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What Recovery? Petroleum Deliveries Lowest Since September 2008; Weakest July Demand Since 1995

Tyler Durden's picture




 

While the Achilles heel to the endless "economic data" BS coming out of China may be its electric production and demand, both of which show a vastly different picture than what the Beijing politburo's very wide brush strokes paint, the US itself is not immune from indicators that confirm that anything the BEA dishes out should be taken with a grain of salt. One data set that we showed recently that paints a drastically different (read slowing) picture of the US economy which we noted recently is railcar loading of waste and scrap for the simple reason that "The more we demand, the more waste is generated by that production." Of course, the propaganda manipulation machinery only focuses on the "entrance" of production, and completely ignore the "exit." But an even far more important metric of the general health of the US economy may be none other than broad energy demand, in the form of petroleum deliveries and gasoline demand. If this is indeed the relevant metric to observe, then things are about to get far, far worse. As Dow Jones notes: "U.S. petroleum deliveries, a measure of demand, fell by 2.7% in July from a year earlier to the lowest level in any month since September 2008, the American Petroleum Institute, an industry group, said Friday." It gets worse: "Demand in the world's biggest oil consumer, at 18.062 million barrels a day, was the weakest for the month of July since 1995, the API said. Year-to-date demand is down 2.3% from the same period in 2011."

Did Americans forget to drive?

Demand for gasoline, the most widely used petroleum product, dropped 3.8% from a year earlier, to 8.624 million barrels a day, the lowest July level since 1997. Gasoline use in the heart of the peak summer driving season was 2.2% lower than in June. January-July gasoline demand averaged 1.1% below a year earlier, at 8.671 million barrels a day, the API said.

Oh well, maybe Americans just decided to take the peak driving period of the summer season off for some reason. Demand for other distillates would still be high... assuming the economy was chugging along. Yes. And no.

Kerosine-based jet fuel use fell 0.8% in July from a year ago, to 1.455 million barrels a day, while demand for heavy residual fuel, used in power plants and industrial burners, dropped 7.1% year-on-year, to 294,000 barrels a day.

One would think that with collapsing demand, for whatever reason, the production side would slide as well, especially since the price of WTI is soaring and is back to just shy of $100, causing the Margin Hiker-in-Chief to grumble. One would be wrong.

Production of all four major products--gasoline, distillate, jet fuel and residual fuel--was greater than demand for those products. As a result, petroleum imports decreased and exports increased. Total imports of crude and refined products fell by 9.6% to average 10.4 million barrels a day in July. Exports of refined products increased 11.1% to a record high for July of 3.244 million barrels a day, and year-to-date exports were up 14% compared with the same period in 2011.

 

Refineries operated at 92.7% of capacity in July, the second month in a row above 90%.

 

Crude oil production rose 13.6% year on year in July to 6.225 million barrels a day, the highest July level since 1998. Year-to-date output averaged near the July level and was up 11.9% from the same period in 2011.

But, how is it possible than in light of collapsing demand in the world's marginal consumer of gasoline, that crude prices are not only flat, but have in fact entered a bull market in the past 3 months? Simple: we wrote about it in "Monti's bluffing unleashes bull market in crude."

What was the bluffing? Simple - that no matter what happens, Draghi will print. At least now we know who all those 'evil speculators' are that Obama bashes every time unleaded approaches $4.00 and Brent reaches fresh record highs in EUR terms. Such as now.

As for what all this means for the economy, the API chief economists summarizes it best.

"While retail sales for July are up and housing has improved, the weak petroleum demand numbers are a strong indication the economy is still faltering," said John Felmy, API chief economist. "Unfortunately, achieving robust growth will likely continue to be an uphill climb given the nation's fiscal challenges, business uncertainty, and a European economy in jeopardy of sliding back into recession."

It also means fresh all time highs in the S&P. Why? Because.

From API:

 

 

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Fri, 08/17/2012 - 15:52 | 2715097 malikai
malikai's picture

Depression, bitchez.

Fri, 08/17/2012 - 15:57 | 2715122 AlaricBalth
AlaricBalth's picture

Anyone tell me WTF just happened to EUR/USD. Just got ripped by an algo?

Don't mean to jack the thread.

Fri, 08/17/2012 - 16:06 | 2715164 greyghost
greyghost's picture

and yet the price of crude is up again today. so much for economics 101. where is the margin raiser in chief when when need him? just more of the special people playing games with food/fuel on phony markets. nimrods on here all day talking about manipulation of metals markets and not a word about fuel or food manipulation....ho hum

Fri, 08/17/2012 - 16:18 | 2715215 AGuy
AGuy's picture

"and yet the price of crude is up again today."

On Israel/Iran War fears. SA told its citizens to leave. Isrealis grow concerned that war is near. AmadinnerJacket says Israel will be destroyed soon.

On Metals, The SA miner massacre drop up Platinum and Palladium prices today.

Fri, 08/17/2012 - 17:32 | 2715450 Tippoo Sultan
Tippoo Sultan's picture

No, Americans did not forget to drive; they simply have no jobs TO which to drive.

Fri, 08/17/2012 - 19:23 | 2715721 ersatzteil
ersatzteil's picture

For sure, moving to Mexico and commuting to SD looks better every month...

Fri, 08/17/2012 - 21:16 | 2715906 The Monkey
The Monkey's picture

What is funny (sad funny, but humorous nonetheless)?

Prices keep climbing!

There have to be a lot of ubber bulls out there that both believe the recovery story, and that laugh loudly with each tick the stock market makes to the upside.

Did anyone tell these fellas that we all follow the cardinal rule?

"Never short in front of the central banks."

BWAAAHAAAHAAA!!!!!!!!

Sat, 08/18/2012 - 08:21 | 2716332 GetZeeGold
GetZeeGold's picture

 

 

It doesn't help to release strategic reserves if we don't have the refining resources to process it......but nice try anyways fellas.

 

Reporting from the land of Oz........we're gone bye bye. Our next report will be from Wonderland....peace out.

 

 

Fri, 08/17/2012 - 17:31 | 2715447 NidStyles
NidStyles's picture

It's called Inflation moron. The manipulation is pushing gold and silver down. Oil is high because of that Inflation.

Fri, 08/17/2012 - 18:50 | 2715648 aint no fortuna...
aint no fortunate son's picture

I'm sure there's a good non-economic reason for the lower usage figures - people are probably just getting better gas mileage on their air conditioners this year, and using their bicycles more, we being such a fitness-conscious, svelte population these days - what else could it be?

