boosh on CNBC now: Oil price is high because demand is

outstripping supply. So, we need Congress to open ANWR and OCS to take pressure off gas prices. But, FOR GOD'S SAKE! DO NOT USE LESS!!!! He said NOTHING about reducing demand. But, of course, we wouldn't, would he?

Considering the capitulation he gets from the Democratic congress lapdogs, he's going to get his ANWR and OCS because we are, after all, being controlled by Big Oil.

I'll say this again: Any oil pumped from those locations will not see a gas pump for at least 10 years. So, how the fuck is that supposed to take pressure off of gas prices today?

or are they just showing jr. from the shoulders up??

Going through college. Nobody could pump their own gas back then
and the lines look like that too!


Bush lied the refinaries are at 85% capacity and inventories are also high.
There are oil freighters off the coast waiting their turn to unload.

Summary of Weekly Petroleum Data for the Week Ending July 4, 2008

U.S. crude oil refinery inputs averaged nearly 15.5 million barrels per day
during the week ending July 4, up 75 thousand barrels per day from the previous
week's average. Refineries operated at 89.2 percent of their operable capacity
last week. Gasoline production fell last week, averaging 8.9 million barrels per
day. Distillate fuel production increased last week, averaging 4.6 million
barrels per day.

U.S. crude oil imports averaged 9.5 million barrels per day last week, down 621
thousand barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged nearly 10.1 million barrels per day, 82 thousand
barrels per day above the same four-week period last year. Total motor gasoline
imports (including both finished gasoline and gasoline blending components) last
week averaged nearly 1.2 million barrels per day. Distillate fuel imports
averaged 142 thousand barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) decreased by 5.9 million barrels from the previous week. At
293.9 million barrels, U.S. crude oil inventories are below the lower boundary
of the average range for this time of year. Total motor gasoline inventories
increased by 0.9 million barrels last week, and are in the middle of the average
range. Finished gasoline inventories were unchanged last week while gasoline
blending components inventories increased during this same time. Distillate fuel
inventories increased by 1.8 million barrels, and are in the middle of the
average range for this time of year. Propane/propylene inventories increased by
2.6 million barrels last week but remain below the lower limit of the average
range. Total commercial petroleum inventories decreased by 3.3 million barrels
last week, and are near the bottom of the average range for this time of year.

Total products supplied over the last four-week period has averaged nearly 20.4
million barrels per day, down by 1.8 percent compared to the similar period last
year. Over the last four weeks, motor gasoline demand has averaged 9.3 million
barrels per day, down by 2.1 percent from the same period last year. Distillate
fuel demand has averaged about 4.2 million barrels per day over the last four
weeks, up by 1.3 percent from the same period last year. Jet fuel demand is 2.2
percent lower over the last four weeks compared to the same four-week period
last year.

http://www.eia.doe.gov/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/wpsr.html">US EIA

Edited to add: Oh, and btw, two more reports similar to this one and our national oil and gasoline distribution system will be below MINIMUM OPERATIONAL LEVELS. Which means that there won't be enough liquids in the systems to maintain proper flow and pressure in the pipelines. If MOL is reached and surpass, you will begin to see spot shortages.

Your pics are all from other countries.

:shrug:

there WILL be.

above MINIMUM OPERATIONAL LEVELS. If imports and prodcution fail to input enough product into the pipeline systems and MOL is obtained or surpassed, you will begin to see spot shortages and lines at gas stations for as long as sub-MOL conditions exist.

All it will take is two or three more http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=3600428&mesg_id=3600788">Weekly Petroleum Summaries like this one, and we will be at MOL or lower.

Because prices are this high and it is keeping demand down.

Obviously the oil companies are jacking prices and telling us there is a shortage, but it seems to me supply is keeping up with demand just fine.

In fact I can't remember the last time I saw a gas station without gas to sell. And there is always an available pump.

I'd be fine with it if there were gas lines. I don't drive. My wife has a lengthy commute though, and maybe the lines would convince her to get a job closer to home since nothing else will.

In the meantime, no lines literally means there is no shortage. Oil companies can't just TELL us supply is low, raise prices, and expect us to believe them.

Now I would not be surprised if they intentionally cut off a tiny section from deliveries just to get the photos on the MSM, in order to create a mass hysteria, so they can double prices again.

is set by the markets.

Is there a law that says they can't set the price of what they sell? Even if there is, they can manipulate the data (say by not drilling in places they can) in order to keep the supply high and continue to sell it at a high price.

Also, I think the U.S. is going to use about as much gas as they need regardless. Sure there are some minor places we can cut back, but overall we need what we use, and the cost has not effected our use too much so far.

there is DEMAND, the MARKET sets the price. If Joe bids $140 for a contract and I need or want that oil, I'll bid $141. That is DEMAND.

Wanna pay less for gas, USE LESS! That is called DEMAND DESTRUCTION, which ain't happenin'. Therefore, I'm going to out-bid Joe until he proves he needs it more than I do. In the process of that bidding, we get $4 gas.

On the other hand, if there's more oil than we could ever run out of, say an Atlantic Ocean-sized amount of oil, then they'd have to give it away, like they were doing just 8 years ago.

