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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

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1Casey Champion Author Albany Posts:6,543 Points:1,793,910 Joined:Jun 2004	Message Posted: Apr 29, 2012 10:36:35 PM Ignore 1Casey Report Abuse Bad business.
pinkelefant Champion Author Sacramento Posts:19,606 Points:2,664,605 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.
carman11 Champion Author North Carolina Posts:3,358 Points:695,725 Joined:Jun 2011	Message Posted: Apr 29, 2012 10:35:45 PM Ignore carman11 Report Abuse interesting, go figure
oldiesman Champion Author New York Posts:6,445 Points:2,197,670 Joined:May 2006	Message Posted: Apr 29, 2012 10:35:32 PM Ignore oldiesman Report Abuse I don't believe any of this anymore how many times can you cry wolf!
fishnhuntWV Sophomore Author West Virginia Posts:231 Points:65,870 Joined:Aug 2011	Message Posted: Apr 29, 2012 10:35:19 PM Ignore fishnhuntWV Report Abuse Why are we paying so much, when it was this high under Bush this wasn't happening because demand was way higher
mrbee Champion Author Little Rock Posts:3,773 Points:2,469,510 Joined:Oct 2005	Message Posted: Apr 29, 2012 10:33:20 PM Ignore mrbee Report Abuse And yet we keep being told we are running out of oil.
eaglev Champion Author Oklahoma City Posts:4,001 Points:937,155 Joined:Jul 2005	Message Posted: Apr 29, 2012 10:33:04 PM Ignore eaglev Report Abuse I guess the timing was not right.
bondo Champion Author Twin Cities Posts:3,526 Points:765,685 Joined:May 2001	Message Posted: Apr 29, 2012 10:31:08 PM Ignore bondo Report Abuse Ok
lowpet All-Star Author Texas Posts:527 Points:86,915 Joined:Dec 2008	Message Posted: Apr 29, 2012 10:29:40 PM Ignore lowpet Report Abuse i don't see any spike in demand
DustyHorse Champion Author Virginia Posts:6,103 Points:1,394,770 Joined:Oct 2008	Message Posted: Apr 29, 2012 10:28:02 PM Ignore DustyHorse Report Abuse No speculators drive prices.
BoerneWatch Champion Author San Antonio Posts:15,557 Points:2,456,865 Joined:Oct 2005	Message Posted: Apr 29, 2012 10:27:17 PM Ignore BoerneWatch Report Abuse The world is flooded with oil and yet, oil remains above $100 a barrel. Hmmmm.
HYEgasCA Champion Author Fresno Posts:2,111 Points:913,250 Joined:Dec 2008	Message Posted: Apr 29, 2012 10:27:11 PM Ignore HYEgasCA Report Abuse Its not the speculators its Obama as usual. Tell the government to allow storage tanks to be built. Its sounds like the Obama administration isn't paying attention to our national security. Also is this a one time occurrence or is it happening all the time. If its happening all the time Obama has a lot to explain.
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Apr 29, 2012 10:25:20 PM Ignore Jeeputtputt Report Abuse This is B S..., with todays communications ..should never happen!!!!!!!
FlyNFool Champion Author South Carolina Posts:8,259 Points:1,688,875 Joined:Aug 2008	Message Posted: Apr 29, 2012 10:24:35 PM Ignore FlyNFool Report Abuse Imagine what would happen if we used our own supplies.
milespergallon Champion Author Illinois Posts:9,764 Points:1,912,260 Joined:Feb 2007	Message Posted: Apr 29, 2012 10:23:57 PM Ignore milespergallon Report Abuse But the price is still in gouge mode. Sucks!
abcdMA Champion Author Worcester Posts:7,942 Points:1,578,880 Joined:Nov 2008	Message Posted: Apr 29, 2012 10:23:36 PM Ignore abcdMA Report Abuse we need more refining capacity
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Apr 29, 2012 10:21:35 PM Ignore 96sc1 Report Abuse The glut is in oil not gasoline.
PathfinderSC Champion Author South Carolina Posts:9,536 Points:1,834,640 Joined:Mar 2008	Message Posted: Apr 29, 2012 10:19:37 PM Ignore PathfinderSC Report Abuse ok
speedys Champion Author Utah Posts:7,032 Points:2,561,810 Joined:Nov 2005	Message Posted: Apr 29, 2012 10:17:32 PM Ignore speedys Report Abuse All because of speculators.
