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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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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: May 3, 2012 4:53:38 AM Ignore honda0105 Report Abuse fuel2use: thank you for the reminder.
fuel2use Champion Author Seattle Posts:3,609 Points:757,945 Joined:Dec 2010	Message Posted: Apr 30, 2012 8:47:46 AM Ignore fuel2use Report Abuse Cherry Point was still rebuilding after a major fire.
WalRus49 Champion Author Boston Posts:4,210 Points:895,590 Joined:Nov 2010	Message Posted: Apr 30, 2012 5:28:04 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage...............
NedW Champion Author Indianapolis Posts:5,750 Points:1,167,995 Joined:Mar 2008	Message Posted: Apr 30, 2012 4:59:43 AM Ignore NedW Report Abuse True.
epf Champion Author Grand Rapids Posts:6,469 Points:1,918,060 Joined:May 2004	Message Posted: Apr 30, 2012 4:26:15 AM Ignore epf Report Abuse How true, how true!
Jeff4U Champion Author Atlanta Posts:8,890 Points:1,879,080 Joined:Nov 2004	Message Posted: Apr 30, 2012 3:25:53 AM Ignore Jeff4U Report Abuse Politics and greed are the primary sources that drive prices. Global pricing would be totally irrelevant if we had FULL access to OUR resources.
Tomeboy Champion Author Twin Cities Posts:3,905 Points:586,390 Joined:Apr 2009	Message Posted: Apr 30, 2012 12:56:18 AM Ignore Tomeboy Report Abuse "If there is so much crude oil around, why is the price of gasoline so high? Why is the price of heating oil so high?" The answer is the power of the world market. "We are tied to the global market, the global price for oil," "We cannot secede." The profitable oil production industry benefits from the fact that it operates within a global market. Fuel conservation in the United States cannot overcome the rising hydrocarbon demand in emerging markets like China and India, Newell said. The price stays up even where more local market pressures might force it down. "The dynamics in the United States are the opposite of what is occurring at a global level," Global market rules!! Drill Baby Drill = Export Baby Export!!
kgbellman Champion Author Ann Arbor Posts:2,849 Points:758,565 Joined:Mar 2011	Message Posted: Apr 30, 2012 12:47:58 AM Ignore kgbellman Report Abuse We have no control over pricing in general
RENEGADEGAS Champion Author Missouri Posts:15,064 Points:1,617,850 Joined:Jul 2008	Message Posted: Apr 30, 2012 12:34:45 AM Ignore RENEGADEGAS Report Abuse ShadowACE ... You are absolutely right. If supply and demand were still the rule we wouldnt be paying these prices.
jtfftj Champion Author New Hampshire Posts:2,214 Points:1,273,840 Joined:Sep 2005	Message Posted: Apr 30, 2012 12:34:11 AM Ignore jtfftj Report Abuse NOT poor planing. Lack of a comprehensive energy Policy. And Sec. Chu can't even figure out how to get a bonus. Poor guy.
zaq001 Champion Author Atlanta Posts:4,114 Points:1,499,780 Joined:Oct 2008	Message Posted: Apr 30, 2012 12:33:21 AM Ignore zaq001 Report Abuse ok.
Ready Eddie Champion Author Twin Cities Posts:5,914 Points:1,370,470 Joined:Feb 2003	Message Posted: Apr 30, 2012 12:32:25 AM Ignore Ready Eddie Report Abuse Greed and stupidity are the problem.
Topless2012 Champion Author Twin Cities Posts:2,568 Points:507,790 Joined:Jan 2012	Message Posted: Apr 30, 2012 12:27:00 AM Ignore Topless2012 Report Abuse Poor planning.
5kvdave All-Star Author Los Angeles Posts:688 Points:350,000 Joined:May 2011	Message Posted: Apr 30, 2012 12:22:08 AM Ignore 5kvdave Report Abuse SUCH B.S.
DirtDauber Champion Author San Antonio Posts:6,917 Points:1,654,185 Joined:Nov 2005	Message Posted: Apr 30, 2012 12:21:50 AM Ignore DirtDauber Report Abuse This has happened several times, every time we have a gasoline "crisis."
