business

Oil refiners worldwide struggle with weak demand, inventory glut

8 Comments
By Sonali Paul, Ahmad Ghaddar and Laura Sanicola

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© Thomson Reuters 2020.

©2020 GPlusMedia Inc.

8 Comments
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Really?

If things were so bad then gasoline would be 100 yen a liter or less-it is well over that!

2 ( +4 / -2 )

Great! Investors will diversify and divest.

Just imagine: no more coups d'état, propping up tyrants or waging wars for oil.

2 ( +4 / -2 )

Someone commented that fuel efficiency, alternative energy, electric cars, Eco-friendly homes, etc., mean nothing if oil is still being pumped from the ground. It will be burned somewhere and put the same carbon into the atmosphere.

With lower demand, the oil producers are struggling with where to put the excess oil they are producing so that it doesn't totally destroy the market with too much supply. There is only so many places to put the oil.

This article talks about the refiners having an issue, but the issue extends to the oil producers.

1 ( +1 / -0 )

I worked in a little corner of that industry and saw first hand what oil drillers do in third world nations with weak governments and no effective pollution controls. No containment ponds or formal hazardous waste disposal operation, just blow all the rig waste oil and mud right into the adjacent jungle and down the mountainside into the river. Not a care in the world for what they did to the native population that depends on that river. So excuse me if I see this new as something positive coming out of the pandemic, even if it is probably only temporary.

3 ( +4 / -1 )

Global oil refiners reeling

That's music to my ears.

-1 ( +0 / -1 )

and we were told that the world will be out of oil

"The world will run out of oil in 10 years."

- U.S. Bureau of Mines (1914)

"The world will run out of oil in 13 years."

- U.S. Department of the Interior (1939 and 1950)

"The world will run out of oil and other fossil fuels by 1990."

- Paul Erlich, Limits to Growth (1973)

"The world will run out of oil in 2030, and other fossil fuels in 2050."

- Paul Erlich, Beyond the Limit (2002)

1 ( +1 / -0 )

The world will never run out of oil. It will just stop using it.

1 ( +1 / -0 )

The world will never run out of oil. It will just stop using it.

Oil is finite, but oil would never run out.

Before it can run out, the cost will increase to the point where nearly everyone will stop using it.

1 ( +1 / -0 )

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