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Bob42
of Fall River, MA
Home Heating oil doesn't have the Federal or State tax.
The airlines are cutting back on flights and cities serviced. That should help the middle of the barrel.
Home heating futures closed around $3.12 and gasoline at $2.86. Have to add dealer profit and transportation costs.report abuse
Aug 11, 2008 10:51 PM
Matt.
Home Heating oil doesn't have the Federal or State tax.
The airlines are cutting back on flights and cities serviced. That should help the middle of the barrel.
Home heating futures closed around $3.12 and gasoline at $2.86. Have to add dealer profit and transportation costs.report abuse
Matt Foley
of In a Van Down by the River, ME
There's a simple explanation for the higher diesel/heating oil prices... John Hofmeister, former Shell CEO:
"We have a very serious problem, not just in this country but worldwide, with what`s called the middle of the barrel production. Out of the middle of the barrel, take 42 gallon crude oil barrel. The bottom of the barrel makes asphalt, marine fuel oil. The top of the barrel makes gasoline and petro chemicals. The middle of the barrel makes diesel, aviation fuel and heating oil. That middle part of the barrel is in such demand from the developing world, from Europe, from the U.S.. That`s why diesel is so expensive. We can`t get enough of the supply of the middle of the barrel without getting more crude barrels."report abuse
Aug 11, 2008 9:09 PM
"Notice that diesel fuel is still well over $4.00 a gallon? It's in the same price range as heating oil will be all winter I'd be willing to bet"
There's a simple explanation for the higher diesel/heating oil prices... John Hofmeister, former Shell CEO:
"We have a very serious problem, not just in this country but worldwide, with what`s called the middle of the barrel production. Out of the middle of the barrel, take 42 gallon crude oil barrel. The bottom of the barrel makes asphalt, marine fuel oil. The top of the barrel makes gasoline and petro chemicals. The middle of the barrel makes diesel, aviation fuel and heating oil. That middle part of the barrel is in such demand from the developing world, from Europe, from the U.S.. That`s why diesel is so expensive. We can`t get enough of the supply of the middle of the barrel without getting more crude barrels."report abuse
Bobof42
of Fall River, MA
Irving's refinery in Saint John is lots closer than Newark, NJ(if still operating).
Canada has done what the USA didn't.
Drilled off shore, developed sand tars, and built new refineries. We buy 17% of our oil products from Canada. We produce 42% of our oil.
Does anyone want a refinery in Maine?report abuse
Aug 11, 2008 8:33 PM
Good News for Maine:
Irving's refinery in Saint John is lots closer than Newark, NJ(if still operating).
Canada has done what the USA didn't.
Drilled off shore, developed sand tars, and built new refineries. We buy 17% of our oil products from Canada. We produce 42% of our oil.
Does anyone want a refinery in Maine?report abuse
Bobof42
of Fall River, MA
Then they added another 200,000 barrels after Bush's trip.
No one was buying it, so they gave discounts to Europe and USA.
Bloomburg reported China decreased their crude purchases by 7% in July.
The Congressional ban on off shore drilling expires Sept. 30, 2008.report abuse
Aug 11, 2008 8:16 PM
It was Bush's trip to the Saudis. They had already increased production by 300,000 barrels to offset declines in other OPEC countries.
Then they added another 200,000 barrels after Bush's trip.
No one was buying it, so they gave discounts to Europe and USA.
Bloomburg reported China decreased their crude purchases by 7% in July.
The Congressional ban on off shore drilling expires Sept. 30, 2008.report abuse
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