GasBuddy Blog

GasBuddy News Article

votes

U.S. awash in oil, but global demand drives prices

Chron.com -- At midnight on April 11, a 940-foot tanker maneuvered into the dock at the oil terminal in Valdez, Alaska, carrying an unusual cargo for a returning ship.

Sloshing in its tanks were more than 12 million gallons of Alaskan crude, at least a quarter of the cargo the ship had carried away from Valdez two weeks earlier.

The Alaskan Explorer had sailed to a Washington refinery but was forced to return to Alaska with 300,000 barrels because the onshore storage tanks were too full to accept it, confirmed Anil Mathur, CEO of the Alaska Tanker Co., which owns the ship.

"Not the normal course of business," said John Kotula, one of the few outsiders privy to the incident because of his position as manager of the state of Alaska's environmental office in Valdez.

The tanker's inability to offload

Read the Full Article

Submitted Apr 29, 2012 By: angel4me

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: U.S. awash in oil, but global demand drives prices	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First Prev

Next Last

Rooster922 Champion Author Wilmington Posts:3,798 Points:658,020 Joined:Jan 2009	Message Posted: Apr 29, 2012 11:21:21 PM Ignore Rooster922 Report Abuse Really
HA4CNN Champion Author Toronto Posts:5,634 Points:1,545,440 Joined:Dec 2006	Message Posted: Apr 29, 2012 11:19:59 PM Ignore HA4CNN Report Abuse Lets get back to normal and start using the supply and demand equation.
danreino Champion Author Twin Cities Posts:8,363 Points:1,542,680 Joined:Mar 2008	Message Posted: Apr 29, 2012 11:18:47 PM Ignore danreino Report Abuse Unregulated speckulators in The Bahamas coolin' on our guard & $$$$$. Maybe time to invade Nassau ? 60 states sounds good to me.
TheeRedRam Champion Author Hartford Posts:3,173 Points:674,585 Joined:Jun 2011	Message Posted: Apr 29, 2012 11:18:02 PM Ignore TheeRedRam Report Abuse Hummmm
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Apr 29, 2012 11:17:25 PM Ignore tedjm1 Report Abuse And yet our prices rise.
Rednix Champion Author Miami Posts:6,163 Points:1,277,460 Joined:Jul 2009	Message Posted: Apr 29, 2012 11:16:10 PM Ignore Rednix Report Abuse We should be prices going lower if this is happening.
frostyWV Champion Author West Virginia Posts:2,339 Points:519,235 Joined:May 2011	Message Posted: Apr 29, 2012 11:15:42 PM Ignore frostyWV Report Abuse bad news.
pyndasky Champion Author Maryland Posts:10,010 Points:1,783,755 Joined:May 2008	Message Posted: Apr 29, 2012 11:13:48 PM Ignore pyndasky Report Abuse no quick fix to this situation
crreed1 Champion Author West Virginia Posts:1,995 Points:2,528,285 Joined:May 2005	Message Posted: Apr 29, 2012 11:13:31 PM Ignore crreed1 Report Abuse higher prices
regout Champion Author Quebec Posts:2,965 Points:834,655 Joined:May 2010	Message Posted: Apr 29, 2012 11:12:55 PM Ignore regout Report Abuse Always any reason.
jackson661 Champion Author Columbus Posts:3,772 Points:1,478,745 Joined:May 2006	Message Posted: Apr 29, 2012 11:12:27 PM Ignore jackson661 Report Abuse Global demand rules price....what is going on...
Rageagainsttm Champion Author Tampa Posts:8,313 Points:1,904,930 Joined:Jul 2007	Message Posted: Apr 29, 2012 11:12:08 PM Ignore Rageagainsttm Report Abuse whatever
gmcgas Champion Author Atlanta Posts:5,963 Points:1,716,120 Joined:Mar 2004	Message Posted: Apr 29, 2012 11:10:53 PM Ignore gmcgas Report Abuse hummmmmmmmm
Sabretooth78 Champion Author Buffalo Posts:14,044 Points:2,689,390 Joined:Sep 2005	Message Posted: Apr 29, 2012 11:10:10 PM Ignore Sabretooth78 Report Abuse Inflation is driving prices more than anything. End the Fed.
gocatgo Champion Author South Carolina Posts:15,668 Points:2,531,530 Joined:Apr 2006	Message Posted: Apr 29, 2012 11:09:51 PM Ignore gocatgo Report Abuse What good is a high oil supplies if Big oil is closing refineries.
KnoxGasPriceSpy Champion Author Knoxville Posts:140,879 Points:921,770 Joined:Oct 2010	Message Posted: Apr 29, 2012 11:09:32 PM Ignore KnoxGasPriceSpy Report Abuse bring down the prices...
