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New Oil & Gas thread:Feb 2018 Gas prices to be highest in 4 years
Remember this next time the Oil Thugs say there is no oil:


Sorry, but there was never an oil storage crisis

Crude oil storage inventories in the US are at their highest levels in decades. Is that going to cause the price of West Texas Intermediate crude to crash?

Probably not, according to Robert Rapier of Energy Trends Insider.

In fact, we're not even close.

Rapier writes that "oil producers could continue to add a million barrels a week (which is about the average over the past year) for nearly four years before crude oil storage is actually full."

Over at Reuters, John Kemp writes that the market doesn't actually seem very worried about storage capacity. 

If the market was concerned about space at Cushing and onshore more generally, the contango would have widened even further as stocks rose to make it profitable to use more expensive offshore storage.

However the term structure of futures prices has remained essentially unchanged for the past two months — implying traders are not particularly concerned about storage issues and do not foresee the need for more expensive options like floating storage.
Rockford is about an hour and half west of Chicago


Gas prices in Rockford continue to rise
All it took was the Saudi's to fire a couple of rockets to get oil prices rocketing back over $50 and gas prices shot up 40 cents here


Oil prices surge after Saudi air strikes in Yemen

Brent crude oil prices shot up nearly 6 percent on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen

Oil prices jumped as traders saw the attacks as the latest incident in a conflict that is spiralling out of control in the world's richest oil region. 

The narrow waters between Yemen and Djibouti, at less than 40 kms (25 miles) wide, are considered a "chokepoint" to global oil supplies by the U.S. Energy Information Administration and the region is heavily militarized by western navies.
For no reason the oil thugs are jacking the prices.

Remember there is still record amounts of oil and gasoline.

Gas has shot up 60 cents in last 2 days.


There goes oil

Over the last two days, crude prices are now up about 10% on little news.

Near noon on Tuesday, the price of West Texas Intermediate crude oil had spiked more than 3% to above $53.70 a barrel.
It is all rigged.

As Isis is pushed back and out of oil wells, the prices will start shooting up again. Its a win win win for them. You know all the big dealing fat cats scooped up unimaginable shares when the prices dropped real low. They will make trillions in the end of all this
Quote:Naimi and other Saudi leaders have worried for years that climate change and high crude prices will boost energy efficiency, encourage renewables, and accelerate a switch to alternative fuels such as natural gas, especially in the emerging markets that they count on for growth. They see how demand for the commodity that’s created the kingdom’s enormous wealth—and is still abundant beneath the desert sands—may be nearing its peak. This isn’t something the petroleum minister discusses in depth in public, given global concern about carbon emissions and efforts to reduce reliance on fossil fuels. But Naimi acknowledges the trend. “Demand will peak way ahead of supply,” he told reporters in Qatar three years ago. If growth in oil consumption flattens out too soon, the transition could be wrenching for Saudi Arabia, which gets almost half its gross domestic product from oil exports.

Quote:U.S. State Department cables released by WikiLeaks show that the Saudis’ interest in prolonging the world’s dependence on oil dates back at least a decade. In conversations with colleagues and U.S. diplomats, Naimi responded to the American fixation on “security of supply” with the Saudi need for “security of demand,” according to a 2006 embassy dispatch. “Saudi officials are very concerned that a climate change treaty would significantly reduce their income,” James Smith, the U.S. ambassador to Riyadh, wrote in a 2010 memo to U.S. Energy Secretary Steven Chu. “Effectively, peak oil arguments have been replaced by peak demand.”

A good read.  The real reason for all the oil shenanigans lately imo.  The middle-east desperately doesn't want the age of oil to end anytime soon.  It is what props their economies up.  Green/renewable technologies and climate change being taken seriously are their worst nightmares.
Adam knew he should have bought a PC but Eve fell for the marketing hype.

Homeopathy is what happened when snake oil salesmen discovered that water is cheaper than snake oil.

The reason they call it the American Dream is because you have to be asleep to believe it. -- George Carlin

Here it comes.

