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Posted by: flyonthewallzz 5 months, 3 weeks ago

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flyonthewallzz5 months, 3 weeks ago

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http://www.reuters.com/article/companyNews/idUKTRE...

"Asked how much oil was floating on the seas, Frontline's acting chief executive Jens Martin Jensen told Reuters: "It's probably close to 100 million barrels... I'm talking about only crude.""

FTA
"Tsakos Energy Navigation Ltd. Chief Executive Officer Nikolas Tsakos today said 60 million barrels of refined oil products are being stored on ships at sea."

So it seems we have 160 million barrels of oil floating around out there.
From the bit that I have read it is a lot harder to clean up refined product, and a spill is much more destructive.
This makes me worry about the "Oil Spill Liability Trust Fund" (OSLTF). The deal was that industry paid a nickle per barrel until the fund hit the target amount and then no longer had to pay. They are able to self insure themselves up to the limit of their liability, and the trust fund would be used to clean up the rest.
They have been paying into it lately.
According to Treasuries monthly report we have collected $20 million for the fund so far this fiscal year (3/4), and and collected $-7 million for a comparable period last fiscal year.

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  flyonthewallzz5 months, 3 weeks ago
  
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  http://tonto.eia.doe.gov/dnav/pet/hist/wttstus1w.h...
  
  The link I posted in the above comment states:
  
  "Weak demand has led to rising crude oil inventories in the United States, which last week reached a near 19-year high."
  
  The data provided by EIA goes back a little more than 19 years, and the numbers they provide show that inventories have never been as high. significantly! I get a 128 million barrel variance. I think private tank farms have a capacity of about 375 million barrels and they are full. The SPR has a capacity of 727 million barrels and it is full.
  I do not think the EIA includes oil inventory that is floating around in ships offshore.
  
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