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What peak oil? Why an oil glut is ahead

CNN Money -- In May, less than a month after the blowout of the Deepwater Horizon oil rig in the Gulf of Mexico, a key milestone was achieved with little notice: Total U.S. supplies of petroleum and products refined from it (including the Strategic Petroleum Reserve) surpassed 1.8 billion barrels, reaching the highest level in the last 20 years. Since then the total has continued to edge upward, hitting 1.87 billion barrels in the week ended August 27, according to the Energy Information Administration.

Despite the Iraq War and the resulting production disruptions, despite the moratorium on drilling in the Gulf....

the United States has more petroleum on hand today than it has had since at least the beginning of the first Gulf War.

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Submitted Sep 08, 2010 By: BurntOrange

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1006 All-Star Author Birmingham Posts:929 Points:1,027,495 Joined:Apr 2008	Message Posted: Sep 11, 2010 3:51:55 PM Ignore 1006 Report Abuse you do mean retail pump prices?
Bonanza Champion Author Boston Posts:9,288 Points:2,084,980 Joined:Jun 2004	Message Posted: Sep 10, 2010 8:48:20 AM Ignore Bonanza Report Abuse Interesting. I wonder why gas prices are going up now?
1006 All-Star Author Birmingham Posts:929 Points:1,027,495 Joined:Apr 2008	Message Posted: Sep 10, 2010 4:47:55 AM Ignore 1006 Report Abuse do you believe this?
honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Sep 10, 2010 4:17:53 AM Ignore honda0105 Report Abuse FuelBarge: that would make too much sense and it's not in the average American mind to conserve. That's something the Greatest Generation did, but not those that came up in the Hippie era and beyond.
honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Sep 10, 2010 4:10:41 AM Ignore honda0105 Report Abuse DerHahn, you're right, Specutraitors, Pig Oil and most of all, Pig Banks are reaping in near record profits while the economy around the globe is going to pots.
DerHahn Champion Author Illinois Posts:11,145 Points:1,653,000 Joined:May 2004	Message Posted: Sep 9, 2010 6:11:38 AM Ignore DerHahn Report Abuse record highs in supplies yet a small drop in that and speculators are off and running jacking up prices.
vandamme Champion Author New York Posts:1,018 Points:117,800 Joined:Nov 2008	Message Posted: Sep 9, 2010 6:09:50 AM Ignore vandamme Report Abuse "In March 1990 the average unleaded price was $1.15 per gallon. " So the inflation adjusted price today is just right.
Martinman Champion Author Mississippi Posts:11,756 Points:1,658,215 Joined:Sep 2005	Message Posted: Sep 9, 2010 6:08:03 AM Ignore Martinman Report Abuse powerstroke73l from sacramento posted... "According to EIA, there have only been 3 months since 1988 where the US has had more crude in inventory. In March 1990 the average unleaded price was $1.15 per gallon. Now it's $2.70 per gallon with almost the same inventory numbers. Supposedly we're paying high prices because of the worldwide demand. Uh yeah, it's all about the players in the market and the feds do nothing but look the other way while the costs of everything in this country go through the roof." . What ?! Are you suggesting that the Federal government should have instituted the price-controls that were last implemented under the Nixon Administration?
Martinman Champion Author Mississippi Posts:11,756 Points:1,658,215 Joined:Sep 2005	Message Posted: Sep 9, 2010 6:04:51 AM Ignore Martinman Report Abuse "... surpassed 1.8 billion barrels, reaching the highest level in the last 20 years. Since then the total has continued to edge upward, hitting 1.87 billion barrels in the week ended August 27,...." . Yet another in the multitude of examples that market prices ARE NOT driven by supply and demand.
FuelBarge Champion Author Long Island Posts:6,796 Points:1,608,315 Joined:Aug 2005	Message Posted: Sep 9, 2010 5:35:32 AM Ignore FuelBarge Report Abuse A glut? Well with current thinking, we need to burn it all NOW and waste as much as possible so the children of today have nothing. Why can't a surplus (gift from heaven?) be saved for the future?
