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OilCast.com #23: Exclusive bank transcript says high US pump prices may be here for good

Posted by Prof. Goose on September 16, 2005 - 11:26am

This week OilCast.com looks at continuing fallout from Hurricane Katrina and much more.  Technorati Tags: , , , ,
With an exclusive look at what one major bank is saying behind the scenes, Oilcast exposes what the market really thinks. That high American pump prices are here - for good.

Is the one lasting effect of Katrina going to be the high price ordinary folk are going to pay to fill their cars and heat their homes?

Oilcast has obtained a transcript from a major international bank conference call that says, yes it is.

Plus, why is Tony Blair's second in command attacking OPEC? What did the oil markets do this week? Did high oil prices drive Delta and Northwest Airlines to Chapter 11 and why are Ford closing a plant in Lorain Ohio?

Is it really all about oil?

OilCast.com #23: Exclusive bank transcript says high US pump prices may be here for good

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6 comments

Halfin on September 16, 2005 - 2:25pm Permalink | Comments top
I subscribed to this podcast via the iTunes Music Store last month, and then nothing happened. There were no more updates since August 4. Now I see that there are new ones, but something is wrong. The iTMS does not show dates next to the newer podcasts. So they weren't being downloaded and I didn't know about them. I've had to set them to download manually. Anybody else having problems like this?
Peaknik on September 16, 2005 - 4:34pm Permalink | Parent | Comments top
Hi, it seems that there's a problem with the iTunes 5.0 update and podcasting. Try to subscribe again to the podcast, it should work.
Rajiv on September 16, 2005 - 3:49pm Permalink | Comments top
On a minor aside, here is a Bush Approval  and Gasoline Prices chart
Ben on September 16, 2005 - 5:54pm Permalink | Comments top
MMS numbers for Friday mid-day:

Today’s shut-in oil production is 840,921 BOPD.  This shut-in oil production is equivalent to 56.06% of the daily oil production in the GOM, which is currently approximately 1.5 million BOPD.  Approximately 35% of the oil shut-in is as a result of onshore infrastructure problems.

Today’s shut-in gas production is 3.384 BCFPD.  This shut-in gas production is equivalent to 33.84% of the daily gas production in the GOM, which is currently approximately 10 BCFPD.

Cumulative oil just over 4% of annual production, so far.

EfficiencyNut on September 16, 2005 - 8:53pm Permalink | Parent | Comments top
Can We Believe MMS?

The comment: "Approximately 35% of the oil shut-in is as a result of onshore infrastructure problems." started appearing in daily status releases on 9/14.  

MMS also claims that underwater pipeline damage is not the problem in getting GoM oil back into production.  If you read Rebecca Watson's 9/6/2005 testimony to Congress, she says that GoM production will return to 90% of pre-Katrina levels within 30 days, barring troubles with shore facilities to handle the crude & NG...

But the MMS data posted as of 9/16 basically show there's no way this will happen.

She made this comment at a time when it's unlikely she had enough industry data to support it, i.e. would the pipeline inspections be far enough along to allow saying that the return to production would be much faster that it was for Ivan.  

So... why are MMS lying to Congress, then trying to spin their way out of trouble?

Does anybody out there know what shore facility problems (if any) are obstructing the return to productionin the GoM?

Does anybody out there know what the real story on pipeline damage is?

knightrd on September 17, 2005 - 12:27am Permalink | Comments top
Yeah, that's a nice little podcast. I haven't jumped on the podcasting bandwagon yet, but maybe I will now.

OilCast.com #23: Exclusive bank transcript says high US pump prices may be here for good

PDF version

6 comments