yakstar Champion Author Montreal Posts:2,430 Points:480,845 Joined:Jan 2012	Message Posted: Apr 29, 2012 11:09:29 PM Ignore yakstar Report Abuse too much oil???
joel27nc Champion Author Raleigh Posts:10,547 Points:1,860,320 Joined:Mar 2008	Message Posted: Apr 29, 2012 11:09:00 PM Ignore joel27nc Report Abuse This is known already
CentrevilleWill All-Star Author Virginia Posts:818 Points:1,778,275 Joined:Aug 2006	Message Posted: Apr 29, 2012 11:08:26 PM Ignore CentrevilleWill Report Abuse I find that so hard to believe that China isn't buying it, and that if we're so awash with crude than there is nothing more than market manipulation keeping gas prices so high.
rawdog1313 Champion Author Lexington Posts:3,309 Points:1,644,755 Joined:May 2008	Message Posted: Apr 29, 2012 11:06:54 PM Ignore rawdog1313 Report Abuse Regulate Oil Speculation and gas prices will be lower.
smoketown Champion Author Cincinnati Posts:6,241 Points:1,383,825 Joined:Feb 2008	Message Posted: Apr 29, 2012 11:05:39 PM Ignore smoketown Report Abuse B.S. TALK......
quasar502 Champion Author Lansing Posts:3,593 Points:803,300 Joined:Jan 2011	Message Posted: Apr 29, 2012 11:05:39 PM Ignore quasar502 Report Abuse Our internal demand keeps dropping.
unicornpmb Champion Author Buffalo Posts:8,496 Points:1,631,365 Joined:Sep 2005	Message Posted: Apr 29, 2012 11:04:37 PM Ignore unicornpmb Report Abuse Double talk.
Jmac2008 Champion Author Missouri Posts:2,284 Points:883,090 Joined:Dec 2008	Message Posted: Apr 29, 2012 11:04:06 PM Ignore Jmac2008 Report Abuse ok
TheSicilian Champion Author Jacksonville Posts:5,389 Points:1,471,700 Joined:Feb 2009	Message Posted: Apr 29, 2012 11:03:41 PM Ignore TheSicilian Report Abuse sell high to china
CarolinaBlue150 Champion Author North Carolina Posts:1,430 Points:300,000 Joined:Aug 2011	Message Posted: Apr 29, 2012 11:03:40 PM Ignore CarolinaBlue150 Report Abuse Okay.
KhelbenArunson Champion Author Michigan Posts:4,451 Points:719,590 Joined:Apr 2008	Message Posted: Apr 29, 2012 11:03:27 PM Ignore KhelbenArunson Report Abuse Yep just one more reason to re regulate this segment of the economy.
bigdipperMS Champion Author Mississippi Posts:1,522 Points:538,725 Joined:Apr 2011	Message Posted: Apr 29, 2012 11:02:46 PM Ignore bigdipperMS Report Abuse More pipeline distribution needed along with new refineries. Until the USA is able to supply its own oil from North America, the price of oil will be determined by global needs.
boatmen Champion Author New York Posts:3,085 Points:623,555 Joined:Jan 2011	Message Posted: Apr 29, 2012 11:02:07 PM Ignore boatmen Report Abuse As the pump price goes up Greed
RetFireLT Champion Author Kentucky Posts:2,660 Points:171,185 Joined:Mar 2011	Message Posted: Apr 29, 2012 11:01:58 PM Ignore RetFireLT Report Abuse Ok.
silverfoxv65 Champion Author Michigan Posts:4,490 Points:1,231,850 Joined:Sep 2009	Message Posted: Apr 29, 2012 10:59:25 PM Ignore silverfoxv65 Report Abuse ok
seahawks Champion Author Washington Posts:3,232 Points:1,964,720 Joined:Sep 2005	Message Posted: Apr 29, 2012 10:52:42 PM Ignore seahawks Report Abuse keep on drilling!!!
blazerbob91 Champion Author Milwaukee Posts:6,150 Points:1,884,645 Joined:Aug 2005	Message Posted: Apr 29, 2012 10:52:26 PM Ignore blazerbob91 Report Abuse Are we exporting.
NoStrings Champion Author Ventura Posts:1,387 Points:271,280 Joined:Aug 2011	Message Posted: Apr 29, 2012 10:50:31 PM Ignore NoStrings Report Abuse Whatever
HA4CNN Champion Author Toronto Posts:5,634 Points:1,545,440 Joined:Dec 2006	Message Posted: Apr 29, 2012 10:50:02 PM Ignore HA4CNN Report Abuse It does not appear to be a supply and demand issue any more.
