Shortly after Hurricane Ike hit, I wrote an article called Implications of a Ten-Day Refinery Outage . It is a few days later, and we know a little more. The purpose of this article is to give an update on the situation.
Based on what I am seeing now, we are likely to see significant gasoline outages in the next few weeks. These may not be as long-lasting as those with Katrina, but they may temporarily be more severe, at least in some parts of the country. Diesel may or may not be a problem. We are an exporter of diesel, so can theoretically reduce exports if need be. Also distillate (used for diesel) supplies are currently at a more adequate level than are gasoline supplies. Jet fuel stocks seem to be at a relatively adequate level, so shortages may not be a problem.
Figure 1. EIA Weekly Gasoline Stocks (includes blending stocks)
As one can see from Figure 1, EIA weekly gasoline stocks are diving, on a path to 180 million barrels of gasoline or...
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The financial crash has a simple cause and a simple solutionFrom: feeds.feedburner.com
Post Date: 2008-03-16 07:01:42
The WSJ has a decent article describing the current financial crisis and pulling no punches:
Debt Reckoning: U.S. Receives a Margin Call
The U.S. is at the receiving end of a massive margin call: Across the economy, wary lenders are demanding that borrowers put up more collateral or sell assets to reduce debts.
The unfolding financial crisis -- one that began with bad bets on securities backed by subprime mortgages, then sparked a tightening of credit between big banks -- appears ...
more DrumBeat: March 16, 2008From: feeds.feedburner.com
Post Date: 2008-03-16 06:07:57
Deffeyes: Seven Deadly Sins
1. Thou shalt not drive an SUV at 70 miles per hour on the freeway, with the air-conditioner running, just to pick up a half gallon of milk at the grocery store.
2. Thou shalt not waste energy and water by enjoying long hot showers.
3. Thou shalt not vote for a presidential candidate who does not speak up about peak oil.
4. Thou shalt not read the writings of Michael Lynch, Daniel Yergin, Jed Mouawad, or ExxonMobil. Pray that they may soon reco...
more David Paterson: First Openly Peak Oil Aware GovernorFrom: feeds.feedburner.com
Post Date: 2008-03-15 06:46:24
Eliot Spitzer’s historic fall from grace was a blow to many progressives who believed that he would reform New York’s dysfunctional state government, but his replacement may be equally transformative, but from a Peak Oil perspective.
David Paterson will be the nation’s first legally blind Governor and only the fourth African American governor (New York’s first)since Reconstruction ended. As I wrote back in 2006, Lieutenant Governor David Paterson is no...
more DrumBeat: March 15, 2008From: feeds.feedburner.com
Post Date: 2008-03-15 06:10:59
US fuel dealers seek emergency heating oil release
NEW YORK, March 14 (Reuters) - U.S. heating oil distributors are planning to ask the government to release emergency heating oil supplies as part of a package to ease a cash crunch this winter, a source said Friday.
The squeeze for dealers has been caused by delayed payments from low-income customers and sky-high prices for their own fuel inventory and mirrors problems faced by the sector in 2004 when a run-up in prices pushed ...
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