Oil Slick Stuff

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Oil continues slide from record high

Higher refinery output pushed down price after huge drop in inventories revealed.

August 2 2007: 5:59 AM EDT


LONDON (Reuters) -- Oil continued its descent Thursday from the previous session's record high, dragged down by data showing U.S. refiners had raised fuel output to the highest level in 11 months.
Crude for September delivery shed 70 cents to $75.83 a barrel in electronic trading, after ending Wednesday's volatile session down $1.68, or 2.2 percent.
showed.http://money.cnn.com/2007/08/02/markets/bc.markets.oil.reut/index.htm?postversion=2007080205
 
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Over 100 gas stations are now selling it in Los Angeles for less than 3 bucks a gal. I seen it as low as 2.92 near my home in LA. Guess the refiners are working overtime? :cool::cool:
 
Crude edges down, supply fears remain

U.S. worried about crude stocks declining without OPEC production meeting shortfall.

August 3 2007: 6:21 AM EDT

LONDON (Reuters) -- Oil hovered near $77 a barrel Friday, near this week's all-time high, as continued output restraint by OPEC raised concern over tighter fuel supplies this winter.
Crude fell 6 cents to $76.80 a barrel after rising 33 cents on Thursday. Prices hit a record $78.77 during Wednesday's trading, but then fell sharply on signs of improved U.S. refinery operations. London Brent declined 26 cents to $75.50.

http://money.cnn.com/2007/08/03/markets/bc.markets.oil.reut/index.htm?postversion=2007080306
 
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Oil price 'threatens US economy'



Sustained oil prices close to $80 a barrel could hit US economic growth, Energy Secretary Sam Bodman has said.
The US economy has never faced such high prices for "an extended period," Mr Bodman warned.
There is concern about whether oil supplies can meet global demand and Mr Bodman urged oil producing nations to increase output to avoid shortages.
Oil prices have fallen back slightly after hitting a record intraday high of $78.77 a barrel on Wednesday.
Sustainability fears
http://news.bbc.co.uk/2/hi/business/6928818.stm
 
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Callme_CO said:
what happened to the north pole being international untouchable? did i miss something?
Click to expand...

Here's another article that explains why Russia "thinks" it already owns this land:

http://news.bbc.co.uk/2/hi/europe/6927395.stm

From the article:
Moscow argued before a UN commission in 2001 that waters off its northern coast were in fact an extension of its maritime territory.
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Only thing is that the UN rejected their claim.

Here's a little picture:
_44032849_arctic_russia416.gif
 
Crude tumbles near $76 on profit taking

Oil zigzags amid worries about a decline in crude stocks due to restrained production by OPEC.

August 3 2007: 10:56 AM EDT

LONDON (Reuters) -- Oil fell near $76 a barrel on Friday as traders booked profits, closing out a week where supply concerns helped push prices to a record high.
Oil tumbled 79 cents to $76.07 by 10:45 a.m. ET. Prices hit a record $78.77 on Wednesday, but fell sharply on signs of improved U.S. refinery operations. London Brent slipped 79 cents to $74.97.

http://money.cnn.com/2007/08/03/markets/bc.markets.oil.reut/index.htm?postversion=2007080310
 
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OK, so the Dems put 16% taxes on Oil companies. What do you think will happen? Could it be that they will pass the Tax Penalties on tho the consumer?:mad:





Oil state Democrats pressured to back energy bill taxes
  • NEW: Computer problems push House vote on measure to Saturday
  • Some Democrats from oil states balk because of new taxes on oil companies
  • Bill's backers say it merely closes loopholes oil companies have enjoyed
  • Another provision will require utilities to use more renewable energy sources
  • Next Article in Politics »
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WASHINGTON (AP) -- House leaders pressed Democrats from oil states Friday to support $16 billion in oil industry taxes and sought a compromise over use of renewable fuels by electric utilities, hoping to clear the way for approval of energy legislation.
art.pelosi.file.gi.jpg
House Speaker Nancy Pelosi thinks she has the votes to pass energy legislation, her aides say.

http://www.cnn.com/2007/POLITICS/08/03/energy.congress.ap/index.html
 
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nnuut said:
OK, so the Dems put 16% taxes on Oil companies. What do you think will happen? Could it be that they will pass the Tax Penalties on tho the consumer?:mad:
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This type of stuff really gets me PO'd :suspicious:

Either the oil guys decide to suck up the taxes and reduce their profit margin because they care about our well being. :cheesy:

Or the cost gets passed down to us through every single product that requires oil in its production...
 
