Home Forums Hunting & Shooting Hunter's Campfire RECORD U.S. OIL INVENTORY THREATENS COLLAPSE OF OPEC

The United States Energy Information Administration (EIA)�said American crude oil stockpiles rose 3.5 million barrels to 397.7 million barrels last week, the highest level since the 1930s.

With the United States now producing over 8 million barrels per day (MBD) and receiving�over 3.3 MBD�from Canada, Organization of Petroleum Exporting Countries (OPEC) exports to the U.S. since 2008 have been�cut in half�to about 3 MBD.

Lots more to read here :

http://www.breitbart.com/Big-Peace/2014/04/25/Record-U-S-Oil-Inventory-Threatens-Collapse-of-OPEC

This news doesn't mean Jack Chit as long as the gas prices remain unaffected!

China will take up the slack. Prices won't drop. Most of the US oil would be to expensive to bring to market at a markedly lower price.

Obviously...

Regular is $4.00/gal here.

Fuel prices rose in an extreme manner during and after Katrina, in part due to incursions against our refining capability by nature. They only lowered briefly afterwards even though our refining capabilities were restored. The conditions other than those are artificial ones or ones that existed prior to Katrina when gas was less than half what it is now. China's demand has been touted but hasn't increased enough to maintain probably on average $3.25 gas. Fuel costs more than anything, have wrecked the economy, supposed "jobless recovery" and the ignoring by the government, of all the unemployed and underemployed persons notwithstanding. Fuel prices have CAUSED inflation. The price of oil is not commensurate with demand, it is commensurate with the stock market, which is not the same thing. Many people think there is a concerted effort to wreck our economy and take us out. I think there is a good possibility of that and that the price of oil is the biggest mechanism. That said, one need look no farther than good, old-fashioned greed for the explanation.

+1
You think prices are High now - Wait until we can gear up for export of oil and natural gas.

Good--[bleep] OPEC, they have been sucking us dry($$)for years!

2014 and people still don't understand that the price of oil only encompasses one part of what contstitues the price of gasoline. When people line up to pay $5/gallon post Kastrina and buy just as much if not more than they ever had $3.50+ per gallon what economic pressure do you thinkg is going to possibly drive down the price of gas even if the price of oil dropped to 1/2 what it is now.

The supply of gasoline is limited by what we can refine and the demand grows every day.

Short answer, the price of gasoline isn't going to drop by any significant amoutn as long as you buy it on your way to work, hunt, shop everyday.

I agree with much of what you wrote, Ethan. However, I think a lot of the increase is due to QE and the rest of the current fiat money economic policy.

That's one of the artificial conditions I wrote about earlier, an imposed one by the government and their handlers, as opposed to a natural occurrence.

The real metric here is the price of gold. Look at how much oil an ounce of gold bought in 2001 and look at how much oil an ounce buys now. The differences in the $ denominated values is the systematic inflation brought about by Fed monitery policy. Calculate the % and it will stun you. Then go back and calculate the accumulated inflation % documented by the Fed metrics. The difference in your calculations and the one the Fed put out is how much they lie to us each month about the economic indicators.

They rig the numbers so as to not provoke the masses while they steal our labor effort with inflation.

Well said.

It's not supply and demand that's keeping gas prices high.

If greed is the issue, who is making the money?

Why do we continue to import oil?

Jim

gasoline prices at the pump has really gone up in the last two weeks..tracking the pork and beef prices.

my tundracar doesn't much care where the fuel comes from.

I like the concept of a solar powered electric car.

I mean, we want to remain mobile, don't we?

we can have all the oil in the world, but if we can't build refineries it does no good.

Who is this 'we' you speak of?

The bottle neck is in refining capacity. It doesn't matter how much oil is being produced if they don't dramatically increase the supply of refined gasoline.

this.

The United States is a net exporter of refined crude oil.