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(New Europe)   Oil glut on the horizon while OPEC keeps output unchanged. Don't worry, though, oil companies promise they'll keep gas prices high so you don't suffer the shock of a sudden price drop. You're welcome   (neurope.eu) divider line 17
    More: Strange, OPEC, shale oil, OPEC keeps, Economy of Iraq, New Europe, excess supply, Iran, oxygen monitor  
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752 clicks; posted to Business » on 05 Dec 2013 at 9:24 AM (46 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



17 Comments   (+0 »)
   
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2013-12-05 09:30:14 AM  
Not a problem. They just need to build some more tankers so that they can sail the extra oil in circles around the Atlantic ocean instead of having to deliver it to any consumers. Of course that increases the chance of encountering pirates, so there will be an extra risk premium added to any shipments which do get through.

In other news the southern leg of Keystone XL will be in service within a month, solving the local glut of oil which has been keeping prices artificially low in the Cushing, OK region. More oil and higher prices - it's a win/win.
 
2013-12-05 09:39:59 AM  
So, basically, if the price of oil does not go down even though there's more supply available, I can slap every person who says it's supply and demand?
 
2013-12-05 10:40:30 AM  

Chabash: So, basically, if the price of oil does not go down even though there's more supply available, I can slap every person who says it's supply and demand?


You can already do that, since studies of the original American gas price spike show it happened while the supply was increasing and demand was falling.

This might be of interest to you:

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.
 
2013-12-05 11:26:54 AM  
WTI was down around $94 before Thanksgiving and **amazingly** refineries in both Houston and New Orleans supposedly had simultaneous maintenance issues shooting gasoline prices up 28 or 30 cents.  Then we find out last Friday that gasoline inventories were unexpectedly high yet the prices haven't gone back down.

Now that WTI is back up $3+ on the Iranian news story that the deal Kerry made with them won't affect oil production I haven't seen too much of a price correction except at the cheap stations like Murphy or Costco.

But we're told there is no manipulation, right?
 
2013-12-05 12:19:40 PM  
The simplest way to not give a shait about gasoline prices? Quit using gasoline.

/solar powered EV is the way to go.
 
2013-12-05 12:19:48 PM  

Chabash: So, basically, if the price of oil does not go down even though there's more supply available, I can slap every person who says it's supply and demand?


Then go back to smacking people who say anything positive about trickle-down
 
2013-12-05 12:42:53 PM  
But they need to charge more for gas because they need to pay storage fees on all the oil.
 
2013-12-05 02:01:42 PM  

MrSteve007: The simplest way to not give a shait about gasoline prices? Quit using gasoline.

/solar powered EV is the way to go.


I've got a 1968 Opel Kadett that was converted by my great-Grandfather.  I rebuilt it after it sat for 30 years,  and she only does 15mph before the ~60 year old solenoids go bonkers.  I'd like to redo it with Lithium, but lack the 20Gs needed.  She's so ugly that she's beautiful.
 
2013-12-05 02:21:08 PM  

TheSwizz: MrSteve007: The simplest way to not give a shait about gasoline prices? Quit using gasoline.

/solar powered EV is the way to go.

I've got a 1968 Opel Kadett that was converted by my great-Grandfather.  I rebuilt it after it sat for 30 years,  and she only does 15mph before the ~60 year old solenoids go bonkers.  I'd like to redo it with Lithium, but lack the 20Gs needed.  She's so ugly that she's beautiful.


pics you beautiful human.

/drives a very large dodge 2500 diesel
 
2013-12-05 02:22:46 PM  

Chabash: So, basically, if the price of oil does not go down even though there's more supply available, I can slap every person who says it's supply and demand?


If increasing demand from an improving world economy doesn't offset the increase in supply, we should definitely see oil prices go down.
 
2013-12-05 02:31:30 PM  

BullBearMS: Chabash: So, basically, if the price of oil does not go down even though there's more supply available, I can slap every person who says it's supply and demand?

You can already do that, since studies of the original American gas price spike show it happened while the supply was increasing and demand was falling.

This might be of interest to you:

Conspiracy theorists of the world, believers in the hidden hands of the Rothschilds and the Masons and the Illuminati, we skeptics owe you an apology. You were right. The players may be a little different, but your basic premise is correct: The world is a rigged game. We found this out in recent months, when a series of related corruption stories spilled out of the financial sector, suggesting the world's largest banks may be fixing the prices of, well, just about everything.


All of those clearing houses should be:

1) Run by the government
2) Not even submitted by the companies.  The clearing house should have direct back end access to the participating bank's (and participation is not voluntary) systems.  The clearing house pulls the info themselves, and sees everything.
3) The clearing houses participate in auditing the audits.  Ie. if what gets handed over to an auditing firm is different from what the clearing house saw, bank is seized.

I like seeing real financial innovation and want to reward those who come up with better ways, but given the history financial services should be under a "you are allowed to only do A, B, C" (ie. prescriptive) set of regulations, not under "you may not do X, Y, Z" regulations (ie. proscriptive).  Want a new kind of financial vehicle?  Sorry, you have to wait till the regulators determine it isn't screwing someone over.

