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Thread: Oil rises above $90 amid US crude supply drop

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Gulf oil was not a major source of our oil before 1978 and demand was no where near as high as now.Here's a few examples of many:



    Oil Prices Rise As Hurricane Ike Threatens Coastal Oil Facilities


    Economic effects of Hurricane Katrina - Wikipedia, the free encyclopedia

    Almost 30% of our oil production and 50% of our refineries are vulnerable to hurricanes. If we have to import more oil and gas due to hurricane damage (real or potential), THAT affects world prices.
    Got a link for your first statement? I grew up in east Texas, before 78....Gulf oil was big then, do some googling that includes the decades before 1980....
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by UtahBill View Post
    Got a link for your first statement? I grew up in east Texas, before 78....Gulf oil was big then, do some googling that includes the decades before 1980....
    No, and I'm not going to. I should not have given you the links on hurricanes, since the affect of hurricanes on oil/gas pricing is major news every time a hurricane gets near the GOM. You can do your own homework from now on.

    But here's a hint......... oil speculation before the 1990s was insignificant, but has become rampant today. THAT'S where you need to be looking. If there were no speculators before 1978, then obviously speculation of the hurricane's affect on oil prices would be insignificant.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by rocket88 View Post
    Not really. It would go on the world market with all of the other oil, and you can't really separate it out.

    Unless you nationalize the oil industry and don't let businesses sell it on the open market, but I don't think that's what you're talking about.
    You are assuming that all oil sells for the same price, which is not true. You also have to include transportation costs. Obviously, it is much cheaper to import oil from Mexico than from Saudi Arabia.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by rocket88 View Post
    Not really. It would go on the world market with all of the other oil, and you can't really separate it out.

    Unless you nationalize the oil industry and don't let businesses sell it on the open market, but I don't think that's what you're talking about.
    If you build refineries here and it is refined here it most likly will stay here

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    No, and I'm not going to. I should not have given you the links on hurricanes, since the affect of hurricanes on oil/gas pricing is major news every time a hurricane gets near the GOM. You can do your own homework from now on.

    But here's a hint......... oil speculation before the 1990s was insignificant, but has become rampant today. THAT'S where you need to be looking. If there were no speculators before 1978, then obviously speculation of the hurricane's affect on oil prices would be insignificant.
    Exxon says oil barrel should be in $60-$70 range - Yahoo! News

    The head of Exxon Mobil (XOM.N) stopped short of blaming speculators for the run-up in oil prices, but he told Congress on Thursday that based only on the fundamentals of supply and demand, the price of oil should be in the range of $60 to $70 a barrel.

    "When we look at it, it's going to be somewhere in the $60 to $70 range if you said: 'If I had access to the next marketable barrel, what would it cost?" Exxon's CEO and Chairman Rex Tillerson told the Senate Finance Committee in response to a question about the influence of speculators on high oil prices.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    No, and I'm not going to. I should not have given you the links on hurricanes, since the affect of hurricanes on oil/gas pricing is major news every time a hurricane gets near the GOM. You can do your own homework from now on.

    But here's a hint......... oil speculation before the 1990s was insignificant, but has become rampant today. THAT'S where you need to be looking. If there were no speculators before 1978, then obviously speculation of the hurricane's affect on oil prices would be insignificant.
    RECENT history is what you want to deal with, and make the absurd claim that hurricanes affect world oil price....
    Look at this chart and you will see that oil prices were low and stable for a long time...even thru hurricane seasons.

    Price of petroleum - Wikipedia, the free encyclopedia
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by UtahBill View Post
    RECENT history is what you want to deal with, and make the absurd claim that hurricanes affect world oil price....
    Look at this chart and you will see that oil prices were low and stable for a long time...even thru hurricane seasons.

    Price of petroleum - Wikipedia, the free encyclopedia
    Good job of totally ignoring the links and quotes I provided. I can't believe you are seriously claiming that hurricanes don't affect prices.

    Question: How many oil speculators were there before 1990?

    Price spikes from hurricanes are so short lived that they wouldn't even show up on your graph.
    Last edited by Gill; 05-18-11 at 11:49 AM.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Good job of totally ignoring the links and quotes I provided. I can't believe you are seriously claiming that hurricanes don't affect prices.

    Question: How many oil speculators were there before 1990?

    Price spikes from hurricanes are so short lived that they wouldn't even show up on your graph.
    We are almost saying the same thing....I say it is speculation that is a more direct cause of price fluctuations compared to hurricanes, not that those are the only 2 causes.
    Once the speculators, and oil companies, discovered they could use hurricanes as an excuse to jack up the prices, they did just that.
    But, like I said, before the late 70's, or your year of 1990, or before speculators, the price of oil was stable during hurricane seasons, which run for many months. Now, each and every hurricane is treated as impending doom.
    Bear in mind as well that the U.S. oil supply from non U. S. sources wouldn't be affected at all by hurricanes, other than getting foreign oil to the refineries...
    I didn't ignore your links, I was trying to say that you are using very short term history...
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by ptif219 View Post
    If you build refineries here and it is refined here it most likly will stay here
    There still has to be something to refine. It's not the place of the government to build refineries anyway.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by rocket88 View Post
    There still has to be something to refine. It's not the place of the government to build refineries anyway.
    Maybe not but they have made laws to prevent building of refineries

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