Oil is down 33%, yet the price keeps going up? WTF?

[wgadget]

:(

[Micah Dardar]

One problem is our refining capacity, and that will be more messed up with the Houston area getting this hurricane. I have met people that use systems in their cars that use things such as Brown's Gas to increase fuel mileage. The key to lowering fuel costs lies in the minds of the people that don't think that there ideas are good enough.

[jcarcinogen]

Keynesian economics is taught as fact in the Public School System (Federalized Training Camps) and private companies (the government doesn't drill) always make sure they don't have a surplus of supply to keep a nice profit margin while any disaster is a great excuse to raise prices citing supply. But 'drill baby drill'.... (too lazy to go into it, you are being exploited).

EDIT: But it is true Keynesian supply/demand influences price (all other things being constant, HAH!).

[newyearsrevolution08]

Read this and see why

http://news.smh.com.au/business/opec-moves-to-keep-oil-price-above-100-20080911-4eaw.html

[forsmant]

Refined gasoline and oil are not interchangeable. There is plenty of oil and fewer dollars, but the refineries have shut down for the big old hurricane in the Gulf. Less gas to go around for a few days.

[mnewcomb]

The oil companies have seen us pay almost $4 per gallon without a problem.

Please don't buy the lie about 'refining' capacity and other crap.

oil = $147/barrel, gas = $4/gallon
oil = $103/barrel, gas = <$3/gallon, but alas, it is $3.50/gallon

Guys, gas will never be below $3/gallon again...

[RonPaulVolunteer]

Why is silver half the value it was 3 weeks ago when the dollar is not twice its value of 3 weeks ago.

Everything is controlled and manipulated.

[ultimaonliner]

The U.S. has very limited refining capacity. Hurricane Ike doesn't help.

[jcarcinogen]

The U.S. has very limited refining capacity. Hurricane Ike doesn't help.

Iran has... full, limited, or no refining capacity?

[IRO-bot]

Iran has... full, limited, or no refining capacity?

Very limited, they IMPORT most of their gasoline.

[HOLLYWOOD]

One problem is our refining capacity, and that will be more messed up with the Houston area getting this hurricane. I have met people that use systems in their cars that use things such as Brown's Gas to increase fuel mileage. The key to lowering fuel costs lies in the minds of the people that don't think that there ideas are good enough.

20% of the US refining capacity is in the Texas coast region.

It's time for refiners to make CA$H... here's the TEXAS refineries effected by hurricane IKE:

Texas

* Baytown Refinery (ExxonMobil), Baytown 557,000 bbl/d (88,600 m³/d)
* Big Spring Refinery (Alon USA), Big Spring 61,000 bbl/d (9,700 m³/d)
* Beaumont Refinery (ExxonMobil), Beaumont 348,500 bbl/d (55,410 m³/d)
* Borger Refinery (ConocoPhillips/EnCana), Borger 146,000 bbl/d (23,200 m³/d)
* Corpus Christi Complex (Flint Hills Resources), Corpus Christi 288,000 bbl/d (45,800 m³/d)
* Corpus Christi Refinery (Citgo), Corpus Christi 156,000 bbl/d (24,800 m³/d)
* Corpus Christi West Refinery (Valero), Corpus Christi 142,000 bbl/d (22,600 m³/d)
* Corpus Christi East Refinery (Valero), Corpus Christi 115,000 bbl/d (18,300 m³/d)
* Deer Park Refinery (Shell Oil Company), Deer Park 333,700 bbl/d (53,050 m³/d)
* El Paso Refinery (Western Refining), El Paso 120,000 bbl/d (19,000 m³/d)
* Houston Refinery (Lyondell), Houston 270,200 bbl/d (42,960 m³/d)
* Houston Refinery (Valero), Houston 83,000 bbl/d (13,200 m³/d)
* McKee Refinery (Valero), Sunray 158,300 bbl/d (25,170 m³/d)
* Pasadena Refinery (Petrobras), Pasadena 100,000 bbl/d (16,000 m³/d)
* Port Arthur Refinery (Total), Port Arthur 233,500 bbl/d (37,120 m³/d)
* Port Arthur Refinery (Motiva Enterprises), Port Arthur 285,000 bbl/d (45,300 m³/d)
* Port Arthur Refinery (Valero), Port Arthur 325,000 bbl/d (51,700 m³/d)
* Penreco (Calumet), Houston
* Sweeny Refinery (ConocoPhillips), Sweeny 229,000 bbl/d (36,400 m³/d)
* Texas City Refinery (BP), Texas City 437,000 bbl/d (69,500 m³/d)
* Texas City Refinery (Marathon Petroleum Company), Texas City 72,000 bbl/d (11,400 m³/d)
* Texas City Refinery (Valero), Texas City 210,000 bbl/d (33,000 m³/d)
* Three Rivers Refinery (Valero), Three Rivers 90,000 bbl/d (14,000 m³/d)
* Tyler Refinery (Delek Refining Ltd.), Tyler 55,000 bbl/d (8,700 m³/d)

[jcarcinogen]

So T. Boone Pickens is being disingenuous when he cites Iran moving to natural gas engines in cars? What is the motive... bigger government if the military/medical industrial complexes don't get their way?

[Alawn]

Sounds like this whole thing is artificial and the refineries shut down early for no real reason other than to cause a false shortage.

[lasenorita]

Related Ron Paul articles:

A Free Market in Gasoline (http://www.house.gov/paul/tst/tst2005/tst103105.htm)
Pain at the Pump (http://www.house.gov/paul/tst/tst2007/tst112507.htm)
Big Government Responsible for High Gas Prices (http://www.house.gov/paul/tst/tst2008/tst050408.htm)

[idiom]

So T. Boone Pickens is being disingenuous when he cites Iran moving to natural gas engines in cars? What is the motive... bigger government if the military/medical industrial complexes don't get their way?


Natural Gas needs a lot less refining.

The Saudis just burn their natural gas off, or where thye can, pump it back underground.

Iran is moving to Natural Gas instead of refining Oil.