At 70 dollars per barrel governments seem prepared to act. |
Before, it looked as though it was going to hit Houston and Port Arthur. Now, it looks like it's going to hit Corpus Christi, which is less important as far as refining is concerned, and it's also more on the periphery of the platforms. |
Crude is not the problem. The heart of the problem is how much refining capacity we have lost, |
Crude is not the problem. The heart of the problem is how much refining capacity we have lost. |
Crude is still flooding in despite supply disruptions. |
Each problem is just a reminder as to how close to the edge we are running. The refiners have been running a marathon for two years, they are exhausted. |
Emotionally, that was the peak. |
Even if there's no damage, it's going to take at least two weeks for refineries to come back. It's at least as serious as Hurricane Ivan, which we had last year. And it took six months to get production back to normal in that case. |
Even though most of the comments say it's an accident, this is the sort of event you see more during war time. |
Fasten your seat belt -- peak hurricane season isn't until mid-September through mid-October, and we've had two hurricanes hit the Gulf Coast already. |
Funds are throwing a lot of money at all the commodities, and most of the commodity markets have been rallying. |
He comes with European ideas on curbing demand and believing in Kyoto, |
I think the market is taking this too calmly and we could see prices bouncing back any time. |
If we are seeing China back to growth, that is another stress factor back in the oil market. |
In my experience, even when [oil] prices are extremely high and spending [on extraction] is extremely high, it has been virtually impossible to reduce decline rates below 3%. |