Oil Rises on Supply Concerns

The rise in the price of crude oil
of over that past two weeks seems to stem mostly from fear and greed as this
commodity is traded haphazardly global markets. Of great concern is how
information concerning cause and effect can be misleading creating chaos.
The general public becomes the victim especially when the price being paid for
gas and heating oil in conjunction with the price increase crude oil.

[q
url="http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD8TLRL8O0"]Much
of that drop was due to a decline in imports of almost a million barrels a day
because fog closed the Houston Ship Channel last week, analysts said.[/q]



Shortly after the Energy Information Agency released the production, imports,
stocks, supply, prices, data and  analysis with This Week in
Petroleum report on December 12, oil futures started to rise at the NYMEX. One reason that's
stated for the rise was a decrease in weekly crude stocks and imports, which
many commodity analysts stating was caused by a delay in tanker ships
inbound the Houston
Ship Channel being closed due to fog.

       

The drop in oil supplies had nothing to do with the fog closing the Houston Ship
Channel from December 9th -11th. For instance, immediately following the
fog clearing the shipping channel reopened and 25 tanker ships
transporting approximately 12,000,000 barrel of crude oil entered the ports of Texas City and Houston
supplying the refineries over the next three days ending on Friday December 14,
2007. The EIA TWIP report in question was based on the time period form 8-14
December. So where did the decline of imports occur if not on the Gulf Coast
region?