They call it "re-balancing"

The oil thugs are already hinting there is no oil on purpose, prepare to bend over baby once again:

The shale oil boom that pushed U.S. crude production to the highest level in four decades is grinding to a halt

Output from the prolific tight-rock formations such as North Dakota’s Bakken shale will decline 57,000 barrels a day in May, the Energy Information Administration said Monday. It’s the first time the agency has forecast a drop in output since it began issuing a monthly drilling productivity report in 2013.

Deutsch Bank AG, Goldman Sachs Group Inc. and IHS Inc. have projected that U.S. oil production growth will end

The plunge in prices has already forced half the country’s drilling rigs offline and wiped out thousands of jobs. The retreat in America’s oil boom is necessary to correct a supply glut and rebalance global oil markets, according to Goldman.

The numbers of oil rigs in service across the country slid 42 last week to 760, the fewest since December 2010

Deutsche Bank forecast in a research note last week that production in May will mark “an important inflection point for the U.S. oil market.”

Advances in oil-drilling technologies are no longer enough to offset the rigs being idled by U.S. producers

“The deceleration in U.S. output has been greater than the market is currently pricing in,” Horsnell said in the report. “Global rebalancing is in full swing.”
Gas jumped 60 cents earlier in the week overnight and then yesterday dropped back 15 cents. Very rare to see it drop more than a few cents in one day. But overall increase is significant.
High Gas prices are back

Did anyone actually believe they would stay around $2?

Gas Moves Back Toward $3

Gasoline prices, based on the average for a gallon of regular, were $3.67 nationwide a year ago. In some parts of the country, including California, the price was closer to $4. Gas prices have started to march back to $3, after breaking the $2 barrier on the way down just weeks ago.

Since gas prices are primarily affected by oil prices, the reason for the rise is simple. The price per barrel was about $45 in mid-March. Now it is back to $56, up 25%, and rising.
The pussies at that other site banned me because I tell the truth about this Oil Thug Industry.

Here is the latest where they will purposely say there is no oil:


Is Saudi Arabia Setting The World Up For Major Oil Price Spike?

In order to maintain a grip on market share by pushing U.S. shale producers out of the market, Saudi Arabia (and OPEC) is willing to use up its spare capacity. That could lead to a price spike.

Saudi Arabia produced 10.3 million barrels per day in the month of March, a 658,000 barrel-per-day increase over the previous month. That is the highest level of production in three decades for the leading OPEC member. On top of the Saudi increase, Iraq boosted output by 556,000 barrels per day, and Libya succeeded in bringing 183,000 barrels per day back online. OPEC is now collectively producing nearly 31.5 million barrels per day, well above the cartel’s stated quota of just 30 million barrels per day.

The enormous increase in production comes into a market that is still dealing with extraordinarily low prices. The move could be interpreted as a stepped up effort on behalf of Saudi Arabia to maintain market share at all costs. More output will prolong the slump in oil prices, which will force even more U.S. shale production out of the market. The signs of success are already showing – the U.S. is set to lose 57,000 barrels per day in production in May, and rig counts are still falling.

Saudi Arabia is succeeding in pushing out U.S. shale production, but in the meantime, the world is getting hooked on low prices. Oil demand is growing quickly – the IEA predicts global demand will jump from 92.66 million barrels per day in the second quarter up to 94.67 million barrels per day in the fourth quarter.

That will put oil markets in an interesting situation. U.S. production will continue to shrink as the year goes on and Saudi Arabia will have very little spare capacity. If a supply disruption occurs somewhere – more loss of Libyan oil, violence in the Middle East, or a faster-than-expected drop off in U.S. production – the Saudis will be left with little firepower to control a price spike (not that a price spike would necessarily be bad for them).

If global supplies shrink unexpectedly, and Saudi Arabia has run down its spare capacity to low levels, oil markets will tighten to a precarious point.

Big 34 cent jump in gas prices on a Tuesday today. Closing on on $3.

I suspect they will jump it again at least another 30 cents by Friday putting gas well above $3 again and heading to $4 by Memorial Day.
Right on cue right after they have purposely shut down the oil rigs now they are makng the false claim that we have run out of oil again.

Of course the dumb Americans will believe it yet again.

Oh and oil climbing to $70 and over $3 in many areas again and closing on on $4 in California.


