Ramrod

Point/Counterpoint: David Andrew Taylor Misreads Current Oil Inventories

Hmmmm, let's see...

21 BILLION BARRELS PER DAY =
75,000 BARRELS PER DAY PER PERSON IN THE US.

Yep, sounds about right to me! Except for the billions part...

Seriously, it looks like you're off by an order of magnitude.

Point/Counterpoint: David Andrew Taylor Misreads Current Oil Inventories

According to your source, the US consumed roughly 3.5 million barrels per day of refined product, not crude, in June 2006 (see tonto.eia.doe.gov/dnav...). Based on that it looks like the shortage (for 10 days consumption) is more like 35 MILLION barrels of refined product, not crude (which will be less).

So I am baffled by how your analysis extrapolates that to an 80 BILLION barrel refined products shortage.

Considering there is close to a billion barrels of crude on the water, last I heard, 35 million barrels of refined products doesn't really support prices at these levels. But, then again, my counting skills are often questioned by my dogs...