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Come on DOWN Oil, It's about time!:D

Oil pulls back as supplies rise

Futures off their highs after crude and gasoline inventories rise by over 3 million barrels.

January 30 2008: 10:37 AM EST

NEW YORK (CNNMoney.com) -- Oil prices eased from their highs Wednesday after the government said supplies of crude oil and gasoline rose more than expected.
U.S. light crude for February delivery rose 9 cents to $91.73 a barrel. Oil traded up 59 cents at $92.23 a barrel just prior to the report's release, and was lower immediately after the release before rebounding.
In its weekly inventory report, the Energy Information Administration said crude stocks rose by 3.6 million barrels last week. Analysts were looking for an increase of 2.3 million barrels according to a Dow Jones poll.
Distillates, used to make heating oil and diesel fuel, fell by 1.5 million barrels while gasoline supplies rose by 3.6 million barrels. Analysts were looking for a 1.6 million barrel increase in distillates supplies and a 1.9 million barrel gain in gasoline stockpiles.
Oil prices topped $100 a barrel late last year, but have since pulled back over fears of a slowing U.S. economy.
http://money.cnn.com/2008/01/30/markets/oil_eia/index.htm?postversion=2008013010
 
Iraq 'set for oil price windfall


_44391944_iraqoil203body_ap.jpg
Oil refineries are key to the Iraqi economy

Increasing oil production and higher oil prices mean Iraq could be set for an influx of extra money towards reconstruction, a report has said.
Iraq could get an extra $15bn (£7.5bn) from its oil in 2008, special inspector general Stuart W Bowen Jnr said.
But the report said greater efforts were needed to establish how the money would be used, and to fight the corruption which eats into oil revenue.
Oil revenue makes up about 84% of Iraq's national revenue.
Iraq's oil production averaged 2.38 million barrels a day in the last three months of 2007, the report said, the highest level since the US-led invasion in 2003, but below pre-war levels.
Along with record oil prices, which hit $100 a barrel earlier this month, this had created "the opportunity for significant economic investment", Mr Bowen said. "The possible rise in Iraq's revenue emphasises the need for the government of Iraq to pursue its fight against corruption with renewed vigour," the report added. Violence continues [more]
http://news.bbc.co.uk/2/hi/business/7217559.stm
 
nnuut said:
Iraq 'set for oil price windfall


_44391944_iraqoil203body_ap.jpg
Oil refineries are key to the Iraqi economy

Increasing oil production and higher oil prices mean Iraq could be set for an influx of extra money towards reconstruction, a report has said.
Iraq could get an extra $15bn (£7.5bn) from its oil in 2008, special inspector general Stuart W Bowen Jnr said.
But the report said greater efforts were needed to establish how the money would be used, and to fight the corruption which eats into oil revenue.
Oil revenue makes up about 84% of Iraq's national revenue.
Iraq's oil production averaged 2.38 million barrels a day in the last three months of 2007, the report said, the highest level since the US-led invasion in 2003, but below pre-war levels.
Along with record oil prices, which hit $100 a barrel earlier this month, this had created "the opportunity for significant economic investment", Mr Bowen said. "The possible rise in Iraq's revenue emphasises the need for the government of Iraq to pursue its fight against corruption with renewed vigour," the report added. Violence continues [more]
http://news.bbc.co.uk/2/hi/business/7217559.stm
Click to expand...
Oil Prices Rise on Hopes of Fed Rate Cut:confused:

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD8UG8LBG2

By PABLO GORONDI – 4 hours ago
Oil prices rose despite predictions of climbing U.S. oil supplies, with traders expecting the Fed to cut U.S. interest rate later Wednesday and that OPEC will not raise output this week.
The U.S. central bank cut interest rates sharply last week, and is expected to do so again. Energy investors hope Fed measures and a planned stimulus package from Congress will limit economic damage for the world's largest oil consumer.
Light, sweet crude for March delivery added 65 cents to $92.29 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Europe.
The contract rose 65 cents to settle at $91.64 a barrel on Tuesday.
Prices were also supported by the suspension of production at a Canadian oil sands field.
​
 
nnuut,
Of course there is no single answer to why gas prices have gone up for the past two years. For my paper, I am trying to isolate a few top reasons of the increase. Please correct me if I am wrong.
OPEC controls most production and supply (about 40%). They are able to set rates as they want to. But they also do not want the prices too high, nor do they want to produce too much oil, especially when countries like America might be talking recession. That would bring the price down significantly. The refineries also have a say in the price setting because of the cost in maintaining the...well, refineries.
Now, the gas companies can set the price to their liking, usually based on location and demand. The individual gas station owners also can raise the prices to their liking based on location and lining their own pockets, but, they have to be careful because other station owners nearby could be their competition.
Am I close?
 
