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Gas prices dip lower

The average per-gallon price fell 4 cents in past two weeks, to $2.75. Honolulu pump prices lead nation.

October 7 2007: 4:49 PM EDT


CAMARILLO, Calif. (AP) -- The average price for gasoline in the United States dropped about 4 cents over the past two weeks, according to a national survey released Sunday.
The average price of regular gasoline on Friday was $2.75 a gallon, mid-grade was $2.87 and premium was $2.99, oil industry analyst Trilby Lundberg said.

The nation's lowest average price was in Newark, N.J., where a gallon of regular cost $2.52. The highest was in Honolulu at $3.09, according to the Lundberg Survey of 7,000 stations nationwide. http://money.cnn.com/2007/10/07/news/economy/gas_prices.ap/index.htm?postversion=2007100716
 
Oil falls over $2 a barrel:D

Investors take profits and send crude futures to $79 a barrel; Nigerian production boosted.

October 8 2007: 3:36 PM EDT

NEW YORK (AP) -- Energy futures fell in quiet holiday trading Monday as investors, questioning whether oil will keep surging to new highs, decided to cash in some of their recent profits.
Selling picked up momentum after Royal Dutch Shell PLC (Charts) announced it would boost production at a Nigerian oil platform shuttered by violence last year. Still, trading volumes were low as many traders were off for Columbus Day and a national holiday in Japan.

"Debunking the ethanol bust [more] http://money.cnn.com/2007/10/08/markets/oil.ap/index.htm?postversion=2007100815
 
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Oil prices steady

Crude prices hold above $80 after U.S. predicts that cold winter will stimulate demand for oil.

October 10 2007: 6:12 AM EDT

SINGAPORE (AP) -- Oil prices were steady Wednesday in Asia after rising sharply overnight on U.S. government predictions that a colder winter ahead will help lift worldwide demand for crude during the fourth quarter.
Light, sweet crude for November delivery climbed 4 cents to $80.30 a barrel in Asian electronic trading on the New York Mercantile Exchange by mid-afternoon in Singapore. The contract rose $1.24 to settle at $80.26 a barrel Tuesday in New York.

http://money.cnn.com/2007/10/10/markets/bc.oilprices.ap/index.htm?postversion=2007101006
 
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Think oil can't go higher? Think again:mad:

Goldman Sachs commodities analyst Jeffrey Currie tells Fortune's Eugenia Levenson that he sees crude prices moving above recent record levels.

By Eugenia Levenson, Fortune reporter
October 10 2007: 5:45 AM EDT

(Fortune Magazine) -- Crude oil prices hit a series of record highs in the past month, topping $83 a barrel - and that was after OPEC announced it would increase production by 500,000 barrels a day. The sharp spike went against post-Labor Day tradition, when the end of a gas-guzzling summer usually brings lower prices, and refineries head into their fall maintenance schedule.
After Goldman Sachs raised its year-end price forecast by $13, to $85 a barrel, Jeffrey Currie, global head of commodities research in London, spoke to Fortune's Eugenia Levenson about where oil is headed from here.
refinery.03.jpg
Problems at refineries helped boost gas prices earlier this year.
More from FORTUNE


http://money.cnn.com/2007/10/09/markets/oil_goldmansachs.fortune/index.htm?postversion=2007101005
 
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Oil reaches record of :mad:$83.95:mad: BEWARE!

Analysts debate results of Energy Department and International Energy Agency reports on crude supplies.

October 12 2007: 12:23 PM EDT


NEW YORK (AP) -- Oil futures fluctuated Friday, eventually reaching a record $83.95 in afternoon trading, as investors assessed whether reports suggesting crude supplies are tight justify extending the recent price rally.
Earlier in the day, traders debated whether oil supplies are adequate to meet fourth quarter demand.[more]
http://money.cnn.com/2007/10/12/markets/oil.ap/index.htm?postversion=2007101212
 
The idea of mid $80's oil will do a whammy at the pump and for home heating this fall and winter. Will act as a drag on growth ... national and international.
If it becomes too much of a drag, the price per barrel will drop, and so will other commodity prices.
However, lowering interest rates is NOT the answer. It will only lead to stagflation.
 
