Oil's energy contribution has declined by about 12% since 1999. The world's economies have also declined by about 12%. (Using conventional metrics, which are time delayed determinations, this will only be seen in hind sight). The massive destruction of asset values now occurring testifies to it happening.
Peak is well behind us, world economies have peaked and will continue to decline.
Joined: Feb 02, 2006 Posts: 10 Location: Nashville, TN
Posted: Wed Sep 24, 2008 7:27 am Post subject: Re: North American Fuel Shortage Reports
Nashville, TN situation looking better. About 25% of stations have gas (of a random grade), gas trucks are visible on the streets hurrying to deliver just enough to keep these going. Overall, it's still quite odd seeing so many stations closed. Prices are running around $4.00 to $4.50/gallon for regular.
Sorry to quote so much, but this is so relevant to this thread.
"By Monday, oil companies were already warning that they would not be able to produce adequate supplies of gasoline in the immediate future because so many refineries were not operating. Gasoline prices, which had been dropping since mid-July began to climb. Spot shortages and some very high prices began to appear across the Southeast."
...
"Many observers believe the worst is yet to come. US gasoline inventories had already fallen to 184 million barrels, the lowest in 40 years, just before Hurricane Ike forced another round of refinery and production platform closures. A knowledgeable official of the EIA said that this week’s stocks report could show a drop of 6-8 million barrels in US gasoline inventories."
...
"As it takes two weeks or more to move gasoline through pipelines to customers along some sections of the East Coast, the full impact of the shortages may still come. As of Friday the government was reporting that 90 percent of Gulf crude production was still shut-in."
Summary: Hold onto your butts, it's gonna get worse before it gets better.
Posted: Wed Sep 24, 2008 5:50 pm Post subject: Re: North American Fuel Shortage Reports
spgarbet said:
Quote:
"As it takes two weeks or more to move gasoline through pipelines to customers along some sections of the East Coast, the full impact of the shortages may still come. As of Friday the government was reporting that 90 percent of Gulf crude production was still shut-in."
This comment is particularly interesting. If the product is still in the pipe, it should start coming out as soon as product starts being pumped in. Apparently, there is not much gasoline in the pipe, as they are saying it will take two weeks for it to arrive. It will take two weeks, as I’ve been saying, because much of the gasoline in the pipes has already been emptied.
The EIA inventory report is blatantly wrong, by about 28 mb. The EIA is not including the change of gasoline inventory in the pipes. It is estimated on a percentage basis. A percentage that is no longer there!
In all fairness there is probably no way the EIA could know this. The last thing that the oil companies want is for the real situation to be known. $6 gas would not be a good thing to have just before an election. The J6Ps would not believe that the US is literally out of gas, and if the oil companies came out and admitted that, there would be a horrible outcry to nationalize the oil industry along with everything else.
Joined: Sep 16, 2004 Posts: 4936 Location: Southwest WI
Posted: Wed Sep 24, 2008 6:19 pm Post subject: Re: North American Fuel Shortage Reports
Gasoline prices dropped once again here. Still no sign of panic... I can't wait to see my first knife fight at a gas station _________________ Clothing should be optional.
Joined: Oct 23, 2004 Posts: 5928 Location: New Jersey
Posted: Wed Sep 24, 2008 6:54 pm Post subject: Re: North American Fuel Shortage Reports
In case you missed it the Colonial Pipeline suffered another setback today. Colonial said before the fire struck that it would take a week more for things to get back to normal, but being refineries in the US had their worst week ever last week, that is an optimistic assesement to say the least.
However those areas near major seaports along the east coast get imports first, and may not suffer as nearly as much as those locations that get most of their gasoline mostly by pipeline.
Quote:
NEW YORK, Sept 24 (Reuters) - Kinder Morgan Energy Partners(KMP.N: Quote, Profile, Research, Stock Buzz) said on Wednesday it expects to resume supplying oil products to the Colonial and Explorer pipelines within the next two days, after a fire at its Pasadena, Texas terminal.
Posted: Wed Sep 24, 2008 8:01 pm Post subject: Re: North American Fuel Shortage Reports
extremely long lines here in Belmont NC. I only saw one station with Gas at Walmart. LOL Cannot help but laugh... Got home and watched the President speaking. Guess they are to worried about Economy on News to worry about not having Gas to drive to work. Oh well will try to get gas tomorrow then buy a bike.
Posted: Wed Sep 24, 2008 8:09 pm Post subject: Re: North American Fuel Shortage Reports
Well, Iowa?
Quote:
Iowa Secretary of Agriculture Bill Northey announced that in an effort to facilitate adequate fuel supplies to Iowa, the Iowa Department of Agriculture and Land Stewardship has waived the state’s gasoline volatility standards between Sept. 16 and Sept. 30.
Joined: Sep 16, 2007 Posts: 1476 Location: Oklahoma City, USA
Posted: Wed Sep 24, 2008 8:27 pm Post subject: Re: North American Fuel Shortage Reports
GoghGoner wrote:
Well, Iowa?
Quote:
Iowa Secretary of Agriculture Bill Northey announced that in an effort to facilitate adequate fuel supplies to Iowa, the Iowa Department of Agriculture and Land Stewardship has waived the state’s gasoline volatility standards between Sept. 16 and Sept. 30.
Isn't it still too hot for that? Sure, you'll get more gas in theory, but in practice they have a summer blend because otherwise a portion of it evaporates in the heat.
Posted: Thu Sep 25, 2008 5:57 am Post subject: Re: North American Fuel Shortage Reports
Reports of bagged pumps popping up in the Northern Neck of Virginia. That is eastern area of the state bordering the Chesapeake, and is supplied by the Plantation. The shortages appear to be moving north. I have friends driving to New Hampshire today. They will be keeping an eye out for bagged pumps along the way and on the way back.
Posted: Thu Sep 25, 2008 6:12 am Post subject: Re: North American Fuel Shortage Reports
I saw a couple reports for shortages in Dallas yesterday and today my first search turns up San Antonio. Don't worry the subtitle of the article says it will only last for hours. Hehehehe, the prices are falling in SA.
Quote:
As spot shortages of gasoline have begun to appear around San Antonio, the nation's big refiners say they are making progress in getting their refineries on the upper Texas coast restarted after they were shut down before the arrival of Hurricane Ike, 1200 WOAI news reports.
...
The average price of gasoline in San Antonio today is $3.52 a gallon, down seven cents from this time last week.
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