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The Water Cooler
General Discussion
The Problem in Cushing (Oil Glut)
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<blockquote data-quote="Soothsayer" data-source="post: 1615626" data-attributes="member: 12203"><p>Like most things in "economics," it is not so simple as the article would make it out. For all of you you think the guvment won't allow new pipelines, a new one has been built to Cushing in the last year--from Canada! For several years now, the oil companies have been building scores of new tanks around Cushing in anticpation of the new TransCanadian pipeline that they just finished around here (I believe it's still being built up North around Nebraska.). Refinery capacity may be a real issue, and the EPA has not approved a new refinery in more than 20 years (Big Oil has not really been that interested in them). There are very strict standards for refineries ,and there should be (as anyone who has ever lived near one of the many Superfund old refinery sites would probably tell you). In the past year oil reached an all-time high in price as well as supply. Does that make sense to the old supply and demand model, especially when you consider demand was actually down back in the spring when all-time records for price and supply were set? But the real questions are 1) does anyone really think Big Oil would like for more supply (of gasoline) to make it to market when by limiting it that can pretty much charge whatever they want for it? and perhaps, Big Oil and Big Gov. are in cahoots? Surely not, right? Both big corporations and government really have the best interests of the average American consumer in mind. Right.</p></blockquote><p></p>
[QUOTE="Soothsayer, post: 1615626, member: 12203"] Like most things in "economics," it is not so simple as the article would make it out. For all of you you think the guvment won't allow new pipelines, a new one has been built to Cushing in the last year--from Canada! For several years now, the oil companies have been building scores of new tanks around Cushing in anticpation of the new TransCanadian pipeline that they just finished around here (I believe it's still being built up North around Nebraska.). Refinery capacity may be a real issue, and the EPA has not approved a new refinery in more than 20 years (Big Oil has not really been that interested in them). There are very strict standards for refineries ,and there should be (as anyone who has ever lived near one of the many Superfund old refinery sites would probably tell you). In the past year oil reached an all-time high in price as well as supply. Does that make sense to the old supply and demand model, especially when you consider demand was actually down back in the spring when all-time records for price and supply were set? But the real questions are 1) does anyone really think Big Oil would like for more supply (of gasoline) to make it to market when by limiting it that can pretty much charge whatever they want for it? and perhaps, Big Oil and Big Gov. are in cahoots? Surely not, right? Both big corporations and government really have the best interests of the average American consumer in mind. Right. [/QUOTE]
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