Our 800 million barrel strategic reserve, drawn down at 4 millions barrels a day would last 200 days and supply 20% of our daily oil consumption. Then we have to refill it, because it's "strategic"... for the U.S. military. But it WILL lower gas prices leading up to the November, 2012 presidential election ;>)
Exclusive: U.S., Britain set to agree on emergency oil stocks release
Friday, March 23, 2012
The Cost of Gasoline... 2012
This is more accurate data on the current cost of a gallon of gasoline: crude oil=$2.94, refining=$0.52, storage=$0.02, sales taxes=$0.10, fed & state excise taxes=$0.54, distribution, marketing and profit=$0.24. Retail price $4.36/gallon.
Estimated 2012 Gasoline Price Breakdown & Margins Details
Estimated 2012 Gasoline Price Breakdown & Margins Details
Friday, July 29, 2011
WTI Crude Oil Price as of July 29, 2011
This graph (click on it for a larger image) shows the monthly average prices of West Texas Intermediate (WTI) crude oil, from January, 2006 through July, 2011.
The 2010 line is in BLACK, and the 2011 line is in RED. Earlier years are in other colors. Monthly values are shown for 2010 and 2011. Since March, 2011, WTI prices have been running about 30% higher than in 2010. While this is crude oil, it translates pretty directly into gasoline prices, which is why gas prices have also been running about 30% above 2010, or about $1 a gallon higher for regular gasoline.
Sadly, energy and food prices are excluded from the government's calculation of CORE inflation.
Wednesday, May 18, 2011
Wednesday, April 27, 2011
Saudi oil production and the Libyan conflict - 4/23/2011
Saudi oil production and the Libyan conflict
April 23, 2011
Econbrowser
Analysis of current economic conditions and policy
One of the key questions in assessing the effect of the Libyan conflict on world oil prices was the extent to which an increase in Saudi production would offset some of the lost output from Libya. Now we know the answer, and it's not reassuring.
READ THE FULL ARTICLE HERE
A comment to the original article includes a link to a fascinating graph showing 1962-1982 (20 yrs) Texas oil production (bottom and right axes) compared with 1995-2015 (20 yrs) Saudi Arabia oil production (top and left axes):
The inescapable conclusion is that Saudi Arabia passed its peak oil production in 2005, and can no longer function as swing oil producer, compensating for production shortfalls of other producers.
April 23, 2011
Econbrowser
Analysis of current economic conditions and policy
One of the key questions in assessing the effect of the Libyan conflict on world oil prices was the extent to which an increase in Saudi production would offset some of the lost output from Libya. Now we know the answer, and it's not reassuring.
READ THE FULL ARTICLE HERE
A comment to the original article includes a link to a fascinating graph showing 1962-1982 (20 yrs) Texas oil production (bottom and right axes) compared with 1995-2015 (20 yrs) Saudi Arabia oil production (top and left axes):
The inescapable conclusion is that Saudi Arabia passed its peak oil production in 2005, and can no longer function as swing oil producer, compensating for production shortfalls of other producers.
Tuesday, April 26, 2011
Iraq, Iran and the Next Move - April 26, 2011
Iraq, Iran and the Next Move
By George Friedman
April 26, 2011
The United States told the Iraqi government last week that if it wants U.S. troops to remain in Iraq beyond the deadline of Dec. 31, 2011, as stipulated by the current Status of Forces Agreement between Washington and Baghdad, it would have to inform the United States quickly. Unless a new agreement is reached soon, the United States will be unable to remain. The implication in the U.S. position is that a complex planning process must be initiated to leave troops there and delays will not allow that process to take place.
READ THE FULL ARTICLE HERE
My comments...
There are violent uprisings all across the Middle East, As the U.S. disengages from Iraq, Iran emerges as the major political and military power. Saudi Arabia, the only counter to Iran, squandered 40 years of wealth and opportunity and remains stuck in the Middle Ages. Turns out it was never about Iraqi WMD or "liberty"; it was always about OIL.
When we invaded Iraq in 2003 we destroyed the only regional power limiting Iran, as well as the buffer between Iran and Saudi Arabia. Good work, George Bush !!! Now, if we bail on Iraq and don't prop up Saudi Arabia we can expect Iran to become the new Persian Gulf superpower. Imagine how much a barrel of oil will cost then !!!
By George Friedman
April 26, 2011
The United States told the Iraqi government last week that if it wants U.S. troops to remain in Iraq beyond the deadline of Dec. 31, 2011, as stipulated by the current Status of Forces Agreement between Washington and Baghdad, it would have to inform the United States quickly. Unless a new agreement is reached soon, the United States will be unable to remain. The implication in the U.S. position is that a complex planning process must be initiated to leave troops there and delays will not allow that process to take place.
READ THE FULL ARTICLE HERE
My comments...
There are violent uprisings all across the Middle East, As the U.S. disengages from Iraq, Iran emerges as the major political and military power. Saudi Arabia, the only counter to Iran, squandered 40 years of wealth and opportunity and remains stuck in the Middle Ages. Turns out it was never about Iraqi WMD or "liberty"; it was always about OIL.
When we invaded Iraq in 2003 we destroyed the only regional power limiting Iran, as well as the buffer between Iran and Saudi Arabia. Good work, George Bush !!! Now, if we bail on Iraq and don't prop up Saudi Arabia we can expect Iran to become the new Persian Gulf superpower. Imagine how much a barrel of oil will cost then !!!
Saturday, April 23, 2011
The Great Game - The War For Caspian Oil And Gas
The Great Game -
The War For Caspian Oil And Gas
By Christopher Bollyn
American Free Press.net
President Bush's "crusade against the Taliban of Afghanistan has more to do with control of the immense oil and gas resources of the Caspian Basin than it does with "rooting out terrorism.
Once again an American president from the Bush family is leading Americans down an oil-rich Middle Eastern warpath against "enemies of freedom and democracy.
President George W. Bush, whose family is well connected to oil and energy companies, has called for an international crusade against Islamic terrorists, who he says hate Americans simply because we are "the brightest beacon of freedom.
READ THE FULL ARTICLE HERE
The War For Caspian Oil And Gas
By Christopher Bollyn
American Free Press.net
President Bush's "crusade against the Taliban of Afghanistan has more to do with control of the immense oil and gas resources of the Caspian Basin than it does with "rooting out terrorism.
Once again an American president from the Bush family is leading Americans down an oil-rich Middle Eastern warpath against "enemies of freedom and democracy.
President George W. Bush, whose family is well connected to oil and energy companies, has called for an international crusade against Islamic terrorists, who he says hate Americans simply because we are "the brightest beacon of freedom.
READ THE FULL ARTICLE HERE
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