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Where have all the tankers gone?
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NealT
3133T BSD d00d
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Joined: Nov 11, 2003
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Posted: Sat May 14, 2005 3:49 pm Post subject:
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With the way the gas has gone up so far this year alone, it has more than eaten my humble pay raise for the entire year...and I don't have to drive 50 miles one way to work either...
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etee
The Me
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Joined: Oct 30, 2003
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Posted: Sun May 15, 2005 7:01 am Post subject:
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BobCat wrote: |
OK, the money's good now....for the refinery companies for the time being. |
Actually, when crude prices are high, the refineries themselves are getting squeezed, badly. Most (the vast majority) of their budget is in crude oil costs. And, the rest of the downstream (marketing) operations isn't much better off, as the profit (for the station) at the pump is only pennies a gallon. The large oils can handle this, because the upstream makes the profit during this time as their major expense is measured in "lifting costs", how much they have to spend to pump the oil out of the ground. Profit = selling price minus expense, so when the selling price goes up and the expense doesn't, profit rises. Of course, when that happens, others weigh in, looking for an extra share of the loot. And, a new tactic seems to be "investigations into tax irregularities" -- a number of producing companies have taken this road, hoping to cause the companies to simply cave and turn over the money desired, rather than take the chance on losing the investments made to date.
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BobCat
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Posted: Tue May 17, 2005 12:20 am Post subject:
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So does this mean that the big money's investing in big oil or the refineries? Sounds like a big "NO" to the refineries.
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etee
The Me
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Posted: Tue May 17, 2005 5:56 am Post subject:
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You got that right. It doesn't make economic sense to invest in new refineries domestically, because the permitting process itself (along with the NIMBY syndrome) will tend to discourage new refinery construction. There is some incentive to build them overseas (outside of the US), but even so it will take a long, long time for a new refinery to show a profit.
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"Supreme Commander of the Buffalo Wing, Spicey Chicken Cartel"
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