“Hey…wanna go to Florida?” Florida Gasoline & Diesel Terminal storage
Forty years ago, a very wise man named Mark Leahy stood in a glass strewn parking lot in West Philly and said, “Hey…wanna go to Florida?”. Since then, millions of people have taken heed to those words and have headed to the peninsula in the Southeast corner of the United States, with the help of efficient air conditioning. Naturally, demand for fuel has followed. Exciting news from last week is that Florida-based Belvedere Terminals is looking to invest $750 million in Florida to develop multiple fuel terminals for storage and supply. The company plans its first three sites in Jacksonville, Ormond Beach and Ft. Pierce and will follow up with another seven locations throughout the state over the next five years. The initial three sites are in the early stages of planning and development. We applaud the midstream companies who seek to support our fuel supply chain with infrastructure investment. Recently we have seen key terminals closed and repurposed to other means of commercial warehousing making it more difficult to maintain oil inventory levels that can comfortably absorb supply shocks.
The Tank Tiger has a bird’s eye view of our ongoing need for midstream access. Just last week we fielded inquiries from customers looking for storage for fuel oil, wax, Biodiesel, ethanol, base oil, MGO, phosphoric acid, molten sulfur, liquid fertilizer, UAN, crude oil, methanol, jet fuel, and UCO. It is difficult to properly handicap the upcoming college football games when there are so many terminal needs to be filled, but The Tank Tiger continues to do it with a smile. So if you have a need for tank storage, we will be happy to put on the search for you. Repeat after me. If you are looking for tank storage, The Tank Tiger service is free. It always has been, and always will be.
Where have all the cowboys gone? Remarks from Continental CEO Doug Lawler reflect the attitude of many of his peers. “….. producing as much as we can is not how we generate the greatest value.” Just three years ago, private equity was throwing money around like Skittles at a kindergarten recess. Now they are throwing nickels around like manhole covers. They should know it’s not easy to pat one another on the back with alligator arms. Chevron isn’t waiting. They plan to add 65,000 barrels per day of Venezuelan oil output by the end of 2024. If you combine this with relief from Iranian sanctions, the speculative bulls may take a pause from the feeding frenzy. In the meantime, we should expect some handsome profits in 4Q 2023 from the oil patch and there will be extra cash in the coffers. Rumor has it that the holiday parties will be in Miami this year?