johntxx Champion Author Texas Posts:2,795 Points:618,270 Joined:Aug 2011	Message Posted: Apr 29, 2012 10:48:50 PM Ignore johntxx Report Abuse I keep hearing the "global demand" excuse for high prices. Yesterday this was posted on gas buddy: "Reuters -- Global oil inventories grew over the last two months despite the loss of further supplies from Iran, according to a U.S. report..." If global inventories are growing, either global demand is down or global supply is up. With Iranians not supplying as much globally due to the sanctions, it must be global demand is down. Prices should follow or there is mose major manipulation going on. Looks like speculators got both hands in the cookie jar this time. [Edited by: johntxx at 4/29/2012 11:53:04 PM EST]
kgbellman Champion Author Ann Arbor Posts:2,723 Points:733,790 Joined:Mar 2011	Message Posted: Apr 29, 2012 10:48:49 PM Ignore kgbellman Report Abuse We have no control over pricing in general
USCCRN Sophomore Author Long Island Posts:145 Points:104,240 Joined:Mar 2012	Message Posted: Apr 29, 2012 10:47:22 PM Ignore USCCRN Report Abuse The domestic crude should help reduce the gas prices.
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: Apr 29, 2012 10:46:56 PM Ignore mgune9 Report Abuse we have plenty of oil - net exporters for the big profits
MDTDriver Champion Author California Posts:9,734 Points:2,156,595 Joined:Jul 2006	Message Posted: Apr 29, 2012 10:46:32 PM Ignore MDTDriver Report Abuse global demand for our oil, if they did not export most of it, we would be in better shape.
Nicoalbum Champion Author Ottawa Posts:6,027 Points:1,190,750 Joined:Jan 2010	Message Posted: Apr 29, 2012 10:46:25 PM Ignore Nicoalbum Report Abuse A great excuse.
PithyOpiner Champion Author Stockton Posts:16,215 Points:1,598,520 Joined:Jun 2008	Message Posted: Apr 29, 2012 10:46:05 PM Ignore PithyOpiner Report Abuse Seems like they could have sold the 300,000 barrels on the spot market and delivered it to Northern California refineries near San Francisco.
ramshot412 Champion Author Riverside Posts:20,165 Points:2,468,415 Joined:Apr 2004	Message Posted: Apr 29, 2012 10:45:57 PM Ignore ramshot412 Report Abuse Its not the speculators its the republicans as usual. Tell the government to allow storage tanks to be built. Its sounds like the Congress isn't paying attention to our national security.
pgerassi Champion Author Milwaukee Posts:10,906 Points:2,133,555 Joined:Apr 2007	Message Posted: Apr 29, 2012 10:45:39 PM Ignore pgerassi Report Abuse Demand doesn't drive prices else we would be in the teens for oil prices. CIF issuers drive prices. Case of tail wagging dog.
CiVX Champion Author Oakland Posts:7,055 Points:1,359,610 Joined:Feb 2009	Message Posted: Apr 29, 2012 10:44:01 PM Ignore CiVX Report Abuse Always something.
Eugenian Champion Author Oregon Posts:1,872 Points:364,080 Joined:Oct 2009	Message Posted: Apr 29, 2012 10:42:47 PM Ignore Eugenian Report Abuse So, the tanker company couldn't be bothered to make a phone call before sending the ship to sea? Sounds like incompetence.
HDFXR1991 Veteran Author Wisconsin Posts:469 Points:141,030 Joined:Sep 2008	Message Posted: Apr 29, 2012 10:42:19 PM Ignore HDFXR1991 Report Abuse ok
fishnhuntWV Sophomore Author West Virginia Posts:231 Points:65,870 Joined:Aug 2011	Message Posted: Apr 29, 2012 10:41:46 PM Ignore fishnhuntWV Report Abuse Thanks to all the presidents in the last 30 some years no new refineries have been built
stopforgas All-Star Author Mississippi Posts:996 Points:481,705 Joined:Jun 2011	Message Posted: Apr 29, 2012 10:41:06 PM Ignore stopforgas Report Abuse Poor oversight if we have plenty of oil, but can refine it.
TXryder Champion Author Texas Posts:2,720 Points:434,680 Joined:Jan 2012	Message Posted: Apr 29, 2012 10:37:14 PM Ignore TXryder Report Abuse Thanks to Bush there are not enough refineries to process the oil. Hurry up November! Obama 2012!
1Casey Champion Author Albany Posts:6,538 Points:1,793,685 Joined:Jun 2004	Message Posted: Apr 29, 2012 10:36:35 PM Ignore 1Casey Report Abuse Bad business.
pinkelefant Champion Author Sacramento Posts:19,596 Points:2,662,555 Joined:Aug 2003	Message Posted: Apr 29, 2012 10:36:02 PM Ignore pinkelefant Report Abuse That is terrible. They could have taken it down to Sacramento.