prices, I bet we see a cap real damn fast. Congress hits us in our pockets, for everything. We ought to have their pockets squeezed too. They can ask each other for raises, and they also approve it. I say, they work for us. They should ask us for a raise…..and then let us decide to approve it. I bet more would be done for this country if it happened that way. Stop worrying about steroids and baseball, and focus on the important stuff. Stop wasting money indicting players who lied about taking steroids 10 yrs ago.
On a side note, I’d like to see Tammy go a couple of rounds with mental midget Leslie Marshall. Leslie is almost as whacked out of her gourd as Rosie O’Donnell.
Leslie is always contradicting herself about the issues she stands on. On one show (actually all of them) she chastised Republicans and said they build and create so many lies. Then on another show, a Republican intern at the White House was asked a question about something in history regarding politics. The intern stated that she wasn’t familiar with the issue and couldn’t comment on it. Leslie played the clip on her show, then bashed this intern by stating, not quoted, but to the affect of, “why didn’t she just lie, rather than stand there and make herself appear stupid”. Now I ask you, how does that make sense? Tammy, I think you’d bust her balls. By the way, Leslie is married to a muslim, so I am thinking that there might be a link there. NO OFFENSE MEANT TO MUSLIMS WHO ARE IN KEEPING WITH THEIR RELIGION.
But all bets are off with the radicals…..