i understand that... i guess didn't know we could sell domestic oil/gas for more than we could import it for
Posted on 01/14/2012 5:13:09 PM PST by Libloather
Key US oil supplier may cut off spigot Sunday
CHRIS KAHN, AP Energy Writer
Saturday, January 14, 2012
NEW YORK (AP) — One of the biggest suppliers of oil to the United States may shut off the spigot this weekend, pushing crude and gasoline prices higher for Americans.
Nigeria, which supplies 8 percent of U.S. oil imports, could see production halted if striking workers walk off the job Sunday. Workers are demanding the return of a vital government fuel subsidy that has kept gasoline prices low in that impoverished and restive nation of 160 million people.
It’s unclear how much of Nigeria’s production would be affected. At worst, the country’s 20,000 unionized oil workers could take as much as 2.4 million barrels of daily crude production off the market, striking at the heart of Nigeria’s oil-dependent economy.
Even if strikers are only partially successful, fears of tightened global supplies could raise oil prices by $5-$10 per barrel on futures markets next week. Gasoline prices would follow, rising by as much as 10 cents per gallon and forcing U.S. drivers to spend an additional $36 million a day at the pump.
(Excerpt) Read more at newstribune.com ...
Workers are demanding the return of a vital government fuel subsidy that has kept gasoline prices low in that impoverished and restive nation of 160 million people.
Nigeria is the seventh most populous nation in the world; its population is more than half that of the United States, more than Russia, and almost five times that of Canada.
Ping.
I have to wonder if it isn't being orchestrated to manufacture a "gas crisis" during the run-up to election, that Obama will "save" us from just in time to get the maximium propaganda value out of it.
Thanks for "protecting" us by not building that pipeline, Barry.
Someone - I’d prefer Perry - needs to make an ad out of this TOMORROW.
‘Nigerian Union strikes, up goes your pump price’.
Google the UN’s list of what is “not sustainable”. It’s a big clue as to what is going on.
“It’s unclear how much of Nigeria’s production would be affected. At worst, the country’s 20,000 unionized oil workers could take as much as 2.4 million barrels of daily crude production off the market”
Not a problem. The Strategic Petroleum Reserve has 727,000,000 barrels - which will cover us until the election.
Maybe the First Kenyan can talk to the First Nigerian...or bow, or something...
Nigeria, which supplies 8 percent of U.S. oil imports, could see production halted if striking workers walk off the job Sunday. Workers are demanding the return of a vital government fuel subsidy that has kept gasoline prices low in that impoverished and restive nation of 160 million people.I filled up at $3.699 today, about $50 total; and as I pulled away I put myself on my driving austerity diet.
I'll quit responding to the Nigerian emails....
I'll quit responding to the Nigerian emails....
That’ll be the net effect of this. Low energy prices = economic expansions. You can guess what high energy prices lead to.
One irony is that in 50 years Europe won’t be Europe. Will the ME change its oil policy or will one Caliphate make war on another over scarce energy resources?
For some reason I am reminded of “The Mouse That Roared”
i understand that... i guess didn't know we could sell domestic oil/gas for more than we could import it for
There will never be one caliphate.
Two reasons.
1. Until recently, our only exports of finished gasoline were to Mexico -- which was a contractual obligation connected with receiving a supply of crude from Mexico.
2. Recently, refiners have begun exporting gasoline from the Gulf Coast to the Caribbean because a.) domestic demand has declined, b.) there is insufficient pipeline capacity available to ship it to the Northeast, where several refineries have closed and c.) it is cheaper to import gasoline into the Northeast than it is to ship it from the Gulf Coast (shipments between American ports must travel in American flag ships with unionized labor -- which is not competitive).
All perfectly rational. All driven by economics or constrained by enviro-wacko concerns (blocking pipeline expansion); nothing sinister.
thank you...
3.04 ? I haven’t seen that in a over year in illinois
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