Prices head lower!

Grand Rapids and nationwide prices will head south this weekend, with Grand Rapids dropping into the $3.20’s. We may see a hike early next week however.

The DOE report was “okay”, nothing great, nothing terrible. We did see a nice build in Midwest inventories, up to their highest in over a month (still low at 46.8 million barrels)

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  1. In reading some of the comments about gas production, I did notice someone mention that the refineries were not being built. I went to a seminar this spring on big oil. All of the big companies reports say that there is only enough oil to last until 2025 or so. Course this is based on reports that the companies file. But even if 2050 is more correct, which one of the main 4 say is likely, then that means we run dry in our lifetime! Has to happen sometime, and I would put stock in that is more correct than not. It is their business, and if you look at the market, they are diversifying their investments and types of companies and technologies that the oil companies own. (ie battery, solar, wind). These guys are stupid. As we can see as they make record profits every quarter.
    I guess the bottom line is this. Why make more refineries? The ones we have are going to be abandoned in a few decades. Or ocean front properties for vacation homes on the water.

    jon

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