Christ but you're a troll.

It's strange that there is this oil shortage in Southeast if the oil consumption is down. They are blaming the Hurricane but I believe otherwise. link

Fixed link. Per COC 3.1.2. Please use the hyperlink function (instructions in the 'How To Get Around This Site..." thread in the Welcome Forum.) Thank you.-FL

First I'm having a semantics problem. Could somebody please explain what "Petroleum Products Product Supplied" mean?

Second, I thought the US consumed 30mbpd, of which 10mbpd are domestic and 20mbpd are imported. What those 18.5mbpd of "Petroleum Products Product Supplied" mean?

Third, regarding "how little effect a drop of that magnitude has on the general travel situation in the US", isn't it the other way around? I read total miles traveled dropped over 4% year-to-year. I find interesting that 4% less miles traveled reflect 11% less in "Petroleum Products Product Supplied", whatever that means. I guess the gas-guzzlers were the first to get out of the road.

Miles traveled dropped by 4% year-to-year. There's another thread discussing oil consumption. Perhaps a Mod could merge both threads.

I may be over-generalizing but products supplied means products supplied by refineries. That may include nearly finished imported gasoine or ethanol added at the last minute at refining sites.

Roughly speaking, when refineries are operating fairly normally, products supplied are assumed to be roughly equal to demand. Being refineries two weeks ago were having their worst week ever, there is nothing normal about the 'products supplied' number.

With severe fuel shortages across the parts of the country, products supplied only tell us how much refineries could spit out.

The number of cars on the road is falling, dramatically, for the first time in US history.

This can only lead to reduced demand for oil.

This begs the question, why did we need so many damned cars to begin with?

US oil demand is generally said to be 20 mpd for ease. It was around 21 mpd for quite some time, but now it appears to be below 20 mpd. I have no idea where you'd get 30 mpd. Maybe a projection for 2030 or something.

Correlation is not causation. If anything I would say that higher oil prices are symptomatic of the same stuff brought to you by people who made tons of cash off of our current economic crisis among other very lucrative goings on. Nearly every sector has seen the same, IMO, run on the treasury. People as both wage earners and consumers are squeezed by higher profit margins w/ wages that aren't keeping up with inflation as well as predatory lending practices, that seem to be on the verge of a lucrative bailout now that the consumer can no longer support these expectations that were never supported by fundamentals, which btw seem to be taking quite a bit of investor (including 401k) wealth w/ 'em. Among other things of course...

Looking at oil specifically, we've had a president who allowed a tax loophole big enough to drive a luxury SUV through for free to get passed, killed the Big Three's hybrid program that resulted in 80mpg full size sedans, as well as CA's ZEV mandate, while bogging down the U.S. military (we burn quite a bit of fuel driving tanks and flying aircraft lord knows where btw) into a shitty desert on the other side of the globe destabilizing the largest oil producing region in the world as well as starting an occupation/civil war in the only country in that area w/ any potentional for an increase in output. Short of nuking Iran and adding a buck or two per gallon of federal subsidies to gasonline I don't know what else we couldn't done to run up oil prices.

Pump and dump baby.

I forgot the wrap my comments in the </sarcasm> tags.

Thanks, man. I got my wires crossed. I think world production is about 80mbpd, of which we consume about 20mbpd, and of which we import about 3/4 and produce about 1/4. Thanks again.

That article is dead spot on - the problem was power, not refining capacity and not oil shortages.

You've got to keep in mind that, in less that two weeks, the coast was hit by two category 3 hurricanes. During that time, oil did not really spike or move much and when it did spike for a week or so it was only after an oil contract settlement date.

I know for a fact that power was a major issue because, as part of my occupation, I had to track the effects of the storm on our business. All the way up into Ohio there were power outages that lasted for days due to wind damage from the remnants of the storm. There was a swath of power outages and flooding issues right through the center of the country. From what I can tell, power wasn't really getting back to normal until early this week.

This basically means the markets for those products didn't really return to normal until the last few days. So, as far as prices and regional supply, it should either be back to normal now or return to normal within a few days. If it doesn't, then there might be real cause to worry..

As I've been regularly reporting in this thread here (which mysteriously seems to get little attention), I'll repeat my latest chart, since it's the same topic.

I'm waiting to see what happens in the northern states this winter vis a vis heating oil to see what the real impact of $100/barrel oil is. We're probably going to see the worst impact of peak oil in the home heating sector since it's a necessary expense, and retrofits require a lot of money up front which people don't have.

There is really a surplus of everything, not just cars. This will be a good thing in the long run as we enter into a barter/hand-me-down/salvage economy.

And I'm waiting to see what happens at the end of the harvest season with $100 oil. Did farmers harvest 100% of their crops or let some standing because it was too expensive to harvest?