Sat, 08/18/2012 - 08:00 | 2716326 Headbanger
Headbanger's picture

Why alll those electric cars I see everywhere now!

Sat, 08/18/2012 - 10:52 | 2716467 aint no fortuna...
aint no fortunate son's picture

Well, they're easy to see - just follow the smoke and flames

Fri, 08/17/2012 - 16:27 | 2715225 malikai
malikai's picture

Just the normal Friday shenannigns: http://www.quantsig.net/img/fx_eurusd.png

EDIT: Some European FX shops just closed and the pop was probably related to them.

Fri, 08/17/2012 - 16:50 | 2715339 AlaricBalth
AlaricBalth's picture

Thank you.

Fri, 08/17/2012 - 16:10 | 2715144 TruthInSunshine
TruthInSunshine's picture

It's the 'AAPL Recovery.'

People are selling their EBT credits for 30 cents on the dollar and peddling stolen Tide detergent to raise cash to buy that iPad or iPhone.

Who needs a car when all one's life aspirations can be fulfilled via a 3.5" or 9.7" screen, whether posting to Facef*ck, playing Angry Birds or surfing porn?

 

Idiocracy - Carl's Jr Vending Machine (Extra Big Ass Fries)
Fri, 08/17/2012 - 16:13 | 2715186 JohnKozac
JohnKozac's picture

I'm sorry truth, could you pls repeat that. I was busy Teeting my friend asking what she is doing now and also updating my FB page while watching Kim Kardashian's new line of clothes at Sears on the Tele.

Fri, 08/17/2012 - 16:49 | 2715334 papaswamp
papaswamp's picture

I want to get in on 'teeting'....

Fri, 08/17/2012 - 16:29 | 2715268 SmallerGovNow2
SmallerGovNow2's picture

LOL Truth, spit out my coffee...

Fri, 08/17/2012 - 19:11 | 2715694 infinity8
infinity8's picture

Sorry but, they're raising cash to buy METH.

Fri, 08/17/2012 - 16:24 | 2715249 max2205
max2205's picture

Depression, bitchez.""

 

Priced in....

Sat, 08/18/2012 - 08:41 | 2716345 GetZeeGold
GetZeeGold's picture

 

 

Damn.....now I'm depressed.

 

Can't Obama just channel Calvin Coolidge from the 20s and fix this crap. I realize it goes against his marxist tendencies...but it's the only thing I see that's gonna work.

 

Fri, 08/17/2012 - 16:58 | 2715363 Withdrawn Sanction
Withdrawn Sanction's picture

Depression indeed.

Another data point:  sales tax receipts are supposedly off 40% YOY in California.  Certainly some of that is due to increased web over brick and mortar shopping, but it seems unlikely to explain all of it.  

Fri, 08/17/2012 - 17:06 | 2715377 TBT or not TBT
TBT or not TBT's picture

Garage sales are probably up out here.   You tend to do that when sizing up the u-haul you'll need for the move to less sclerotic, less expensive, less crime ridden climes.

Fri, 08/17/2012 - 20:35 | 2715838 Lewshine
Lewshine's picture

Any of you ever stop to think of how efficient this "perfect" rally we are experiencing,has evolved? The blatantcy and disregard of this last move is so disconnected from reality and so over the top that even CNBC continues to ask - WHY?? Ben and his boys had this one planned for a while. Ags and metals haven't run at all compared to equities. Even the move in bonds and oil don't justify the pretentious algo floor and constant upward momentum we see daily, since Draghi's remarks. We are being conditioned for something. They've got the computers torquing and tweeking almost every tradeable asset across the lexicon, carving out Ben's ideal legacy, by the minute. For me, it's just hard to swallow that this is all for bama's 2nd term - Gotta be something bigger than that.

 

 

Fri, 08/17/2012 - 21:25 | 2715928 Wild tree
Wild tree's picture

Lewshine,

Yes, it is bigger than fraudbama. Nothing less than the New World Order, that Nobama would love to be asked to head. Thus the apology tour, and he is now waiting. They all are. When everything dies, then the New World Order will be born. In the process, say goodbye to the old USA, get ready to welcome the USSA!!!!!!!!!!!

Fri, 08/17/2012 - 15:53 | 2715101 azzhatter
azzhatter's picture

Must be all those Volts GM is selling.

Fri, 08/17/2012 - 15:57 | 2715118 kaiserhoff
kaiserhoff's picture

Thanks, I'm going long extension cords;)

Fri, 08/17/2012 - 21:52 | 2715966 Seer
Seer's picture

Yeah, LONG extension cords are a must when we're talking Volts, don't want them parked too close to the house.

Fri, 08/17/2012 - 16:52 | 2715344 papaswamp
Sat, 08/18/2012 - 09:47 | 2715109 LMAOLORI
Fri, 08/17/2012 - 15:55 | 2715112 NEOSERF
NEOSERF's picture

And in other news, fraud sticks its nose into just about every facet of US society, not 4 days after "Eddie Murray Day" in Baltimore where he got a statue, this scion of DC sports legends is hit with insider trading...beautiful, we need these types of things to complete our descent into the 5th level of banana-republicanism...

Fri, 08/17/2012 - 16:48 | 2715331 TBT or not TBT
TBT or not TBT's picture

There are still Boy Scouts among us, but they're sidelined, or self-sidelined, or under a haze of licit anti-depressive medication, paid full price from their own pockets, with a prescription and everything.

Fri, 08/17/2012 - 17:04 | 2715373 MachoMan
MachoMan's picture

This eagle scout is busy playing world of tanks...  I guess that would be self-sidelined?

Fri, 08/17/2012 - 17:09 | 2715388 TBT or not TBT
TBT or not TBT's picture

If you have access to a tank, one day you will be able to rise up, so there is that.

Fri, 08/17/2012 - 20:11 | 2715811 smlbizman
smlbizman's picture

yea...we got ed-die ed-die and doug decensie?...but corzine is good , timmy is good holder is good, obomber is good....look out martha they may come back for you....fuck these motherfucking cocksucking pieces of fucking garbage trash...

Fri, 08/17/2012 - 15:55 | 2715114 kaiserhoff
kaiserhoff's picture

Bicycles don't use much gas.  Half the dudes in Sleaze Beach got no ride, CAUSE THEY GOT NO LICENSE.

