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Thread: Offshore Oil?
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03-04-2009, 12:39 AM #1
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Offshore Oil?
supertankers parked offshore
World Lacks Storage for Surplus Oil
As recession saps demand, petroleum producers adjust to a new reality.
PAT SULLIVAN | THE ASSOCIATED PRESS (FILE )
AN OIL TANKER makes its way up the Houston Ship channel behind working pump jacks in Baytown, Texas, in 2008.
By CHRIS KAHN
THE ASSOCIATED PRESS
Published: Tuesday, March 3, 2009 at 11:10 p.m.
Last Modified: Tuesday, March 3, 2009 at 11:32 p.m.
NEW YORK | Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
Rest of the story: http://www.theledger.com/article/200...NEWS/903030338Live your life for what it can be and not for what it was.
MMXIII AAT: TYLER CLARK
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03-04-2009, 12:46 AM #2
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Contango in action.
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03-04-2009, 07:43 AM #3
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& it won't go anywhere in the next 4-8 years either. A former oil man couldn't get a new refinery built in America in 8 years, & there's no way the current guy will do it.
Originally Posted by hueytaxi
supertankers parked offshore
World Lacks Storage for Surplus Oil
As recession saps demand, petroleum producers adjust to a new reality.
PAT SULLIVAN | THE ASSOCIATED PRESS (FILE )
AN OIL TANKER makes its way up the Houston Ship channel behind working pump jacks in Baytown, Texas, in 2008.
By CHRIS KAHN
THE ASSOCIATED PRESS
Published: Tuesday, March 3, 2009 at 11:10 p.m.
Last Modified: Tuesday, March 3, 2009 at 11:32 p.m.
NEW YORK | Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
Rest of the story: http://www.theledger.com/article/200...NEWS/9030303382013 AAT: Dan Dickerson All-Time AAT: Charlie Maxwell
If a woman has to choose between catching a fly ball & saving an infant’s life, she'll choose to save the infant without even considering if there are men on base. ~ Dave Barry
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03-04-2009, 07:55 AM #4
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Yet OPEC says their target price for oil is $70 a barrel.
Those greedy OPEC nations have alot to learn.Nice to see a civilized baseball crowd. No idiots behind homeplate waving zoo animal puppets and garishly colored flags.(quote from "Antrat")
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