Report predicts gas glut by 2010

[NickB79]

http://toplistings.twincities.com/business/ci_6502976

"HOUSTON - Gasoline prices could decline by 2010 amid a "potential oversupply" of oil products, even though U.S. refining capacity will be expanded less than previously thought, according to a new report by Edinburgh, Scotland-based consultancy Wood Mackenzie Ltd.

Despite lagging refinery expansion and growing demand, the report suggests that new biofuels, natural gas liquids, and liquefied petroleum may replace some conventional fuels, resulting in a potential oversupply that depresses prices at the pump.

The central conclusion - that a glut of fuel supply from outside the conventional refining system could depress gasoline prices - differs from the consensus of many energy experts, which holds that the supply impact from biofuels and other sources will be limited between now and the end of the decade. The report comes amid an industrywide reevaluation of refinery expansion projects that were once considered likely to be online by 2010. "

snip

"Globally, Wood Mackenzie expects 8.1 million barrels a day of crude capacity to come online by the end of 2010, reflecting the construction of 17 new refineries and expansion of 80 existing refineries."

I wonder where they're planning to get that 8.1 million barrels/day of new crude, when every major oil reserve is reporting declining oil production. Similarly, natural gas production in North America has plateaued, so liquefied natural gas production probably won't be expanding.

[lvx35]

1. Yeah, I'll believe that when I see it.

The writing is absolutely on the wall that we are headed for a major oil crunch around 2012-13. The demand can grow infinitely, but the idea that the supply is going catch up at this point is simply a pipe dream.

[zehnkatzen]

11. So that's why that Aztec Sun Calendar stopped at 2012!

It's uncanny, I tell ya!

(they may as well use that slab of stone for all the forecasting they're doing)

[Dead_Parrot]

2. Also, everyone will get a free pony in 2011

Except Pigwidgeon, who'll get an "Optimus Prime" Transformer.

Oh, and I'll buy a round of drinks in 2012. :D

[tom_paine]

3. What, no Optimus Prime tansformer for me?

That's OK. I wanted a six-pack more anyway. (sticks tongue out)

:beer: :beer: :beer: :beer: :beer: :beer:

[Sherman A1]

4. Yippee!

I am sure the Free Pony will be very popular. Thanks for the Heads Up on that, I can start planning where I will keep him.

:bounce: :toast: :think: :crazy: :silly: :freak: :wow:

[A HERETIC I AM]

5. I want my pony to be a Hybrid like this one

Back-up power provided by me. This way, i can shut the pony off at stop lights.
As you can clearly see, this pony has its controls installed on its ears and the man is using them to the fullest extent allowed by the National Hybrid Pony Association.

[Dead_Parrot]

6. Well, I am in New Zealand...

I'll see what I can, err, rustle up. :D

Just don't go for the DIY plug-in kit. There's laws against that sort of thing, y'know.

[A HERETIC I AM]

7. I understand you can avoid those laws with the special boots.

or so i hear

[Dead_Parrot]

9. *cough cough*

I know nothing. :hide:

[Dogmudgeon]

10. I don't want an Optimus Prime Transformer anymore

Tifani-Jane Luddingham says Transformers are for dumb boys who have little pee-pees and play with gunns and she's the most popular girl in the whole 44th grade.

I want to be a girl and get a Malibu® Renewable Barbie® with the Rainbow Protest Yacht® Play Set and Mythic Hero's Journey® Ken® and I want to have long blond hair and be a singer and have windmills. I want three windmills on my roof if I marry a prince and live in a castle. If I'm a career girl then we'll have them in the back yard.

I'm a career girl instead I will work in town and make money and drink cocktails with the CEO. My favorite cocktail will be a Peach Dackery with an umbrella in it because beer makes you fluff.

Next year, when I'm in the 44th Grade, I'll be a big kid and I'll have Mr. Al Gore as my teacher and we'll all ride PONYS to school!!! YAY!!!!! Tifani-Jane Luddingham says ponys are renewable. Renewable means you can get anything you want as long as you don't eat meat and listen to cool songs and only ride bikes and ponys. And you have to use twirly-shaped light bulbs and only flush after you make Number Two.

I don't want to live in a world where other kids get to get stuff but I can't. I deserve to get everything I want like Tifani-Jane Luddingham.

--p!

[phantom power]

12. Rainbow Protest Yacht.... What's the icon for wiping coffee off a monitor?

:rofl:

[Delphinus]

14. What a hoot!

How come I can't be as witty as you?! :rofl:

[Dead_Parrot]

15. ...

:spray:

[GliderGuider]

8. Now THAT's how you clap for Tinkerbell!

:crazy:

[One_Life_To_Give]

13. Not if China and India have anything to say about it

Even if true tha there will be all this "extra" biofuel. Any depression in price will be offset by increased demand in Asia.

[TheWraith]

16. There's a gas glut RIGHT NOW.

US supplies of gasoline are far in excess of average, almost double. The ONLY reason it's expensive right now is because companies are deliberately price-gouging.