As the China Man say, no tickey, no laundy.

Be careful where you party.

Fri, 08/17/2012 - 15:57 | 2715119 Tsar Pointless
Tsar Pointless's picture

Have I told you lately, this is bullish?

Have I told you, to fight the Fed is foolish?

He fills muppets up with gladness

Gives those who short equities sadness

By easing interest rates, that's what he'll do

Fri, 08/17/2012 - 16:46 | 2715328 TBT or not TBT
TBT or not TBT's picture

NIRP!   NIRP!   NIRP!    NIRP!     All together now!

Fri, 08/17/2012 - 21:45 | 2715959 ZeroAvatar
ZeroAvatar's picture

NIRP!  NIRO!  IROB!  ROBE!   OBEY!  OBEY!  OBEY!

Fri, 08/17/2012 - 15:58 | 2715120 CrashisOptimistic
CrashisOptimistic's picture

And yet the price . . . which remember hit its first spike summer of 2008 . . . before QE was even in the lexicon.  

Nothing to do with printing, sports fans.  If consumption falls and price rises, there is only one place to look.

Supply.

It's inadequate, and will become more so every single day.

In fact, wrap your minds around an obvious concept.  If you can't get it, you can't consume it.

 

Fri, 08/17/2012 - 16:05 | 2715155 adr
adr's picture

What part of producing far more than what was consumed did you miss in that article?

There is no supply problem. The price is rising while production is outpacing consumption. Something that defies all rules of capitalism.

Fri, 08/17/2012 - 16:20 | 2715224 madcows
madcows's picture

supply and demand is irrelevant to price.  Price is what the dark pools determine it to be.

Anyway, the issue isn't price, it's deliveries.  Deliveries are down, b/c demand is down.  Gas stations order more gas when their tanks get low.

People aren't driving.  Companies aren't shipping.  The economy is collapsing.

Fri, 08/17/2012 - 16:45 | 2715324 TBT or not TBT
TBT or not TBT's picture

Can we get a spoof of that sappy song "Reminiscing", substituting in "double dipping" instead?    I think we can pull that off, because we have lots of smart people doing nothing else.

Sat, 08/18/2012 - 08:48 | 2716355 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Can we get a spoof of that sappy song "Reminiscing", substituting in "double dipping" instead?

"The government is choomed,
the economy is doomed
and double dipping."

Tue, 08/21/2012 - 04:38 | 2722970 akak
akak's picture

Or, for poster AnAnonymous(Asshole):

 

"We'll go stumbling in the dark
shitting in the park
and reminiscitizenizing."

Tue, 08/21/2012 - 04:43 | 2722974 TheFourthStooge-ing
TheFourthStooge-ing's picture

ROR!

"When he squats and takes a poo,
he breaks park rule number two.
Eternal nature."

http://www.shanghaidiaries.com/archives/IMG_9634.jpg

Tue, 08/21/2012 - 05:03 | 2722978 akak
akak's picture

 

 

 

Friday night, it was late, I was walking you to the factory dormitory
We got onto a roadside --- Great! --- and I was dreaming of a shite
Would it turn out right
How to tell you gilr
I wanna build my one-child family around you
(Tibetan oppression is not true)
I wanna make you understand I'm talkin' about a mandatory Chinese Citizenism State-imposed plan ...

Tue, 08/21/2012 - 05:07 | 2722980 TheFourthStooge-ing
TheFourthStooge-ing's picture

FOOC ROR!

(farring out of chair, raughing out roud!)

Tue, 08/21/2012 - 05:35 | 2722983 akak
akak's picture

 

 

"Now as the years lorr on
Each time we hear the police beating the Falun Gong
The roadside bowel movements come along
Odor crimes we're not missing
Spending the hours reminiscitizenizing."

Tue, 08/21/2012 - 05:44 | 2722992 TheFourthStooge-ing
TheFourthStooge-ing's picture

"We know there's nothing that can quench
the pall and overwhelming stench,
our blobbed up roadsides."

Tue, 08/21/2012 - 06:00 | 2722997 akak
akak's picture

 

 

*Lyrics courtesy of The Little Yellow River Band.

Fri, 08/17/2012 - 16:34 | 2715290 slewie the pi-rat
slewie the pi-rat's picture

 

all together now!

  • there is no cabal
  • corn is cheap
  • bigOil?
  • monopolies do not exist
  • banksters do not control the prices thru futures and derivatives
  • asset reflation can't happen here, especially with a strong dollar
  • sales taxes on higher gas prices do not benefit local budgets

pretty simple, huh?

Fri, 08/17/2012 - 16:49 | 2715317 TBT or not TBT
TBT or not TBT's picture

And the CPI, which doesn't include useless things like fuel or food, will go unharmed.    The Bernank may print at will.

Fri, 08/17/2012 - 17:29 | 2715440 slewie the pi-rat
slewie the pi-rat's picture

and furthermore: the americanPetroleumInstitute might kid us but they would never shit us

if ya can't trust their data, what good are the rating agencies?  police reports?  political promises?  women?   drugs?

neil young:  we got roads to drive; we got fuel to burn Rockin' In The Free World

...of course he had a fuking J.O.B. ya know!  L0L!!!

Sat, 08/18/2012 - 04:14 | 2716228 CharlieSDT
CharlieSDT's picture

I really think you are smoking better shit than me, who did you get it from, or did you grow your own ala George W and Tom J?

Sat, 08/18/2012 - 08:58 | 2716362 Urban Roman
Urban Roman's picture

The choomwagon just passed through his neighborhood.

Fri, 08/17/2012 - 17:22 | 2715421 CrashisOptimistic
CrashisOptimistic's picture

I do not think you understand all liquids vs crude.

EIA also did a recalibration recently that added 400ishK bpd to reported numbers without backdating it.

You might also want to spend some time looking at EIA's report for Texas crude output, and then go to the Texas state regulating agency (TRRC) and look at their reported output.  There is a 450K bpd difference.  TRRC counts every lease, on shore and off shore.

EIA samples a handful of leases (aka cherry picks) and extrapolates).

Give it some time.  It's eye opening.

Fri, 08/17/2012 - 18:00 | 2715525 LMAOLORI
LMAOLORI's picture

 

 

 

"adr What part of producing far more than what was consumed did you miss in that article?

There is no supply problem. The price is rising while production is outpacing consumption. Something that defies all rules of capitalism."