ShadowACE Champion Author Boston Posts:9,154 Points:2,176,300 Joined:Jun 2006	Message Posted: Apr 30, 2012 12:21:02 AM Ignore ShadowACE Report Abuse Used to be supply and demand drove the market. That used to be a "law" years ago when I took EC101. Doesn't seem to apply much anymore.
blueBMW480 Champion Author Nashville Posts:818,391 Points:867,465 Joined:Jan 2011	Message Posted: Apr 30, 2012 12:15:43 AM Ignore blueBMW480 Report Abuse Interesting
bsg75 Veteran Author Chicago Posts:434 Points:137,485 Joined:May 2010	Message Posted: Apr 30, 2012 12:13:56 AM Ignore bsg75 Report Abuse Title "U.S. awash in oil" will of course imply to the dim Palinite "drill baby drillers" that we have sufficient domestic oil reserves to lower global market price very much. False, and not what the article is claiming if you break Palin protocol and actually read.
tobasco Champion Author Los Angeles Posts:7,376 Points:2,130,835 Joined:Mar 2004	Message Posted: Apr 30, 2012 12:13:41 AM Ignore tobasco Report Abuse No news here.
windows7isfast Champion Author Winnipeg Posts:2,527 Points:514,965 Joined:Nov 2011	Message Posted: Apr 30, 2012 12:11:17 AM Ignore windows7isfast Report Abuse ok
Jmac2008 Champion Author Missouri Posts:2,406 Points:906,890 Joined:Dec 2008	Message Posted: Apr 30, 2012 12:10:43 AM Ignore Jmac2008 Report Abuse if they refine less oil they can charge more for gas and get richer
Ron77095 Champion Author Houston Posts:3,195 Points:629,400 Joined:Sep 2011	Message Posted: Apr 30, 2012 12:03:35 AM Ignore Ron77095 Report Abuse ok.
nwsynthetics Champion Author Oregon Posts:1,019 Points:354,400 Joined:Dec 2011	Message Posted: Apr 30, 2012 12:03:18 AM Ignore nwsynthetics Report Abuse Duh@!
knifeman9 Champion Author North Carolina Posts:5,815 Points:1,514,115 Joined:Oct 2008	Message Posted: Apr 30, 2012 12:03:08 AM Ignore knifeman9 Report Abuse Now how did that happen
tampacrvdriver Champion Author Tampa Posts:3,465 Points:738,765 Joined:May 2011	Message Posted: Apr 30, 2012 12:02:23 AM Ignore tampacrvdriver Report Abuse Greed drives prices.
heartbroken2010 Champion Author Ottawa Posts:4,480 Points:924,260 Joined:Aug 2010	Message Posted: Apr 30, 2012 12:02:16 AM Ignore heartbroken2010 Report Abuse it is but to laugh at this.
bobdec Champion Author Miami Posts:9,099 Points:1,796,545 Joined:May 2008	Message Posted: Apr 29, 2012 11:55:23 PM Ignore bobdec Report Abuse Would be different if we drilled here to capacity
BobD2009 Champion Author Long Island Posts:7,124 Points:1,266,510 Joined:Apr 2009	Message Posted: Apr 29, 2012 11:55:08 PM Ignore BobD2009 Report Abuse China and India can buy all we have. Nice not to be in debt.
BWJM Champion Author KW Posts:1,113 Points:303,780 Joined:Oct 2011	Message Posted: Apr 29, 2012 11:54:25 PM Ignore BWJM Report Abuse ok
miiike572 All-Star Author Phoenix Posts:798 Points:545,440 Joined:Apr 2009	Message Posted: Apr 29, 2012 11:52:38 PM Ignore miiike572 Report Abuse Hopefully we will be out from under of the thumb of an American hating socialist president on Jan 21 2013 and the free market will start to prevail.
granitestater Champion Author New Hampshire Posts:8,975 Points:1,457,475 Joined:Oct 2008	Message Posted: Apr 29, 2012 11:48:29 PM Ignore granitestater Report Abuse Our demand is down. But world demand is up...
TBONE3 Champion Author Pennsylvania Posts:8,876 Points:2,003,150 Joined:Mar 2005	Message Posted: Apr 29, 2012 11:44:34 PM Ignore TBONE3 Report Abuse Thought provoking information. In short, we are being shafted!
lunarrv15 Champion Author Cincinnati Posts:15,055 Points:2,409,110 Joined:Dec 2005	Message Posted: Apr 29, 2012 11:43:15 PM Ignore lunarrv15 Report Abuse okay....interesting thanks for posting
Point__man Champion Author Raleigh Posts:4,473 Points:905,315 Joined:Oct 2010	Message Posted: Apr 29, 2012 11:41:27 PM Ignore Point__man Report Abuse duh, people drive less due to gasoline being overpriced ;) if it is due to the global market, why hasn't that oil been delivered elsewhere. they seem to be sitting on the oil until drivers give in and pay their high prices. in some ways, they are on strike ;)
KrsnaDragon Champion Author Montreal Posts:2,543 Points:558,145 Joined:Nov 2011	Message Posted: Apr 29, 2012 11:39:33 PM Ignore KrsnaDragon Report Abuse Speculation breeds despair.
