Tag Archive: Oil Industry


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 The New York Times

Photo

An oil well in Texas owned by Apache Corporation, the object of a failed bid last week from Anadarko Petroleum. Many in the oil industry expect large companies to buy small operators. Credit Spencer Platt/Getty Images

HOUSTON — Such is the state of the oil industry these days that there is sometimes nowhere to put the oil. Off the coast of Texas, a line of roughly 40 tankers has formed, waiting to unload their crude or, in some cases, for a willing buyer to come along. Similar scenes are playing out off the coasts of Singapore and China and in the Persian Gulf.

There is little sign that the logjam will ease, as the price of oil continued its yearlong plunge this week, declining by nearly $10 a barrel.

The renewed collapse in crude prices is helping to again drive down gasoline prices for American drivers, to a national average of $2.19 a gallon for regular gasoline on Friday, according to the AAA motor club. That is 9 cents below the price a month ago and 73 cents below the price a year ago.

The slide in oil companies’ fortunes has been significant because of expanded production in Russia, Saudi Arabia and other Persian Gulf states, as well as a slowdown in demand growth in China and the expectation by commodity traders that the Iran nuclear deal will introduce large quantities of oil to the glutted market.

 

Read More Here

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ZeroHedge

Something Very Strange Is Taking Place Off The Coast Of Galveston, TX

Having exposed the world yesterday to the 2-mile long line of tankers-full’o’crude heading from Iraq to the US, several weeks after reporting that China has run out of oil storage space we can now confirm that the global crude “in transit” glut is becoming gargantuan and is starting to have adverse consequences on the price of oil.

While the crude oil tanker backlog in Houston reaches an almost unprecedented 39 (with combined capacity of 28.4 million barrels), as The FT reports that from China to the Gulf of Mexico, the growing flotilla of stationary supertankers is evidence that the oil price crash may still have further to run, as more than 100m barrels of crude oil and heavy fuels are being held on ships at sea (as the year-long supply glut fills up available storage on land). The storage problems are so severe in fact, that traders asking ships to go slow, and that is where we see something very strange occurring off the coast near Galveston, TX.

FT reports that “the amount of oil at sea is at least double the levels of earlier this year and is equivalent to more than a day of global oil supply. The numbers of vessels has been compiled by the Financial Times from satellite tracking data and industry sources.”
The storage glut is unprecedented:
Off Indonesia, Malaysia and Singapore, Asia’s main oil hub, around 35m barrels of crude and shipping fuel are being stored on 14 VLCCs.
“A lot of the storage off Singapore is fuel oil as the contango is stronger,” said Petromatrix analyst Olivier Jakob. Fuel oil is mainly used in shipping and power generation.
Off China, which is on course to overtake the US as the world’s largest crude importer, five heavily laden VLCCs — each capable of carrying more than 2m barrels of oil — are parked near the ports of Qingdao, Dalian and Tianjin.
In Europe, a number of smaller tankers are facing short-term delays at Rotterdam and in the North Sea, where output is near a two-year high. In the Mediterranean a VLCC has been parked off Malta since September.
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UNION OF  CONCERNED  SCIENTISTS

 

ACTION ALERT
Urge the EPA to Finalize Strong Tier 3 Standards by the End of This Year

The oil industry and its allies in Congress are working hard to stop the Environmental Protection Agency’s (EPA’s) proposed rule to cut tailpipe emissions from our cars and sulfur from gasoline (known as Tier 3 standards).

These standards will prevent thousands of asthma cases and millions of lost school and work days each year, and the benefits will be immediate when Tier 3 takes effect. The oil industry knows they cannot win an argument about the substance of a rule with such clear and cost-effective public health benefits, so they continue to work to delay the regulatory process.

Reducing vehicle pollution and bringing cleaner gasoline to the pump is a no-brainer. Automakers, who are stepping up to the plate to build more fuel efficient vehicles, are clamoring for cleaner fuel. Public health and consumer advocates are lauding the Tier 3 program’s benefits, and state clean air officials know that reducing sulfur and tailpipe pollution is the most cost-effective way to meet federal clean air goals.

Don’t let the oil industry and its allies stand in the way. The EPA needs to hear from the millions of Americans like you who want cleaner fuel and cars that pollute less.

Urge the EPA to Move Ahead with Clean Fuel and Tailpipe Standards

Despite real progress cleaning up our cars in recent years, passenger vehicles remain a top source of pollutants that harm public health and worsen air quality. The Environmental Protection Agency (EPA) is currently taking comments on its proposed Tier 3 standards, which would reduce soot and smog-forming pollution from cars and trucks, and cut the sulfur content in gasoline.

Implementing the Tier 3 standards would immediately benefit the millions of Americans suffering the health impacts of living or working in areas with dirty air, and do so in the most cost-effective way possible.

Public health, environmental, labor, and the auto industry support Tier 3 as a cost-effective way to meet critical clean air goals. The oil industry is the only group standing in the way. They know they cannot win an argument about the substance of a rule with such clear and cost-effective public health benefits, so they continue to work to delay the regulatory process.