1006 All-Star Author Birmingham Posts:929 Points:1,027,495 Joined:Apr 2008	Message Posted: Sep 9, 2010 4:41:52 AM Ignore 1006 Report Abuse yeah they hoard it & create some disaster to drive the price.
jackson661 Champion Author Columbus Posts:2,783 Points:1,047,190 Joined:May 2006	Message Posted: Sep 9, 2010 12:52:52 AM Ignore jackson661 Report Abuse speculators push oil prices higher
Powerstroke73L Champion Author Sacramento Posts:2,785 Points:723,905 Joined:Jul 2008	Message Posted: Sep 9, 2010 12:51:46 AM Ignore Powerstroke73L Report Abuse According to EIA, there have only been 3 months since 1988 where the US has had more crude in inventory. In March 1990 the average unleaded price was $1.15 per gallon. Now it's $2.70 per gallon with almost the same inventory numbers. Supposedly we're paying high prices because of the worldwide demand. Uh yeah, it's all about the players in the market and the feds do nothing but look the other way while the costs of everything in this country go through the roof.
OnTheWater Champion Author Orange County Posts:2,123 Points:622,380 Joined:Nov 2009	Message Posted: Sep 9, 2010 12:46:44 AM Ignore OnTheWater Report Abuse You want to explain why crude went up then today????? I'll tell you why it's those greedy good for nothing Speculators causing this to happen. Today crude/gas prices are no longer based on supply & demand their based on pure 100% GREED!!!!!!!!!!!!!!!!!!!!!!
fullcirclethink Champion Author Washington Posts:1,527 Points:118,645 Joined:Jun 2009	Message Posted: Sep 9, 2010 12:46:39 AM Ignore fullcirclethink Report Abuse Add to this article those who believe the Earth is producing more oil even as we speak and you can be guaranteed that the only time we experience oil shortages is due to the speculators or an embargo.
bobdec Champion Author Florida Posts:6,716 Points:1,324,615 Joined:May 2008	Message Posted: Sep 9, 2010 12:23:15 AM Ignore bobdec Report Abuse speculators push oil prices higher, demand is not as important
speedys Champion Author Utah Posts:4,661 Points:2,091,320 Joined:Nov 2005	Message Posted: Sep 9, 2010 12:22:38 AM Ignore speedys Report Abuse I agree "TIGERPAW46".
nurdco Champion Author Colorado Springs Posts:6,588 Points:1,227,510 Joined:Apr 2008	Message Posted: Sep 9, 2010 12:12:24 AM Ignore nurdco Report Abuse High fuel prices in a BAD Global economy makes for LESS but Smart efficient driving habits...
TIGERPAW46 Champion Author Florida Posts:5,158 Points:965,885 Joined:Mar 2004	Message Posted: Sep 9, 2010 12:10:32 AM Ignore TIGERPAW46 Report Abuse As everyone knows; it's the speculators pushing the oil prices higher than the demand warrants.
HA4CNN Champion Author Toronto Posts:3,459 Points:1,098,865 Joined:Dec 2006	Message Posted: Sep 9, 2010 12:00:46 AM Ignore HA4CNN Report Abuse I believe that oil is constantly being produced not fossil or finite in nature.
dangnad All-Star Author San Francisco Posts:649 Points:443,550 Joined:Nov 2005	Message Posted: Sep 8, 2010 11:57:48 PM Ignore dangnad Report Abuse Gas prices stay high because oil and gasoline are commodities now, not products. If they were products then they would follow supply and demand but they haven't for 20 years. Wall Street criminals determine the price.
jtfftj All-Star Author New Hampshire Posts:987 Points:822,755 Joined:Sep 2005	Message Posted: Sep 8, 2010 11:56:00 PM Ignore jtfftj Report Abuse Opec will love it.