The Return Of Peak Oil – Worrying Signs From U.S. And Russia

Since around 2005 many countries have increased their oil production but more have decreased. But the combined production of the United States and Russia have kept the world on a slight uptrend since that time.

World oil production jumped in 2011, hardly moved at all in 2013 but it was up by more than 1.5 million barrels per day in 2014. And after such a huge gain everyone and their brother were singing “peak oil is dead’. But if you scroll down through the 37 major world oil producers it becomes obvious that a majority of nations have peaked and most of them are in steep decline.

Bottom line, USA peaks in 2015 and Russia peaks in 2015 which means the world peaks in 2015. 

Of course there is a possibility that the peak could actually be in 2014 or even 2016, but I am firmly convinced that we are at peak oil right now. If you have a counter argument I would love to hear it so please post it in the comments below.

I have published a new page, World Oil Yearly Production Charts with annual data charts for all the world’s major oil producers.

By Ron Patterson
Now that the U.S. has shit down it's oil production the Middle East is now shutting down production to raise prices.

All by design


Saudi Chevron Said to Halt Oil Production at Wafra Fields

Saudi Arabian Chevron started shutting down production today at the Wafra oil fields, removing about 250,000 barrels a day of potential supply from world markets, according to two people with knowledge of the matter.

A halt at Wafra may help ease a global supply glut that drove benchmark prices down about 50 percent last year.
I have to post this because it is such a joke and the joke is on the American sheeple that believe it.


OPEC says you can forget about $100 oil for at least the next 10 years

Don't expect oil to go above $100 per barrel within the next decade.

The 12-member oil cartel OPEC has this grim forecast in a draft report presented to its staff last week that the Wall Street Journal read.
Here's the Journal's Benoît Faucon and Summer Said (emphasis added):

"The report, seen by The Wall Street Journal, predicts that oil prices will be about $76 a barrel in 2025 in its most optimistic scenario, a reflection of OPEC worries that American competitors will be able to cope with low prices and keep pumping out supplies. It also contemplates situations where crude oil costs below $40 a barrel in 2025."

This appears to be OPEC's latest admission that it has lost firm control over oil prices. Last Tuesday, influential Saudi Arabian oil minister Ali Al-Naimi told CNBC that the price of oil is not controlled by OPEC but is, "up to Allah."

Oil prices started collapsing from their peak last June when the market was flushed with oil produced in America's shale boom.

Oil below $100 is not good for OPEC members; many of them are depending on oil to balance their budgets and fund existing projects.

West Texas Intermediate crude oil was last above $100 per barrel in mid-July 2014 before beginning its rapid slide to as low as $43 per barrel. On Monday, WTI was around $59.17 per barrel.

Four-dollar gasoline returns to the L.A. area

L.A. County drivers on average were shelling out $4.016 a gallon Friday

After a February explosion, production is still reduced at ExxonMobil Corp.'s Torrance refinery, he said, magnifying any hiccup at the few refineries that produce the state's cleaner-burning gasoline. In recent weeks, other California refineries have trimmed output for planned maintenance and unplanned repairs, he said.

That includes planned and unplanned maintenance by Chevron in El Segundo and unplanned work at Tesoro's Los Angeles refinery, Milne said. Phillips 66 also announced this week that its Los Angeles refinery was undergoing scheduled maintenance, Mac said.

The current amount of planned maintenance is unusual, because such work usually occurs in January and February when demand is low, Mac said. "I am pretty shocked" to see so much work, she said.

For the week that ended May 8, production of the state's gasoline blend at California refineries was down 11.3% from a year earlier, according to the California Energy Commission.

The swift rise at the pump has drawn condemnation from consumer advocates. Consumer Watchdog said L.A. drivers are paying about $1.30 more than the national average of $2.69 a gallon reported by the Energy Department on Monday. That's the largest gap since the federal government began collecting the data 15 years ago.

In a recent report, the Santa Monica-based group said refiners reap huge profits from gas spikes and are incentivized to "keep the current system of low inventories, downed refineries and little transparency in place."

