Unusually for a spring season, gasoline prices
have been steadily climbing in the US since the beginning of 2011, and have surpassed $4/gallon in many US states, largely due to
political instability in many oil-producing African and Middle-Eastern nations.
"Not so fast," says the Department of Energy. Although the price of crude oil has climbed steadily throughout the year, the price of gasoline has climbed much faster -- a disparity known as the
crack spread, which
has remained at its highest level in 32 months, even in light of a sharp decline in the price of crude oil at the beginning of the month. The DoE speculates that although crude oil is cheap and plentiful enough, the
2011 Misssissippi River Floods are currently more to blame for $4 gas than the uprisings in the Middle East.
posted by schmod
on May 19, 2011 -
125 comments
In 2009,
a remarkably gifted politician, confronting a remarkably difficult set of challenges, will
have to learn to say "No we can't",
Guantánamo will prove a moral minefield,
economic recovery will be invisible to the naked eye,
governments must prepare for the day they stop financial guarantees,
we will judge our commitment to sustainability,
scientists should research the causes of religion,
we will all be potential online paparazzi,
English will have more words than any other language (but it's meaningless),
Afghanistan will see a surge of Western (read: American) troops,
Iran will continue its nuclear quest while
diplomacy lies in shambles,
the sea floor is the new frontier,
we should rethink aging,
(non-)voters will continue to thwart the European project --
but cheap travel will continue to buoy it --
though it has some unfinished business to attend to, and
a Nordic defence bond will blossom.
The Economist: The World in 2009.
[more inside]
posted by goodnewsfortheinsane
on Nov 27, 2008 -
31 comments
Petroleum from Pond Scum: Dr. Isaac Berzin, founder of GreenFuel Technologies, is working on a prototype that uses algae to convert power plant emissions into biofuels. Good news: It would only take a bioreactor twice the size of new Jersey to supply the entire US with its petroleum needs.
posted by tehloki
on Nov 29, 2006 -
40 comments
Petroleum Industry Christmas Wishlist Conservative pundits are quick to point out that no "
new refineries have been built since 1976", and even quicker to blame "environmentalists". But the facts just don't support that. Refiners have chosen the environment that they do business in, and in some cases have willingly contributed to it. (
Plenty of data here.) Here's why:
- The government has allowed the industry to merge, consolidate, and restrict refining capacity, thus impacting pricing, supply, and demand.
- The quest for profits has caused the need to run extremely lean supplies (ie. no stockpiles of crude - it arrives when you need it, not before) and has resulted in susceptability to wild volatility in prices, but has allowed refiners to operate at very high efficiency but with no margin of excess capacity for temporary shortages, disasters, etc.
- Oil refiners trimmed back capacity after the Oil Crash of the early 1980s and have been unwilling to reinvest in new technologies unless environmental restrictions and local fuel cleanliness mandates are reduced.
As one would expect, Bush's solutions nicely match up with the wishlists of
OPEC and
US refiners, who in the past few decades have largely undone the breakup of Standard Oil (
via) via mergers and joint ventures. Representative
Joe Barton, (R-TX), Chairperson of the
Energy and Commerce Committee, incidentally up for reelection and
well funded, by "
the industry" through various
Political Action Committees, has released a draft of the predictably named (to be
found here when released)
Gasoline for America's Security Act of 2005 (committee discusion and
webcast are scheduled for 9/28 at 8 am.) Given that new refineries are years away, there is still no solution for current prices or the (90%?)
increase in prices since January of 2001.
posted by rzklkng
on Sep 27, 2005 -
22 comments
Power Cut Shuts Down Iraq Oil Exports ASRA, Iraq (AP) -- Iraq's oil exports were shut down Monday by a power cut that darkened parts of central and southern Iraq, including the country's only functioning oil export terminals, Iraqi and foreign oil officials said.
posted by celerystick
on Aug 22, 2005 -
21 comments
More environmental data goes down the memory hole... Another EPA report gets "edited" by the White House to minimize warnings about climate change and the contributing factors of industrial and automotive emissions. Data from a 2001 report on climate by the National Research Council commissioned
by by White House is omitted in favor of research data funded by the American Petroleum Institute. Behold the best government money can buy...
posted by crookdimwit
on Jun 19, 2003 -
20 comments
The life-expectancy of Industrial Civilization is horridly short according to Richard C. Duncan and his Olduvai theory. Like all of these weird theories it can be found on the outer fringes of the Internet. Duncan's theory kind of tracks the Hubbert Curve model of petroleum depletion that has been posted before on this site. As Isaac Asimov has stated "Indeed, the ability to control energy, whether it be making wood fires or building power plants, is a prerequisite for civilization." Only time will tell if Duncan was on to something we should have paid attention to.
posted by thedailygrowl
on Dec 22, 2002 -
20 comments
"The myth of oil prosperity runs wide and deep". "Petroleum-led development strategies have delivered nation after nation into a spiral of debt and dependency. And yet, governments, corporations, and international financial institutions continue to reinvest in the growing, global oil economy". Consider
Nigeria, the point of focus of attention of environmentalists, human rights activists and fair trade advocates around the world. With its
annual debt service obligation at over $4 bn, more than a third of its export income, Nigeria has in recent years pegged its annual budget allocation for actual debt servicing at $2 bn. Lower export earnings forced it to cut this to $1.5 bn in the 1999 budget. Who's to blame? Theftocracies, the IMF, World Bank, oil companies, foreign governments? Since it is clear that debt restructuring harms more than helps, will there be more
debt relief, and finally, who ends up paying the banks when loans are written off?
posted by Mack Twain
on Aug 13, 2002 -
6 comments
Do internal memos reveal oil refineries engaged in price-fixing? From Joshua Micah Marshall's Talking Points memo; links to a Paul Krugman NYT op-ed, but far more intriguingly to Sen. Ron Wyden's (D-OR)
webpage, where on June 14th he released his report on alleged price fixing by varied oil refineries based on internal memos and documents of these companies. These types of allegations have been made before, but there is some rather damning language from those internal memos...
posted by hincandenza
on Jun 28, 2001 -
4 comments
Exxon "helped torture in Indonesia." The Aceh uprising brings up the point--how far do we allow multi-nationals to go to "protect their interests"? Would you sanction torture to keep the price of gas and other petroleum products low?
posted by aflakete
on Jun 22, 2001 -
10 comments
Grand Old Petroleum. GOP. Get it? The DNC really cracks me up sometimes. This is, however, an interesting development in politics. Is every issue going to have its own clever webpage in the future? The mind boggles.
posted by CRS
on May 17, 2001 -
17 comments
