Posted by RN on November 25, 2014 at 12:54:32 from (205.213.104.123):
In Reply to: OT Low Gas Prices posted by Steve@Advance on November 25, 2014 at 05:51:32:
Check the import/export figures for countries of origin and export customers and volume. US main import is from Canada first, Mexico second and a tossup between Venuzela and Nigeria third, Saudi oil to US is mostly refueling Navy in Saudi area and they get a discount- sort of like free coffee to patrol officer on night shift to get some police cars at your parking lot in high crime area to make the criminal cautious. US exports go to Canada- Surprise. The Canadian crude imports go to US Midwest and the exports from US- lots of heating oil- go to Eastern Canada, seems the central Canada oil would have to go around great lakes for the eastern demand- but it is convenient to use existing pipelines going north/south in the 2 different areas to handle the local demands. Mexican exports to US are mostly to southern California market- just handy to use the short pipeline from Mexico instead of much longer pipeline from Texas for a fair chunk of demand for unleaded gas base. New Jersey has imports from Europe of unleaded gasoline base and the tankers head back with ultra low sulfur diesel base- the yield of product from a barrel of oil is relatively fixed, hard to change the proportion of gas a light oil, heavy oil, residual oil. If a local market has need for more unleaded gasoline base then the extra yield of light oil becomes sort of a glut- eastern US market. If your local market because of various legal and tax quirks wants more light oil fractions then you end up with surplus of unleaded gasoline base- Europe's market. A large tanker shuttling back and forth from Rotterdam to New Jersey carries the market refinery surplus to the 'short' market both ways and makes some profit and so do the local market distributors--and the volume of product imported shows up in the stats of country in different columns to give the media flacks something to write about. The knowledgeable accountants just shrug and point out volume in and out matches- ship tanks same size coming and going since it is same ship. The Rotterdam product was refined from Mideast oil- that shows up as US import from the Mideast country since the little stop in Europe doesn't count as the country of origin in the stats quoted by politician and media. Citgo stations sell the owners- Venuzuela government- product. The Socialist need the Capitalist money, the local Citgo operator votes and the account balance from oil product sales to socialist buys some US goods for the people of Socialist country- with a bit of luxury goods sometimes for the Socialist government official like the president for life- no surprise. Saudis have some cash reserve, can discount a bit with minimal local effect-- but the Iranians need $100.00 barrel price to balance their budget and meeting a less than $80.00 barrel competitor price means a choice between subsidy to a Shia group causing trouble to a Saudi 'client' or domestic programs that might cause angry locals to thump the Iranian Mullah or politician. Mid East politics affect market price in various ways. Amish with some need for hay instead of gasoline for transport can laugh at English concern about gas prices- they can have a 'horse laugh'. Teasing Alert! RN
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