TedNC Champion Author North Carolina Posts:1,005 Points:228,900 Joined:May 2011	Message Posted: Apr 29, 2012 10:17:24 PM Ignore TedNC Report Abuse ok
crazycow2332 Champion Author Nashville Posts:1,217 Points:255,080 Joined:May 2010	Message Posted: Apr 29, 2012 10:17:20 PM Ignore crazycow2332 Report Abuse ok
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Apr 29, 2012 10:17:05 PM Ignore tippybuddy Report Abuse ok????
Barfood Champion Author St. Louis Posts:3,311 Points:1,019,630 Joined:Jun 2009	Message Posted: Apr 29, 2012 10:16:34 PM Ignore Barfood Report Abuse Sounds like a costly mistake.
tutaw Champion Author Kentucky Posts:3,633 Points:845,995 Joined:Sep 2008	Message Posted: Apr 29, 2012 10:15:16 PM Ignore tutaw Report Abuse really
catspaw Champion Author Toronto Posts:29,929 Points:3,149,735 Joined:Apr 2004	Message Posted: Apr 29, 2012 10:11:50 PM Ignore catspaw Report Abuse And yet the Tea Partyers can't come up with anything other than their usual response to blame Obama for everything.
lolobond All-Star Author New Orleans Posts:724 Points:621,435 Joined:Dec 2010	Message Posted: Apr 29, 2012 10:11:37 PM Ignore lolobond Report Abuse Eventually this will help.
cmsense Champion Author Columbus Posts:1,358 Points:165,345 Joined:Jan 2012	Message Posted: Apr 29, 2012 10:11:19 PM Ignore cmsense Report Abuse If you can read the full article and comprehend it, then it explains the reason why gas is at the price it is.You'd have to be an imbecile to continue to somehow believe more drilling will lower the price, it only fattens pig oils wallet.It's evident by these postings why America's having so much turmoil,there's a continual erosion of intelligence while there's a continual addition of sheeple who swear by rhetoric and misinformation.
IUVidiot Champion Author Indiana Posts:3,605 Points:712,360 Joined:Jun 2011	Message Posted: Apr 29, 2012 10:10:18 PM Ignore IUVidiot Report Abuse ok
batman66 Rookie Author Michigan Posts:59 Points:281,205 Joined:Nov 2006	Message Posted: Apr 29, 2012 10:07:55 PM Ignore batman66 Report Abuse GREED
richnc All-Star Author North Carolina Posts:575 Points:209,480 Joined:Mar 2006	Message Posted: Apr 29, 2012 10:07:35 PM Ignore richnc Report Abuse We need to move away from our heavy dependence on oil.
iamforiu Champion Author Indiana Posts:3,590 Points:714,665 Joined:May 2011	Message Posted: Apr 29, 2012 10:07:23 PM Ignore iamforiu Report Abuse ok
Tracer2008 All-Star Author Alberta Posts:540 Points:313,195 Joined:Sep 2008	Message Posted: Apr 29, 2012 10:05:41 PM Ignore Tracer2008 Report Abuse Wonder who let slip this mishap? Refineries should be amping up the production to drop the price of fuel, all it'll take is one hurricane and there will be a great shortage...
clermont40miles Champion Author Cincinnati Posts:10,596 Points:1,775,795 Joined:Apr 2008	Message Posted: Apr 29, 2012 10:05:39 PM Ignore clermont40miles Report Abuse Ephesians 4:29 Let no corrupt communication proceed out of your mouth, but that which is good to the use of edifying, that it may minister grace unto the hearers. --- Don't know what that has to do with anything here, but if preacherboyFL is going to quote scripture, use the Bible. KJB.
clermont40miles Champion Author Cincinnati Posts:10,596 Points:1,775,795 Joined:Apr 2008	Message Posted: Apr 29, 2012 10:05:03 PM Ignore clermont40miles Report Abuse See what power the speculators in the commodities market (we call it the Casino) -- they take a market that should be way down and make it way overblown price wise. High supply should drive price down. That is what we have - massive over supply. Low demand should drive price down. That is what we have - lowest demand ever and and falling. Instead of lower prices we get higher. Explanation? Corruption and manipulation in an unregulated system maintained for the benefit of the participants and forwarding the agenda of BHO & Co. Had enough? .
granitestater Champion Author New Hampshire Posts:8,848 Points:1,434,750 Joined:Oct 2008	Message Posted: Apr 29, 2012 10:04:28 PM Ignore granitestater Report Abuse 'Running out of oil', are we??