 

ROFLMAO

 

White House “dusting off old plans” for potential oil-reserve release

 

Fri, 08/17/2012 - 19:03 | 2715675 NidStyles
NidStyles's picture

Hmm, perhaps your understanding of Economics is the problem rather than the capitalism that it defines. Nope, it could never be you or the human quotient ever, right?

 

Inflation buddy, Inflation.

Fri, 08/17/2012 - 19:38 | 2715749 BurningFuld
BurningFuld's picture

Yet Alberta continues to boom. "Something that defies all rules of capitalism." Because this is financed by printed dollars from a hollowed out USA. Ben's printing is starting the smoldering fires of inflation. The gig is almost up Boys and Girls and it won't be shit that hits the fan it will be blood and guts.

Please don't get me wrong here. The bankers have single hand-idly destroyed the USA by giving out free money so people did not have to work. 

Fri, 08/17/2012 - 16:06 | 2715165 madcows
madcows's picture

NO!, Ahmadinejad farted.  So, the price went up.

Fri, 08/17/2012 - 16:15 | 2715201 LMAOLORI
LMAOLORI's picture

 

 

The supply is hindered on purpose 

EDITORIAL: The left’s drive toward $8 gas

Fri, 08/17/2012 - 17:02 | 2715371 Withdrawn Sanction
Withdrawn Sanction's picture

 If consumption falls and price rises, there is only one place to look.  Supply.

That only holds if the market (i.e., supply and/or demand) is freely determining price.  If the market is manipulated, all bets are off and no determination can reliably be made.

Fri, 08/17/2012 - 21:46 | 2715962 Totentänzerlied
Totentänzerlied's picture

Can't upvote cause you started with italics ... +1

Sat, 08/18/2012 - 00:36 | 2716113 dexter bland
dexter bland's picture

OPEC just cut production because the market is oversupplied. Demand is down everywhere Asia and Europe also. And its not just oil. Demand for all commodities (yes even gold) is falling, sometimes quite drasticly, while supply continues to grow after a decade of heavy investment.

But only in the markets where physical storage is difficult, and futures trading is under-developed do we see prices falling - bulk commodites, coal, steel, etc. When the size of global stockpiles is less visible, and futures markets grossly outweigh the physical markets, they will just drift around to wherever traders want to take them, on speculation about whatever is the news story of the day, technical factors, momentum etc.

These commodities have graduated to becoming pure financial products and the laws of supply and demand no longer apply. Traders buy them because other traders are buying them - not because they are cheap.

Fri, 08/17/2012 - 15:59 | 2715131 bidaskspread
bidaskspread's picture

Don't forget, lower demand, lower state revenue and more state budget balancing.

Fri, 08/17/2012 - 16:12 | 2715185 greyghost
greyghost's picture

OUCH

Fri, 08/17/2012 - 16:34 | 2715287 Dan Conway
Dan Conway's picture

All of the socialist government's (including the USA) are as addicted to oil like a heroin junky.  Add all of the other sins they tax to death such as tobacco, alcohol, CO2 omitting cars (yours not theirs), and corporate earnings.  It makes you wonder why they fight it so hard since all of these sins pay for their welfare supporters. 

Fri, 08/17/2012 - 21:48 | 2715964 Totentänzerlied
Totentänzerlied's picture

Yessssss queeeeer indeeeeed, it's almost as if it was all about zee money!!!

Sat, 08/18/2012 - 11:31 | 2716546 JackT
JackT's picture

That's easily fixed by raising taxes. /sarc

Fri, 08/17/2012 - 16:00 | 2715134 ekm
ekm's picture

BRAVO

BRAVO

BRAVO

If something is produced (or extracted) but is not consumed, where does it go?

Answer: In storage, until there's no more storage or there's no more funds to pay for the storage.

Fri, 08/17/2012 - 16:23 | 2715245 AGuy
AGuy's picture

" In storage, until there's no more storage"

Or Exported:

U.S. exported more gasoline than imported last year

http://content.usatoday.com/communities/ondeadline/post/2012/02/us-expor...

Fri, 08/17/2012 - 16:02 | 2715136 Jason T
Jason T's picture

I just put together a chart showing year over year gasoline deliveries... tanking all year long. 

other research I did today scared the hell out of me ... 

Fri, 08/17/2012 - 16:15 | 2715202 ekm
ekm's picture

Pls give us a summary of the research.

Fri, 08/17/2012 - 16:54 | 2715350 TBT or not TBT
TBT or not TBT's picture

Human mortality rates from the last great depression are converging on 100%, but even worse are the death rates from the credit fueled boom in the 1920's that preceded the 1929 market crash.    The further back in time you go, the worse it gets, though records are spotty.   Possibly there are "Highlander" types running around, assuming dead babies' names.

Fri, 08/17/2012 - 19:00 | 2715667 TheFourthStooge-ing
TheFourthStooge-ing's picture

ekm said:

Pls give us a summary of the research.

You might find these links to be of interest.

The first three provide information on retail prices, futures prices, and stocks of crude oil, gasoline, distillates, and propane. It is in graphical format and tabular format, as well as downloadable xls format for those who want to do more with it.

This Week In Petroleum (summary):
http://www.eia.gov/oog/info/twip/twip.asp

This Week In Petroleum (gasoline section):
http://www.eia.gov/oog/info/twip/twip_gasoline.html

Petroleum & Other Liquids - Data:
http://www.eia.gov/petroleum/data.cfm

Here's another one you might like - the Energy Export Databrowser:
http://mazamascience.com/OilExport/

Have fun with it.

Fri, 08/17/2012 - 21:37 | 2715946 ekm
ekm's picture

Thx a lot, sir.

Thx a lot for taking the time to provide the links, also. I am going to check the 4th rights now, as I am allergic to anything having a .gov ending.

Thx again.

Fri, 08/17/2012 - 16:02 | 2715138 diogeneslaertius
diogeneslaertius's picture

I am Jack's Tumbling Weed.

 

a planned implosion where you shut off the economy to put the west in its place - we were too much trouble during the gilded age, the owners learned their lesson, the chess pieces are arrayed on the grand chessboard etc. etc. etc. ad infinitum

 

but as a little bird once told me it is possible to fight back

 

indeed, for instance one can "Destroy the image and thus, break the enemy."

