It's the refineries or lack of. Some have been closed down because companies
have lost up to a million a day or more trying to refine.
Gentlemen please. What better way for Iran to fund development of it's Nuclear Weapons program?
High Oil prices are in the best interest of any oil exporting country.
Think about it.
Last edited by SteveW; 03-02-2012 at 12:38 AM.
"Walk Heavy, Stand Tall, Carry a Big Stick"
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Smart way of explaining things:
doubt anything has changed from last spring. except it's an election year.
the speaker doesn't show this in his graph.Rex Tillerson, the boss of ExxonMobil admitted last week that the price of oil–based purely on supply and demand- should be in the $60 to $70 a barrel range. The reason it’s above $100 a barrel, Tillerson explained, is due to the oil majors using futures contracts to lock in current high prices, and speculation that is engineered by the high-frequency trading of quantitative hedge funds.
Gasoline: The new big U.S. exportNorth American Rotary Rig Counts
The U.S. rotary rig count was down 13 at 1,981 for the week of February 24, 2012. It is 282 rigs (16.6%) higher than last year.
The number of rotary rigs drilling for oil was down 7 at 1,265. There are 482 more rigs targeting oil than last year. Rigs drilling for oil represent 63.9% percent of all drilling activity which is the highest percentage since 1998.
The Strategic Reserve
Don't worry guys. Thanks to Obama's god-like thinking, the Keystone oil pipeline is underway. The southern portion of the pipeline will be begin construction soon and should be finished by 2013! It's the northern pipeline that will take longer to build due to the pipeline crossing the US/Canada Border requiring further review of Uncle Sam.
Oh and leave it to Canadians to build the thing.... right.