NOTSOGRN Champion Author Michigan Posts:1,282 Points:1,083,115 Joined:Dec 2007	Message Posted: Sep 8, 2010 11:47:34 PM Ignore NOTSOGRN Report Abuse Just look for the biggest pin ya can find & pop the oil bubble.
roadrunnerMO Champion Author Kansas Posts:5,991 Points:1,233,260 Joined:Jul 2008	Message Posted: Sep 8, 2010 11:39:43 PM Ignore roadrunnerMO Report Abuse Cannot believe all you hear like this. Don't you think our politicians in washington will take all their payoff monies from the oil companies and ensure legislation is in place to ensure high profits for the oil companies and producers. The oil companies are the greatest lobby groups in terms of monies spent.
ex911 Champion Author San Jose Posts:6,844 Points:1,339,770 Joined:Apr 2005	Message Posted: Sep 8, 2010 11:36:38 PM Ignore ex911 Report Abuse the sky is falling, the sky is falling...
dabuzman Champion Author Seattle Posts:4,399 Points:1,427,200 Joined:Apr 2006	Message Posted: Sep 8, 2010 11:36:05 PM Ignore dabuzman Report Abuse We have oil because no on manufacture like they should and travel is down big time. An people are getting smart about traveling.
v240 All-Star Author Pennsylvania Posts:963 Points:1,066,990 Joined:Feb 2007	Message Posted: Sep 8, 2010 11:31:59 PM Ignore v240 Report Abuse Prices should be falling - but won't unless/until the speculators wind up running out of places to store it (so they can keep the price artificially high.
vulcan96 Champion Author Ohio Posts:21,169 Points:2,639,595 Joined:Aug 2004	Message Posted: Sep 8, 2010 11:26:59 PM Ignore vulcan96 Report Abuse this just goes to prove that manipulation is THE reason for the insanely high priced gas and the speculators will indeed get caught in a bind and lose their shirts eventually.
pyndasky Champion Author Maryland Posts:7,570 Points:1,320,880 Joined:May 2008	Message Posted: Sep 8, 2010 11:17:37 PM Ignore pyndasky Report Abuse Food Banks distribute excess food to those in need.... maybe we should have Gas Banks too.
TRAIN RIDER Champion Author San Bernardino Posts:6,763 Points:2,297,910 Joined:Oct 2004	Message Posted: Sep 8, 2010 11:17:14 PM Ignore TRAIN RIDER Report Abuse PRICES SHOULD BE FALLING FAST THEN.
250FORD Champion Author Minnesota Posts:8,265 Points:1,303,335 Joined:Feb 2007	Message Posted: Sep 8, 2010 11:09:54 PM Ignore 250FORD Report Abuse This is a funny article, it just proves without a dought that gas and oil is where it is because of manipulation by manipulators.
WhiteTreeIndian Champion Author New Jersey Posts:3,378 Points:667,470 Joined:Dec 2009	Message Posted: Sep 8, 2010 11:09:09 PM Ignore WhiteTreeIndian Report Abuse Lower the prices and give it away.
panama303 All-Star Author Denver Posts:790 Points:267,020 Joined:Jan 2005	Message Posted: Sep 8, 2010 11:07:33 PM Ignore panama303 Report Abuse As the supply rises so doea the price...go figure!
Quick68 Champion Author Columbus Posts:4,832 Points:757,825 Joined:Dec 2009	Message Posted: Sep 8, 2010 11:06:53 PM Ignore Quick68 Report Abuse If we have so much oil on hand then why is the price of gas still so high.
comprof Champion Author Houston Posts:4,373 Points:895,100 Joined:Jul 2009	Message Posted: Sep 8, 2010 11:06:43 PM Ignore comprof Report Abuse Prices would be even lower if Obama would take a permanent vacation and leave the drilling industry alone.
ItsMorph Champion Author Grand Rapids Posts:30,084 Points:2,721,175 Joined:Mar 2004	Message Posted: Sep 8, 2010 11:06:24 PM Ignore ItsMorph Report Abuse Keep going UP!
judgemobile Champion Author Ohio Posts:5,245 Points:1,983,145 Joined:Nov 2005	Message Posted: Sep 8, 2010 11:03:25 PM Ignore judgemobile Report Abuse not only oil supplies keep rising--so does NAT GAS supply. May explain why prices which were $ 5.15 five months ago are now in the $ 3.85 range.
