Saudi Crude Oil Inventories Reach Record High -- October 20, 2015; Consumer Reports Withdraws Recommendation For Tesla Model S

Oilprice.com is reporting: Saudi Arabia oil inventories reach record high as demand wanes --

JODI data over the weekend highlighted that Saudi Arabian crude stocks have reached a record high of 326.6 million barrels in August. As Saudi continues to keep production elevated, and as it struggles to find a home for all its exports amid a highly-competitive global market (awash with crude), this extra oil is finding its way into stockpiles as exports ease.

Saudi Arabia crude oil inventory:

• Currently: 325 million bbls in storage
• 4Q14: 310 million bbls
• 4Q13: 285 million bbls 

The world consumes around 93 million bopd; produces around 94 million bopd.  Source: IEA.

More at this July, 2014, article.

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And Not Even A Decade Old?

Reuters is reporting:

Owners of vehicles with advanced fuel-saving technology and digital multimedia systems, including the Tesla Model S sedan, are hurting reliability, Consumer Reports magazine found in its annual survey of vehicle reliability.

That was a weird sentence -- cutting out all the middle stuff, subject verb, object only: "Owners ... are hurting reliability." What? What do they mean, "hurting reliability"?

Having said that, this is easy to understand:

There is “an emerging trend of increased troubles” with many vehicles that use new transmission technology to boost mileage, the magazine said Tuesday. The latest reliability survey was to be presented by the magazine's editors at a meeting of Detroit's Automotive Press Association.

One of the most technologically adventurous cars on the market, the Tesla Model S, registered a worse than average reliability score based on survey responses from 1,400 owners, Consumer Reports found. The battery powered Model S P85D was recently lauded by the magazine’s editors for racking up the best scores ever in its performance tests. But owners complained of rattles, leaks, and problems with the charging equipment, drivetrain and center console displays, the magazine said.

I've always said re-sale value will become an issue, starting with battery replacement.

Wow! Just after posting the above, I see The Los Angeles Times has a long article on same subject:

Consumer Reports withdrew its recommendation for the Tesla Model S — a car the magazine previously raved about — because of poor reliability for the sporty electric sedan.

The turnabout comes after the influential consumer magazine handed the luxury car a “worse-than-average” rating in its annual report on the predicted reliability of new vehicles issued Tuesday.

The news sent Tesla Motors stock down as much as $23.77, more than 10%, to $204.33 in mid-day trading.

Consumer Reports surveyed 1,400 Model S owners “who chronicled an array of detailed and complicated maladies” with the drivetrain, power equipment, charging equipment and giant iPad-like center console. They also complained about body and sunroof squeaks, rattles and leaks.

“As the older vehicles are getting up on miles, we are seeing some where the electric motor needs to be replaced and the onboard charging system won’t charge the battery,” said Jake Fisher, Consumer Reports’ director of automotive testing. “On the newer vehicles, we are seeing problems such as the sunroof not operating properly. Door handles continue to be an issue.”

Fisher said the flaws could signal future problems for the brand, which plans to roughly double production next year. It has just begun deliveries of a second vehicle, the Model X electric crossover, and intends to introduce the Model 3, a smaller, less expensive electric car, in 2017.

Through the first nine months of the year, the automaker has delivered only 33,117 vehicles. Current Tesla models sell for about $100,000.

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Notes to the Granddaughters

I was in my Hemingway phase after reading Selected Letters of Martha Gellhorn, so I went back to read Islands In The Stream. I don't recall liking it the first time I read it, and I liked it even less this time. I was barely able to get through the first third, "Bimini." I finished "Bimini" and then hung it up. I can't decide whether to throw it out or keep it on the Hemingway shelf. It was written in 1950 - 1951. Hemingway put in a Havana bank vault at that time and then who knows where/when his fourth wife, Mary, found the manuscript. She had it published in 1970, after Hemingway had died. Remember that date, 1950 - 1951.

For some reason I wanted to read -- actually re-read Catcher in the Rye. Perhaps I wanted to compare Salinger with Hemingway. I bought a new copy of Catcher about two months ago, waiting for a moment when I was "ready" to read it again. This will be my third reading. I don't recall much about it from my earlier two readings. This time I will remember it forever. According to his biographer, Salinger had the first six chapters written when he was called to war, landed in Normandy -- D-Day? I can't remember -- and then worked on the book while an intelligence office in Europe. The book was published in 1951 according to most sources, but it was copyright 1945, 1946, and 1951 (and then renewed in 1970 by Salinger).

I am about two-thirds of the way through Catcher. One can read Catcher in one sitting. I'm taking my time. I will read it in three sittings; two days, maybe three days. It will be finished tonight.

I mentioned to our oldest granddaughter that I was reading it. She asked if she could read it after I was finished. I was non-committal -- purposely vague -- I couldn't remember if it was "suitable" for a 14-year-old. It may not be. I will not bring it up again, but recommend that she read it as a sophomore or junior in high school. It would be a good book for a young girl to discuss with peers and responsible adults.

But I digress. Having read Islands In The Stream and Catcher, I can say that the former was truly, truly awful. I don't get it. One might say that having not read all of it, I cannot judge, but I read the reviews, and the reviewers were as ecstatic with the "Bimini" as the rest of it. I have no idea what those reviewers must have been reading; certainly not Hemingway. Catcher? One of the funniest books I've read.

Holden was by times depressed, manic, but always "crazy," as he himself says. After screwing up a potentially wonderful date, he was a bit "down." He wanted to talk to someone -- in fact, throughout the book, throughout the story which only takes place over a couple of days, Holden wants to talk to someone. He takes out his address book. Page 176 - 177:

... but her phone didn't answer, so I had to hang up. Then I had to look through my address book to see who the hell might be available for the evening. The trouble was, though, my address book only has about three people in it. Jane, and this man, Mr. Antolini, that was my teacher at Elkton Hills, and my father's office number. I keep forgetting to put people's names in.

Funny, sad, poignant, coming-of-age, all at one time. I'm sure Hemingway read the book. That's probably why he put Islands In The Stream in a bank vault and never looked at the manuscript again.