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OPEC Blames Speculators, Non-OPEC Countries, US Frackers for Oil Price Crash


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2014 Dec 21, 6:33am   2,545 views  13 comments

by Mish   ➕follow (3)   💰tip   ignore  

OPEC Blames Speculators, Non-OPEC Countries, US Frackers for Oil Price Crash
http://globaleconomicanalysis.blogspot.com/2014/12/opec-blames-speculators-non-opec.html
Mish

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1   Tenpoundbass   2014 Dec 21, 8:03am  

In other words they speak the truth.

2   Strategist   2014 Dec 21, 9:24am  

Mish says

OPEC Blames Speculators, Non-OPEC Countries, US Frackers for Oil Price Crash

The Saudis also did their part. My thanks to them for obeying us.

3   Bellingham Bill   2015 Jan 1, 7:17am  

x

doesn't hurt either

4   Bellingham Bill   2015 Jan 1, 7:19am  

It's 3:18 and my post is 3:17 and I have one dislike.

Funny that

5   Tenpoundbass   2015 Jan 1, 7:36am  

I blame the elusive Peak Oil

http://www.eia.gov/cfapps/ipdbproject/iedindex3.cfm?tid=5&pid=57&aid=6&cid=regions&syid=2000&eyid=2014&unit=BB

http://www.eia.gov/dnav/pet/PET_CRD_NPROD_DCU_NUS_A.htm

We've apparently got Oil up the Wazzoo and no where to stick it.

Not only are our untapped oil reserves rising, the productive reserves are growing.

We are consuming less half less gasoline than we were in 1983, we're consuming less gasoline than any other point since the EIA has been tracking consumption.

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M

Notice the uptick in the last months of 2014, due to cheap gas. We still need affordable transportation, and reform insurance and other state regulations that create windfalls for corporations at the expense of the motorists. While providing no other benefits.

Funny how traffic accidents are up, in spite of driving less in 2014 than we did in 1983, and having traffic cameras that were supposed to make us all safer. But that's another story.

6   marcus   2015 Jan 1, 8:37am  

CaptainShuddup says

We are consuming less half less gasoline than we were in 1983, we're consuming less gasoline than any other point since the EIA has been tracking consumption

IT looks like we were consuming about 1/3rd what we were in 2007 in 2014.

How is that possible ?

It must be that the retailers had too much inventory, and those numbers don't reflect actual real time consumption. Down a lot sure. But 1/3rd ?

It's what's sold by refineries, not whats sold at the pump.

Could it be that we were consuming 1/3rd of 2007 ? THat would have to be a lot of Priuses and electric, and people switching over to public transporation, and moving to urban areas and god knows what, to bring it down that much. Wow.

7   Tenpoundbass   2015 Jan 1, 8:44am  

2007 we got rid of all of the cheap cars.

The average new car today is well north of $20K, the average used car costs more than $8K, the average insurance policy in South Florida will run about $600 - $800 every 3 to 4 months, top that will $75.00 fill ups at the pump, and less reasons to drive like to work to store to spend money. As people now don't have the jobs or the money to spend to justify driving. Then there's been the official policy to spin this tragedy as people are making the concious choice not to drive. Because they are trying to do their part to curb Global warming.

Which btw 2014 was another year that the tempature has not raised. Now 2015 is expecting to actually strart cooling down.

8   Tenpoundbass   2015 Jan 1, 8:46am  

marcus says

It's what's sold by refineries, not whats sold at the pump.

Retail means RETAIL!

9   marcus   2015 Jan 1, 8:47am  

CaptainShuddup says

Which btw 2014 was another year that the tempature has not raised

fail. here's some liberal (aka data and reality backed) propaganda for ya.

http://www.scientificamerican.com/article/2014-to-be-hottest-year-ever-measured/

This year will likely be the hottest on record for the planet, with global temperatures 1.03 degrees Fahrenheit higher than the 1961-to-1990 average, according to a new report from the World Meteorological Organization.

This would make 2014 the 38th consecutive year with an anomalously high annual global temperature.

The estimate comes from the WMO's annual compendium on the "Status of the Global Climate."

10   marcus   2015 Jan 1, 8:49am  

CaptainShuddup says

Retail means RETAIL!

I don't know. Do you buy your gas directly from refiners ?

Still I think the 1/3rd consumption numbers might be correct, even if it was displacing the end sellers inventories.

11   Tenpoundbass   2015 Jan 1, 9:07am  

And the gost town streets I've been observing the last three years?
I live in a region that has over 3 million licensed drivers. Yet unless it's peak work related traffic. Our major highways like US1 looks like everyone is home preparing to batten down the hatch for a hurricane.

12   marcus   2015 Jan 1, 11:41am  

anonymous says

this could explain the drop since a lot of oil companies got out of the retail end and a lot of refineries are no longer in operation.

Meaning what ? That some gasoline is imported as gasoline, and sold to gas stations as gasoline ?

13   bob2356   2015 Jan 1, 1:38pm  

marcus says

anonymous says

this could explain the drop since a lot of oil companies got out of the retail end and a lot of refineries are no longer in operation.

Meaning what ? That some gasoline is imported as gasoline, and sold to gas stations as gasoline ?

The captains chart refers to gas stations owned directly by refiners. That's about 10% of the retail market. Refiners have been selling off a lot of stations the last 5 years and getting out of the retail market so the number has dropped a lot. It has nothing at all to do with total gas sales. But it gives the captain something to rant about even if he doesn't understand it.

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