2011 January 14

The Master Resource Report  2011-01-14

US diesel price, consumption and exports. (page 1 )

EIA Short-Term Energy Outlook. (page 2 )

What does the CEO of FedEx think about oil? (page 3 )

Production and exports from Mexico and Norway. (page 3 )

Look what companies are doing with their money. (page 4 )

Richard Heinberg video. (page 5 )

Saudi Arabia imports gasoline.

(Reuters) – State oil giant Saudi Aramco has sealed a deal to purchase up to 360,000 tonnes of gasoline over six months from BP and Lukoil at below-market prices, industry sources said on Tuesday.

According to the Reuters report demand for gasoline in Saudi Arabia has been growing at over 5% annually (that is a 14 year doubling rate). What may be even more surprising for most people will probably be that the Kingdom has been importing “…between 60,000 bpd to 70,000 bpd of the motor fuel.” NET EXPORTS…???

Did I mention the price they contracted for with BP and Lukoil was below market rates?

Year-over-year change in the price of oil.

Below is a graph illustrating the significant change over the last 12 months in the price of eleven different oil benchmark grades. The highest priced is Malaysian Tapis which is up 27.6% at $104.90 per barrel. Depending on which benchmark your oil is priced against it may already be in triple digits.  2008??