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From The PERColator: … For most of the 20th century, the United States was a single market for gasoline. Today, we have a series of fragmentary, regional markets thanks to dozens of regulatory requirements imposed by the federal Environmental Protection Agency (EPA) and state regulators. That’s a problem because each separate market is much more vulnerable than a national market to refinery outages, pipeline problems, and other disruptions… The role of regulators in fuel [...] European governments are rushing to boost stockpiles of crude oil and fuel, anxious to comply with new EU rules and amid reports that Israel is preparing to launch an attack on Iran. Belgium and the Netherlands have issued tenders to import a total of around 250,000 tonnes of diesel and gasoline for delivery in September and October, their agencies said. France has also bought diesel and awarded a crude oil tender this [...] From Bloomberg: The International Energy Agency, the adviser to U.S., Germany andJapan, isn’t planning an immediate release of emergency oil stockpiles (DOESCRUD) in response to the tension in the Middle East. “We remain prepared to respond to any significant oil supply disruption, but as no specific supply disruption is under way, we are not actively considering any action at the present time,” the Paris-based adviser said on its website today. Crude oil gained over the last three [...] Kurt Nimmo Rear Admiral Ali Fadavi, naval commander of the Revolutionary Guards Corps, said on Friday that Iran will conduct new military exercises in the Straight of Hormuz. Fadavi told Press TV the new exercise, dubbed the Great Prophet, will be different than the previous Velayat 90 drill initiated on December 24. Further details were not provided. Both the United States and the European Union are determined to stop Iranian oil shipments and [...] World oil supply is extremely tight, and inelastic. Iran exports 2.5 to 3 million barrels of oil per day that the world cannot do without. The world needs Iran’s oil production to avoid severe economic consequences. Even if NATO military might can keep the strait open for shipments, we cannot go to war with Iran without disrupting the flow of Iranian oil. Iran would probably ruin their own oil fields to prevent [...] China draws up contingency plans for if there is a war with Iran for the resulting oil supply crisis“Oil consuming nations, hedge funds and big oil refineries are quietly preparing for a Doomsday scenario: An attack on Iran that would halt oil supplies from OPEC’s second-largest producer. Most political analysts and oil traders say the probability of military action is low, but they caution the risks of such an event have risen as the West and Israel grow increasingly alarmed by signs that Tehran is building nuclear weapons. That has [...] Former military leaders call for 30% cut in oil consumption – CNN … 11-1-2011 By Charley Keyes Osama bin Laden may have left a clue about one of the West’s greatest vulnerabilities: reliance on oil imports. “When we killed bin Laden, we saw oil tanker designs on his work desk,” Gen. James Conway, the former Marine Corps commandant, said in a report released late Tuesday. Conway was part of a group of 11 recently retired three- and [...] By Dian L. Chu Thanks to Muammr Gaddafi’s airstrikes near a Libyan oil terminal, and protests in Iran adding to the continuing chaos in Middle East and North Africa (MENA), on Wednesday, March 2, Brent oil settled at its highest level since August 2008 at $116.35 a barrel, while WTI futures on NYMEX also advanced to $102.33 per barrel. Peace by Chavez? However, crude oil retreated [...] WASHINGTON (CNNMoney.com) — Treasury Secretary Tim Geithner told lawmakers Thursday that the U.S. and other nations are prepared to tap back-up oil reserves if Libya unrest continues and severely disrupts oil supplies. Libya is the first oil exporting nation to be engulfed in the political upheaval spreading across North Africa and the Middle East, and investors have been worried that chaos in the region will drive [...] The dollar is descending; oil is not ascending. The oil/dollar exchange rate is being reset because of continual massive dollar debasement. The purchasing power(versus nominal dollar price) of oil in terms of wheat, soybeans, iron ore, copper and gold has not increased and against some globally traded commodities has decreased over the past 12 months. by Stephen Leeb, SA Oil Under Pressure as Demand Ramps Up This [...] by Saxplayer00o1 1) Whopping $69.5 billion debt hangs over city as short- and long-term spending gets cut (New York) “Now that all the Christmas gifts have been unwrapped, it’s time to pay the bills. That’s the dilemma in City Hall, too. A report from Controller John Liu shows New York is carrying $69.5 billion in debt – the highest level ever. That breaks down to $8,281 for every man, woman and child in the city, 7% [...] |
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