pstarr wrote:US uses about 21 milllion barrels/day of crude petroleum. Wouldn't the reported shut Gulf production of 1.5 millon barrels/day be 7% of total?The gulf accounts for 29% of the nations oil productiuon and over 20% of natural gas, according to the article.
does anyone know what the approximate daily nat. gas consumption is?
pete
EnemyCombatant wrote:How come we haven't experienced gas shortages/rationing -- outside of the Atlanta 2 day school reprieve.
I've heard the excuse of market manipulation, but you can't manipulate gas getting to the gas stations.
US uses about 21 milllion barrels/day of crude petroleum. Wouldn't the reported shut Gulf production of 1.5 millon barrels/day be 7% of total?The gulf accounts for 29% of the nations oil productiuon and over 20% of natural gas, according to the article.
We will see gasoline stockpiles start to dwindle -- this should be evident in the next few inventory reports, assuming the data is accurate. However, we have almost 200 million barrels of gasoline and about 305 million barrels of crude oil outside the SPR. It takes a little while before shortages start to show up.
Since it takes approximately 270 mb to fill up the pipe lines and prime the refiners
Throughout February, U.S. crude oil stocks stayed near the lower operational inventory level of 270 million barrels, gasoline and distillate stocks declined, and crude oil prices stayed around $35 per barrels for WTI.9
shortonoil wrote:305 million barrels of crude oil is the total amount of crude in the system. Since it takes approximately 270 mb to fill up the pipe lines and prime the refiners, that leaves us with 35 mb of useable reserve. Less than two weeks. This is down from the 351 mb numbers before Katrina hit.
shortonoil wrote:Since we have lost approx. 20% of our refining capacity we are presently using 16.8 mb/d of crude. With a loss of crude production of 1.5 mb/d we will deplete our 35 mb/d inventory in 11.2 days. Other things like importation of refined products will of course affect this number, but it give us an idea of the pile of S**T we are in.
Big Oil Firms Curb Pump Prices,
Put Squeeze on Competitors
By THADDEUS HERRICK
Staff Reporter of THE WALL STREET JOURNAL
October 1, 2005
Major oil companies and refiners, under attack for their soaring profits, are restraining prices at the pump.
The result: Gasoline can be cheaper at branded gas stations operated by companies such as Exxon Mobil Corp. or Valero Energy Corp., the nation's largest refiner, than it is at independent service stations. In essence, these giants are using robust refining margins to challenge their competition.
"We've made a decision to lag [behind] the market," said Mary Rose Brown, a spokeswoman for San Antonio-based Valero. Exxon Mobil, of Irving, Texas, said retail prices are determined by a number of factors, including retail competition.
The move is both helping big oil companies deflect political flak amid record profits and putting considerable pressure on their competition, especially big-box retailers and economy gasoline chains. Consumers are unlikely to feel too grateful, because gasoline prices gained after hurricanes Katrina and Rita, which shut down about 20% of U.S. refining capacity. On top of the storms, strikes in France, a leading U.S. supplier, have dimmed import prospects.
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