The advocacy group called for the state to require refiners to keep a greater volume of gas supply on hand and to mandate the firms be more open about outages so the market doesn't grow nervous and bid prices up.
Chicago trying to catch up to California


Gas prices up for Memorial Day holiday

Ed Levandowski was filling up at a BP station on Jefferson Street where gas was still $2.79 a gallon Wednesday afternoon.

“We know it’s cheaper in Joliet, so we thought we’d fill up while we’re here,” said Levandowski, who lives in Lemont.

Just a few hours earlier, he saw an example of how fast gas prices can rise. He passed a station in southwestern Cook County, where the price was $2.65 a gallon at 8:15 a.m. He drove by again two hours later to see the price at $2.99.

“I don’t like what I’m seeing,” said Patrick DeHaan, senior petroleum analyst with

DeHaan said about two dozen Joliet-area gas stations had raised prices to $2.99 a gallon by Wednesday morning. Another four had already topped $3.

A recent climb in prices is due in part to an unexpected issue at the ExxonMobil refinery in Joliet, which have slowed production, he said.

An ExxonMobil Joliet spokeswoman issued a statement Wednesday saying the refinery “is in the process of returning to full capacity following an incident that occurred on May 12” but did not offer more details.

Chicago Area Gas Prices Inch Past $3 Per Gallon

For the first time this year, the average price of gas in the Chicago area has climbed to more than $3 per gallon.

Prices jumped by an average of 8 cents a gallon overnight, with some stations jacking up prices 25 cents per gallon.

“A lot of stations, now, closer to downtown well over $3 a gallon; as folks obviously hitting the road for Memorial Day,” said Patrick DeHaan, senior petroleum analyst[Image: icon1.png] at

DeHan said the recent spike comes even as crude oil prices have been trending lower. He blamed rising prices on weekend problems at the ExxonMobil refinery in Joliet.

Oil jumps after U.S. stockpile draw; gasoline at seven-month high

Oil rallied for a second straight day on Wednesday, with U.S. crude nearing a one-month high and gasoline hitting its highest price since November.

Jim Williams, energy economist at WTRG Economics in London, Arkansas, noted that U.S. crude stockpiles were at least 20 percent higher now than a year ago.
Just look back at the articles in here dating back to the beginning of the year where the Oil Thugs said Oil & Gas would stay low.

I said that is a lie and I am right as usual.

Refiners Profit as Americans drive more

Oil supplies are abundant. America’s refiners are running the hardest in 10 years. So why isn’t the country awash in gasoline?

More Driving

More drivers are taking road trips this summer and commuting to the office after the U.S. added 3.1 million jobs last year, the most since 1999.

Refiners aren’t running at almost 95 percent of their capacity just to meet a surge in U.S. demand. Gasoline exports were up 9.2 percent in the first quarter from a year earlier.

Demand is increasing as drillers are retreating from U.S. oil fields in response to the collapse in crude prices in the second half of last year. The retrenchment is beginning to spur reductions in crude production that, along with higher consumption, may drive prices to as high as $80 a barrel by the end of the year, said Verleger, president of the economic consulting company PKVerleger LLC in Carbondale, Colorado.

“What I’m seeing now is consistent with a tightening market and not one where there’s a surplus,” he said.

California running out of oil and gas, price approaching $5

On Friday, some Chevron stations in Orange County already had topped $4 a gallon.

"It's happening," said Marie Montgomery, an Auto Club spokeswoman. "It does look like the average price may go over $4."

Montgomery attributed the rise to a 12-month low in supplies of California's unique blend of gas. She said there was a lack of the ingredients used in the blend.

Patrick DeHaan, a senior petroleum analyst at Gas Buddy, said California had become unattractive to foreign suppliers because prices had been dropping for months.

"We have no gasoline as of Monday heading for the California coast," DeHaan said. "It's a dire situation."

The troubles with supply exacerbated problems with refineries, though the rising gas prices have for months led to finger-pointing.

Some have accused oil companies of manipulating prices. The industry blamed an explosion and a strike at two refineries.
Oil is currently just a tick above $50 a barrel and the world is awash in more oil than 80 years yet the Oil Thugs on the West Coast want Californians to believe they have no oil.
(07-12-2015, 06:29 PM)dmcowen674 Wrote: Oil is currently just a tick above $50 a barrel and the world is awash in more oil than 80 years yet the Oil Thugs on the West Coast want Californians to believe they have no oil.

