Oil hoarding on ships.....

Thrugelmir

Eventually the balancing of supply and demand will cause the oil price to rise again. Current prices are merely a blip in the longer term. Oil is a finite resource.

chucky

purch wrote: »

Which is probably 99% of the reasons behind why this dispute suddenly happened.

Russia needs Oil to be above $70 bbl or they lose out.

will the conspiracy theorists then say that the Somali pirates are involved in wanting to maintain oil at a high price due to them holding tankers hostage and only releasing them when the price of oil is on the increase?

dad-of-4

mummytofour wrote: »

I guess this means that petrol will be going up soon? A lady I know in the USA says the petrol has started to go up over there already.

yes it gave a new ceiling to what the public will pay without barely a whimper.

brown told us it was a "global problem" and we bought it without question.

no wonder he tried it again.:rotfl:

Lotus-eater

If oil did stop being transported, how long till we run out of it, if we carry on consuming at the std rate?

Generali

Lotus-eater wrote: »

If oil did stop being transported, how long till we run out of it, if we carry on consuming at the std rate?

As members of the IEA and the EU, the UK should be obliged to hold a minimum of 90 days average usage.

However, as a crude producer, the UK gets a reduction although that reduction will become smaller as production drops and consumption increases.

AIUI, the UK holds about the minimum and does this by obliging BP, Shell etc to hold stocks. In addition, the military presumably has stockpiles for use in war or emergency.

dad-of-4

the tanker hire costs alone will be astronomical to do this i would immagine.


maybee someone jumped on the bandwagon and got stuck with a load of oil at the wrong time :rotfl: :rotfl:

vivatifosi

Generali wrote: »

As members of the IEA and the EU, the UK should be obliged to hold a minimum of 90 days average usage. .

I agree, can anyone tell me:

a) What plans are in place (if any) to increase stockholding? I've heard that there's a new facility that has been built, but that it doesn't wholly address the issue.

b) Why we've allowed the UK to get to this situation (presumably under governments of both persuasions) without addressing the problem?

It just doesn't seem logical and I genuinely don't understand the industry, but can't see why those that do have let things get this bad.

Edited to add: I'd like to know the answer for both petrol and gas please...

indianropetrick

Thrugelmir wrote: »

. Current prices are merely a blip in the longer term. Oil is a finite resource.

I'm afraid this 100% untrue and is based on the fraudulent theory of Biotic oil. Oil is actually Abiotic in nature and exists in endless quantities within the Mantle of the earth. It will never, ever run out and this is well known by the cartels that control the global oil supply.

Peak oil theory is also thus a complete nonsense, which is evident by the fact that its price has fallen from $150 dollars a barrel to around $40 in less than a year. The million/billionaire speculators have simply taken their money out of Oil long futres positions and gone short.

Oil is THE most manipulated market on the planet

Lotus-eater

indianropetrick wrote: »

I'm afraid this 100% untrue and is based on the fraudulent theory of Biotic oil. Oil is actually Abiotic in nature and exists in endless quantities within the Mantle of the earth. It will never, ever run out and this is well known by the cartels that control the global oil supply.

Peak oil theory is also thus a complete nonsense, which is evident by the fact that its price has fallen from $150 dollars a barrel to around $40 in less than a year. The million/billionaire speculators have simply taken their money out of Oil long futres positions and gone short.

Oil is THE most manipulated market on the planet

A quick Google search and read, seems to prove that most people think you are wrong.

dad-of-4

indianropetrick wrote: »

I'm afraid this 100% untrue and is based on the fraudulent theory of Biotic oil. Oil is actually Abiotic in nature and exists in endless quantities within the Mantle of the earth. It will never, ever run out and this is well known by the cartels that control the global oil supply.

Peak oil theory is also thus a complete nonsense, which is evident by the fact that its price has fallen from $150 dollars a barrel to around $40 in less than a year. The million/billionaire speculators have simply taken their money out of Oil long futres positions and gone short.

Oil is THE most manipulated market on the planet

so are you saying if a well runs dry we can go back some time ater and will have filled back up? or that it just doesnt run dry ever?