 

something about this great conversation called culture, has within it the power to right the ship - in fact, as it all comes to a head, the natural momentum of the process itself impinges on precisely that. the innate buoyancy of coming to terms with the total squandering of all human potential to feed a handful of people who would never be happy anyways, in-and-of-itself constitutes the catalyst for real, sustained evolution of culture

 

only now are we AWARE of thousands of years of squandered potential

and as it happens, we are being handed an acute, visceral lesson in the form of our own days and times

 

thus, a true revolution is brewing

 

quietly an army sleeps between the cracks and just below threshold

 

some new organism that only knows how to fight, that even loves to fight is slowly opening its eyes for the first time

 

in their attempt to destroy the germ of liberty, i feel they have drastically overplayed their hand - and now we have proof, we have youtube videos and way back machine archives of the fraud, there will be no covering it up this time around, even after whatever WW3 bullshit they have in store for us

 

your wasted life is like a gift from all of time to you here in the present

 

your inability to be satisfied is like the Sybil who, "with raving mouth spitting unadorned words, reaches out a thousand years with her voice through the god"

Fri, 08/17/2012 - 16:24 | 2715236 poor fella
poor fella's picture

That's #$%^$  awesome!     ++ e pluribus unam!!

But don't try to complete your thoughts using the 'human microphone' from the 'free speech zone'...   the affect may not translate completely

Fri, 08/17/2012 - 16:29 | 2715269 Global Hunter
Global Hunter's picture

Agree that post was AWESOME!

 

Fri, 08/17/2012 - 19:37 | 2715681 earleflorida
earleflorida's picture

'would hate be a better way to escape the endentured pain that eviscerates mankinds' squandered dignity--- would one prefer succumbing to an infinite mindless existence without even a worthy motal-sin... that, for its part, would pleasure but an anemic pulse of despair--- should we go unto the afterlife having not sinned, but bearing the full frontal transgressions of the evildoers... prostrating too their ungodly whims--- while cowardly waiting with bated breath for the `Great Archangel Micheal` to unsheathe his wrath of hatred,... the same mortal sin we were told unto to abate... never privledged to lowly man--- yes... indeed, were it not a paradox to feel the pain of a guilded satori decrying justice for sin made original on a ellusive matter of whimsical satire--- from somewhere so far, far away, that only a mind could bear its innate grandeur... that of an illusionist, we call faith'  

Fri, 08/17/2012 - 19:50 | 2715772 erg
erg's picture

Very nice. Happy ZH birthday.

Fri, 08/17/2012 - 22:03 | 2715978 Seer
Seer's picture

"some new organism that only knows how to fight, that even loves to fight is slowly opening its eyes for the first time"

Oh, great, all we need are MORE non-productive entities! (where will the food come from when everyone is "fighting?")

Sat, 08/18/2012 - 09:27 | 2716377 Biosci
Biosci's picture

Is this true, or simply what we wish were true?

Fri, 08/17/2012 - 16:03 | 2715143 adr
adr's picture

Put an export duty on refined fuel and watch the price drop faster than Barry's pants when he sees Michelle's cock.

 

Refineries are running a record capacity to export gasoline at record amounts to serve the need of Wall Street commodity brokers. Fucking every American over because we have this clown in the White House and a Congress not even worth the shit stuck to their shoes.

Fri, 08/17/2012 - 16:26 | 2715258 LMAOLORI
LMAOLORI's picture

 

 

Blame For High Oil Prices Is Misplaced — Even By Conservatives

 

snip

There has been some media grumbling lately - including from some who are viewed as conservative leaning - about U.S. oil companies exporting oil. The complaint: The U.S. imports and refines lots of oil, so why isn’t that oil being sold to and used in the U.S. rather than to other countries?

Fox News’ Bill O’Reilly recently blamed U.S. oil companies and the Obama administration for high oil prices. He got it half right - the second half. On Feb. 20, O’Reilly asserted:

“There is plenty of oil in the U.S.A. Prices should not be at record levels. But they are because the oil companies are sending their products overseas to make more money. And what is the federal government doing about that? Zero, nothing. Nada. …

“Right now we are all being taken advantage of by an administration that has an anti-fossil fuel agenda and an oil industry that manipulates the U.S. market. Who is looking out for us? Nobody.”

O’Reilly’s solution? An oil export tax to force U.S. oil companies to sell their products in the United States.

To begin with, there’s a big difference between unrefined crude oil and refined oil products - just as there is a big difference between component cell-phone parts and a finished iPhone

The United States exports almost no crude oil, just 0.3% of our stock. We do, however, export refined oil products - about 3 million barrels a day. Only about 20% of those refined exports is gasoline that can be used for cars. The other 80% is composed of various oil products and byproducts - e.g., diesel, kerosene and heavy fuel oil - some of which is unusable or unwanted here because of environmental laws and other reasons.

Why export refined gasoline at all? First, the U.S. doesn’t always need it. When the economy is down, as it has been, Americans use less gasoline. Refined gasoline that doesn’t have an immediate U.S. buyer could be stored if there’s space, which costs money and adds to the price, or sold and shipped to another country, which sometimes makes more economic sense.

continue

http://theeasleyprogress.com/pages/full_story/push?article-Blame+For+High+Oil+Prices+Is+Misplaced+%E2%80%94+Even+By+Conservatives%20&id=18138676

 

Fri, 08/17/2012 - 16:40 | 2715306 TBT or not TBT
TBT or not TBT's picture

Keep in mind folks, that a lot of the gas price at the pump is taxes, a whole lot of federal and state taxes, which feed general funding needs, no matter what the nominal reason code was for those taxes when they were instituted.

Fri, 08/17/2012 - 16:54 | 2715349 LMAOLORI
Fri, 08/17/2012 - 16:56 | 2715356 TBT or not TBT
TBT or not TBT's picture

So the oil industry paid for the Iraq war in full. 

Fri, 08/17/2012 - 22:05 | 2715985 Seer
Seer's picture

"Refineries are running a record capacity to export gasoline at record amounts to serve the need of Wall Street commodity brokers."

Isn't this business?

And, isn't this pretty much what US corporations have been doing in other countries for nearly 100 years?

If stuff is "ours" then it's socialized.  If it belongs to private parties/corporations then it's NOT socialized.

Fri, 08/17/2012 - 16:04 | 2715149 NotApplicable
NotApplicable's picture

Why? Because, fuck you! That's why.

Fri, 08/17/2012 - 16:12 | 2715188 slewie the pi-rat
slewie the pi-rat's picture

exactly!

i knew it!

more globalism for refinery fires needed overseas?  let me make a phone call...