singlemom27 Champion Author Ventura Posts:3,128 Points:643,110 Joined:Apr 2011	Message Posted: Apr 29, 2012 10:03:10 PM Ignore singlemom27 Report Abuse sucks for us
tidalwave3 Champion Author Tallahassee Posts:1,311 Points:1,466,515 Joined:Jun 2008	Message Posted: Apr 29, 2012 10:02:53 PM Ignore tidalwave3 Report Abuse So drill then
Road-Runner Champion Author Denver Posts:7,046 Points:1,905,915 Joined:May 2004	Message Posted: Apr 29, 2012 10:02:14 PM Ignore Road-Runner Report Abuse Monopoly pricing. There is no free market.
justmedc Veteran Author Michigan Posts:382 Points:174,495 Joined:Mar 2012	Message Posted: Apr 29, 2012 10:00:19 PM Ignore justmedc Report Abuse just think they will tack the price to ship the crude back and forth to you and I
mplato Champion Author Columbia Posts:8,269 Points:1,819,170 Joined:Jun 2004	Message Posted: Apr 29, 2012 9:59:43 PM Ignore mplato Report Abuse well...according to obummer...we have only 2% of the worlds proven oil....obummer hasnt a clue
Hop1LA Champion Author Baton Rouge Posts:3,329 Points:1,179,420 Joined:Apr 2008	Message Posted: Apr 29, 2012 9:57:28 PM Ignore Hop1LA Report Abuse With abundant supply, why aren't prices dropping?
9C1 Champion Author Chicago Posts:22,869 Points:4,249,285 Joined:Jul 2001	Message Posted: Apr 29, 2012 9:54:29 PM Ignore 9C1 Report Abuse Spil, baby spill.
JCS319 Champion Author Tacoma Posts:20,491 Points:2,545,535 Joined:Dec 2005	Message Posted: Apr 29, 2012 9:53:33 PM Ignore JCS319 Report Abuse Wonder what all those idiots screaming "Drill, Baby, Drill" are thinking now.
preacherboyFL Veteran Author Orlando Posts:444 Points:124,960 Joined:Feb 2012	Message Posted: Apr 29, 2012 9:52:33 PM Ignore preacherboyFL Report Abuse Ephesians 4:29 Do not let any unwholesome talk come out of your mouths, but only what is helpful for building others up according to their needs, that it may benefit those who listen.
rickone All-Star Author Detroit Posts:559 Points:396,340 Joined:May 2004	Message Posted: Apr 29, 2012 9:51:15 PM Ignore rickone Report Abuse Interesting - Thanks for posting.
30mpg80 Champion Author Lexington Posts:10,067 Points:1,490,780 Joined:Nov 2008	Message Posted: Apr 29, 2012 9:46:55 PM Ignore 30mpg80 Report Abuse Can some midwest oil get to the Great Lakes, then on a tanker ship to the East Coast?
rx7racerca Champion Author Calgary Posts:4,208 Points:1,114,865 Joined:Sep 2008	Message Posted: Apr 29, 2012 9:45:23 PM Ignore rx7racerca Report Abuse Global markets drive prices for the most part = as I've said before. Even if the US didn't import half its crude needs, it can't escape global pricing, short of nationalizing the oil industry, as in Venezuela.
indrix All-Star Author Toronto Posts:587 Points:162,115 Joined:Sep 2011	Message Posted: Apr 29, 2012 9:45:11 PM Ignore indrix Report Abuse Well, that the latest skyrocketing oil prices are a result of global speculation and not demand, there's no doubt about that. Otherwise, what explains the huge price fluctuations? Nothing's really changed in the global demand for oil, i.e. the number of consumers globally simply couldn't have gone up overnight such as to significantly cause an increase in demand. It goes on to say that that globalization is not working well for US.
goodbuy Champion Author Michigan Posts:7,683 Points:1,425,505 Joined:May 2005	Message Posted: Apr 29, 2012 9:41:15 PM Ignore goodbuy Report Abuse Quit shipping the oil out of the country.
colaguy Champion Author Columbia Posts:3,186 Points:1,010,900 Joined:Oct 2008	Message Posted: Apr 29, 2012 9:31:32 PM Ignore colaguy Report Abuse of course it will
jb107 Champion Author New Jersey Posts:9,569 Points:2,624,925 Joined:Sep 2005	Message Posted: Apr 29, 2012 9:29:39 PM Ignore jb107 Report Abuse What we need is more efficient distribution.
jorod55 Champion Author California Posts:1,485 Points:434,425 Joined:Dec 2011	Message Posted: Apr 29, 2012 9:28:56 PM Ignore jorod55 Report Abuse Supply? Lack of Demand? Just keep raising the price to cover the bottom line. More record profits for 2012.