Oil producers running out of storage space

Oil producers running out of storage space

www.msnbc.msn.com

NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.

As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

It's been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers.

(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
Submit General News

Wow, this is some thing that I've never heard before. Tankers anchored off shore waiting to of load their product.

I find it fascinating that we have such a huge surplus of oil right now. Especially with all of the military use of that oil that is being done.
Can you imagine seeing tanker after tanker swaying on anchor in the gulf???

Must be a pretty cool sight.

Closing note...Something tells me that we have an OPEC meeting coming and supply cuts are to follow as a result. The over inflated prices of oil must be kept high!!!!

www.msnbc.msn.com
(visit the link for the full news article)

makes ya gag...

looking forward to the clearance sale on gas! everything must go! 50% - 90% OFF!

countries that produce oil will have to either cut back and starve off their income from oil or they will have to refine it and get something for it. smaller countries will go first because of their limited income.

Just wait until we start buying electric cars. Then we'll be sending the greedy bastards food so their people don't starve.

If you think back to the spring and early summer when oil was approaching $150 a barrel and gas was nearing $5 a gallon at the pump, and the seven sisters were raking in record profits approaching $20 billion for a fiscal quarter, this should make your blood boil.

I am of the firm opinion that they jacked up prices in concert to create a false scarcity to rake in huge windfall profits before the world economy collapsed--it was all planned, and it is outrageous.

Wow, it's consumers' fault that oil production has to slow down.

What lie is the oil industry going to come up with next??

Working offshore in the Gulf for the Drilling Company's as an engineer I can say that they are lined up out there also.

I saw this once before and that was in the late 70's. Tankers setting and waiting of off load there cargo.
But this time it seems to be worse as they are really stacked up!
I guess they are going to have to have a fire sale on oil products to get this stuff moving.

As a thought I would say that they are waiting for the price to come up before off loading the oil. But it does not seem to be working as no one needs it at this time.

If all of us consumers' would cut back on using gas now we could get revenge for that $140 dollar oil.

Lets stick it to them.

All I can say to those companies is:

Bastards...

More like they'll jack it up to $6.00/Gal. this time and call it...

Storage Fees

Hmmm.. where have were heard that this was going to happen, months ago from Lindsey Williams.

"Meanwhile, oil-producing countries such as Iran have pumped millions of barrels of their own crude into idle tankers, effectively taking crude off the market to halt declining prices that are devastating their economies. "


Lindsey Williams on Alex Jones Tv"Final Stage is Set for Global Control"1/6

February 18, 2009

Alex welcomes back to the show Lindsey Williams, the author of The Energy Non-Crisis who predicted $50 a barrel oil based on insider information.

Looks like what the man said is coming true.....



www.youtube.com...

[edit on 3-3-2009 by Reevster]

reply to post by lernmore


Even then, they'll stick just barely break even. You know... all those hurricanes and what not and so forth.

This has happened before, You would like to think that oil companies would lower the prices on refined oil to get things moving again "greed" controls good common business sense.

In a time when millions are out of work, companies and individual families are in a time of need. This would benefit everyone even the greedy oil tycoons. But history has shown us that greed is the root that has brought all civilizations down.

Seems like just 1 more small part to bring us to a one world monetary system.

Originally posted by gottago
If you think back to the spring and early summer when oil was approaching $150 a barrel and gas was nearing $5 a gallon at the pump, ......................................

I think that may be the main cause of the problem. When the price when up to the point that people had to buy less gas is what started this. When the price when beyond reach people had to switch to "low power mode" just because they did not have the money. I think that even though the gas price has gone down people are still running in "low power mode" buying and using less gas saving the money for other things in these bad times. The oil compaines caused this problem by by forcing people to buy less gas and people have learned that they can get by on less gas without much problem for the most part and are still doing so. The stunt backfired on them.

[edit on 3/3/2009 by fixer1967]

Mass media is a whore...
Damn, only 6 months ago they reported
end-of-oil theories and facts...
And now, here we are.
What use are they? None.

It sounds like a great time to be in the Oil Storage business.


I think I'll put my money on those people who build oil storage...

better get those off shore projects going. We need to angle drill into Cuban waters as well. Now is the time.

Seems like just yesterday....

Originally posted by verylowfrequency
Just wait until we start buying electric cars. Then we'll be sending the greedy bastards food so their people don't starve.

Right, and I would say $147.00 would be a great price for a bushel of wheat or a bushel of corn.

Every summer there is a gas shortage or prices go up so they can
charge more for heating fuel in the winter.

Oil stopped Henry Ford from using alcohol burning carburetors
by changing temperance to prohibition.

Not to mention Standard Oil of New Jersey ordered the destruction of
Sherman tank carburetors after WWII and diluted gas so vapor carburetors
no longer worked.

Finding what happened to the energy devices devices between development
in Germany and arrival in America is a bit difficult to determine, however
once the henchmen of this technology came to America the books used
by people such as Dr Moray were taken out of circulation.

So we know someone funded development in Germany and had the
biggest country wide security that was so good it pushed out Germany's
borders. The tails of lack of oil perhaps were true but the use of energy
from the atmosphere, radiant sources and minerals are still secret.