Over the past 15 years, the U.S.’s crude oil supply/demand balance has been transformed by the Shale Revolution. Increasing production unlocked through horizontal drilling and hydraulic fracturing have pushed up the nation’s overall supply without an equal change in refining capacity, resulting in significant changes in regional balances. In today’s RBN blog, we discuss what PADD-by-PADD crude oil supply/demand balances can tell us and preview our latest Drill Down Report.
As we noted in One Piece At A Time, the supply/demand balance of crude oil is a simple equation: Total Supply equals Total Demand. Despite all the factors that can go into it, there are ultimately six variables, with Total Supply made up of production, imports and stock withdrawals (green section in Figure 1 below), and Total Demand made up of refinery input, exports and stock additions (red section). Since stock additions and withdrawals should theoretically even out in the long term, changes in production would need to be balanced by shifts in refinery input, exports and/or imports — highlighting the connections among the different variables.
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About the song
“Pictures of You” lyrics were written by Robert Smith, with music by Boris Williams, Simon Gallup, Roger O'Donnell, Porl Thompson and Lol Tolhurst. It appears as the second song on The Cure’s eighth studio album, Disintegration. Released as the fourth single from the album in March 1990, it went to #19 on the Billboard alternative Airplay and #71 on the Billboard Hot 100 Singles charts. Personnel on the record were: Robert Smith (vocals, six-string bass, keyboards), Porl Thompson (guitar), Simon Gallup (bass), Boris Williams (drums) and Roger O'Donnell (keyboards).
Disintegration was recorded between February 1988 and February 1989 at Hookend in Checkendon, England, and produced by David M. Allen and Robert Smith. Released in March 1989, it went to #12 on the Billboard 200 Albums chart and has been certified 2x Platinum by the Recording Industry Association of America. Four singles were released from the LP.
The Cure is an English rock band formed in Crawley, England, in May 1978 by Robert Smith and Lol Tolhurst. Their debut album, Three Imaginary Boys, came out in 1979. The band’s dark style, along with Robert Smith’s sense of fashion, had a strong influence on what became goth rock. They have released 14 studio albums, seven live albums, seven compilation albums, 12 EPs, and 47 singles. Thy have sold more than 30 million records worldwide. They have won two Ivor Novello Awards and an MTV Video Music Award. Nineteen members have passed through the band since its formation. Founding member Robert Smith, along with bassist Simon Gallup, keyboardists Roger O'Donnell and Perry Bamonte, guitarist Reeves Gabrels, and drummer Jason Cooper, make up the current lineup of the band. They continue to record and tour.
