Los Angeles Oct. 17, 2007. Thank you Exxon Mobil, thank you Chevron, thank you Valero Oil Refinery for taking up the slack between the gas prices at the pump and the real price for gas. Have you ever wondered why the same gas price at the pump has not changed significantly over the last year while at the same time the price for crude oil has increased by around 40% since January this year?
All these billions of dollars, oil companies make in the business of oil production (upstream) due to high crude oil prices are now spent on subisdy funds (price subsidies) for crude oil refineries (downstream) to keep the gas priceses at the pump low - all that for you the consumer, so you would not see the real impact of peak oil.
As a consequence oil refineries and oil companies involved in the downstream business (oil refining) report a profit warning for the 3rd quarter of 2007:
Read about Exxon Mobil's Profit Warning on International Haralb Tribune.
Read about Chevron's Profit Warnings on Marketwatch.com.
Thursday, October 18, 2007
Welcome to the Crude-Oil-Alerts Blog!
You might have heard: oil is a finite resource. So, it will run out one day. But before that happens crude oil production rates will decline and world oil supply is at risk. Some say peak production is already at hand and the curde oil markets are out of control. The goal of this blog is to provide the most comprehensive and updated platform on the topic of peak oil.