A special niche is the creation of statists and they will protect it from natural market forces. Kind of like banks that do their masters bidding but are too big to fail.
BP Refinery Outage Leads to Higher Midwest Gasolin
- Thread starter dblshock
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Originally Posted By: dblshock
to have a special niche in our economy like a refinery, and drop the ball on a maintenance issue is inexcusable...After the Gulf catastrophe most monkeys see a pattern sheeps cannot.
Most monkeys have their hands over their eyes or ears... not enough have their hands over their MOUTHS though.
to have a special niche in our economy like a refinery, and drop the ball on a maintenance issue is inexcusable...After the Gulf catastrophe most monkeys see a pattern sheeps cannot.
Most monkeys have their hands over their eyes or ears... not enough have their hands over their MOUTHS though.
Too much stupid in this topic. I'll add mine: Why can't we build refineries like we did when GW was in office?
Originally Posted By: dblshock
government looking into this? where's the investigation?
Ha good laugh to make my afternoon. The government could only make it worse. The same crowd who mandates ethanol and different seasonal blends. Plus they take a 50% CUT. lol
government looking into this? where's the investigation?
Ha good laugh to make my afternoon. The government could only make it worse. The same crowd who mandates ethanol and different seasonal blends. Plus they take a 50% CUT. lol
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SMH at a lot of the comments in this thread.
I'm trying to figure out why, if there is so much money to be made here since its so simple to manipulate the market as desired according to many here, we haven't opened up a ton of refining capacity to take advantage of it? And don't say its impossible due to EPA regs. A new Diesel refinery just opened in North Dakota this Spring, and there is more on the drawing board...
I'm trying to figure out why, if there is so much money to be made here since its so simple to manipulate the market as desired according to many here, we haven't opened up a ton of refining capacity to take advantage of it? And don't say its impossible due to EPA regs. A new Diesel refinery just opened in North Dakota this Spring, and there is more on the drawing board...
Originally Posted By: skyactiv
Too much stupid in this topic. I'll add mine: Why can't we build refineries like we did when GW was in office?
Why can't we build them now? Same reason.
Surely you aren't arguing there is no demand?
Too much stupid in this topic. I'll add mine: Why can't we build refineries like we did when GW was in office?
Why can't we build them now? Same reason.
Surely you aren't arguing there is no demand?
5 Important Facts BP's Management Wants Its Investors to Know
http://www.fool.com/investing/general/20...ts-investo.aspx
It should come to the surprise of no one that BP's (NYSE:BP) quarterly earnings didn't turn any heads on Wall Street. Even without the several billion dollar asset impairments and writedowns it took last quarter, earnings from upstream production declined more than 90%!
2.) Reduced costs without too much sacrifice for the future
With oil prices in the doldrums, oil companies have a choice to make: Cut spending now to conserve cash and not raise capital, or keep capital spending levels going and fill the funding gaps with debt. Neither one is ideal, really. If you cut spending, you risk not having enough projects in the development pipeline for years down the road. If you keep spending going, you risk blowing up the balance sheet with debt. In the case of BP, management thinks it can have the best of both worlds by forcing some of its suppliers and contractors to bear some of the costs. As Mr. Dudley put it, BP can cut costs without compromising too much of the future thanks to cheaper rates from oil services companies:
http://www.fool.com/investing/general/20...ts-investo.aspx
It should come to the surprise of no one that BP's (NYSE:BP) quarterly earnings didn't turn any heads on Wall Street. Even without the several billion dollar asset impairments and writedowns it took last quarter, earnings from upstream production declined more than 90%!
2.) Reduced costs without too much sacrifice for the future
With oil prices in the doldrums, oil companies have a choice to make: Cut spending now to conserve cash and not raise capital, or keep capital spending levels going and fill the funding gaps with debt. Neither one is ideal, really. If you cut spending, you risk not having enough projects in the development pipeline for years down the road. If you keep spending going, you risk blowing up the balance sheet with debt. In the case of BP, management thinks it can have the best of both worlds by forcing some of its suppliers and contractors to bear some of the costs. As Mr. Dudley put it, BP can cut costs without compromising too much of the future thanks to cheaper rates from oil services companies:
Originally Posted By: MolaKule
The more refineries, the better the competition and ultimately, lower prices, and less control over prices from one signle refinery.
Agreed. If BP decided they never wanted to risk damaging the North American environment every again and shut down all its North American refineries (and sold everything for scrap) and shut down its exploration activities, everyone would be calling for BP's head, as it were, for the increase in the price of oil and gasoline, not to mention the loss of jobs.
The more refineries, the better the competition and ultimately, lower prices, and less control over prices from one signle refinery.
Agreed. If BP decided they never wanted to risk damaging the North American environment every again and shut down all its North American refineries (and sold everything for scrap) and shut down its exploration activities, everyone would be calling for BP's head, as it were, for the increase in the price of oil and gasoline, not to mention the loss of jobs.
US House leaders press BP for answers on Whiting refinery outage
HOUSTON, Aug. 18
08/18/2015
By Robert Brelsford
OGJ Downstream Technology Editor
http://www.ogj.com/articles/2015/08/us-h...ery-outage.html
Leaders in the US House of Representatives are demanding answers from BP PLC regarding the early August unplanned and still ongoing shutdown of a major processing unit at its 413,000-b/d refinery in Whiting, Ind.
