Price of gas update...
Oct 30th 2014, 5:52 pm
#2581
The worse half of Weeze
Joined: Mar 2012
Location: Back in TX
Posts: 3,231
Re: Price of gas update...
The point is that Saudi is no longer the 800lb gorilla in the room, the room now has about half a dozen 100lb chimps. With Russia, the massive increase in Venezuelan reserves, shale oil, and commercial production from tar sands, plans for commercial drilling in the Arctic, and that's only factors related to the supply of oil, Saudi is no longer able to determine the supply and price of oil more or less unilaterally.
Oct 30th 2014, 6:00 pm
#2582
Lost in BE Cyberspace
Joined: Jun 2008
Location: San Francisco Bay Area
Posts: 10,678
Re: Price of gas update...
The point is that Saudi is no longer the 800lb gorilla in the room, the room now has about half a dozen 100lb chimps. With Russia, the massive increase in Venezuelan reserves, shale oil, and commercial production from tar sands, plans for commercial drilling in the Arctic, and that's only factors related to the supply of oil, Saudi is no longer able to determine the supply and price of oil more or less unilaterally.
Nov 2nd 2014, 1:09 pm
#2585
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,447
Re: Price of gas update...
The BP I have been citing for the past few months is down to 276.9, and the BP which I found a few weeks ago in the next town, is down to 272.9, which is where I'll be filling up later today when I pass that way. 
Nov 2nd 2014, 10:59 pm
#2589
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,447
Re: Price of gas update...
Nov 3rd 2014, 7:37 am
#2590
Lost in BE Cyberspace
Joined: Jun 2008
Location: San Francisco Bay Area
Posts: 10,678
Re: Price of gas update...
If the nuclear talks with Iran succeed (deadline is November 25, 2014), crude oil production in Iran is expected to immediately increase by 700,000 barrels per day. That along with an expected increase of 1.2 million barrels per day from the US and 175,000 barrels per day from Canada will have brought an additional 2.1 million barrels per day to the market in 2014.
Getting crude oil prices up may be getting tougher for the Saudis.
From 2008-2013 (6 years), world crude oil consumption has increased by about 5.2 million barrels per day or less than 1 million barrels per day each year with most of that increase in consumption in Asia and decreases in the US and Europe (see 1st chart below).
The greatest percentage decrease in consumption was Europe at about 13% (see 2nd chart below).
From the following link, it appears that the increase in crude oil consumption is slowing.
Short-Term Energy Outlook - U.S. Energy Information Administration (EIA)
Getting crude oil prices up may be getting tougher for the Saudis.
From 2008-2013 (6 years), world crude oil consumption has increased by about 5.2 million barrels per day or less than 1 million barrels per day each year with most of that increase in consumption in Asia and decreases in the US and Europe (see 1st chart below).
The greatest percentage decrease in consumption was Europe at about 13% (see 2nd chart below).
From the following link, it appears that the increase in crude oil consumption is slowing.
Short-Term Energy Outlook - U.S. Energy Information Administration (EIA)
Last edited by Michael; Nov 3rd 2014 at 8:05 am.
Nov 3rd 2014, 7:50 am
#2591
Joined on April fools day
Joined: Apr 2012
Location: 30 miles from a decent grocery store.
Posts: 10,642
Re: Price of gas update...
If the nuclear talks with Iran succeed (deadline is November 25, 2014), crude oil production in Iran is expected to immediately increase by 700,000 barrels per day. That along with an expected increase of 1.2 million barrels per day from the US and 175,000 barrels per day from Canada will have brought an additional 2.1 million barrels per day to the market in 2014.
Getting crude oil prices up may be getting tougher for the Saudis.
From 2008-2013 (6 years), world crude oil consumption has increased by about 5.2 million barrels per day or less than 1 million barrels per day each year with most of that increase in consumption in Asia and decreases in the US and Europe (see 1st chart below).
The greatest percentage decrease in consumption was Europe at about 13% (see 2nd chart below).
Getting crude oil prices up may be getting tougher for the Saudis.
From 2008-2013 (6 years), world crude oil consumption has increased by about 5.2 million barrels per day or less than 1 million barrels per day each year with most of that increase in consumption in Asia and decreases in the US and Europe (see 1st chart below).
The greatest percentage decrease in consumption was Europe at about 13% (see 2nd chart below).
Last edited by Beaverstate; Nov 3rd 2014 at 7:51 am. Reason: add
Nov 3rd 2014, 8:09 am
#2592
Lost in BE Cyberspace
Joined: Jun 2008
Location: San Francisco Bay Area
Posts: 10,678
Nov 3rd 2014, 9:35 am
#2594
Joined on April fools day
Joined: Apr 2012
Location: 30 miles from a decent grocery store.
Posts: 10,642