 

Fri, 08/17/2012 - 16:10 | 2715159 JohnKozac
JohnKozac's picture

"waste shipments slowing down" has a very clear explanation. 

Everyone is saving every piece, every shred of crap they have (including outdated, already 3-month-old iPads) and piling the JUNK up in their basement. At least that's what I see recently.

No one needs any more 'stuff'--cars, houses, ipods, plasma TVs, and so on.

Fri, 08/17/2012 - 16:34 | 2715292 TBT or not TBT
TBT or not TBT's picture

Has anyone asked Comcast if telecommuting traffic is up precisely 2.7% in July, year on year?

Maybe the heat caused higher air tire pressures(ideal gas law oblige), which saved more than all the gas we woulda got from ANWAR anyway, like Obama promised in '08.

Fri, 08/17/2012 - 22:19 | 2716001 Seer
Seer's picture

Gains from higher air temperatures would likely be nullified by increased use of air conditioning :-(

Fri, 08/17/2012 - 16:08 | 2715170 madcows
madcows's picture

It's b/c everyone is buying hampster powered vehicles now.  I'm long rodent pellets.

Fri, 08/17/2012 - 16:08 | 2715172 toady
toady's picture

I think people may actually be catching on...

I bought close to work, a two mile commute, and down sized to 4 cylinders for the wife & I.

I'm hearing similar stories from more and more people. Sure, some won't give up their gas guzzlers, like my brother and his pickup, but the status symbol car isn't as prevalent as it was...

Fri, 08/17/2012 - 16:18 | 2715213 slewie the pi-rat
slewie the pi-rat's picture

 

coupla thoughts::

  1. great
  2. schwinns

Big Changes Ahead: Gold Just Became Money Again
By: Doug Hornig, Casey Research

Fri, 08/17/2012 - 17:51 | 2715504 slewie the pi-rat
slewie the pi-rat's picture

either we've been junked by bigOil again or toady's girlfriend wants a new car too

Fri, 08/17/2012 - 18:09 | 2715552 toady
toady's picture

I saw that... someone went through and down arrowed 4 or so posts, skipped a few, then rinse & repeat.

Someone is having a negative day!

Fri, 08/17/2012 - 18:42 | 2715632 CoolBeans
CoolBeans's picture

I gave you "UPs" to make up for the "downer".

Fri, 08/17/2012 - 22:31 | 2716016 Seer
Seer's picture

I did the complete opposite, I have a longer commute, AND, I have a "diesel" guzzler.

I rode a bicycle to work for 5 years straight as part of my campaign to save money to buy property.

When TSHTF I'll at least have a place that provides "free" heating (wood AND passive solar) and where I can produce food (which I AM doing).

"Sure, some won't give up their gas guzzlers, like my brother and his pickup, but the status symbol car isn't as prevalent as it was..."

My "guzzler" is a 19 year-old pre-electronics (cheap to repair) diesel truck, which I picked up for $2,500 so I could haul wood on my property, make dump runs and pick up feed (and whatever else is found to be necessary).

And my commuter car gets upward of 40 mpg.  Granted, this is only a two-dimensional view.  As I use it it's a 40 People Miles Per Gallon vehicle.  Someone with a fully loaded Hummer (6 people?) getting 10 mpg would be a 60 People Miles Per Gallon vehicle.  My POINT is that USE is very important.  Good tools used poorly are indistinguishable from bad tools.

Fri, 08/17/2012 - 16:08 | 2715173 lunaticfringe
lunaticfringe's picture

Every day, I do this 20 mile commute from Boise and back.

Yesterday, I noted a complete fucking absence of pickup trucks and other gas guzzling devices...which is odd out here, everyone was driving a 30 mpg something or other.

The laws of supply and demand have been repealed. Like the bizarro world we all find ourselves in, not only has gasoline demand been falling drastically for over a year- price has risen. Which obviously means, if demand rises dramatically then the price will surely drop. Let's have a war and free up some cash, bitchezz.

Fri, 08/17/2012 - 16:17 | 2715207 Global Hunter
Global Hunter's picture

see my post below yours (written before I read yours), guys usually young men with some disposable income are still driving their pickups with the lift kits, monster truck tyres like they're at Daytona here in Central Ontario...its just a matter of time for the trend you describe to make its way East perhaps?

Fri, 08/17/2012 - 16:59 | 2715364 TBT or not TBT
TBT or not TBT's picture

You'll need those big tires too, so you don't get hung up in the piles of bodies out there.

Fri, 08/17/2012 - 18:40 | 2715630 CoolBeans
CoolBeans's picture

...and a sturdy brush guard for the zombies!

Fri, 08/17/2012 - 16:10 | 2715181 Global Hunter
Global Hunter's picture

My motor is a 4.2 liter in-line 6, it likes gas and my gas tank is big so I back off if ever gets anywhere near 2000 rpm.  Coast down hills, nice and slow up hill, I try my hardest to accelerate slowly and use my brakes as little as possible.  I'm still amazed at how fast people drive, even in little imports, they accelerate like they're in a race, tailgate, brake late...

I'm an early adopter of driving slowly and trying to coast or cruise at 1500 rpms...just wait until the rest of the population catches on that they don't need to drive like they're at Sears Point, or can't afford to, demand is going to fall further. 

Fri, 08/17/2012 - 18:37 | 2715622 Diet Coke and F...
Diet Coke and Floozies's picture

Same here GH. Driving technique can make or break mileage. 41mpg city/hwy in my base 05 civic. 16L (About 20 CAD) will take me 320 - 340 Km. If I drive aggressive, 220 KM per 16L.

Fri, 08/17/2012 - 16:12 | 2715189 madcows
madcows's picture

Gas consumption is a good metric for the economy.  It is fairly inelastic.  We can't magically reduce our consumption like we do with dining out or going on vacation.  If you commute to work or ship goods, you use gas.  Thus, gas consumption clearly correlates with the strength of the economy.... it's slowing down.

Fri, 08/17/2012 - 16:23 | 2715242 Global Hunter
Global Hunter's picture

You are 100%.  I hate the term "at the margin", but we seldom drive anymore unless we need to at my gaff.  The wife and I used to take long Sunday afternoon "cruises" just exploring minor roads, villages and the countryside but we haven't done that since the winter.  People will cut more and still have some room to cut.  "At the margins" we'll cut more and so will more and more people, demand will continue to fall.

