U.S. Oil Companies not Buying Crude Oil?

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US Oil Import Data

http://www.oil-gasoline.com/cgi-bin/oil-gasoline/default.asp

US Import Rates Dive

George Clemen - US and International Oil Industry Analyst

February 2, 2000 - US oil companies left 11.9 million barrels of foreign oil on the international market last week by reducing import levels from 8.4 to 6.7 million barrels per day. The unusual abandonment of imports may signal an impending shift in shares of the US crude oil import market for foreign producers. If crude oil prices remain at current levels, refiners will be testing out equipment installed in the 1980's to run heavier, higher sulfur crudes which can be purchased at lower prices and are more widely available than premium crudes. Imports will shift from OPEC to South America.

-- Y2kObserver (Y2kObserver@nowhere.com), February 03, 2000

Answers

Looks like a strong clue that Y2K is impacting domestic refining capacity's ability to process crude.

-- Bill P (porterwn@one.net), February 03, 2000.

SPIN QUICK, find an excuse.

Getting ready to refine High sulfur crude. YEAH that's the ticket.

-- want some of this extra wool (4y@ur.eyes.too), February 04, 2000.


I assume a high-sulfur crude results in a high-sulfur distillate. There are restrictions on its use in many situations. Connecticut has waived the prohibition for a few days, but I don't think the companies can assume that is what will happen.

-- Brooks (brooksbie@hotmail.com), February 04, 2000.

I am still amazed at how all of theses events indicate a cdc impact but the dots remain unconnected.....must be the tinfoil.

-- Will (righthere@home.now), February 04, 2000.

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