Quit using gouge. They are all below the number you said was a fair profit.
Big oil is the seller. The buyers are people buying commodity futures, and people with fleets trying to lock in lower prices, like airlines and ships. And every country in the world has an SPR. I'm the guy in the middle. I don't care what the price is; they pay me to store it for them.
China to have strategic oil reserve soon
By Felicia Loo | June 10, 2005
SINGAPORE (Reuters) - China is on track to complete building its first strategic oil reserve storage tanks by August, but Beijing has not indicated when it may start filling them in the face of high oil prices, an industry official said on Friday.
The world's second-largest oil consumer after the United States will finish the crude oil tank farm in Zhenhai, located in the port city of Ningbo in the booming east coast province of Zhejiang, on schedule with plans announced last year, he said.
The 5.2 million-cubic-meter (33 million-barrel) facility will hold about one-third of China's initial planned emergency reserves, the foundation of state efforts to bolster energy security as consumption soars and domestic output plateaued.
Message 21409111
If you want to get rid of that, why don't we terminate the futures market? Close the Chicago pits. Then when we get a depression from all those worthless finanacial folks being out of work, we release the oil from the SPRs. |