I just filled up for $2.60/gallon. $5 in California is nuts, as are those "Someone slipped on a banana peel at a refinery, production is down!" excuses. :-/
Gas is $2.52 where I live. It's the highest it's been in some time.

Gas tops $6 in Southern California

Gas prices spike in SoCal, could jump even higher

Wow, Oil still below $50 yet gas jumped 50 cents today. Went from $2.19 to $2.69. Very rare to see a 50 cent jump in one day.

What happened? Did we bomb Iran or something???

Edit: Found out that they dropped the sales tax and went to an excise tax instead which is much higher.

Was supposed to have raised the price by 35 cents but apparently the Oil & Gas Thug Industry is taking advantage of the increase by increasing their profits as well.
8-3-2015 Oil is at $45
6 Reasons Gas Prices Could Fall Below $2 a Gallon


The price of gas is expected to fall below $2 a gallon by the time the New Year rolls around. Gas hasn’t been below the $2 mark since 2009, when the U.S. was in the depths of the recession.

Patrick Dehaan, senior petroleum analyst at Gas Buddy, has looked at the key factors that are pushing prices lower. “We are seeing declines now, but the decrease should pick up steam in mid-September,” Dehaan said.
This Patrick Dehaan is the biggest asshole of the bunch.

Of course as they put this bullshit out there gas prices jumped another 30 cents here to $2.69

Finger3 Gassign
Last I checked where I live, gas was at around $2.30.
Went up another 30 cents today now over $3 again.

Indiana refinery woes may hike gas prices by 30 cents-$1

Forecasted low gas prices at Christmas also in jeopardy.

BP's refinery in Whiting is having problems with its largest crude distillation unit, which handles more than half of the facility's capacity, according to Patrick DeHaan, senior petroleum analyst with

The refinery is the seventh largest in the U.S. and biggest in the Midwest, according to the U.S. Energy Information Administration's website. Its operable capacity is 413,500 barrels per calendar day.

"This is going to be a shock in the market." he told the Free Press. "Depending on how bad this is, we could see a dollar rise within two weeks. .... What we're looking at is a disruption in the supply and unfortunately, the consumer would pay at the pump."

Three weeks ago, motorists in 20 states, including Michigan, were elated by's forecast that gas prices would be at $1.99 or below by Christmastime, but the Whiting refinery woes might turn out to be a mid-summer grinch.

"This definitely puts a kink in it," Flynn said. "I believe crude oil prices are at a low, but throw in the Whiting refinery issue and it's unfortunate."
Unfortunate the guy says?

It's fortunes for the Oil Thugs.
US eases crude oil export ban


The Obama administration approved limited crude oil trading with Mexico on Friday.

The export ban is a relic of the 1970s, after an OPEC oil embargo led to fuel rationing, high prices and iconic images of long lines of cars waiting to fuel up.

Republicans from energy-producing states hailed the decision, as did trade groups representing the oil industry.

No Democrats on the committee voted for the bill. The environmental group Oceana called it "a massive give-away to Big Oil."
It's 1973 all over again.

Prepare for gas rationing, long lines and $10 a gallon courtesy of your favorite big oil owned Republican.
Soaring Gas Prices Raise Questions About Price Gouging


Skyrocketing gas prices – caused by a major outage at BP’s refinery in Whiting, Indiana – have drivers griping, and some calling for a price-gouging investigation.

Patrick DeHaan, senior petroleum analyst at, called the recent spike in prices at the pump one of the worst he’s ever seen.

Prices in the Midwest have soared after BP was forced to shut down one of the three crude distillation units at its refinery in Whiting last week. The refinery is one of the nation’s largest, and the outage has the plant running at less than half its capacity.

While pumping gas at a BP station where a gallon of regular was at $3.69, Dane said he’s “very, very, very skeptical” about the prices, and he thinks gas station owners are taking advantage of the situation to gouge customers. Prices have gone up as much as $1 per gallon at some stations since the refinery outage.

“You would think it was some catastrophe, or some explosion, or something,” he said. “Not only did it raise by about a dollar overnight, but it sustained it.”

