A caller on the radio just said the reson the pumping tanker ships

[napi21]

are not trying to pump oil out of the Gulf is bcause those same tankers that pumped it out of the water off Iran are now fully loaded with BP OIL! They are waiting for a higher price to sell it. Is there any wy to find out if that's true? It sounds very likely to me, but I don't want to spread rumors without proof that the story is right.

[Oceansaway]

1. BP holding out ?? Noooo Wayy !!...nt

:sarcasm:

[RandomThoughts]

2. There was an article about that happening months ago.

Part of market manipulation that leads to bad effects. If it was true that they were loading oil into tankers instead of putting it on market it is just one more example of controlling price by scarcity.

[Andy823]

7. Yes..

It has been going on for some time and they simply manipulate the markets so the price goes up. There has been a huge surplus of oil and gas so holding it in tankers will help make it "look" like americans are using more oil, so they can sell it for a larger profit, keep on playing the game as long as congress lets them get away with it! To much big oil money in the pockets of congress members, and until we can stop that, and I doubt we will, their games will continue, they will get richer, and the american public will pay more for fuel!

[Captain Hilts]

3. I had a thread on that a few days ago....oil companies have leased them.

http://www.telegraph.co.uk/finance/markets/marketreport/7338826/Oil-stored-at-sea-could-mean-bigger-problems-and-prices-in-future.html

n February, Goldman Sachs calculated that total stored hydrocarbons at sea, including barrels in transit, fell 24m barrels to 636m in January versus 660m the previous month.
Simpson, Spence & Young reckons the number of tankers used as floating storage for crude oil fell by 20pc in January.
Meanwhile, figures presented by Gibson showed 112 ships were storing crude oil and clean products globally by February, down from a high of 149 ships at the end of November.
What's being stored has also begun to change. More and more, the commodity of choice for those filling up storage is refined petrol products, rather than crude oil.
...

[tblue]

4. A caller on the radio? Well, could be true but you'd have to google around.

If that is the case, that really blows, but it's no surprise really. Bastards.

[taterguy]

5. What the fuck is watter?

[Fumesucker]

6. Something to do with reson I suspect..

:)

[napi21]

11. Slow finger syndrome I suspect. I fixed it just for you. nt

[Name removed]

13. Deleted message

Message removed by moderator. Click here to review the message board rules.

[NNN0LHI]

14. Either that or she misspelled it on purpose just to piss you off?

Wouldn't put it passed her.

Got to watch that one.

Don

[napi21]

16. I actually didn't do it on purpose, but had I know it would work so well,

I'd have done even more words!

[NNN0LHI]

17. LOL

[taterguy]

19. Thanks for spelling "way" incorrectly

:yourock:

[FarCenter]

8. Happens when the future price of oil exceeds the spot price plus the cost of the tanker

You buy a cargo of now, sell it forward on the commodities exchange, and store until the date on the forward contract.

Not sure the contango is steep enough to make it worth while at present.

http://en.wikipedia.org/wiki/Contango

[Greyhound]

9. SOP.

In case you haven't noticed, the relationship between what oil costs and what we pay them for it only goes one direction over time.

Oil is $50 a bbl. and gas is $1.30, 10 years later oil is back to $50 bbl. and gas is 1.75.

The gusher is going to make the price of oil go up even more than the usual seasonal rake, and that's tens millions more $$ for every tanker Another reason you don't leave them in charge of this, they've already shown a pattern of making decisions based on costs and profit over environmental benefit and expediting the repairs/sealing.

[HughMoran]

10. There are lots of skimmers in the Gulf

In fact, there would be more, but the use of dispersants has minimized the amount of surface oil such that skimmers can not be used.

[volvoblue]

12. sounds like someone was trying to make a joke.

[TheWraith]

15. Whoever said that is completely and totally technically illiterate.

It's not like there's just a faucet pouring oil into the Gulf that if we had a big tanker we could catch it all. This is oil that's being dispersed over a massive region of ocean. You can't just filter it out.

[TreasonousBastard]

18. Tankers are often used for storage when waiting for refinery capacity...

to open up. There are many different grades of crude and sometimes it's not so eassy to get rid of the heavier grades.

Sometimes, maybe, they might be waiting for a better price, but I can't see how that would work.

(I misspelled "easy" just to piss off Taterguy.)