Refiners actually try to keep low inventories to have illusion of ‘tighter’ markets
Gasoline supplies had a substantial build in inventories, up 3.1 million barrels, and looking back at the EIA data, July is in the heart of the summer driving season, and refineries run at their highest utilization rates. Well, there has never been a period in July where inventories are as high in gasoline supplies as currently exists in recent energy statistics. We have to go all the back to 1992 to find supplies for the July period higher than they are right now, and it isn`t by much.
Oil Market Propaganda
It is funny all the propaganda that consumers get fed as to why they pay so much at the pump, it is all total hogwash. The oil market is one of the most rigged markets that actually have fundamental uses for the product. Stocks are rigged in many ways, earning`s reports are gamed via stock buybacks to beat on the EPS, but these companies are really missing bad if you look at the revenue misses. Mind you, revenue targets are set so low that these companies cannot possibly miss, yet companies have been missing consistently for the past couple of years.
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4 comments:
I firmly believe that business mergers have created these problems for the American consumer. In addition to big oil we can also see it in big communications ie., Bell Atlantic's merger with GTE (Verizon) and it's acquisition of many more communication subsidies or.., the consolidation of farming into huge corporate food production. It's all been a prescription for unethical American business to gouge the public.
Prices have risen 12 staight days. So much for the supply demand theory of economics.
No money in alternatives less consumption means less money for greedy people
No no, the oil companies have your best interest in mind. Let them drill baby drill, and everything will be ok.
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