Saturday, September 11, 2010

Like Gasoline? Buy It Now

Heard about this yesterday.

Spot market gasoline and gasoline blendstock
futures in Chicago posted massive one-day gains Friday afternoon, as traders,
marketers and refiners scrambled to cover short positions and pending supply
requirements on news crude oil supply from Canada to the United States was cut
dramatically by a rupture in an Enbridge pipeline that feeds several Midwest

Canada is the largest oil exporter to the U.S. and Enbridge’s pipeline
system is the main transit route for those exports. A second Enbridge line has
been shut since a rupture was discovered in late July, and the pipeline carrier
is waiting for approval to restart that line.

The shutdown of the 670,000 bpd Enbridge pipeline is expected to impact
deliveries into Citgo’s 167,000 bpd refinery in Lemont, Illinois, BP’s 435,000
bpd Whiting, Indiana plant and ExxonMobil’s 238,600 bpd Joliet, Illinois

This is all George Bush's fault, of course.

Here's the AP story, which gives a bit more detail.

Nothing in the local newspaper, of course. It's not important.

1 comment:

Anonymous said...

If memory serves, two of those refineries are the only two that make the Milwaukee/Chicago area flavor of the Whitman/AlGore Memorial RFG. What I don't know is whether they have alternate sources of crude.