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GasBuddy News Article

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U.S. awash in oil, but global demand drives prices

Chron.com -- At midnight on April 11, a 940-foot tanker maneuvered into the dock at the oil terminal in Valdez, Alaska, carrying an unusual cargo for a returning ship.

Sloshing in its tanks were more than 12 million gallons of Alaskan crude, at least a quarter of the cargo the ship had carried away from Valdez two weeks earlier.

The Alaskan Explorer had sailed to a Washington refinery but was forced to return to Alaska with 300,000 barrels because the onshore storage tanks were too full to accept it, confirmed Anil Mathur, CEO of the Alaska Tanker Co., which owns the ship.

"Not the normal course of business," said John Kotula, one of the few outsiders privy to the incident because of his position as manager of the state of Alaska's environmental office in Valdez.

The tanker's inability to offload


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Submitted Apr 29, 2012 By: angel4me
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: U.S. awash in oil, but global demand drives prices Back to Topics
REPLIES (newest first) Post a Reply
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1Casey
Champion Author Albany

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Message Posted: Apr 29, 2012 8:36:35 PM

Bad business.
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pinkelefant
Champion Author Sacramento

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Message Posted: Apr 29, 2012 8:36:02 PM

That is terrible. They could have taken it down to Sacramento.
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carman11
Champion Author North Carolina

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Message Posted: Apr 29, 2012 8:35:45 PM

interesting, go figure
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oldiesman
Champion Author New York

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Message Posted: Apr 29, 2012 8:35:32 PM

I don't believe any of this anymore how many times can you cry wolf!
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fishnhuntWV
Veteran Author West Virginia

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Message Posted: Apr 29, 2012 8:35:19 PM

Why are we paying so much, when it was this high under Bush this wasn't happening because demand was way higher
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mrbee
Champion Author Little Rock

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Message Posted: Apr 29, 2012 8:33:20 PM

And yet we keep being told we are running out of oil.
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eaglev
Champion Author Oklahoma City

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Message Posted: Apr 29, 2012 8:33:04 PM

I guess the timing was not right.
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bondo
Champion Author Twin Cities

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Message Posted: Apr 29, 2012 8:31:08 PM

Ok
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lowpet
All-Star Author Texas

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Message Posted: Apr 29, 2012 8:29:40 PM

i don't see any spike in demand
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DustyHorse
Champion Author Virginia

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Message Posted: Apr 29, 2012 8:28:02 PM

No speculators drive prices.
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BoerneWatch
Champion Author San Antonio

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Message Posted: Apr 29, 2012 8:27:17 PM

The world is flooded with oil and yet, oil remains above $100 a barrel.

Hmmmm.
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HYEgasCA
Champion Author Fresno

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Message Posted: Apr 29, 2012 8:27:11 PM

Its not the speculators its Obama as usual. Tell the government to allow storage tanks to be built. Its sounds like the Obama administration isn't paying attention to our national security.

Also is this a one time occurrence or is it happening all the time. If its happening all the time Obama has a lot to explain.
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Jeeputtputt
Champion Author Ohio

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Message Posted: Apr 29, 2012 8:25:20 PM

This is B S..., with todays communications ..should never happen!!!!!!!
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FlyNFool
Champion Author South Carolina

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Message Posted: Apr 29, 2012 8:24:35 PM

Imagine what would happen if we used our own supplies.
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milespergallon
Champion Author Illinois

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Message Posted: Apr 29, 2012 8:23:57 PM

But the price is still in gouge mode. Sucks!
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abcdMA
Champion Author Worcester

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Message Posted: Apr 29, 2012 8:23:36 PM

we need more refining capacity
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96sc1
Champion Author El Paso

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Message Posted: Apr 29, 2012 8:21:35 PM

The glut is in oil not gasoline.
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PathfinderSC
Champion Author South Carolina

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Message Posted: Apr 29, 2012 8:19:37 PM

ok
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speedys
Champion Author Utah

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Message Posted: Apr 29, 2012 8:17:32 PM

All because of speculators.
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TedNC
Champion Author North Carolina

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Message Posted: Apr 29, 2012 8:17:24 PM

ok
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crazycow2332
Champion Author Nashville

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Message Posted: Apr 29, 2012 8:17:20 PM

ok
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tippybuddy
Champion Author Ontario

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Message Posted: Apr 29, 2012 8:17:05 PM

ok????
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Barfood
Champion Author St. Louis

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Message Posted: Apr 29, 2012 8:16:34 PM

Sounds like a costly mistake.
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tutaw
Champion Author Kentucky

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Message Posted: Apr 29, 2012 8:15:16 PM

really
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catspaw
Champion Author Toronto

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Message Posted: Apr 29, 2012 8:11:50 PM

And yet the Tea Partyers can't come up with anything other than their usual response to blame Obama for everything.
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lolobond
All-Star Author New Orleans

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Message Posted: Apr 29, 2012 8:11:37 PM

Eventually this will help.
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cmsense
Champion Author Columbus

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Message Posted: Apr 29, 2012 8:11:19 PM

