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Costs of fuel... world market forces
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Posted by Dean (more from Dean) on Fri, 2 Mar 2012 11:07:47 Share Post by Email
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I wrote this for someone in Canada.
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USA Election time and some candidates are talking about energy independence and cheap oil:


If the USA were able to pump enough oil to meet US consumption, that would not change world market prices. The only alternative would be to have the government tell US oil producers that they could not charge world market prices. Then they would have to tell the producers that they cannot export US crude or refined products to reap world prices. Well that did not work in Canada. Remember “let the eastern bastards freeze in the dark”. If it were possible to achieve oil independence, independence from world market prices is impossible in a democracy. So we can have cheaper oil and have a dictatorship!

The US sells gasoline and other refined products and exports by tanker ships. This affects the spot price and futures of gasoline and diesel/jet/heating fuel. This allows the refiners to control fuel prices by controlling supply available to the USA market place. The more oil that comes on-line in the USA, the more of it will pass through Texas and Louisiana as refined products for export.

The pipeline from Texas to Oklahoma is having its flow reversed as Oklahoma and Kansas produce more oil then consumed. This had lowered crude and gasoline costs as it was costly to get the oil out by rail car. Now the oil produced here in the middle of the country is exposed to world prices as it is not physically bottled up locally. Gasoline costs have increased in the region, independent of other factors. This will increase drilling in this region, the oil flows to Texas and will be refined and exported.

We have cheap natural gas lately. This will be piped to the Gulf and new liquefied natural gas [LNG] facilities will export it.



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