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No Habla Petróleo
Oil production has been declining in Mexico since their enormous Cantarell field peaked. Production in Venezuela sputtered after they expelled foreign oil companies. To make up the decline, US refiners have turned to Persian Gulf oil, which takes far longer to deliver.
Just in time for summer driving season (if that still exists) the EIA reports show that week-by-week crude oil imports to the US Gulf Coast have dropped as follows:
May 2 6.683 mbpd
May 9 6.130 mbpd
May 16 5.173 mbpd
May 23 4.996 mbpd
Guest-posting at the Oil Drum blog, Geologist Jeffrey (westexas) Brown claims this was predicted by the Export Land Model. and anticipates pressure for the US government to make up the shortfall with our emergency stocks in the Strategic Petroleum Reserve. Yeah, the same SPR we stopped filling a few weeks ago.
Comments (1)
I didn't see that Donal. For sure stocks have been artificially adjusted on both oil and NG going back at least two years. Call me a skeptic but something tells me Pemex has changed its pumping patterns. We are slated to take it you know where for the foreseeble future. In a world flush with oil the price keeps rising......yeah, that is capitalism at its finest.
June 3, 2008 4:05 PM | Reply | Permalink
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