Oil Stocks

[Kong]

Here are the numbers from the American Petroleum Institute for the past week:

API reported crude oil stocks up 8.4 MMB at 294.6 MMB, distillate stocks down 0.9 MMB at 109.5 MMB, unleaded gasoline stocks up 0.1 MMB at 197.8 MMB, and refinery capacity down 0.3% at 88.6% compared to prior week.

I went back and looked to see where we were at one year ago. On April 1, 2003 DOE (I don't have raw API numbers available) reported Crude oil stocks at 280.7 MMB (13.9 MMB less than is on hand now), distillate stocks at 97.9 MMB (11.6 MMB less diesel than is on hand at this moment). and unleaded gasoline in storage at 200.7 MMB (a mere 2.9 MMB more than is on hand right now). Refinery capacity was being utilized at 91.1% this time last year, its at 88.6% at the moment, which is 2.5% less.

So, what does that say? Well, at this moment of record high gas prices we actually have more of the raw material, crude oil, in storage (this does not include the strategic petroleum reserves), more gasoline in storage, and a little less distilate stock in storage than we had a year ago, but that even with more crude in the tanks we are refining less than we were a year ago today.

Am I wrong to think that something is amiss here?

[ixion]

1. hmmm... sounds vaguely reminiscent of the Enron fabricated

California energy crisis, does it not?

Artificially decrease supply by decreasing refining output, then crank the price sky high.

The similarities are striking, to be sure.

[Jose Diablo]

2. I would say there is collusion in the petroleum industry

pump-up prices and profits.

I wonder why the Justice Department is not investigating the petroleum industry for anti-trust law violations.

It seem to me that every since the petroleum industry shut-down private retail outlets in favor of their company owned outlets, they have been able to manipulate prices at the pump irregardless of the supply of the product.

There is no lack of supply anyplace in the channel, so why are the retail prices so high? The only reason I can think of for the price being high, is because the petroleum companies can charge what the market will bear, not the underlying cost basis. If this is not a manipulated market, I don't know what is.

[Poor Richard]

3. Why would Bush*co want higher gas prices?

it doesnt make sense that higher prices would help him. Unless he knows that he is doomed and the neocons are setting up Kerry for some Carter-style stagflation

[Jose Diablo]

4. This suckers going down the toilet anyway

when 2005 rolls around the policies and activities done in 2000-2004 will come home to roost. The economy is teetering on the edge now, jobs being created are crummy, good jobs are being off-shored, little manufacturing base is left, the piggy bank will have been emptied, the dollar wasted, social programs gutted. Everything that wasn't nailed down will have been stolen or converted.

Now why would any neocon want to be left holding the bag?

[ixion]

5. or unless he doesn't care

because SCOTUS and Diebold have the fix in for the next coronation, er I mean selection, er I mean 'election'.

[radwriter0555]

6. The gas prices are the oil co hedge against the attack on Iran in JULY...

which is currently in the works in the PNAC white house.

When there is a shortage, the oil / gas cos will have already taken their profits, as they're doing now.

You didn't know the PNAC was planning on attacking iran, you say?

Google all the info from the PNAC white house this year about iran, and you will see the same build up of PR and rhetoric.