<DrumBeat: May 19, 2007The Oil DrumDepletion Levels in Ghawar (Updated)>

198 comments on This Week in Petroleum

Comments can no longer be added to this story.

Blue Peter on May 18, 2007 - 9:50am Permalink | Subthread | Comments top

Thanks for this.

This comment:

In turn, pump prices are effectively set by import prices. With strong demand outside the US on the back of global economic growth and a weak dollar, the era of abundant US oil supply augmented by willing international sellers is dead.

suggests that for the whole picture, we need world petroleum supply and demand figures. Are these around anywhere?

Peter.

0
Comments can no longer be added to this story.
Robert Rapier on May 18, 2007 - 11:55am Permalink | Subthread | Parent | Comments top

Supply and demand information is available on the EIA site if you poke around. Start here:

http://www.eia.doe.gov/emeu/international/contents.html

0
Comments can no longer be added to this story.
TenThousandMileMargin on May 18, 2007 - 10:04pm Permalink | Subthread | Parent | Comments top

Petrol prices in Australia (and in much of Asia) are determined with reference to the Singapore Refinery Price.
The Australian Insitute of Petroleum charts this on a weekly basis, and provides a detailed explanation of the factors influencing the pump prices:

http://www.aip.com.au/pricing/facts/Weekly_Petrol_Prices_Report.htm

Currently prices in Australia are approaching the $1.40 per litre high that was set last year, although crude is still under $70 and the Australian dollar is up 10% since then. This is due to the increased divergence between crude prices and refined "gasoline" prices in the Asian market as the graphs show.

I don't expect anyone in the northern hemisphere to care much about Aussie petrol prices, but since the USA is now importing 5 million barrels per day of refined gasoline, and much of the growth in demand for gasoline is coming out of Asia, I imagine a few people might be interested in tracking this crucial Asian benchmark.

If we are to believe in things we cannot see or touch, how do we tell the true belief from the false belief?

0
Comments can no longer be added to this story.
memmel on May 19, 2007 - 3:04am Permalink | Subthread | Parent | Comments top

What are the gasoline taxes in Australia ?

0
Comments can no longer be added to this story.
RollOutTheBarrel on May 19, 2007 - 7:55am Permalink | Subthread | Parent | Comments top

See chart at bottom of this page

Excise $A0.38 per litre then GST of 10% on (wholesale +excise)

So at May13 Tax $A.49 /litre on $A1.30/ litre retail (the light blue part of chart)

0
Comments can no longer be added to this story.
Arthur Robey on May 19, 2007 - 11:10pm Permalink | Subthread | Parent | Comments top

Although prices at the bowser have been climbing, the level of petrol excise has been falling in real terms since 2001 when it was cut to 38 cents a litre and was no longer indexed to inflation.

http://www.smh.com.au/news/business/petrol-taxes-too-low-say-economists/...

0
Comments can no longer be added to this story.
OilcoEx on May 19, 2007 - 1:41pm Permalink | Subthread | Parent | Comments top

the USA is not importing 5 MMBD of gasoline. More like 1-15 MMBD. Total demand is only 9-10 MMBD and we do have 17 MMBD of refining capacity...

Also be very wary of S'pore price indexes. When I was trading in those markets there was very little fixed price business for the marker journalists to hand their hats on. Almost everything was Platts + or Argus -. Then some shady character would do on small piece of fixed price business just to move the print. All that means is from day to day the number cna be squirrelly so look at say monthly averages.

0
Comments can no longer be added to this story.