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Originally Posted by Downthestretch55
Ez,
The fact is that they weren't refusing to unload. They weren't allowed to.
One of my friend's fathers ran a company called Hudson River Pilots. The company takes pilots out to the ships while outside NY harbor and guides them in to their destination inside the port.
Since the tankers couldn't off load, they anchored them.
All I was attempting to say is that the oil market can be manipulated.
I don't remember $75 per barrel in the 80's, but I'll take your word on it.
btw...oil isn't flowing out of Iraq because the pipelines keep getting sabotaged.
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I said (meant) the price went to about $75 this time (2006)...and around $46 in the early 1980's.
They (the tankers) weren't allowed to unload? I have to ask.. who was stopping them? Are you saying the owners of the tankers, the owners of the crude, the refiners.....or the feds, were stopping them? The whole conspiracy claims concerning crude oil price manipulation just doesn't hold water, as why did prices dip into the single digits in the late 1980's? OPEC, through production, can maintain a price, but this is far from any oil company or US government conspiracy.
Ez