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Voice of America article about oil... Demand outstripping supply

This article and links from it suggest that the world economy is in deep trouble.
 http://www.voanews.com/article.cfm?objectID=F87FA16F-311F-4BEB-975D71A10489F011
see also: www.dieoff.com
Demand for oil outstripping supply...
 http://www.voanews.com/article.cfm?objectID=F87FA16F-311F-4BEB-975D71A10489F011
see also www.dieoff.com

homepage: homepage: http://www.voanews.com/article.cfm?objectID=F87FA16F-311F-4BEB-975D71A10489F011

hydrocarbon 06.Aug.2004 23:46

conservation of mass

Our economy up in smoke? Better plant a tree or two.

Quilt would be useful too. Summers are nice here but winter can be cruel. Perhaps a sale boat to the south for walking could be a real dud. People may work closer to home and ride bikes.

We cannot will more oil but adapt to the energy given by the sun. Not immeadiately, but soon enough.

On the other hand the markets have been controlled in the passt. Remember the electriciy shortages?

Skeptical time lately
ask the moron
ask the moron

controlling the common-resources market 07.Aug.2004 02:31

Demanders VS. Suppliers

==================================
Supply disruptions

Soaring demand both from the US, and in particular from China's fast-growing economy, combined with security fears, has been driving prices higher for months.

The renewed surge followed news that Russian authorities could be back-tracking on promises to lift an ASSET-FREEZE ON beleaguered oil giant YUKOS.

The firm, which supplies one in five barrels of Russian oil and 2% of world output, could cease production unless it can access its accounts.

A fire at a major refinery in Texas - the third biggest in the US - also worried the markets, with investors well aware of just how tight supplies are.

Opec's 30 million barrel output, Mr Yusgiantoro acknowledges, includes 2 million barrels of over-production - a factor some see as a sign that there is little room for manoeuvre.

It also includes 2 million barrels from Iraq, a supply which is [** NOW **] highly vulnerable to sabotage and other forms of disruption.
 http://news.bbc.co.uk/2/hi/business/3540748.stm
===============================

Shell to Demolish Profitable Refinery

 http://releases.usnewswire.com/GetRelease.asp?id=114-04062004

Evidence Shows Shell to Demolish Profitable Refinery, Drive Up Gas Prices; Consumer Group Seeks Intervention of Bush, Kerry, CA Attorney General 4/6/2004

To: National and State Desks, Consumer Reporter

Contact: Jamie Court, 310-392-0522, ext. 327 or Tim Hamilton, 360-495-4941, both for the Foundation for Taxpayer and Consumer Rights

SANTA MONICA, Calif., April 6 /U.S. Newswire/ -- The Foundationfor Taxpayer and Consumer Rights today released internal Shell documents showing the oil refiner is set to close and demolish its Bakersfield refinery despite the fact the site had the biggest refinery margins, or profits per gallon, of any Shell refinery in the nation as of yesterday.

Shell had claimed it was not economically viable to keep the refinery open and has REFUSED TO PUT IT UP FOR SALE. Bakersfield supplies 2 percent of the state's gasoline and only 13 refineries feed California's tight gasoline supply (down from 37 in 1983).

An April 5th internal Shell document released today by FTCR shows that BAKERSFIELD's refining margin at $23.01 per barrel, or about 55 cents PROFIT PER GALLON, TOPPED ALL OF SHELL'S REFINERIES IN THE NATION [!]. That means, for example, that margins are 36 cents per gallon higher in Bakersfield than in Port Arthur, Texas. The internal document comments under the category of refinery margins "Wow."

[WOW!!!]

"ONLY AN OIL COMPANY THAT WANTS TO SHORT THE MARKET and ARTIFICIALLY DRIVE UP THE PRICE* would demolish a highly profitable refinery rather than sell it," said Jamie Court, president of FTCR and author of the book Corporateering (Tarcher/Putnam). " Shell has deceived the public about Bakersfield and must be forced to keep this refinery open or sell it to a competitor. This evidence should also spur a national moratorium on all further domestic refinery closures."

 http://releases.usnewswire.com/GetRelease.asp?id=114-04062004
==================================

* what Enron did to Californians


been there, done that:
 http://melbourne.indymedia.org/news/2004/06/72000_comment.php#75539

record oil prices, right now 07.Aug.2004 16:12

zero_sum0g

Oil keeps hitting new 2-decade highs. Basically we haven't seen these prices since the Iran-Contra affair...hostage crisis..etc. Last year the econo-pundits were whispering about the effects of a possible $40 barrel of crude... now it's $45, and they expect $50 by winter.

Draw your own conclusions.

And my oh my, at this point, any further disruption to supply (perceived or real) could REALLY throw a monkeywrench in the system...