The biggest gasoline market in the U.S. is bursting at the seams.
Traders are lining up to export gasoline and diesel from New York Harbor, an area that normally relies on fuel imports from Europe and eastern Canada, shipping data compiled by Bloomberg show.
While at least 6 cargoes that were headed to New York from Europe in January and early February were diverted to the Caribbean or the U.S. Gulf Coast, that wasn’t enough to stem the oversupply building up in terminals along the Eastern Seaboard.
Record-high inventories in the region are now pushing prices low enough to turn the typical trade flow on its head.
The refineries have been working at near capacity levels and we actually have a glut of these products backing up in New York, one of the nations chief export locations.
Why is this good news? There are a couple reasons.
First of all, the aforementioned supply and demand laws mean that there is downward pressure on the price of gasoline so you may be experiencing a bit of additional benefit when you go to fill up the tank. That applies to commercial operations as well, so when their transportation costs go down, their overhead is decreased and prices for other goods and services may similarly decrease.
But at the same time we are forcing more product overseas and strengthening our position as we compete with other exporters in Russia and the Middle East.
All of us, every single man, woman, and child on the face of the Earth were born with the same unalienable rights; to life, liberty and the pursuit of happiness. And, if the governments of the world can't get that through their thick skulls, then, regime change will be necessary.
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IBA Quote of the Week.
"We are looking forward to the day when moderate Muslims will be able to take control of their governments, their educational systems, and their law and order, so the Western world could resume mutual constructive relations based on friendship and respect. The whole world is looking forward to that day and praying for a peaceful Middle East. The ball is now in the Muslim world's court."
-- President Elect Donald J. Trump
"An Islamic regime must be serious in every field," explained Ayatollah Khomeini. "There are no jokes in Islam. There is no humour in Islam. There is no fun in Islam."
"I want to be very, very clear, however: I understand and agree with the analysis of the problem. There is an imminent threat. It manifested itself on 9/11. It's real and grave. It is as serious a threat as Stalinism and National Socialism were. Let's not pretend it isn't." ~~~~~Bono~~~~~