Left Behind

There are at least 2 refineries down- one is badly damaged.

And the public transportation system is shut down- the first system to fail.

•There's still no power in many areas, so everyone needs gas to run their generators (DEMAND)
•There's still no power in many areas, and gas stations can't pump without power. This has increased the load on the stations that do have power and sucked their tanks dry. (SUPPLY)
•There's limited public transportation, so everyone has to drive (DEMAND)
•Everyone's panicked that they'll run out of gas (DEMAND)
•Refiners can't refine and deliver gas without power (SUPPLY)

On this last point, we heard from a former oil analyst who added some details:

It requires electricity to run a refinery, open ports to offload barges, and electricity to pump gas. Major major infrastructure issue. Generators add to demand but they don't use up high-test. And yes you can't run a gas station without power.

http://finance.yahoo.com/blogs/daily-ticker/why-no-gas-northeast-124254745.html

The liberal talking point is to demonize the oil company...

The Republican talking point is that the oil companies DESERVE billions in government subsidies, even thought they make huge profits ever year.

The liberal talking point is, "Why the hell are we giving them government subsidies?

They are not goverment subsidies, they are tax credits for buying capital equipment. Failed Accounting 101? Every business gets them, even losers like Solyandra and Vestas.

At the same time, millions of gallons of gasoline are sitting at the ready in storage tanks, pipelines and tankers that can't unload their cargoes.

AP/ November 1, 2012, 6:07 PM
Gas stations struggle to stay supplied after Sandy
People wait in line to fill containers with fuel at a Shell gas station Oct. 30, 2012, in Edison, N.J. / AFP/GETTY IMAGES
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NEW YORK There's plenty of gasoline in the Northeast - just not at gas stations.

In parts of New York and New Jersey, drivers lined up Thursday for hours at gas stations that were struggling to stay supplied. The power outages and flooding caused by Superstorm Sandy have forced many gas stations to close and disrupted the flow of fuel from refineries to those stations that are open.

At the same time, millions of gallons of gasoline are sitting at the ready in storage tanks, pipelines and tankers that can't unload their cargoes.

Oil up as refineries restart after huge storm
Oil price rises on superstorm threat to supplies
Hurricane Sandy could boost gas prices temporarily
"It's like a stopped up drain," said Tom Kloza, Chief Oil Analyst at the Oil Price Information Service.

For people staying home or trying to restart a business, the scene wasn't much brighter: Millions were in the dark and many will remain so for days. As of Thursday, 4.5 million homes were without power, down from a peak of 8.5 million. The New Jersey utility Public Service Electric & Gas said it will restore power to most people in 7 to 10 days. Consolidated Edison, which serves New York City and Westchester County, said most customers will have power by Nov. 11, but some might have to wait an additional week or longer.

Superstorm Sandy found a host of ways to cripple the region's energy infrastructure. Its winds knocked down power lines and its floods swamped electrical substations that send power to entire neighborhoods. It also mangled ports that accept fuel tankers and flooded underground equipment that sends fuel through pipelines. Without power, fuel terminals can't pump gasoline onto tanker trucks, and gas stations can't pump fuel into customers' cars.

The Energy Department reported Thursday that 13 of the region's 33 fuel terminals were closed. Sections of two major pipelines that serve the area - the Colonial Pipeline and the Buckeye Pipeline - were also closed.

Thousands of gas stations in New Jersey and Long Island were closed because of a lack of power. AAA estimates that 60 percent of the stations in New Jersey are shut along with up to 70 percent of the stations in Long Island.
But relief appeared to be on the way, even as the lines grew Thursday. The Environmental Protection Agency lifted requirements for low-smog gasoline, allowing deliveries of gasoline from other regions. Tanker trucks sped north from terminals in Baltimore and other points south with fuel.

A big delivery of fuel was on its way south to Boston from a Canadian refinery. Ports and terminals remained open in Connecticut, Rhode Island, and Pennsylvania, and portions of the Colonial and Buckeye pipelines are expected to re-open on Friday. Kinder Morgan Energy Partners expects to open its three terminals in New Jersey and New York over the next two days after bringing in backup generators.

And the U.S. Coast Guard opened the Port of New York and New Jersey to tankers Thursday.

Logistical problems will remain, though, for days. Barges can now visit terminals up the Hudson River and into Long Island Sound, but many of the major fuel hubs and terminals near the New York and New Jersey ports still can't offload fuel. They need to get electricity back, pump water out of flooded areas, and inspect equipment before starting operations again.

http://www.cbsnews.com/8301-505145_162- ... ter-sandy/

They don't get hardly anything in government subsidy.

Here's a list of the largest taxpayers in the USA for 2011...

#1 largest taxpayer in the USA - ExxonMobil
Income taxes paid: $27.3 billion
Total revenue: $486 billion
Net income: $41 billion
Effective tax rate: 42%

2. Chevron
Income taxes paid: $17.4 billion
Total revenue: $254 billion
Net income: $26.9 billion
Effective tax rate: 43.3%

3. ConocoPhillips
Income taxes paid: $10.6 billion
Total revenue: $251 billion
Net income: $12.4 billion
Effective tax rate: 45.6%

2 billion a year in tax breaks or subsidy- whatever you want to call it- is nothing. These companies are paying billions in taxes every year.

Now I feel so bad. I wonder how they survive on only $12.4 BILLION in profits?

They paid nearly half of their profit in taxes.

You think that's fair? The company earned the money- the government just stole it.

Maybe we should nationalize the oil companies. Then we wouldn't be held hostage to their gas hikes.

Raees wrote: Maybe we should nationalize the oil companies. Then we wouldn't be held hostage to their gas hikes.

Now you failed Economics 101. Hugo Chavez would be simpatico with you. If you penalize businesses by limiting their ability to increase prices, they will sell their products where they can make more. Hugo Chavez wouldn't allow any increases on food prices, even though producers had increases in their costs, so distibutors stopped making deliveries and farmers couldn't afford to plant new crops.

Watching Fox news on the coverage of the relief on Staten Island tonight.
I am struck by the comments of the residents when they speak of the lack of government help but are amazed by the private sector and religious based help pouring into the community.
hmmmmm....How's that big government working for you?