BMEWS
 
When Sarah Palin booked a flight to Europe, the French immediately surrendered.

calendar   Tuesday - March 17, 2015

As Usual I Don’t Get It

Oil Continues Drop After Hitting Six-Year Low

Oil prices fell 2 percent on Monday, with U.S. crude hitting six-year lows, on signs of higher output in the United States and Libya and a possible nuclear deal that could end sanctions for Iran, allowing more of its oil into the market.

A market data provider estimated a fresh build of more than 3 million barrels at the Cushing, Oklahoma delivery point for U.S. crude futures last week, traders said, adding to worries that stockpiles in the United States could hit record highs for a tenth straight week.

In Libya, output has risen to around 490,000 barrels per day (bpd), double that of a few weeks ago, an industry source said.

The United States and Iran, meanwhile, inched toward a landmark nuclear agreement that would result in the removal of sanctions against Tehran, although differences remained. Iran said it will boost oil exports once the sanctions are lifted.

Brent’s expiring front-month contract closed down $1.23 and went off the board at $53.44 a barrel, hitting a six-week low of $52.50 earlier.

U.S. crude futures settled down 96 cents at $43.88. It had tumbled nearly $2 earlier to a March 2009 low of $42.85. Technical analysts see the next low at $37.

The selloff in crude extended to refined products, with gasoline ending nearly 2 percent down and heating oil about 1 percent lower.

Really? Lowest price in 6 years, and going lower every day?

Then why on earth is the price of gas up 40¢ per gallon from where it was just 5 weeks ago?

Gas dropped below $2 for the first time in ages, then quickly fell to only $1.79 here; in one place local I saw it going for $1.69.  But after a week, it zipped right back up, and has been at $2.19 - $2.39 locally for at least the past 10 days.

And don’t give me that “seasonal changeover” malarky. Not only do the refineries know to the hour when their changeover will take place, the storage tanks are bulging at the seams all over the country. So there is plenty of gas to go around. And I get the feeling that in Spring and Fall, either seasonal blend will work just fine, regardless to what RVP it’s blended to. But far more importantly, the seasonal switch takes place in April to May. Not late February to early March, when Winter could be sticking around for several more weeks.

Whatever. So we get jacked with a price bump twice a year to pay the refineries to do the job they’re already in business to do. Ok, we got the bump early this year, but bump time is over. Now let’s see that gas price drop again. Only this time, with the “lowest prices in 6 years, and still falling” I want to see $1.49 gas.

And I want to see the Republican majority Legislative Branch end the gasahol ethanol “experiment”. We can do it if we need to, but we don’t need to and it artificially raised the price on everything, food included. So no more corn liquor gasoline. That ought to cut another 15¢ off the price. So we could be talking $1.35, but the corn-hole-ahol thing will take a year or two to clear out. But it was stupid, we don’t need it, and we don’t need the inflation that came with it. Time to kill this program stone fucking dead.

And I’d like to see a push back against local, state, and federal governments: On our jobs we swear, not even a fraction of a cent in additional fuel (or usage or mileage or registration or new vehicle) taxes, fines, fees, tolls, penalties, or executive directives for the next 8 years, to get the economy rolling again. Maybe make it 12 years. Even sponsoring such a bill gets you fired. Signing it gets you fired and costs you every cent of your pension, health insurance, and every other government goody out there.  They have no sacred honor, so make them pledge their wallets. All newly elected representatives required to sign or they vacate their position immediately. Oh, and issue a new “EPA mandate” setting more realistic MPG goals; the ones Osockspooge came up with are asinine greenie wet dreams. Time for a smack down.


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Posted by Drew458   United States  on 03/17/2015 at 01:34 AM   
Filed Under: • Oil, Alternative Energy, and Gas Prices •  
Comments (4) Trackbacks(0)  Permalink •  
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