My conversion from a trickle down knob slobberer in 1988 to a "enslave the banks" raging communist is now complete.
 
2013-12-05 03:02:05 PM  

JolobinSmokin: TheSwizz: MrSteve007: The simplest way to not give a shait about gasoline prices? Quit using gasoline.

/solar powered EV is the way to go.

I've got a 1968 Opel Kadett that was converted by my great-Grandfather.  I rebuilt it after it sat for 30 years,  and she only does 15mph before the ~60 year old solenoids go bonkers.  I'd like to redo it with Lithium, but lack the 20Gs needed.  She's so ugly that she's beautiful.

pics you beautiful human.

/drives a very large dodge 2500 diesel


Here she is coming home, before the overhaul:
opel.foamcoffee.com

And here is the motor controller (back) and the motor (bottom, red):
opel.foamcoffee.com

3 of the 9 lead acid batteries go in the blue brackets, the other nine are in the trunk.  The motor controller and motor are from a 72V electric forklift from the '50s.  The fact that both the controller and motor worked after sitting 30 years was a miracle in my book.
 
2013-12-05 03:08:45 PM  

TheSwizz: JolobinSmokin: TheSwizz: MrSteve007: The simplest way to not give a shait about gasoline prices? Quit using gasoline.

/solar powered EV is the way to go.

I've got a 1968 Opel Kadett that was converted by my great-Grandfather.  I rebuilt it after it sat for 30 years,  and she only does 15mph before the ~60 year old solenoids go bonkers.  I'd like to redo it with Lithium, but lack the 20Gs needed.  She's so ugly that she's beautiful.

pics you beautiful human.

/drives a very large dodge 2500 diesel

Here she is coming home, before the overhaul:


And here is the motor controller (back) and the motor (bottom, red):


3 of the 9 lead acid batteries go in the blue brackets, the other nine are in the trunk.  The motor controller and motor are from a 72V electric forklift from the '50s.  The fact that both the controller and motor worked after sitting 30 years was a miracle in my book.


Thank you, it looks pretty much so ugly I want one like you said.

Also like the white dodge pulling it :)
 
2013-12-05 05:00:02 PM  

TheSwizz: I've got a 1968 Opel Kadett that was converted by my great-Grandfather. I rebuilt it after it sat for 30 years, and she only does 15mph before the ~60 year old solenoids go bonkers. I'd like to redo it with Lithium, but lack the 20Gs needed. She's so ugly that she's beautiful.


For that cost, I'd just buy the Mitsubishi I-MiEV - which now retails for $15,000 brand new. Just yank the innards out of one of those.
 
2013-12-05 07:35:33 PM  

TheSwizz: JolobinSmokin: TheSwizz: MrSteve007: The simplest way to not give a shait about gasoline prices? Quit using gasoline.

/solar powered EV is the way to go.

I've got a 1968 Opel Kadett that was converted by my great-Grandfather.  I rebuilt it after it sat for 30 years,  and she only does 15mph before the ~60 year old solenoids go bonkers.  I'd like to redo it with Lithium, but lack the 20Gs needed.  She's so ugly that she's beautiful.

pics you beautiful human.

/drives a very large dodge 2500 diesel

Here she is coming home, before the overhaul:


And here is the motor controller (back) and the motor (bottom, red):


3 of the 9 lead acid batteries go in the blue brackets, the other nine are in the trunk.  The motor controller and motor are from a 72V electric forklift from the '50s.  The fact that both the controller and motor worked after sitting 30 years was a miracle in my book.


absolutely awesome.
 
2013-12-05 10:18:04 PM  
You guys go ahead and keep talking like oil is some mysterious substance controlled by mysterious forces - despite traders, OPEC and the oil companies, oil is a product on the international marketplace and is not terribly mysterious.

Oil is harder and more expensive to produce than in the past (fracking, oil sands).

Many more countries are heavy consumers of oil (China and Southeast Asian countries in particular).

Guess what? There isn't going to be another "oil glut", as much as we may want one (despite the damage it would do to our planet). Oil prices have been amazingly stable, and slowly rising, over the past 5 years.

It's possible we will see another price spike, or that prices will crash, but in general I would be extremely skeptical of any claims to predict those sort of extreme price movements. If you NEED cheap gas, I suggest you do the wise thing and get a Prius or an EV instead.
 
2013-12-06 02:37:46 AM  

Debeo Summa Credo: Chabash: So, basically, if the price of oil does not go down even though there's more supply available, I can slap every person who says it's supply and demand?

If increasing demand from an improving world economy doesn't offset the increase in supply, we should definitely see oil prices go down.


They are going to cut output before that happens, if it happens at all.
The interesting thing about it is the Saudis will actually cut production of their cheap crude BEFORE the US / Canada cut any expensive shale production. This isn't the 80's anymore, Toto.
 
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