Z51Corvette Champion Author Austin Posts:6,156 Points:1,224,540 Joined:Jan 2008	Message Posted: Sep 8, 2010 10:59:30 PM Ignore Z51Corvette Report Abuse Peak oil... nope, don't believe it yet... may be soon, by not yet at least!
lindact Champion Author New Haven Posts:6,484 Points:1,269,475 Joined:May 2008	Message Posted: Sep 8, 2010 10:56:52 PM Ignore lindact Report Abuse $50/barrel ? I'll believe it when I see it. They'll find some reasons to keep prices inflated.
danreino Champion Author Twin Cities Posts:6,275 Points:1,143,170 Joined:Mar 2008	Message Posted: Sep 8, 2010 10:53:35 PM Ignore danreino Report Abuse Jeff4U..............THANK YOU
gougenator Champion Author Dallas Posts:26,437 Points:2,809,145 Joined:Aug 2003	Message Posted: Sep 8, 2010 10:53:13 PM Ignore gougenator Report Abuse and we are truly getting sooooo gouged by the oil barons!!!!!! hoping itll plummet to $10/b!!! here comes $1 gas!
joel27nc Champion Author Raleigh Posts:8,157 Points:1,392,445 Joined:Mar 2008	Message Posted: Sep 8, 2010 10:50:29 PM Ignore joel27nc Report Abuse Oil should be $30-40 per barrel.
Jeff4U Champion Author Atlanta Posts:5,960 Points:1,385,345 Joined:Nov 2004	Message Posted: Sep 8, 2010 10:39:31 PM Ignore Jeff4U Report Abuse It's a good day! Thanks for asking, DosEquis26!
DosEquis26 Champion Author Chicago Posts:3,758 Points:1,542,440 Joined:Jun 2006	Message Posted: Sep 8, 2010 10:37:58 PM Ignore DosEquis26 Report Abuse some of my best friends are gluttons. Jeff4U; Are you okay??????????????
Jeff4U Champion Author Atlanta Posts:5,960 Points:1,385,345 Joined:Nov 2004	Message Posted: Sep 8, 2010 10:35:44 PM Ignore Jeff4U Report Abuse How anyone could be so bold and have the audacity to believe they know what's underneath the Earth along with the vast oceans, is beyond logic and common sense. You cannot see what is invisible to your eyes! Your tools and reasoning are grossly insufficient and are an embarrassment to the human intellect. "Peak oil" is one of the biggest lines of BS ever told - designed by the greedy who are solely after profits and are still laughing about it right now. Those who actually believe this crap have me stunned with incalculable amazement. As centuries into the future pass, historians will look back to this date and compare us to having a caveman's mentality. Think! [Edited by: Jeff4U at 9/9/2010 12:37:00 AM EST]
Scotty99QC Veteran Author Montreal Posts:275 Points:74,950 Joined:Jul 2010	Message Posted: Sep 8, 2010 10:35:32 PM Ignore Scotty99QC Report Abuse Up 2 down 1 !
paulg72 Champion Author Boston Posts:1,558 Points:543,375 Joined:Apr 2010	Message Posted: Sep 8, 2010 10:32:48 PM Ignore paulg72 Report Abuse Can't wait for the bubble to burst on oil then obama can bail out exxon mobile whoever
Vette1967 Champion Author Albany Posts:3,654 Points:815,950 Joined:Jun 2009	Message Posted: Sep 8, 2010 10:32:25 PM Ignore Vette1967 Report Abuse The prices of gasoline will still go up and down regardless.
Number43 Champion Author Lexington Posts:6,292 Points:1,189,880 Joined:Oct 2008	Message Posted: Sep 8, 2010 10:20:44 PM Ignore Number43 Report Abuse The price of oil will fall dramatically only when there is no more room to store the surplus. At that point there could be a panic in the markets and the bubble will pop. Banks and hedge funds too big to fail will then once again turn to the taxpayer to bail them out.
DEG Champion Author Las Vegas Posts:15,397 Points:3,054,380 Joined:Jul 2003	Message Posted: Sep 8, 2010 10:19:46 PM Ignore DEG Report Abuse With that much reserve; oil prices should be dropping like a rock. But Big Oil and speculation keeps prices artificially high. [Edited by: DEG at 9/9/2010 12:20:05 AM EST]