The EPA needs to hear from the millions of Americans who want cars that pollute less and burn cleaner fuel. Submit a comment by July 1, urging the EPA to finalize Tier 3 standards by the end of this year.

Please make your comment personal by adding in your own thoughts and concerns. Every letter makes a difference, but customized letters have the greatest effect!

For more information on the Tier 3 Program, see our recent blog post, Smog, Soot, and Sulfur, Oh My!


Write to the EPA by July 1 and urge the agency to finalize Tier 3 standards by the end of this year.

Politics and  Legislation

The U.S. Strategy to Control Middle Eastern Oil: “One of the Greatest Material Prizes in World History”

…..”The following is a research sample from The People’s Book Project. It is unedited and in draft format, but is intended as an excerpt of some of the research that is going into the book. This research sample is drawn from a recently written chapter on the history of American imperialism in the Middle East and North Africa……”

http://thepeoplesbookproject.com/2012/03/02/the-u-s-strategy-to-control-middle-eastern-oil-one-of-the-greatest-material-prizes-in-world-history/

French leader holes up in cafe to escape protesters

http://www.usatoday.com/news/world/story/2012-03-01/france-sarkozy/53321848/1

The 28 Billion Dollar Man: Is Sen. Shelby the Most Fiscally Irresponsible Politician Ever?

By Richard (RJ) Eskow

http://www.nationofchange.org/28-billion-dollar-man-sen-shelby-most-fiscally-irresponsible-politician-ever-1330791762

Economy

Reckless: The Inside Story of How the Banks Beat Washington (Again)

http://www.theatlantic.com/business/archive/2012/03/reckless-the-inside-story-of-how-the-banks-beat-washington-again/253883/

Next Leg Of The Ponzi Revealed – Foreign Central Banks To Begin Buying US Stocks Outright Starting Today

Submitted by Tyler Durden on 03/01/2012 14:01 -0500

http://www.zerohedge.com/news/next-leg-ponzi-revealed-central-banks-begin-buying-us-stocks-outright-starting-today

Obama: Tell Congress to stop $4B ‘giveaway’ to oil companies

By Amie Parnes – 03/03/12 06:23 AM ET

GOP: Fight high gas prices with more oil drilling, Keystone

By Justin Sink – 03/03/12 06:36 AM ET

Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions

By Jesse Eisinger

http://www.nationofchange.org/fed-shrugged-warnings-let-banks-pay-shareholders-billions-1330783928

China’s defense budget to grow 11.2 pct in 2012: spokesman

http://news.xinhuanet.com/english/china/2012-03/04/c_131445012.htm

Moody’s Cuts Greek Sovereign Credit Rating to Lowest

http://en.rian.ru/business/20120303/171700068.html

China reduces holdings of US govt bonds

Wars  and  Rumors of  War

http://usa.chinadaily.com.cn/business/2012-03/03/content_14746532.htm

WikiLeaks: Russia gave Israel Iranian system’s codes

Document by intelligence company suggests Israel, Russia contracted deal several years ago under which Israel provided Russia with codes for UAVs it sold to Georgia in exchange for Iranian aerial defense system codes

http://www.ynetnews.com/articles/0,7340,L-4196367,00.html

Uploaded by on Mar 2, 2012

Video courtesy: http://www.liveleak.com

A shocking video has appeared on the Internet showing Libyan rebels torturing a group of black Africans. People with their hands bound are shown being locked in a zoo-like cage and forced to eat the old Libyan flag. ­”Eat the flag, you dog. Patience you dog, patience. God is Great,” screams a voice off-camera.

Pakistan Rejects US Sanctions Threat, Will Expand Energy Ties With Iran

Isolating Iran Proving Extremely Difficult

by Jason Ditz, March 01, 2012

Israeli officials: Starve Iranians to stop nukes

http://www.ynetnews.com/articles/0,7340,L-4196885,00.html

What Are Iran’s Intentions?

By Noam Chomsky

http://www.nationofchange.org/what-are-iran-s-intentions-1330791290

Misc

Business as Government: Capitalizing on Disaster in Post-Earthquake Haiti

By Beverly Bell and Deepa Panchang

http://www.nationofchange.org/business-government-capitalizing-disaster-post-earthquake-haiti-1330788481

Politics and  Legislation

Senate rejects Blunt amendment to limit birth-control mandate

By Josiah Ryan and Sam Baker – 03/01/12 03:18 PM ET

http://thehill.com/blogs/floor-action/senate/213615-senate-rejects-blunt-amendment-to-kill-birth-control-mandate

Punchy Obama hits Republicans over auto bailout

http://www.turkishpress.com/news.asp?id=379091

Amid rising gas prices, Obama to call for vote on killing oil tax breaks

By Ben Geman – 03/01/12 06:08 AM ET

Israel legalizes unsanctioned settler enclave

http://arabnews.com/middleeast/article581707.ece

Defense Ministry clarifies presence of Iran warships in Jeddah

http://arabnews.com/saudiarabia/article579690.ece

Economy

GDP Records 3 Percent Annual Increase in Fourth Quarter

http://www.newsroomamerica.com/story/220743/gdp_records_3_percent_annual_increase_in_fourth_quarter_.html