Oil jumping to 85.00 a barrel due to Turkey / Iraq conflict with the Kurds… This is bad news on oil and that conflict…

I had to fly out of Incirlik Air Base located in Turkey back in 1991… I was flying from Turkey out to an aircraft carrier in the Mediterranean way back then… Oh such fun to fly in and out of Turkey, NOT…

Anyway, Incirlik is a critical base for our U.S. military FYI… :cool::cool:
 
Two things. Demand out paces production in which year? And, who was that guy that predicted $100/barrel oil and got ridiculed by the media? :sick:
 
Oil prices climb on inventory worries

Traders also concerned that potential attacks by Turkey on Kurdish rebels could lead to supply disruptions.

October 18 2007: 5:47 AM EDT

BANGKOK, Thailand (AP) -- Oil prices rose Thursday in Asia as futures were whipped around by inventory outlooks and worries over a possible attack by Turkey on Kurdish rebels in northern Iraq.
Light, sweet crude for November delivery rose 40 cents to $87.80 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.

http://money.cnn.com/2007/10/18/markets/bc.oilprices.ap/index.htm?postversion=2007101805
 
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Drivers beware: Oil at all-time high

Crude prices end above $89 for first time on declining dollar and supply fears, while gas prices give up recent resistance and head higher.

By David Ellis, CNNMoney.com staff writer
October 18 2007: 4:00 PM EDT

NEW YORK (CNNMoney.com) -- Oil prices finished at an all-time high above $89 a barrel Thursday, while the cost of a gallon of gasoline jerked higher.
Light, sweet crude for the November contract jumped $2.07 to settle at $89.47 a barrel on the New York Mercantile Exchange, shattering the previous record of $87.61 a barrel reached two days earlier.
Earlier in the day, crude prices scrambled to an all-time trading high of $89.55 a barrel.
http://money.cnn.com/2007/10/18/markets/oil/index.htm?postversion=2007101815
 
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"falling dollar drew new foreign investors and speculators to dollar-denominated energy futures"

Yeah GREAT, our stuff is cheaper and attracting foreign buyers!!

BUT, it will catch up with us in the form of INFLATION, then it's GOING, GOING, GONE!!View attachment 2325
 
Oil prices climb above $89 level


Oil prices rose above $89 a Barrel in New York for the first time after the dollar reached a new low against the euro and amid ongoing supply concerns.

Crude oil for November delivery settled at $89.47 a barrel in New York, after rising $2.07. Brent crude hit $84.6.
The price of oil has been hitting record levels in recent days amid tensions between Turkey and Kurdish rebels in northern Iraq.
And a lower dollar has made commodities a more attractive investment.
http://news.bbc.co.uk/2/hi/business/7050172.stm
 
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Oil prices break $90 for first time

After touching high, front-month contract eases in Asian trading; record-setting run propped up by weak dollar.

October 19 2007: 4:28 AM EDT

SINGAPORE (AP) -- Oil prices surpassed $90 a barrel for the first time in after-hours trading in New York before slipping back Friday in Asia.
Investors are being drawn to energy futures as a hedge against the weakening U.S. dollar. That, plus worries over tensions between Turkey and Kurdish rebels in northern Iraq, has lifted crude oil prices to new records for five straight days.
Light, sweet crude for November delivery rose to $90.02 a barrel Thursday evening in electronic trading on the New York Mercantile Exchange. By midmorning Friday in Singapore, the contract retreated to $89.54 a barrel.​
http://money.cnn.com/2007/10/19/markets/oil.ap/index.htm?postversion=2007101904
 
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A cross border (Turkey / Iraq) attack occurred by in 1997. The Turks sent over about 50000 troops into Iraq for that attack which was in retaliation for the Kurds making some cross border attacks, so this is nothing new. But, what makes it unique is Iraq started up their Iraq / Turkey pipeline last summer and it can handle up to 15 percent of Iraq oil production and that is important. Turkey has a right to defend their country and I think an attack will drive oil up even more. I was thinking about moving out of stocks yesterday and now it looks like it will cost me big time, ouch!! At 15mpg and 4 bucks for a gallon of gas works out to about a quarter per mile driven!!:cool::cool:
 
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