This party is just getting started!

 

Fri, 08/17/2012 - 16:26 | 2715260 TBT or not TBT
TBT or not TBT's picture

I read somewhere or other it was hot in July, in most places in the US.   Maybe people preferred to stay inside.   Could be that!    No double-dip recession to see here, folks, move a-long.

Fri, 08/17/2012 - 16:31 | 2715275 Global Hunter
Global Hunter's picture

Its soooo hot that I no longer have cash money to burn!  hahaha

Fri, 08/17/2012 - 16:24 | 2715250 TBT or not TBT
TBT or not TBT's picture

Or it could be everyone caught up to Obama's plan, adding air to the nation's tires.

Fri, 08/17/2012 - 16:12 | 2715190 roadhazard
roadhazard's picture

$95+ per barrel today, lol. If demand is down double the price to make up for it.

 

Fri, 08/17/2012 - 16:43 | 2715320 toady
toady's picture

Exactly

Fri, 08/17/2012 - 22:38 | 2716020 Seer
Seer's picture

Economies of scale in reverse... We cannot think that prices will go down (or the better metric of "more affordable") is there is less demand.  Everything is so scaled up that margins get mashed if not operating at higher capacities.

This isn't a reality that I'm wanting (I've got plenty of need for burning diesel [tractor] and gasoline [chainsaws etc.]), and I'm trying to work as hard as I can now before it's out of my grasp...

Sat, 08/18/2012 - 02:34 | 2716182 AnAnonymous
AnAnonymous's picture

Mass consumption colliding with finite world.

'Americans' have chosen to deal with the age of abundancy by finding more and more, faster and faster ways to consume the environment in order to deplete it the quicker possible.

Result is here: prices have to go through the roof to make for the losses implied by the lack of input capacity renewal.

Fri, 08/17/2012 - 16:14 | 2715199 poor fella
poor fella's picture

Meanwhile we're cooking the shit outta corn, to make ethanol (aka gas), and burning more gas, to ship gas overseas, as ethanol exports rise. I'm sure investment banks are storing it to ship back. Isn't consumption and the free market productive!?

btw, most of the 'corn' we grow isn't fit for human consumption - we should differentiate between CORN and 'COW WEED'... that shit's garbage barely worth composting.

Fri, 08/17/2012 - 22:48 | 2716030 Seer
Seer's picture

Yeah, ethanol's shit!

If one isn't hot enough there's this [http://www.bloomberg.com/news/2012-08-17/epa-defeats-challenge-to-higher...]:

EPA Defeats Challenge to Higher Ethanol Levels in Fuel

A challenge to an Environmental Protection Agency rule allowing higher concentrations of corn- based ethanol in gasoline was thrown out by a U.S. Appeals Court ruling that the groups pressing the case had no right to sue.

Grocery, auto and petroleum industry associations filed suit against the agency in November 2010, saying that rules allowing for increased used of corn-based ethanol in auto fuel would push up the price of food and gasoline and harm engines. The court today ruled the groups couldn’t show they had suffered specific harm as a result of the EPA’s decisions.

---

Alice through the Lookingglass...

Sat, 08/18/2012 - 07:13 | 2716292 css1971
css1971's picture

What has ethanol got to do with the free market?

Fri, 08/17/2012 - 16:18 | 2715211 Squid Vicious
Squid Vicious's picture

Bullish - I see no reason why we cant rally another 150 S&P points before the "election" - right Robo?

Fri, 08/17/2012 - 16:23 | 2715244 q99x2
q99x2's picture

Who needs oil when you have hope and change.

Fri, 08/17/2012 - 16:30 | 2715271 TBT or not TBT
TBT or not TBT's picture

Part and parcel of hope and change, as implemented, is to discriminate against burb dwellers and the burb dwelling, inner city fleeing instinct.   They want us to live stacked on top of each other in overcrowded, disarmed, light rail served concentrations, alongside their bought and paid for voters.

Fri, 08/17/2012 - 16:42 | 2715288 poor fella
poor fella's picture

That's really good to know. And as a human being do I no longer need water or food if I own water ETFs and SOIL (a fertilizer ETF)?

Shit, I'm almost good-to-go, I don't need a MOFU thang!!! Git me some housing ETF and some BEOTCH-ETF and I'LL gonna Eastwood into the Horizon and make some mutha fucking babIES!! Then purchase me some baby-clothes ETF and get LONG edjukashun etf and pass that shit down in a TRUST FUUUUUUND BiiiiiiiiiTCHEZ!!!

Carry on my LEG-AH-SEEEE AND fuck y'ALLLLlllll!

Fri, 08/17/2012 - 16:51 | 2715341 poor fella
poor fella's picture

Ok, seriously though, Romney SAID, "If my administration is given two terms, the U.S. will be energy independent." 

WHOA!....    that one statement makes me think he has Disney's cloned arm up his ass, IS in fact a corporate marionette, and it's a Sunday night in msm-land. Or admitting that every household will have a Chindiazil-made bicycle and we'll become a bicycle-break-down economy.

Fri, 08/17/2012 - 17:13 | 2715396 TBT or not TBT
TBT or not TBT's picture

Or maybe he was just assuming he, and Congress, could unleash capitalists to exploit any and all oil and gas deposits in the USA, untrammeled.

Fri, 08/17/2012 - 22:55 | 2716041 Seer
Seer's picture

Strength through exhaustion!

Someone needs to ask Romney HOW LONG would the US be able to be self-sufficient.  The US could be self-sufficient NOW if it wanted to burn up everything in a matter of several years.

I find it appalling how people accept two-dimensional statements/thinking.

Sat, 08/18/2012 - 08:41 | 2716350 Cloud9.5
Cloud9.5's picture

Energy independence will come as eighty percent of us are priced out of the market for gasoline.  A rickshaw gets great mileage when the bottom quartile is willing to work for a bowl of rice.  

Fri, 08/17/2012 - 16:24 | 2715247 cbxer55
cbxer55's picture

I drive a 2004 Ford Lightning, a supercharged V-8 for power. I'll be filling it today to head out to Thunder Valley dragstrip. I'll be doing my part to increase demand.  ;-)

BTW, I drive very sedately most of the time. Keep the boost/vacuum gauge on the bottom peg to keep my mileage higher. I have a 14 mile round trip to work every day, so it's not too bad. Fill it up about once every two weeks with 93 octane.

