The Oil Drum | The Models are Converging: What does it mean for energy?

13 comments on The Models are Converging: What does it mean for energy?

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Glenn on September 21, 2005 - 1:55pm

I just saw this at the end of an article about oil prices: "Markets were also watching developments in Nigeria, the world's eighth-largest oil exporter, where a militia threatened to blow up oil installations if the government did not release its leader, whom police arrested for alleged treason."

So, to summarize the current situation:

Refiners: "We are at our limit, can't use the sour crude, pushing off repairs and closing down production in anticipation of Rita"
OPEC: "Want more Heavy Sour Crude? Here's 2 mbd. Otherwise we are at our limit."
Nigeria: "We are in a civil war and cannot guarantee production."
Iraq: "We are in an insurgency/civil war and cannot guarantee production."
Iran: "We are going to leave OPEC and cut exports if you keep trying to block our Nuke plants"
Venzuela: "America is going to invade us for our oil"
Non-OPEC: "We are at our production limit"

Bush/Delay: "I'm worried that if we don't make the tax cuts permanent, the economy might falter"
American Public: "Cut the gas tax now"

I would provide links to all these, but I'm stressed for time at work today!

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louGrinzo on September 21, 2005 - 2:20pm

Good summary, but you forgot one...

GM: Hey, everybody! Look at the new SUV's we're announcing! Shiny!

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Dave Cohen on September 21, 2005 - 2:28pm

I agree with Lou. Terrific summary.

Re: peakguy's OPEC item -- from the Times today OPEC Drops Cartel Role and Says Pump All You Can:

Western governments coordinated the release of 60 million barrels of oil to make up for shortfalls after Hurricane Katrina. But only a fraction of that oil was actually bought by refiners who are struggling to make up for their losses. This makes it unlikely that OPEC will actually sell any more oil than it currently does. "OPEC has done the perfect P.R. move," said Roger Diwan, a managing director at PFC Energy. "It's a hands-down victory for OPEC in the political battle. No barrel of oil is actually involved here."

What a quote!

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tom deplume on September 21, 2005 - 7:36pm

No matter what happens Dubya uses it as an excuse to cut taxes for his billionaire buddies.

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13 comments on The Models are Converging: What does it mean for energy?

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