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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


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Submitted Apr 29, 2012 By: angel4me
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: U.S. awash in oil, but global demand drives prices Back to Topics
REPLIES (newest first) Post a Reply
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Rooster922
Champion Author Wilmington

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Message Posted: Apr 29, 2012 11:21:21 PM

Really
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HA4CNN
Champion Author Toronto

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Message Posted: Apr 29, 2012 11:19:59 PM

Lets get back to normal and start using the supply and demand equation.
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danreino
Champion Author Twin Cities

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Message Posted: Apr 29, 2012 11:18:47 PM

Unregulated speckulators in The Bahamas coolin' on our guard & $$$$$. Maybe time to invade Nassau ? 60 states sounds good to me.
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TheeRedRam
Champion Author Hartford

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Message Posted: Apr 29, 2012 11:18:02 PM

Hummmm
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tedjm1
Champion Author New York

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Message Posted: Apr 29, 2012 11:17:25 PM

And yet our prices rise.
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Rednix
Champion Author Miami

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Message Posted: Apr 29, 2012 11:16:10 PM

We should be prices going lower if this is happening.
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frostyWV
Champion Author West Virginia

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Message Posted: Apr 29, 2012 11:15:42 PM

bad news.
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pyndasky
Champion Author Maryland

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Message Posted: Apr 29, 2012 11:13:48 PM

no quick fix to this situation
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crreed1
Champion Author West Virginia

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Message Posted: Apr 29, 2012 11:13:31 PM

higher prices
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regout
Champion Author Quebec

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Message Posted: Apr 29, 2012 11:12:55 PM

Always any reason.
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jackson661
Champion Author Columbus

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Message Posted: Apr 29, 2012 11:12:27 PM

Global demand rules price....what is going on...
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Rageagainsttm
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Message Posted: Apr 29, 2012 11:12:08 PM

whatever
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gmcgas
Champion Author Atlanta

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Message Posted: Apr 29, 2012 11:10:53 PM

hummmmmmmmm
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Sabretooth78
Champion Author Buffalo

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Message Posted: Apr 29, 2012 11:10:10 PM

Inflation is driving prices more than anything. End the Fed.
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gocatgo
Champion Author South Carolina

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Message Posted: Apr 29, 2012 11:09:51 PM

What good is a high oil supplies if Big oil is closing refineries.
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KnoxGasPriceSpy
Champion Author Knoxville

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Message Posted: Apr 29, 2012 11:09:32 PM

bring down the prices...
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yakstar
Champion Author Montreal

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Message Posted: Apr 29, 2012 11:09:29 PM

too much oil???
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joel27nc
Champion Author Raleigh

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Message Posted: Apr 29, 2012 11:09:00 PM

This is known already
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CentrevilleWill
All-Star Author Virginia

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Message Posted: Apr 29, 2012 11:08:26 PM

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.
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rawdog1313
Champion Author Lexington

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Message Posted: Apr 29, 2012 11:06:54 PM

Regulate Oil Speculation and gas prices will be lower.
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smoketown
Champion Author Cincinnati

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Message Posted: Apr 29, 2012 11:05:39 PM

B.S. TALK......
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quasar502
Champion Author Lansing

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Message Posted: Apr 29, 2012 11:05:39 PM

Our internal demand keeps dropping.
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unicornpmb
Champion Author Buffalo

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Message Posted: Apr 29, 2012 11:04:37 PM

Double talk.
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Jmac2008
Champion Author Missouri

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Message Posted: Apr 29, 2012 11:04:06 PM

ok
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TheSicilian
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Message Posted: Apr 29, 2012 11:03:41 PM

sell high to china
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CarolinaBlue150
Champion Author North Carolina

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Message Posted: Apr 29, 2012 11:03:40 PM

Okay.
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KhelbenArunson
Champion Author Michigan

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Message Posted: Apr 29, 2012 11:03:27 PM

Yep just one more reason to re regulate this segment of the economy.
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bigdipperMS
Champion Author Mississippi

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Message Posted: Apr 29, 2012 11:02:46 PM

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.
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boatmen
Champion Author New York

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Message Posted: Apr 29, 2012 11:02:07 PM

As the pump price goes up Greed
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RetFireLT
Champion Author Kentucky

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Message Posted: Apr 29, 2012 11:01:58 PM

Ok.
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silverfoxv65
Champion Author Michigan

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Message Posted: Apr 29, 2012 10:59:25 PM

ok
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seahawks
Champion Author Washington

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Message Posted: Apr 29, 2012 10:52:42 PM

keep on drilling!!!
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blazerbob91
Champion Author Milwaukee

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Message Posted: Apr 29, 2012 10:52:26 PM

Are we exporting.
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NoStrings
Champion Author Ventura

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Message Posted: Apr 29, 2012 10:50:31 PM

Whatever
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HA4CNN
Champion Author Toronto

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Message Posted: Apr 29, 2012 10:50:02 PM

It does not appear to be a supply and demand issue any more.
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johntxx
Champion Author Texas

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Message Posted: Apr 29, 2012 10:48:50 PM

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]
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kgbellman
Champion Author Ann Arbor

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Message Posted: Apr 29, 2012 10:48:49 PM

We have no control over pricing in general
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USCCRN
Sophomore Author Long Island

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Message Posted: Apr 29, 2012 10:47:22 PM

The domestic crude should help reduce the gas prices.
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mgune9
All-Star Author Dallas

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Message Posted: Apr 29, 2012 10:46:56 PM

we have plenty of oil - net exporters for the big profits
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MDTDriver
Champion Author California

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Message Posted: Apr 29, 2012 10:46:32 PM

global demand for our oil, if they did not export most of it, we would be in better shape.
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Nicoalbum
Champion Author Ottawa

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Message Posted: Apr 29, 2012 10:46:25 PM

A great excuse.
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PithyOpiner
Champion Author Stockton

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Message Posted: Apr 29, 2012 10:46:05 PM

Seems like they could have sold the 300,000 barrels on the spot market and delivered it to Northern California refineries near San Francisco.
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ramshot412
Champion Author Riverside

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Message Posted: Apr 29, 2012 10:45:57 PM

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.
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pgerassi
Champion Author Milwaukee

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Message Posted: Apr 29, 2012 10:45:39 PM

Demand doesn't drive prices else we would be in the teens for oil prices. CIF issuers drive prices. Case of tail wagging dog.
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CiVX
Champion Author Oakland

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Message Posted: Apr 29, 2012 10:44:01 PM

Always something.
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Eugenian
Champion Author Oregon

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Message Posted: Apr 29, 2012 10:42:47 PM

So, the tanker company couldn't be bothered to make a phone call before sending the ship to sea? Sounds like incompetence.
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HDFXR1991
All-Star Author Wisconsin

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Message Posted: Apr 29, 2012 10:42:19 PM

ok
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fishnhuntWV
Veteran Author West Virginia

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Message Posted: Apr 29, 2012 10:41:46 PM

Thanks to all the presidents in the last 30 some years no new refineries have been built
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stopforgas
Champion Author Mississippi

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Message Posted: Apr 29, 2012 10:41:06 PM

Poor oversight if we have plenty of oil, but can refine it.
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TXryder
Champion Author Texas

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Message Posted: Apr 29, 2012 10:37:14 PM

Thanks to Bush there are not enough refineries to process the oil.
Hurry up November! Obama 2012!
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1Casey
Champion Author Albany

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Message Posted: Apr 29, 2012 10:36:35 PM

Bad business.
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pinkelefant
Champion Author Sacramento

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Message Posted: Apr 29, 2012 10:36:02 PM

That is terrible. They could have taken it down to Sacramento.
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