Reps. Jackie Walorski (R-Ind.) and Fred Upton (R-Ind.) have sent a letter to BP Chief Executive Robert Dudley asking for information pertaining to the sudden closing of the refinery unit on Aug. 8, which has caused a sharp spike in gas prices throughout the upper Midwest, Walorski and Upton said in a joint release.
“Some areas of the Midwest have seen prices rise over $1/gal over a 24-hr period, disproportionately affecting the most vulnerable of our constituents and resulting in large unpredicted costs in getting goods to market across the region,” the House members wrote.
In addition to noting the immediate hardship posed to constituents in their districts as a result of rising prices at the pump, Walorski and Upton expressed concern that speculators may force additional price increases amid the lack of available information regarding the sudden closure.
Upton, who is chairman of the House Energy and Commerce Committee, and Walorski, whose congressional district includes the refinery, specified an Aug. 21 deadline for Dudley to provide responses to the following inquiries:
• What is the cause of the outage, and when did it occur?
• How much gasoline production has been idled?
• How long is the outage expected to last?
• Is it possible for other refineries in the region (or other units at Whiting) to make up for the shortfall, and if not, why not?
• Does BP exert any control over the price that individual gas stations charge, and if so, what is the company doing to prevent price gouging?
• Is there any role for state and federal governments in alleviating the severity and/or duration of the price spike and in reducing the likelihood of future incidences?
The representatives further requested Dudley to provide daily updates on the status of operations until the situation is resolved.
BP shut down the largest of Whiting’s three crude distillation units on Aug. 8 for unscheduled repair work, the company said in an Aug. 12 statement.
While BP confirmed the rest of the refinery continues to operate, it did not disclose details regarding the degree of impact to the plant’s production of finished fuels.
The company said it is working to meet fuel supply obligations to customer and to safely restart the shuttered unit as soon as possible.
HOUSTON, Aug. 18
08/18/2015
By Robert Brelsford
OGJ Downstream Technology Editor
http://www.ogj.com/articles/2015/08/us-h...ery-outage.html
Leaders in the US House of Representatives are demanding answers from BP PLC regarding the early August unplanned and still ongoing shutdown of a major processing unit at its 413,000-b/d refinery in Whiting, Ind.
Reps. Jackie Walorski (R-Ind.) and Fred Upton (R-Ind.) have sent a letter to BP Chief Executive Robert Dudley asking for information pertaining to the sudden closing of the refinery unit on Aug. 8, which has caused a sharp spike in gas prices throughout the upper Midwest, Walorski and Upton said in a joint release.
“Some areas of the Midwest have seen prices rise over $1/gal over a 24-hr period, disproportionately affecting the most vulnerable of our constituents and resulting in large unpredicted costs in getting goods to market across the region,” the House members wrote.
In addition to noting the immediate hardship posed to constituents in their districts as a result of rising prices at the pump, Walorski and Upton expressed concern that speculators may force additional price increases amid the lack of available information regarding the sudden closure.
Upton, who is chairman of the House Energy and Commerce Committee, and Walorski, whose congressional district includes the refinery, specified an Aug. 21 deadline for Dudley to provide responses to the following inquiries:
• What is the cause of the outage, and when did it occur?
• How much gasoline production has been idled?
• How long is the outage expected to last?
• Is it possible for other refineries in the region (or other units at Whiting) to make up for the shortfall, and if not, why not?
• Does BP exert any control over the price that individual gas stations charge, and if so, what is the company doing to prevent price gouging?
• Is there any role for state and federal governments in alleviating the severity and/or duration of the price spike and in reducing the likelihood of future incidences?
The representatives further requested Dudley to provide daily updates on the status of operations until the situation is resolved.
BP shut down the largest of Whiting’s three crude distillation units on Aug. 8 for unscheduled repair work, the company said in an Aug. 12 statement.
While BP confirmed the rest of the refinery continues to operate, it did not disclose details regarding the degree of impact to the plant’s production of finished fuels.
The company said it is working to meet fuel supply obligations to customer and to safely restart the shuttered unit as soon as possible.
...very few real answers from BP, again this is a sloppy disheveled BP organization trying to save money on routine maintenance and costing the public millions, I say the turn the facility over to another refiner who has the capacity to operate it properly.
Originally Posted By: dblshock
...very few real answers from BP, again this is a sloppy disheveled BP organization trying to save money on routine maintenance and costing the public millions, I say the turn the facility over to another refiner who has the capacity to operate it properly.
"Turn it over"? Just who do you think owns it?
...very few real answers from BP, again this is a sloppy disheveled BP organization trying to save money on routine maintenance and costing the public millions, I say the turn the facility over to another refiner who has the capacity to operate it properly.
"Turn it over"? Just who do you think owns it?
Wow sure, OK.
The refinery was shut down for unscheduled maintenance after an EPA inspection. Could there be a connection here? BP's repeated requests for permits to update facilities and expand capacity have all been turned down by both the EPA and the politicians. Now the same politicians want to know why BP has to do maintenance on old outdated facilities and to explain why production has been interrupted.
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