Exploring Hydrocarbon Depletion
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joeltrout wrote:I saw on marketwatch.com that Bush does not plan to veto it.
Ferretlover wrote:1. Stop refilling the SPRs (which are supposed to cover emergencies and security) -until oil is back at $75.
One oil trader said the president is actually making the right decision, and filling the SPR could even lower prices.
"It acts as a deterrent," said Phil Flynn, senior market analyst at Alaron Trading in Chicago. "If it was twice the size, we'd be less concerned about disruptions from places like Nigeria or Iran."
May 22 (Bloomberg) -- Crude oil rose to a record above $135 a barrel in New York on concern that supplies are inadequate after U.S. stockpiles unexpectedly dropped last week.
U.S. crude inventories fell 5.32 million barrels to 320.4 million barrels last week, the biggest drop in four months, the Energy Department said yesterday. Gasoline supplies plunged by 755,000 barrels when analysts expected an increase.
``The price was roaring before the inventory report and was going up regardless, but that gave it the extra push,'' said Rowan Menzies, head of research at Commodity Warrants Australia Ltd. in Sydney. ``I'm beginning to think that this is a serious macro event, with oil at these levels, and it's going to have some serious consequences.''
Tyler_JC wrote:I highly doubt we are anywhere near shortage levels.
We aren't even outside of the average range yet!
Mountains out of mole hills, anyone?
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