Thread: Oil Slick Stuff

Offshore drilling was doing well in Congress - even keeping in mind some legislators will never vote for it - until BP had their major fiasco.

A change in the law is needed, to mandate that all Oil pumped in US Territorial Waters must be refined and sold in the USA.
DRILL DRILL DRILL oilgusher.gif

12/29/2010 - Updated 4:07 PM ET
Crude dips dips from two-year high
By Nick Godt, MarketWatch

NEW YORK (MarketWatch) — Oil futures fell back from a two-year high on Wednesday as investors took positions ahead of weekly supplies data and weighed odds that hard winter weather in the Northeast United States will boost demand.
Crude for February delivery finished the session at $91.12 a barrel, down 37 cents, or 0.4% on the New York Mercantile Exchange.
The contract on Monday hit a 26-month high of $91.88.
http://markets.usatoday.com/custom/u...0212804637C%7D

Hmmmm, this usually tracks the price of oil pretty well, trouble ahead?

http://finance.yahoo.com/q?s=OIH

Originally Posted by Intrepid_Trader

Hmmmm, this usually tracks the price of oil pretty well, trouble ahead?

http://finance.yahoo.com/q?s=OIH

$139 a barrel!? Merrill Lynch seems to think their Oil is Special, CME Group is selling it at $91.23 a barrel right now, West Texas Sweet Light Crude? This is a trick right?

market pulse
Dec. 30, 2010, 8:56 a.m. EST
Oil, gold extend declines after U.S. jobless data

http://www.marketwatch.com/story/oil...ata-2010-12-30

12/30/2010 - Updated 10:22 AM ET
Crude futures lower after jobs data
By Laura Mandaro, MarketWatch & John Spence, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil prices fell Thursday, weighed by a slowdown in Chinese manufacturing and a jump in oil inventories.
Crude for February delivery [CLG11] was down 95 cents, or 1%, to $90.17 a barrel on the New York Mercantile Exchange.
Weighing on prices, the American Petroleum Institute late Wednesday said crude-oil inventories rose 3.1 million barrels in the week ended Dec. 24. Gasoline stocks fell 3.1 million barrels, while distillate stocks gained 1.38 million barrels, the trade group estimated.http://markets.usatoday.com/custom/u...0212804637C%7D

Originally Posted by nnuut

A change in the law is needed, to mandate that all Oil pumped in US Territorial Waters must be refined and sold in the USA.
oilgusher.gif

Where is it going now?

We export 1 million barrels a day.

We import 10 million barrels a day.
http://www.nationmaster.com/country/...tes/ene-energy

Even if we had such a law, we' d still have 9 million barrels of imports, plus we'd have higher prices.

Originally Posted by James48843

Where is it going now?

We export 1 million barrels a day.

We import 10 million barrels a day.
http://www.nationmaster.com/country/...tes/ene-energy

Even if we had such a law, we' d still have 9 million barrels of imports, plus we'd have higher prices.

I imagine that much of the oil pumped off of our coast is shipped directly overseas. So now you are suggesting that a change like that would have NO EFFECT Oil exports? No links, No proof, No matter.

12/30/2010 - Updated 12:21 PM ET
Crude futures lower slip on supplies, China data
By Nick Godt, MarketWatch & John Spence, MarketWatch

NEW YORK (MarketWatch) — Crude-oil futures fell to session lows on Thursday after the Energy Department reported a much smaller-than-expected drop in U.S. crude supplies, adding to concerns over a slowdown in Chinese manufacturing.
U.S. crude supplies fell 1.3 million barrels in the week ended Dec. 24, much smaller than the draw of approximately 3.2 million barrels analysts surveyed by Platts expected. A shallower drop in supplies indicates less demand for oil.http://markets.usatoday.com/custom/u...0212804637C%7D

Much as I would like the idea on the refine and sell here, we can only do that with oil on federally owned lands and even then we would have a bad precident (Chavez nationalizes everything already, same with Russia/Gasprom). Otherwise other countries would demand the right to do the same thing - Saudi Arabia and their ilk have always wanted to demand all refining of their oil be done in-country - and the only reason they haven't been able to demand it is it breaks international agreements. Once the precident becomes "he who has the oil makes the rules" we get nasty policies from Russia, Saudi Arabia and other suppliers, and we would have no grounds to complain about the ultimate "he who has the oil makes the rules" - President for life Chavez of Venezuela and Europe would have no grounds to complain about the games played by Russia.

Personally, I think the problem is Oil is currently being played in the market like gold or silver, and it's not the same kind of commodity. Oil futures do not appear to be taking out the random ups and downs of pricing - the opposite seems to be occuring.