MPG redux

[chessie4905]

Reduction has happened partly due to China locking down some provinces due to Coronovirus explosion, causing March and April futures drop. Also talks between Russia and Ukrane quelling some panic buying. Hopefully it'll  keep dropping.

[luvrbus]

Oil forecast is 145.00 to $150.00 a barrel for May 2022 

[windtrader]

Ouch!
I'm muttering I just put in 100 gallons then do the math - still over 500 bucks?! Gonna hurt to travel this summer

[lostagain]

Crude dropping like an anvil yesterday and today...

[chessie4905]

fuel dealers are gonna get whip sawed with these major price change. They got fuel at peak price and have trouble selling it when it drops 50 cents or retail. Mainly little guys. The big ones buy fuel on contracts, so are insulated for now.
Like nat. gas they were drilling everywhere in PA. eight to ten years ago. Now equipment sitting doing nothing. This spike may help if drilling permitted. Guess big banks are stuck with a lot of it the equipment.
Reminds me of the coal stripping north. 25 or so years ago, dozens Euclids, etc sitting unused to rust away an closed sites.
Couple reopened here every few years. They remove the fill from closed mine, mountains of Rock dirt piled. Then extract more coal. When they are done, they refill, lime it and return to original contour, plant evergreens.

[luvrbus]

Rig (drilling) count is up by 13 when the rig count goes above 750, prices will drop for awhile.There is so much miss information on the Keystone pipe line from Canada it's not funny,you have people like Buffet that owns railroads and prefers rail for transportation of the crude from Canada whom we import more crude from than any other country 

[richard5933]

I thought Keystone was a red herring? Wasn't it just going to take Canadian crude to the port for export? Didn't think we were going to be using the oil from it in the US.

[fortyniner]

I heard on news this morning that unlike the last oil shock where fuel went over $4/gal now we are a net exporter of oil. We produce more than we consume. But we are part of the global supply system so prices are still high.   

I still say build nuke plants and synthesize hydrocarbon fuels from co2 and h2o.  Only build the MSRE thorium based nukes so they cant melt down. 

[luvrbus]

I thought Keystone was a red herring? Wasn't it just going to take Canadian crude to the port for export? Didn't think we were going to be using the oil from it in the US.

The Keystone pipe line  was to supply refineries on the Gulf Coast that is all it was intended to supply,it supplies a refinery in Illinois on the way down,The Keystone Pipe Line is a political football   

[usbusin]

fortyniner said; "now we are a net exporter of oil."

Source please.

[Nova Eona]

The Keystone Pipeline is currently in operation, has been for quite some time.  The Keystone XL was an extension to the existing pipeline which was cancelled, basically just a shortcut which would have gone through some questionable areas to shorten the distance and probably not help our gas prices at all (Might have increased them!).  The operators of Keystone (TC Energy / Canadian Govt) no longer even want the XL extension.

As long as the price of oil is set by cartels we'll forever be at the mercy of corporations and foreign powers, until we are no longer dependent on it.

https://www.snopes.com/news/2022/03/14/open-keystone-xl-pipeline/

[richard5933]

fortyniner said; "now we are a net exporter of oil."

Source please.

Depends on your definition of oil.

If you mean all petroleum products (crude oil + finished products) then we've been a net exporter for a while.

But, if you mean crude oil, then we are a net importer. We've been making improvements on this for many years though.

Forbes has some great articles explaining the fine details of all this.

[luvrbus]

The Keystone Pipeline is currently in operation, has been for quite some time.  The Keystone XL was an extension to the existing pipeline which was cancelled, basically just a shortcut which would have gone through some questionable areas to shorten the distance and probably not help our gas prices at all (Might have increased them!).  The operators of Keystone (TC Energy / Canadian Govt) no longer even want the XL extension.

As long as the price of oil is set by cartels we'll forever be at the mercy of corporations and foreign powers, until we are no longer dependent on it.

You have any idea how much it cost the US citizens for Joe stopping a permitted pipe line with secured right of way paid for,we will never know the true cost of Joes screw up,when the permit was stopped the 1st time TransCanada sued for 15 billion and was settled out of court it will probably cost us another 15 billion plus 800,000 barrels of oil a day   

[

[Nova Eona]

You have any idea how much it cost the US citizens for Joe stopping a permitted pipe line with secured right of way paid for,we will never know the true cost of Joes screw up,when the permit was stopped the 1st time TransCanada sued for 15 billion and was settled out of court it will probably cost us another 15 billion plus 800,000 barrels of oil a day   

I do not, and neither do you.  You say they settled out of court - what's your source on that?  I see only that the lawsuit was suspended per mutual agreement and that a number of legal experts think they'd have had a very hard time winning that case.  I'm not even sure the Govt can settle out of court in a case like this without disclosure, as the money would have to come from public budgets.

The XL extension was slated to cross tribal lands and major water tables, operated by a company which has a lousy reputation for preventing oil spills.  Do you know how much it may have cost to deal with the resulting cleanup?

Also, this
https://www.consumerwatchdog.org/keystone

[lostagain]

Crude may be down, but I read this morning about the severe shortage of diesel fuel world wide. I must admit that my optimism was premature...