A contango being a condition - such as exists right now with crude oil - where the price of a commodity is such that it is worth buying it on today's market and storing the stuff to sell later.
This is helpful to people with empty storage tanks, and the price of oil is almost at a level where it is viable to hire tankers to store offshore as well.
What could possibly go wrong?
If it happens, and this pundit says it will by March 2016, there will be a considerable spike in the number of tankers and amount of oil afloat at any one time.
BP have a big slice of the oil contango market, but luckily they're a responsible company that doesn't cause oil spills.
Other, dodgier crowds will be encouraged to have floating oil reserves, and if conditions last long enough, it's a good bet that the quality of ships storing oil at sea means a spill is inevitable.
Quite amusing that being green and not consuming oil could cause one of the greatest marine disasters we've ever seen!
Shun buses, toss that bike on the scrapheap, turn that heater up high.
Your planet needs YOU! Use more oil!
This is helpful to people with empty storage tanks, and the price of oil is almost at a level where it is viable to hire tankers to store offshore as well.
What could possibly go wrong?
If it happens, and this pundit says it will by March 2016, there will be a considerable spike in the number of tankers and amount of oil afloat at any one time.
BP have a big slice of the oil contango market, but luckily they're a responsible company that doesn't cause oil spills.
Other, dodgier crowds will be encouraged to have floating oil reserves, and if conditions last long enough, it's a good bet that the quality of ships storing oil at sea means a spill is inevitable.
Quite amusing that being green and not consuming oil could cause one of the greatest marine disasters we've ever seen!
Shun buses, toss that bike on the scrapheap, turn that heater up high.
Your planet needs YOU! Use more oil!
via International Skeptics Forum http://ift.tt/1ifWH52
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