Exactly and they will cut exploration, or cut refinery production which will drive up prices. CROOKS!! I guess they didn't make enough profit this year? HUH!!!:mad:
 
aside from prebuying your heating oil for next winter. And as much as we dislike the oil companies and their Arab allies. Investing in oil seems like the only 100 percent way of keeping ahead of inflation and making a long-term bundle in the stock market. So how about some advise on the best way to invest in black gold. As for myself I do have some money in U.S. global reserves natural resource fund.
 
Welcome to the MB Rocky, Balboa?:laugh:
I really don't invest in Oil, but don't buy HIGH right? It's kind of seasonal Ya know. If I would have bought at $50 I would have sold last week, or after a Hurricane hits the Gulf of Mexico!!:D
Hey you Oil investors Help this Guy!!!
 
Rocky said:
Investing in oil seems like the only 100 percent way of keeping ahead of inflation and making a long-term bundle in the stock market.
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If only it were that easy. Pick any oil refiner/exploration/integrated oil gas company and take a look at their charts.

'In this business there's no such thing as a sure thing.' Lou Mannheim, Wall Street
 
Oil tumbles on economic jitters

Crude sharply lower as fears about U.S. economy shake world markets.

August 6 2007: 5:54 AM EDT


LONDON (Reuters) -- Oil fell below $75 a barrel Monday, extending the previous session's decline as concern about the United States economy rippled through financial and commodity markets.
http://markets/bc.markets.oil.reut/index.htm?postversion=2007080605
 
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Do you think that Gas and Oil prices are feeding a little Market Come Back today? I do, Oil $72.83 a barrel -2.65, Gas 1.9619 a gallon -.0671.:D
Comon troups knock them down another notch!! BAM!!:laugh:
View attachment 1849
 
OR MAYBE IT"S NOT HELPING?:confused:
NOW they are concerned about lower DEMAND for Oil and Gas?:laugh: Am I nnuuts?:laugh:

FUTURES MOVERS
Crude oil falls sharply on demand concerns
Reformulated gasoline and heating oil futures also decline sharply

By Polya Lesova, MarketWatch
Last Update: 12:17 PM ET Aug 6, 2007

NEW YORK (MarketWatch) -- Crude-oil and other energy futures fell sharply Monday, extending their steep losses from last week, as traders locked in gains amid worries that a slowdown in the U.S. economy will lower demand for oil.
http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
 
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Gasoline prices dip to 4-month low

Average retail pump price slips to $2.84 a gallon as crude falls.

August 6 2007: 5:27 PM EDT

WASHINGTON (Reuters) -- The U.S. average retail price for gasoline fell for the third week in a row, dropping another 3.8 cents a gallon, the government said Monday, and pump prices may go lower thanks to cheaper crude oil.
The national price for regular gasoline is $2.84 a gallon, down 21 cents in the last three weeks and the lowest level since early April, the federal Energy Information Administration said in its weekly survey of service stations.

http://money.cnn.com/2007/08/06/news/economy/gasoline_prices.reut/index.htm?postversion=2007080617
 
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nnuut said:
Gasoline prices dip to 4-month low

Average retail pump price slips to $2.84 a gallon as crude falls.
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Wholesale price of unleaded gas was under $2/gallon today.

Heard on CNBC several months ago that the price at the pump 'should' be about 50-60cents more per gallon than the wholesale price.

We're around $2.90/gallon in Northern Colorado. :suspicious:
 
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