Some products are abundant and worthless, yet still have a high price tag.

For instance, you can get an Italian tie in China for 25 cents that sells for over $100 in the U.S. Yes, that is reflective of supply and demand in the U.S., but it does not prove that there is a shortage of ties or that our tie demand is too high. The business is just trying to maximize its profits, have established a name for itself, and through other means has a lot of power in the tie market.

because we sat (and still sit) idly by and let them get away with it, what should we expect.

They stole our government and now they're picking our pockets.

I know that sounds contradictory of my PO stance, but I've never kept secret my desire to be proven wrong about PO and I am actually hoping I'm wrong and we're getting bent at the pumps. I'd much rather be ripped off by Big Oil than deal with PO. Any day of the week.

that anyone (except maybe the Congress) pays any attention to anything he thinks or says. Does he really think we look to him for information? If he never showed his face again nobody would notice and we would all be happier.

:boring:

once again it's so hard to tell if he's a bald-faced liar, or he's just stupider than a rock.

come out much sooner than any ANWR or US offshore stuff. Aren't the new oil lease holders in Iraq going to try and increase the output by sixty percent or more? Why isn't that lowering the price? This is all smoke and mirrors allowing the big oil companies to continue rolling in the dough and of course the Saudis, et al. IMO

They want to tie up all the oil leases they can get, control Iraq's oil, and they had hoped that they would be in control of all the middle east oil by the time Bush got out of office, to bad things didn't work out for them in that scenario! :mad:

These asshats want to control the whole world, the "new world order" crap that daddy Bush was always talking about. The best thing is that they put the biggest idiot around in charge of getting their "new world order", and so far he has failed. We have a chance when Obama takes control in 2009, but it will be a long hard job of getting this country back on the right track. It can be done, but we need to clean out congress and get rid of the "corporate" puppets from both parties. We need to take back the country from corporations that only care about greed, and not about the suffering of those who do the work that keeps this country running!

so it seems.

lower the prices now.

Speculators are speculating based on FUTURE supply and demand.



At the very least, it means that 10 years from now things won't be as bad.



That's their argument, anyway.

It's not supply and demand, it's not peak oil, it's greed, plain and simple.

the oil industry doesn't have the refinery capacity.

And the oil industry will not specially lower the price of domestic American oil pumped from new offshore American wells just to help American citizens. That oil will be sold on the international market at international prices. The oil company shareholders would insist on it. And for the international price of oil to be lowered as a result of the pumping of new oil from new domestic American wells, it would have to make a significant increase in the world's production of oil, not just in America's production of oil. The world is now using well over 80 million barrels a day, of which one-fourth is consumed by the U.S. That new oil from offshore wells would have to make a noticeable increase in the international supply of 80 million barrels a day.

I'm actually in favor of the Congress looking at some of the off shore sites to see if new technology might make it possible to get oil without harming the environment. But I don't anticipate that any oil pumped from those sites will lower the international price of petroleum by anything more than a few cents.

"See me when we get done here. I have some valuable waterfront
property in the Everglades I'd like to sell you."

...and no doubt they're hoping for ANWR, to boot.

Maybe I'm paranoid, but I firmly believe $5+ gasiline is a scheme by Big Oil and the Grand Oil Party to twist the public's arm until they DEMAND more oil drilling.

out for more oil, thus oil drilling in ANWR and off the coasts, I will not be manipulated by these thugs.

for oil, not the oil companies.

This has all been preordained and predicted as the onsetting effects of reaching and surpassing the point of maximum world oil production. That point was reached in May of 2005, more than three years ago.

THREE YEARS DURING WHICH CRUDE OIL PRODUCTION HAS FAILED TO SURPASS 74.6 MILLION BARRELS PER DAY REACHED IN MAY OF 2005.

That IS peak oil, no matter what anyone theorizes.

oil?

It's simple. You stick a straw in a Sonic cup of soda and suck. And suck. And suck. Then, eventually, all the soda is sucked out.

With oil, as a field reaches its maximum production level, not only does it produce less oil each day, it begins to REQUIRE ENERGY to pump it out.

It's a really, REALLY, simple concept yet people WILL NOT HEAR IT!

on oil drilling in oceans, East coast because at that time Jeb was governor in Florida and Daddy killed the idea.

and I thought we were supposed to wean ourselves off the addiction of oil, apparently * hasn't.

Today, President Bush gave yet another speech chiding the “Democrat leaders” for refusing to allow drilling in the Arctic National Wildlife Refuge. He blames their actions for singlehandedly driving up oil prices. He neglected to mention other Congress members voting records when it comes to ANWR.

In April 2002, John McCain voted “NO” on drilling ANWR on national security grounds. In March 2003, the senator voted “YES” on removing consideration of drilling ANWR from budget bill. In March 2005, the senator voted “YES” on banning drilling in the Arctic National Wildlife Refuge. In November 2005, the senator voted “YES” on disallowing an oil leasing program in Alaska's ANWR.

I agree with Senator McCain’s stance on drilling ANWR (which mirrors Senator Osama’s).This will provide a band-aid over a hemorrhaging wound. Both candidates would be wise to ignore the misguided mutterings of our lame-duck President, and search for alternative energy sources to reduce our dependence on oil.