Punk US Oil Demand and Export Confusion

[canoeist52]

http://www.businessinsider.com/punk-us-oil-demand-and-export-confusion-2011-2

"One of the more common misunderstandings I see in energy circles right now is the idea that US oil demand has rebounded strongly since 2008. It hasn’t. The explanation can be found in the widening divergence between oil that’s imported for domestic usage, and oil that’s imported to convert into oil products for export. Let’s first take a look at the last 15 years of US petroleum consumption. This data is now updated through October, 2010. | see: US Annual Petroleum Consumption Quadrillion BTU ’95 -’10."

..."The US is using its spare refining capacity to turn oil into products, like diesel–for export. Behold the growth oil Total Oil Product exports since the start of 2008."


"Gas sales have fallen for five straight weeks, the first time that has happened since November, according to MasterCard SpendingPulse, which tracks spending at 140,000 service stations nationwide." http://www.courierpress.com/news/2011/apr/11/drivers-start-cut-back-gas-prices-rise/?print=1

The "demand" is not from people driving more.

[Historic NY]

1. Were being played.....

http://ir.eia.gov/wpsr/overview.pdf

http://www.eia.gov/oog/info/twip/twip_crude.html

[Arctic Dave]

2. We currrently have six rigs stacked up here.

If there was a demand, they wouldn't be sitting. Although the oil criminals (corops) are using it as a wayt ot try and lower their taxes because they can't get by on just 2 billion a quarter.

[bhikkhu]

3. The rising demand is from China, India, Brazil, etc

anyone who's been paying attention would be able to relate that, from a steady and consistent stream of facts and statistics over the past couple of years. The global recession didn't affect the world evenly, and the countries which recovered quickly were able to take advantage of lower global energy prices. Recovering slowly means being shut out of the market, to some extent.

In any case, US demand isn't the deciding factor to oil prices. The shortfall of global production versus global demand is the largest factor.

http://omrpublic.iea.org/