umitb Champion Author Indianapolis Posts:3,817 Points:870,165 Joined:Apr 2010	Message Posted: Apr 29, 2012 11:39:18 PM Ignore umitb Report Abuse ok
THZebra Champion Author Indiana Posts:1,978 Points:674,220 Joined:Nov 2008	Message Posted: Apr 29, 2012 11:38:40 PM Ignore THZebra Report Abuse Few report this but the real cause of high oil prices is oil is traded by the bbl in US Dollars. The US Dollar is deflated due to the overspending, borrowing and printing of worthless dollars. The more the Fed prints the less the dollar in your pocket is worth. Thus, when the Dollar is worth less (or worthless) the more Dollars it takes to buy the same bll of oil. The higher the oil the higher the gasoline. Simple high school econ. If the dollar was worth today as it was in the Clinton administration (1997) a US gal of gas would be 96 cents. That's not conjecture..that's fact. [Edited by: THZebra at 4/30/2012 12:40:20 AM EST]
abacus44 Champion Author Toms River Posts:3,600 Points:773,790 Joined:Jan 2011	Message Posted: Apr 29, 2012 11:37:36 PM Ignore abacus44 Report Abuse Between EPA and NIMBY, new refineries are almost impossible to build.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,093,950 Joined:Mar 2004	Message Posted: Apr 29, 2012 11:37:20 PM Ignore miser709 Report Abuse Did Obama do this too?
papa56NC All-Star Author North Carolina Posts:725 Points:142,760 Joined:Apr 2012	Message Posted: Apr 29, 2012 11:36:41 PM Ignore papa56NC Report Abuse The head of the goverment knows because they're getting a piece of the action.
GryphonX Champion Author Nevada Posts:6,175 Points:1,610,475 Joined:Nov 2007	Message Posted: Apr 29, 2012 11:36:35 PM Ignore GryphonX Report Abuse Still...you'd think finding it domestically would lower the price some?
judgemobile Champion Author Ohio Posts:7,700 Points:2,471,660 Joined:Nov 2005	Message Posted: Apr 29, 2012 11:35:19 PM Ignore judgemobile Report Abuse figures lie and liars figure (creed of Washington and most other politicians).
TIGERPAW46 Champion Author Florida Posts:7,236 Points:1,378,645 Joined:Mar 2004	Message Posted: Apr 29, 2012 11:35:15 PM Ignore TIGERPAW46 Report Abuse As I'v said over & over. Tax the heck out of Oil & petroleum Distillates Exported out of the USA. Make it so high they can't sell overseas. Then they would have to market in the USA only. That would force prices down. Or the Gov. could simply pass a law they couldn't Export the oil & distillates. \
GordoM Champion Author Detroit Posts:1,048 Points:1,017,795 Joined:Nov 2006	Message Posted: Apr 29, 2012 11:35:12 PM Ignore GordoM Report Abuse China or Japan would buy that crude, but our "brilliant" politicians decided that Alaskan crude can only be sold in US. I believe this law still stands so we have to take oil back to Valdez. Politicians can't keep their hands out our markets so we have this type of stupidity everywhere.
min_fuel Champion Author Philadelphia Posts:1,956 Points:725,545 Joined:Jan 2008	Message Posted: Apr 29, 2012 11:32:48 PM Ignore min_fuel Report Abuse We need to build refineries, and I have said that for 30 years.
bbigred Veteran Author Lansing Posts:428 Points:298,620 Joined:May 2006	Message Posted: Apr 29, 2012 11:28:41 PM Ignore bbigred Report Abuse We don't buy because the prices are too high...big oil doesn't make money...sounds like a good plan to me
pizzaman09 Champion Author Indiana Posts:1,462 Points:1,229,320 Joined:Feb 2009	Message Posted: Apr 29, 2012 11:25:19 PM Ignore pizzaman09 Report Abuse ok.
Chris46 Champion Author Dayton Posts:23,954 Points:2,107,475 Joined:Sep 2005	Message Posted: Apr 29, 2012 11:25:15 PM Ignore Chris46 Report Abuse Well, that's something! Too much oil! Not enough refineries.
Rooster922 Champion Author Wilmington Posts:3,920 Points:681,820 Joined:Jan 2009	Message Posted: Apr 29, 2012 11:21:21 PM Ignore Rooster922 Report Abuse Really
HA4CNN Champion Author Toronto Posts:5,760 Points:1,570,215 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.