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Gazzatrone
Intermediate Crude
Joined: Nov 07, 2005
Posts: 556
Location: London, UK
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 Posted: Wed Jul 19, 2006 11:55 am Post subject: Checking up on the latest oil prices. |
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Saw this while checking up on the latest oil prices.
It appears the magic oil fairy DOES exist after all. |
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NiKfUrY69
Intermediate Crude
Joined: Sep 02, 2004
Posts: 577
Location: Not tellin' anymore
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| Posted: Wed Jul 19, 2006 12:03 pm Post subject: Re: Does this sound all to convenient? |
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This line says it all:
"a government report showed an unexpected increase in U.S. oil and gasoline inventories"
Who said a liberal arts degree in creative writing won't land you a job?
 - NiK |
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Zardoz
Expert
Joined: Dec 02, 2005
Posts: 6417
Location: Oil-addicted Southern Californucopia
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| Posted: Wed Jul 19, 2006 12:04 pm Post subject: Re: Does this sound all to convenient? |
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| Gazzatrone wrote: | | ...It appears the magic oil fairy DOES exist after all. |
Or maybe this is the work of the demand destruction elves?
_________________
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen |
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Geko45
Intermediate Crude
Joined: Jul 28, 2005
Posts: 654
Location: Houston, TX
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RattlesnakeJake
Coal
Joined: May 08, 2006
Posts: 19
Location: 48N 122W
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| Posted: Wed Jul 19, 2006 12:42 pm Post subject: Re: Does this sound all to convenient? |
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Reuters also said | Quote: | | The U.S. data also showed strong gasoline demand at 9.59 million barrels per day over the past four weeks, up 1.9 percent from the same time a year ago. |
So 1.5 mb/d is about 4 hours worth of gas.
Also, if crude stock are down and gas stock are up, refineries are just using more of their capacity to produce gas. Usage is still up from one year ago. So where's the news? |
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AirlinePilot
Moderator
Joined: Apr 05, 2005
Posts: 2472
Location: South of Atlanta
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| Posted: Wed Jul 19, 2006 3:56 pm Post subject: Re: Does this sound all to convenient? |
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Rattlesnake,
Geeze, stop thinking too hard and making all that sense!
1.5mbpd =4 hours of gas usage, interesting and fun fact to alienate friends with, I like it! |
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shortonoil
Fission
Joined: Dec 02, 2004
Posts: 2684
Location: VA USA
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| Posted: Wed Jul 19, 2006 7:37 pm Post subject: Re: Does this sound all to convenient? |
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Geko45 said:
| Quote: | | That's where I'm putting my money... |
If you’ve got any you better hide it, or the Washington tooth fairy will appropriate it.
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Fergus
Heavy Crude
Joined: Jun 13, 2006
Posts: 409
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| Posted: Thu Jul 20, 2006 7:49 am Post subject: Re: Checking up on the latest oil prices. |
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U.S. gasoline supplies rose 1.5 million barrels to 214.2 million in the week ended July 14, according to the Energy Department. Crude oil stockpiles climbed 151,000 barrels to 335.5 million.
So is this saying that our reserves grew 1.5 million barrells of gas and 151,000 barrells of oil? Or is it saying we just bought more, found more or somehow came into possession s of additional supply? Or is it saying we broke into our reserves and pulled this out to augment current supply?
When we do break into our reserves, how do we replenish the reserves, or do we even do that?
Unfortunately I read the above as us just buying additional supplies. Which makes me wonder why this is news. We buy gas/oil all the time, whys this special? In other words, we are using more then we thought and had to up the supply to meet the demand, or another 'not a good sign'. |
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MonteQuest
Elite
Joined: Sep 06, 2004
Posts: 13460
Location: Sedona, Arizona
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| Posted: Thu Jul 20, 2006 6:36 pm Post subject: Re: Checking up on the latest oil prices. |
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| Fergus wrote: | | U.S. gasoline supplies rose 1.5 million barrels to 214.2 million in the week ended July 14, according to the Energy Department. Crude oil stockpiles climbed 151,000 barrels to 335.5 million. |
Much of this is about refining capacity and crude oil on hand to refine.
| Quote: | | So is this saying that our reserves grew 1.5 million barrells of gas and 151,000 barrells of oil? |
No, our stockpile of gas and oil in storage tanks grew.
We restocked the shelves. We got more product on hand.
| Quote: | | When we do break into our reserves, how do we replenish the reserves, or do we even do that? |
The Strategic Petroleum Reserve is about 700 million barrels; enough to last 53 days if used to replace imported oil and
33 days if used to replace total consumption.
When we tap the SPR, we basically lend refineries oil to get them through the crunch and they replace the oil at a later date.
_________________
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
Live in Arizona? Check out: http://sustainablearizona.org and read my blog. |
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thethief
Coal
Joined: Jun 30, 2006
Posts: 17
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| Posted: Thu Jul 20, 2006 7:12 pm Post subject: Re: Checking up on the latest oil prices. |
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| MonteQuest wrote: | | When we tap the SPR, we basically lend refineries oil to get them through the crunch and they replace the oil at a later date. |
Is that kinda like the Federal Reserve in the banking industry? |
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rogerhb
Master
Joined: Sep 06, 2004
Posts: 5315
Location: Smalltown New Zealand
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| Posted: Thu Jul 20, 2006 7:53 pm Post subject: Re: Checking up on the latest oil prices. |
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| thethief wrote: | | MonteQuest wrote: | | When we tap the SPR, we basically lend refineries oil to get them through the crunch and they replace the oil at a later date. |
Is that kinda like the Federal Reserve in the banking industry? |
No, you can't print oil.
_________________
"Complex problems have simple, easy to understand, wrong answers." - Henry Louis Mencken |
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OZ_DOC
Heavy Crude
Joined: Sep 14, 2005
Posts: 119
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| Posted: Thu Jul 20, 2006 9:08 pm Post subject: Re: Checking up on the latest oil prices. |
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| rogerhb wrote: |
No, you can't print oil. |
Shhhh. Dont tell anyone youll spoil the economist's party.  |
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Falconoffury
Expert
Joined: May 25, 2004
Posts: 1431
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| Posted: Fri Jul 21, 2006 7:59 am Post subject: Re: Checking up on the latest oil prices. |
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You can spin the numbers.
_________________
"If humans don't control their numbers, nature will." -Pimentel
"There is not enough trash to go around for everyone," said Banrel, one of the participants in the cattle massacre.
"George W. Bush loves poor people. He keeps making more of them." -unkn |
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Fergus
Heavy Crude
Joined: Jun 13, 2006
Posts: 409
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| Posted: Fri Jul 21, 2006 8:09 am Post subject: Re: Checking up on the latest oil prices. |
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| cool - thanks for the education. I guess its true, ask a question you get an answer. WOW, this works. I like that. lol. |
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