Austin was griping as he filled up his cab on Wednesday. He also suspected price-gouging.

“They should bring it down to like $2.99. It’s too much. We’re trying to survive,” he said.

Officials in Michigan have called for an investigation into possible price gouging, as prices there also have soared.

BP has not released an official timeline for repairs to the damaged distillation unit, but published reports have stated it could take more than a month to fix the 240,000-barrel-per-day unit.
The oil companies are losing money on the price of crude oil but they are making it all back and then some by gauging us on the price of gas at the pumps. They are making astronomical profits at the refinery level.

Honestly I think the government should just take over all the refineries and either give us a better price or put all that money to good use for society. What these oil companies are doing is criminal. It's just terrible.
(08-20-2015, 04:10 AM)SickBeast Wrote: Honestly I think the government should just take over all the refineries.  

What these oil companies are doing is criminal.  

It's just terrible.
This we agree on.

Of course you will get the usual screaming of Socialist blah blah blah but this Industry has shown it can't be trusted from the get go when it started in 1870 and with Government slapping the hand of Standard Oil Rockefeller in 1911.

Standard Oil
(08-20-2015, 05:34 AM)dmcowen674 Wrote:
(08-20-2015, 04:10 AM)SickBeast Wrote: Honestly I think the government should just take over all the refineries.  

What these oil companies are doing is criminal.  

It's just terrible.
This we agree on.

Of course you will get the usual screaming of Socialist blah blah blah but this Industry has shown it can't be trusted from the get go when it started in 1870 and with Government slapping the hand of Standard Oil Rockefeller in 1911.

Standard Oil

Well particularly in Canada I find it absolutely insane that they pump and ship all our oil down to the southern United States so that it can be refined and then sent back up here as gasoline. What a waste! Not only that but it's our oil! We might as well profit from the refineries but no, they have to do it this way. This is clear evidence of their corruption IMO. They are willing to risk the environment transporting all that volatile oil and gasoline all over the place for no good reason other than they want more profit from start to finish.

Actually the way I feel about it is that the oil here is a natural resource of Canada. It shouldn't be made available for these sleazy oil companies to make profit and gauge us at the pumps. It's a joke. Not only that but my grandmother's parents owned land in northern Alberta and when they tried to cash in on the oil craze the government told them that they only owned the top four feet of the soil. But it's ok for these massive corporations to have the oil and make all the money they want!
Hey SB, do you know anything about the mountain beetles eating into the Canadian forests:

Although the article was published in 2015, it only shows data up to 2013. It looks like about half of all the forests in BC have been wiped out, and is really affecting Alberta now..
Ok with science that the big bang theory requires that fundamental scientific laws do not exist for the first few minutes, but not ok for the creator to defy these laws...  Rolleyes
(08-20-2015, 07:45 AM)BoFox Wrote: Hey SB, do you know anything about the mountain beetles eating into the Canadian forests:

Although the article was published in 2015, it only shows data up to 2013.  It looks like about half of all the forests in BC have been wiped out, and is really affecting Alberta now..

I wasn't aware of those beetles out west but I do know that where I live we are having a huge problem with beetles eating all our ash trees. They are all dead. In fact I have one pretty close to my house that I have to pay to have cut down soon. The government is working hard to plant new trees of different varieties, though. It's quite sad, the ash trees are quite beautiful and the landscape where I live looks much different than it did a few years ago.
Ah, well. The damage is already done to most of the NW USA. Last time we went to Yellowstone, while it was my favorite National Park of all (and we've been to about 3/4 of all the nat'l parks in the US), it looked somewhat of a let-down with all of those dead trees lining the mountains in many places, all around. It sucks.
Ok with science that the big bang theory requires that fundamental scientific laws do not exist for the first few minutes, but not ok for the creator to defy these laws...  Rolleyes
It's terrible.

Hey do you guys have ticks where you live? A friend of ours got bit by a tick and she has lyme disease now! She got bit over a year ago so now it looks like she's going to be infected for the rest of her life, it's worse than having HIV basically, it's really scary. You apparently need to be treated very quickly once you have been bitten by the tick otherwise there is no cure. :(

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