Fri, 08/17/2012 - 16:24 | 2715248 TrustWho
TrustWho's picture

Obuma happy...less carbon dioxide. Besides, HIS green technologies are replacing the humanicide carbon based energy sources. He is our messiah!

Fri, 08/17/2012 - 16:26 | 2715255 Winston Churchill
Winston Churchill's picture

Ceridian index of retail diesel sales is still printing at 93.6.

2008=100.

Do not think they can hold this together until the election.

All real indicators are terrible, and getting worse.

Lucky the Algo's don't read real indicators.

Main street is dying or dead.Cheat street doesn't care.

Fri, 08/17/2012 - 17:01 | 2715369 TBT or not TBT
TBT or not TBT's picture

We just have to hold out until GMAC offers negative rates on leases, just to get the stuffed inventory rolling.   That'll burn some gas, and things will be back on track.

Fri, 08/17/2012 - 22:17 | 2715995 ZeroAvatar
ZeroAvatar's picture

The entire $40 Trillion Dollar stock market is on hold, waiting for words from just one man.

 

Rigged beyond belief.  This sucker's gonna go down.

Fri, 08/17/2012 - 16:28 | 2715261 wagthetails
wagthetails's picture

What about this chart at EIA.gov.  I guess one explaination is that the massive declien in gasoline sales, has been that we are possibily importing much more gasoline rather than refining?  any thoughts?

http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M

 

 

Sat, 08/18/2012 - 13:06 | 2716706 Lednbrass
Lednbrass's picture

I have been watching this chart since last fall, to my mind this is one of the clearest indicators that the many predictions of recovery are complete nonsense. The bottom line is that broke people with no cushion left only drive when they absolutely have to.

This only shows retail in the US, it doesnt have anything to say about imports or refiners but it clearly shows that domestic consumer demand has fallen off of a cliff. When you think about this a minute it is even a little more scary- our gas prices have held at roughly what they were when demand was far higher while demand has plummeted. If there ever were any sort of recovery in the real world and demand in the US returned to what it was (basically double what it is now) what would happen to prices?

No doubt somebody somewherewill try to spin those numbers as proof of the amazing success of Cash for Clunkers and Chevy Volts.

Fri, 08/17/2012 - 16:35 | 2715294 Bunga Bunga
Bunga Bunga's picture

Don't worry, it's just the snow.

Fri, 08/17/2012 - 16:40 | 2715310 LawsofPhysics
LawsofPhysics's picture

The U.S. is irrelevant, lots of other countries are taking delivery of crude and refined products.  Good for american refineries.

Fri, 08/17/2012 - 16:53 | 2715347 magpie
magpie's picture

Until they get blown up by hackers

Fri, 08/17/2012 - 16:50 | 2715336 edb5s
edb5s's picture

Bullish

Fri, 08/17/2012 - 16:57 | 2715343 Bam_Man
Bam_Man's picture

$9/hour retail clerks/temps can't afford cars. Even with "Nothing Down, Zero Percent Financing for 60 Months".

Fri, 08/17/2012 - 19:18 | 2715709 Yen Cross
Yen Cross's picture

 Self Employment! I built that thought!

Fri, 08/17/2012 - 17:03 | 2715362 Irelevant
Irelevant's picture

Its not "low demand" its resource scarcity. Demand destruction due to high prices is another manifestation of resource scarcity. TOD readers are well aware of this, and it brings on huge implications, are we at peak industrial activity? peak prices for iPads? Because peak oil is as real as it gets, even Chu agrees.
Ergo, The U.S. Secretary of Energy, Steven Chu, knows and understands the issues of global peak oil production. During a talk he gave in March 2005 as director of the Lawrence Berkeley National Laboratory, a U.S. Department of Energy National Laboratory, Steven Chu advanced the hypothesis of an imminent decline in world production of liquid fuels (ppt 3.6 MB, see p.16) .
Interesting: Steven Chu at the time chose to put forward the thesis of Colin Campbell, founder of the Association for the Study of Peak Oil (ASPO), a research group composed of academics, and especially leading engineers who previously had worked for the oil industry. The arguments of ASPO have been considered as overly pessimistic by most official sources (firms, governments, etc..)
I know, I know, there are some rocks in the U.S. that hold over 3 trillion barrels of oil and have an ERoEI of 100/1.

Fri, 08/17/2012 - 17:15 | 2715406 Citxmech
Citxmech's picture

What he said.

Fri, 08/17/2012 - 17:30 | 2715443 CrashisOptimistic
CrashisOptimistic's picture

I'm gonna tweak your text just slightly to get rid of more econo speak terms about a purely geologic concept.

There is no low demand and there is no demand destruction.  There is low consumption and consumption destruction.

Only in the world of economics are the two the same thing.  In geology, you can want oil and demand it, but you can't consume it because it isn't available.

Fri, 08/17/2012 - 18:37 | 2715626 TBT or not TBT
TBT or not TBT's picture

Steven Chu the anti-human Sec of Energy?  

The one who thinks the U.S. most stupendously awesome farmland, the central valley of CA, ought to blow away?    The Solyndra-funding fuckhead?    Anyone know what his position is on the Keystone pipeline?   On McMansions and suburbs?   On "light rail" and high density housing?   

Are we talking about the federal Dept of Energy, which has excelled cheaply in thwarting energy?

Are we talking about a guy appointed  to a cabinet position by Obama, an avowed anti-American, steeped his whole life in anti-american hate theory, the guy whose goal is to "fundamentally transform the United States of America"

Fri, 08/17/2012 - 21:19 | 2715914 Yen Cross
Yen Cross's picture

 That   "007" avatar is sweet!

Fri, 08/17/2012 - 23:10 | 2716057 Seer
Seer's picture

Another example of poor debating... shift the ACTUAL debate away from the topic and facts and turn them on the individual.

BTW - I don't know that I have heard Chu speak (or read anything he's written), and I don't give a flying fuck.  All I care about is what is real and logical.  Finite planet means finite resources.  Anyone who can't grasp this needs a visit from Darwin.

Fri, 08/17/2012 - 17:18 | 2715412 Gunther
Gunther's picture

The numbers do not match the EIA statistics.
The last reported gasoline sales numbers are for May 2012. They are some 25 % lower then a year ago as opposed to some 2 %.
See @ http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M

The operating refineries might work at over 90% capacity; BUT some have been shut down lately.

Do NOT follow this link or you will be banned from the site!