Stop Starving Public Universities and Shrinking the Middle Class

http://www.nationofchange.org/stop-starving-public-universities-and-shrinking-middle-class-1330615050

The Keystone XL Flim-Flam

http://www.nationofchange.org/keystone-xl-flim-flam-1330611946

Financial Firm Fined for Misleading Investors on Magnetar Bets

http://www.nationofchange.org/financial-firm-fined-misleading-investors-magnetar-bets-1330621789

On Regaining a Spirit of Defiance: “I’m Worried Now But I Won’t Be Worried Long”

http://www.nationofchange.org/regaining-spirit-defiance-i-m-worried-now-i-won-t-be-worried-long-1330620411

China Dumps $100+ Billion In USTs In December Per Revised TIC Data; UK Is Now Russia’s Shadow Buyer

http://www.zerohedge.com/news/china-dumps-100-billion-usts-december-revised-tic-data-uk-now-russias-shadow-buyer

Fed officials flag soft economy but mum on easing

http://finance.yahoo.com/news/fed-officials-flag-soft-economy-235647241.html;_ylt=Ar6NA7DNLmIaxADmLEx3TkuiuYdG;_ylu=X3oDMTQ0c3J1czEyBG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDYzZkZTYyMGYtMTllNy0zNWU3LWFiZjktMmFhMDc3MjhhNDg4BHBvcwMyBHNlYwN0b3Bfc3RvcnkEdmVyA2QzNzI2OTUwLTYzZmEtMTFlMS1iOWZjLWI1NThhNTkwZTI1Zg–;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Factory growth cools, spending stagnant

http://finance.yahoo.com/news/factory-income-data-support-growth-075906195.html;_ylt=AmDI1doYqhA.Da7ntekvURaiuYdG;_ylu=X3oDMTQ0Nm5vaWc2BG1pdANGaW5hbmNlIEZQIFRvcCBTdG9yeSBSaWdodARwa2cDZWEyNzkwMmQtOTc0Mi0zNWY4LTk3OGQtZDM3ZDdkOTY4ZDg2BHBvcwMzBHNlYwN0b3Bfc3RvcnkEdmVyAzczNTQ1ZTUwLTYzZjItMTFlMS1iY2E3LTc0YmU1MjllZDU3Ng–;_ylg=X3oDMTFvdnRqYzJoBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Inflation Is A Tax And The Federal Reserve Is Taxing The Living Daylights Out Of Us

http://theeconomiccollapseblog.com/archives/inflation-is-a-tax-and-the-federal-reserve-is-taxing-the-living-daylights-out-of-us

Nasdaq cracks 3,000; stocks dip as Bernanke speaks

http://washingtonexaminer.com/news/2012/02/nasdaq-cracks-3000-stocks-dip-bernanke-speaks/323556

IRS battling conservatives over tax-exempt status

http://washingtonexaminer.com/news/2012/03/irs-battling-conservatives-over-tax-exempt-status/327396

Kingdom’s foreign trade jumps to $358 billion

http://arabnews.com/economy/article581881.ece

New Exposé Tracks ALEC-Private Prison Industry Effort to Replace Unionized Workers with Prison Labor

http://www.democracynow.org/2011/8/5/new_expos_tracks_alec_private_prison

 

Oil price jumps to 43-month high on Saudi blast reports

http://www.bbc.co.uk/news/business-17229025

 

Wars  and  Rumors of War

Pentagon prepares “aerial refueling” for Israeli planes striking Iran

http://www.debka.com/article/21780/

Israel unveils sophisticated bomb shelters in Tel Aviv

http://timesofindia.indiatimes.com/world/middle-east/Israel-unveils-sophisticated-bomb-shelters-in-Tel-Aviv/articleshow/12100497.cms

US confirms placement of US forces at a radar site in Malatya

http://www.turkishpress.com/news.asp?id=379120

Russia Upgrades Air Defense Radar; Iranian Underground Nuke Facilities Vulnerable

http://www.newsroomamerica.com/story/221099/russia_upgrades_air_defense_radar;_iranian_underground_nuke_facilities_vulnerable.html

Senators Concerned About Risk to U.S. Forces over Syrian Chemical Weapons

http://www.newsroomamerica.com/story/220848/senators_concerned_about_risk_to_u.s._forces_over_syrian_chemical_weapons.html

Creator Explains Message Behind “Bomb Iran” Billboard

http://www.bombiran.org/

Counter-terrorism: US special forces stationed in India, reveals Pentagon

http://timesofindia.indiatimes.com/india/Counter-terrorism-US-special-forces-stationed-in-India-reveals-Pentagon/articleshow/12107378.cms

Misc

Fracking Bans that Can Stand

http://www.nationofchange.org/fracking-bans-can-stand-1330618484

Occupy Education: Teachers, Students Fight School Closings, Privatization, Layoffs, Rankings