We do but not much. It's left up to the major refiners to hold as much unrefined crude and refined product (ie petrol) as they determine given demand. The Govt doesn't enforce mandatory holding levels even though we are sign up to (and fail badly) the 90 day minimum holdings we should have on shore. https://www.abc.net.au/news/2018-05-23/fact-check-jim-molan-fuel-security/9687606 Also page 14 of the below report. https://aip.com.au/sites/default/fi...Reliability_for_Liquid_Fuels_in_Australia.pdf Might be cheap enough now just to buy the oil tankers outright / long term lease, fill'em up and park them off Perth and Melbourne.
Dont think there are many left that are available. I would be loading up all RAN and RNZN colliers with as much cheap west texas crude i could find if i was in charge.
08 March 2020 The Morrison government has struck a landmark deal to tap into the US government's tightly-guarded emergency fuel reserves, a move that will help lower the risk of Australia plunging into an economic and national security crisis. The agreement, to be signed by Energy Minister Angus Taylor in Washington on Monday (Tuesday AEDT), will help shore up the dangerously low supplies in Australia that have left consumers vulnerable to price spikes and rationing in the event of a sudden supply disruption. https://www.smh.com.au/politics/fed...s-emergency-oil-supplies-20200307-p547t1.html
Got the below from weforum.org which has a good explanation on this. "The contract for West Texas intermediate crude, or WTI, is the benchmark for U.S. crude oil prices. On April 20th, it looked like this: US oil prices plunged below $0 a barrel for the first time in history. Image: Reuters Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors. Here is an explanation of what negative crude prices mean in the real world: What does a negative futures price mean? The price of a barrel of crude varies based on factors such as supply, demand and quality. Supply of fuel has been far above demand since the coronavirus forced billions of people to stop traveling. Because of oversupply, storage tanks for WTI are becoming so full it is difficult to find space. The U.S. Energy Information Administration said last week that storage at Cushing, Oklahoma, the heart of the U.S. pipeline network, was about 72% full as of April 10. “There’s no available storage anymore so the price of the commodity is effectively worthless,” said Bob Yawger, director of futures at Mizuho in New York. “So when it’s minus a dollar, they’ll pay you a dollar to get it out of there.” The price plunge was partly due to the way oil is traded. A futures contract is for 1,000 barrels of crude, delivered into Cushing, where energy companies own storage tanks with roughly 76 million barrels of capacity. Each contract trades for a month, with the May contract due to expire on 21st of April. Investors holding May contracts didn’t want to take delivery of the oil and incur storage costs, and in the end had to pay people to take it off their hands. The June contract, with delivery a month away, is still trading at above $20 a barrel, but the price crash indicates that most storage space has been gobbled up. What does this mean for consumers? The crash in crude futures prices at Cushing won’t necessarily translate into a crash in prices at the gas pump, said Tom Kloza, a veteran analyst with Oil Price Information Services. “I think it’s more inside baseball,” Kloza said. “We’ll continue to see gasoline prices, diesel prices and jet fuel prices drift lower into May but one shouldn’t conclude that we’re going to see fuel given away or that we’re going to match these incredible, unprecedented drops we saw in crude oil today,” Kloza said. With recent lower oil prices, the typical American family is probably going to save about $150 to $175 this month on their fuel purchases, he said. What does it mean for airlines? For cash-strapped airlines, the decline in crude prices will make it cheaper to operate flights that are already nearly empty as people remain homebound due to the coronavirus. The plunge in crude futures also indicates that the market does not expect airlines to add back many flights to their slimmed down networks any time soon, said Raymond James analyst Savanthi Syth. What does it say about the economic rebound? While investors and analysts wade through the technicalities of the oil markets that contributed to the crash, others are trying to glean what it might say about the economy. As much as 30 million barrels per day - what used to be 30% of global demand - has been pumped into storage worldwide in the past two or three months. Even if demand were to return to pre-virus levels, it would take a long time to burn off all that stored crude. “What the energy market is telling you is that demand isn’t coming back any time soon, and there’s a supply glut,” says Kevin Flanagan, head of fixed income strategy for Wisdomtree Asset Management, in New York. The price of June crude contracts also dropped sharply on Monday, falling by 18.4% to $20.43 a barrel. That’s a more reliable view of how traders are thinking about consumer demand for energy in the immediate future. It isn’t below zero, but it is falling rapidly."
Where would oil prices be if they hadn’t recently agreed to cut output? Interested how this oil war is going to play out on top of covid shutdowns. Any thoughts? https://fortune.com/2020/04/14/trump-oil-deal-inside-story-saudi-arabia-russia-price-war-ended/
group buy of 1 billions masks, go no takers now we can buy 1 Trillions worth of oil clearly prices is manipulated to 0.01 and rebounded, with no actual oil changing hands it used to be 1USD = 1 Barrel of oil law of surprised get USD to be worth -50+ Saudi and Russia are lol looking at USA
The oil pigs are done. Now it's who has the large gold reserves that reighn supreme . Goodbye finally usa, I won't shed a tear for your demise
The Govt stopped all that over a decade ago when they mandated that only low aromatic fuel could be sold in the NT. Not enough of whatever chemical in the "Opal" fuel they sell to enable a high from sniffing.
Trump will buy barrels for $1 then sell it back to us for$40. Hes already having the oil corps write up what they want for a bailout. Anything they want he says. Hes helping his masters buy it ALL.
Reserves of gold won't make any difference. Oil will rise in price again. And the USA is not going anywhere.