If you can read the full article and comprehend it, then it explains the reason why gas is at the price it is.You'd have to be an imbecile to continue to somehow believe more drilling will lower the price, it only fattens pig oils wallet.It's evident by these postings why America's having so much turmoil,there's a continual erosion of intelligence while there's a continual addition of sheeple who swear by rhetoric and misinformation.
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IUVidiot
Champion Author Indiana

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Message Posted: Apr 29, 2012 8:10:18 PM

ok
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batman66
Rookie Author Michigan

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Message Posted: Apr 29, 2012 8:07:55 PM

GREED
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richnc
All-Star Author North Carolina

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Message Posted: Apr 29, 2012 8:07:35 PM

We need to move away from our heavy dependence on oil.
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iamforiu
Champion Author Indiana

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Message Posted: Apr 29, 2012 8:07:23 PM

ok
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Tracer2008
All-Star Author Alberta

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Message Posted: Apr 29, 2012 8:05:41 PM

Wonder who let slip this mishap?
Refineries should be amping up the production to drop the price of fuel, all it'll take is one hurricane and there will be a great shortage...
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clermont40miles
Champion Author Cincinnati

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Message Posted: Apr 29, 2012 8:05:39 PM

Ephesians 4:29
Let no corrupt communication proceed out of your mouth, but that which is good to the use of edifying, that it may minister grace unto the hearers.

---

Don't know what that has to do with anything here, but if preacherboyFL is going to quote scripture, use the Bible.

KJB.
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clermont40miles
Champion Author Cincinnati

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Message Posted: Apr 29, 2012 8:05:03 PM

See what power the speculators in the commodities market (we call it the Casino) -- they take a market that should be way down and make it way overblown price wise.

High supply should drive price down. That is what we have - massive over supply.

Low demand should drive price down. That is what we have - lowest demand ever and and falling.

Instead of lower prices we get higher. Explanation? Corruption and manipulation in an unregulated system maintained for the benefit of the participants and forwarding the agenda of BHO & Co.

Had enough?

.
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granitestater
Champion Author New Hampshire

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Message Posted: Apr 29, 2012 8:04:28 PM

'Running out of oil', are we??
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singlemom27
Champion Author Ventura

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Message Posted: Apr 29, 2012 8:03:10 PM

sucks for us
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tidalwave3
Champion Author Tallahassee

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Message Posted: Apr 29, 2012 8:02:53 PM

So drill then
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Road-Runner
Champion Author Denver

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Message Posted: Apr 29, 2012 8:02:14 PM

Monopoly pricing. There is no free market.
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justmedc
Veteran Author Michigan

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Message Posted: Apr 29, 2012 8:00:19 PM

just think they will tack the price to ship the crude back and forth to you and I
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mplato
Champion Author Columbia

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Message Posted: Apr 29, 2012 7:59:43 PM

well...according to obummer...we have only 2% of the worlds proven oil....obummer hasnt a clue
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Hop1LA
Champion Author Baton Rouge

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Message Posted: Apr 29, 2012 7:57:28 PM

With abundant supply, why aren't prices dropping?
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9C1
Champion Author Chicago

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Message Posted: Apr 29, 2012 7:54:29 PM

Spil, baby spill.
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JCS319
Champion Author Tacoma

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Message Posted: Apr 29, 2012 7:53:33 PM

Wonder what all those idiots screaming "Drill, Baby, Drill" are thinking now.
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preacherboyFL
Veteran Author Orlando

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Message Posted: Apr 29, 2012 7:52:33 PM

Ephesians 4:29 Do not let any unwholesome talk come out of your mouths, but only what is helpful for building others up according to their needs, that it may benefit those who listen.
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rickone
Champion Author Detroit

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Message Posted: Apr 29, 2012 7:51:15 PM

Interesting - Thanks for posting.
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30mpg80
Champion Author Lexington

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Message Posted: Apr 29, 2012 7:46:55 PM

Can some midwest oil get to the Great Lakes, then on a tanker ship to the East Coast?
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rx7racerca
Champion Author Calgary

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Message Posted: Apr 29, 2012 7:45:23 PM

Global markets drive prices for the most part = as I've said before. Even if the US didn't import half its crude needs, it can't escape global pricing, short of nationalizing the oil industry, as in Venezuela.
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indrix
All-Star Author Toronto

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Message Posted: Apr 29, 2012 7:45:11 PM

Well, that the latest skyrocketing oil prices are a result of global speculation and not demand, there's no doubt about that. Otherwise, what explains the huge price fluctuations? Nothing's really changed in the global demand for oil, i.e. the number of consumers globally simply couldn't have gone up overnight such as to significantly cause an increase in demand. It goes on to say that that globalization is not working well for US.
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goodbuy
Champion Author Michigan

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Message Posted: Apr 29, 2012 7:41:15 PM

Quit shipping the oil out of the country.
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colaguy
Champion Author Columbia

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Message Posted: Apr 29, 2012 7:31:32 PM

of course it will
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jb107
Champion Author New Jersey

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Message Posted: Apr 29, 2012 7:29:39 PM

What we need is more efficient distribution.
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jorod55
Champion Author California

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Message Posted: Apr 29, 2012 7:28:56 PM

Supply?
Lack of Demand?
Just keep raising the price to cover the bottom line.
More record profits for 2012.
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