General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsShermann
(7,413 posts)but how exactly would you do that?
jmowreader
(50,557 posts)You can't use it the way it is, and none of us have the equipment we need to refine crude oil.
Renew Deal
(81,856 posts)Cook with it
ProfessorGAC
(65,013 posts)Somehow I think olive or corn oil would taste better!
stay away from the corn oil.
ProfessorGAC
(65,013 posts)High in polyunsaturates, low in low chain glycerides. Only slightly higher in glucosides than canola. And very few flavenoids, so it doesn't impose flavor if that's not what one wants.
Health wise its loaded with Omega 6, which we are already overloaded on compared to Omega 3. Highly refined as well.
However, the bigger reason is that the way we grow corn and soy is pretty terrible. All GMO, and loads of fertilizers and pesticides, and terrible for biodiversity.
in the same vein a good reason to avoid palm oil is that palm farming is leading to massive deforestation.
ProfessorGAC
(65,013 posts)Palm oil is low in polyunsaturates, has a substantial fraction of C12 & C14 saturated fats, and the issues concerning plantation operating models.
The industries involved (using palm oil as a source of oleochemicals) have a certification called RSPO. Responsibly Sourced Palm Oil. (It includes coconut oil, as well.). The intent is to have responsible companies refuse to buy from plantation operating companies who fail on replanting schemes & mistreat workers. This is fairly new to those industries. Around 5 years, I believe.
But, palm oil is not a good nutritional analog to corn, canola, sunflower & soy. It actually has an unsaturated level that's just a little higher than beef fat. I wouldn't use palm oil for anything in food.
Don't think the bad behaviors in the palm based oil production is very comparable to corn oil. I live pretty close to where Illinois turns into one big corn & soybean farm. I've seen no slave quarters! Palm oil plantations are WAY more offensive.
we setting the bar of good agriculture at "Do they have slaves?" I feel like we can have a higher standard.
ProfessorGAC
(65,013 posts)...from what I wrote, this discussion is over.
Putting words into another's mouth is a sign of weakness.
I'm out.
BGBD
(3,282 posts)While ignoring the larger issues of ecosystem degradation that comes from large monoculture farming practices using highly modified crops.
Blue_true
(31,261 posts)take it any day over corn oil or any other common food oil.
brokephibroke
(1,883 posts)jmowreader
(50,557 posts)One oil futures contract is for 1000 barrels. In a refinery, 120 barrels is nothing.
beachbumbob
(9,263 posts)A HERETIC I AM
(24,368 posts)The vast majority of the worlds airline fleet is idled, and the number of miles driven by automobiles is a tiny fraction of normal.
There is a massive oversupply, storage tanks are nearing capacity and the various fuels made from Crude Oil aren't being used anywhere close to what is commonplace.
zackymilly
(2,375 posts)Baclava
(12,047 posts)HAB911
(8,891 posts).90
NightWatcher
(39,343 posts)brokephibroke
(1,883 posts)Yikes!
zackymilly
(2,375 posts)The falling oil prices could eventually go below zero as oil supply outstrips global storage capacity. Negative oil prices will lead to a spate of bankruptcies in the oil and gas sector and if it lasts long enough entire countries could see their economies collapse.
https://www.ccn.com/this-is-how-oil-prices-can-crash-below-0-yes-really/
Baclava
(12,047 posts)A HERETIC I AM
(24,368 posts)The article linked above states that storage is at a premium. I would venture that just about every single large oil tanker in the world is full and waiting for a place to offload. Either that or moving with the engines set at "Dead Slow".
Baclava
(12,047 posts)A HERETIC I AM
(24,368 posts)Saw a piece about how the US Gov't is buying oil right now to refill those big holes!
Here's an interesting place;
Cushing, OK.
When you see a quote for "WTI" or "West Texas Intermediate", the price per barrel is based on delivery, via pipeline, to this little town in Oklahoma.
Open that Google maps link and zoom in on the south side of town. The storage there is a significant portion of the 91 million barrels of storage capacity around Cushing.
Baclava
(12,047 posts)A HERETIC I AM
(24,368 posts)And this guy was speaking about the Texas Oil Patch specifically, but said that most strata around the world shares some of these properties.
(And I am by no means a geologist or an oil well expert, so If I am wrong on any of this, or if I have remembered it wrong, I am not offended by correction)
He told me this;
Imagine a common, household sponge like this, sitting on your counter, that is soaked with water ->
If you place a straw in the center and suck on it, you will dry out the area right around the straw, but you will find it very difficult to draw all the water out, all the way to the edges.
However....
If you stop sucking when the flow gets slow, the water at the outer edges will over time, seep back toward the center where your straw is, and then if you sucked on it some more, you would get good flow until it dried out again. You could repeat this process several times but you would...and this is the important part...NEVER GET THE SPONGE COMPLETELY DRY.
The strata that holds oil in most of the producing fields worldwide share similar traits. The reason "Fracking" is so effective is that the sponge, in this hypothetical is injected with fluid under enormously high pressure, driving the remaining oil toward the straw. It is as if instead of sucking on the straw in the middle, you are blowing into it, but now have 2 or 3 or even more straws all around the edge of the sponge, collecting the oil that is being displaced.
We all remember seeing footage of the "Gusher" in Texas and other fields. As I understand it, finding oil under such pressure in North America is extremely rare, these days, because we have tapped it all and sucked most of it out of the ground.
It's that sponge. The sponge is nearly dry, but there is still a lot of recoverable oil down there.
The problem with injecting oil back down into a well and into the sponge, is that it is not nearly as effective as one needs it to be, nor is it economical. Why bother? Just don't pump it out in the first place!
Politicub
(12,165 posts)roamer65
(36,745 posts)brokephibroke
(1,883 posts)-$3.70 now.
roamer65
(36,745 posts)brokephibroke
(1,883 posts)June and July contracts are still around $20 a barrel.
roamer65
(36,745 posts)The Federal Reserve needs to go all out.
brokephibroke
(1,883 posts)And unlimited QE. No one has seen this before.
roamer65
(36,745 posts)$2000 a month. Keep average people liquid.
brokephibroke
(1,883 posts)malaise
(268,980 posts)West Texas gone negative- from Bloomberg
zackymilly
(2,375 posts)muriel_volestrangler
(101,312 posts)https://www.bbc.co.uk/news/business-52350082
So this indicates the cheap storage in the USA is all full. This is a game of "pass the parcel" - no one wants to be left holding the oil.
roamer65
(36,745 posts)Crazy days.
flotsam
(3,268 posts)I'll only charge them $2.68.9 to put their oil in my gas tank. They should take the deal now before I turn it into an auction for my available space!
Blue_true
(31,261 posts)The right to buy oil at a certain price per barrel by a certain date. Derivative prices drop hugely as the expiration date nears, if the price of the underlying commodity is changing in a direction that makes the derivative worthless. For example, if I pay $2 for the right to buy a barrel of oil at $50 by April 25, but the price of oil is at $40 per barrel and dropping, I will just let the derivative expire rather than buy oil at $60 per barrel and sell it for $40 (a big loss). Now if oil was at $75 per barrel, I would sell the derivative for a big profit, or buy oil at $60 per barrel, then turn around and sell it for $75 and pocket the $15 minus transaction fees.
DFW
(54,372 posts)Buy a tanker!
GoCubsGo
(32,081 posts)DFW
(54,372 posts)It'll never take.