Yes your are right, but many more reasons for the rise in the price. Specalation, the Big Boys making BIG BUCKS that plays a big part, and of course China, India and the others using Oil and Gas like it's going out of style. I really think there is plenty of Oil/Gas, it's profits plain and simple.:mad:
 
Here is another reason!:mad: Price fixing!!:nuts:


OPEC leaves production unchanged

The cartel says it will keep crude output at present levels, citing fears that economic weakness will crimp demand.

February 1 2008: 6:21 AM EST

VIENNA, Austria (AP) -- Shrugging off calls to pump more oil, OPEC oil ministers decided to keep output at present levels at their meeting Friday because of fears that soft world economies will translate into weakened demand.
The group decided to maintain output quotas of 29.67 million barrels a day among the 12 members under production caps at least until March 5, when it meets again to reassess production levels - a decision that will in part be determined by U.S. economic performance.
Any decision by the Organization of Petroleum Exporting Countries to produce more would act as a shot in the arm for countries struggling with weak growth, the fallout from the U.S. subprime crisis and negative economic factors.
Cheap cars in Asia, expensive gas everywhere
http://money.cnn.com/2008/02/01/markets/opec_production.ap/index.htm?postversion=2008020106
 
AND, what does this tell you about cost of Oil products?:nuts:

Exxon shatters profit records

Oil giant makes corporate history by booking $11.7 billion in quarterly profit; earns $1,300 a second in 2007.

February 1 2008: 9:01 AM EST


exxon_mobil.03.jpg
Exxon Mobil booked the biggest quarterly and annual profits in U.S. corporate history Friday, helped by higher oil prices.

NEW YORK (CNNMoney.com) -- Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a U.S. company.
Exxon (XOM, Fortune 500) shares gained nearly 2% in pre-market trading on the results, which were underpinned by soaring crude prices.
Exxon, the world's largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. That's up from $10.25 billion, or $1.76 per share, in the year-ago period.
That tops Exxon's previous quarterly profit record of $10.7 billion, set in the fourth quarter of 2005, which also was a record for any U.S. corporation.
Exxon also set an annual profit record by earning $40.61 billion last year, or nearly $1,300 per second.
The company's full-year results exceeded its previous record of $39.5 billion in 2006.
In the fourth quarter, revenue rose 29.5% from a year ago to $116.64 billion.
Analysts were looking for the company to report quarterly profit of $10.36 billion on revenue of $114.9 billion, according to earnings tracker Thomson Financial.[more] http://money.cnn.com/2008/02/01/news/companies/exxon_earnings/index.htm?postversion=2008020109
 
nnuut said:
AND, what does this tell you about cost of Oil products?:nuts:

Exxon shatters profit records

Oil giant makes corporate history by booking $11.7 billion in quarterly profit; earns $1,300 a second in 2007.
Click to expand...

It tells me that there are crooks and it is politics (same thing). Or, somebody fat fingered their calculator or fudged numbers.

Thanks for your help. I appreciate your site. :cool:
 
Barney said:
It tells me that there are crooks and it is politics (same thing). Or, somebody fat fingered their calculator or fudged numbers.

Thanks for your help. I appreciate your site. :cool:
Click to expand...

It tells me where their loyalty lies. (As if we didn't already know)
 
Oil prices slip despite OPEC call:confused:

Oil extends decline on economic concerns, ignoring OPEC's decision to hold output steady.

February 1 2008: 8:05 AM EST

CNN's Ali Velshi explains what's behind crude's triple-digit gusher.

NEW YORK (AP) -- Oil prices were slightly lower Friday but showed little reaction to news that OPEC would maintain current output levels, as worries of a possible U.S. recession weighed on crude futures.
The economic concerns were renewed after the U.S. Commerce Department reported Thursday that consumer spending rose in December by 0.2 percent, the weakest performance since June.
Claims for unemployment benefits in the United States jumped by 69,000 last week, the Labor Department said, more than three times what economists expected.
Light, sweet crude for March delivery lost 39 cents to $91.36 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. It fell as low as $90.64 Friday before rebounding.
The contract fell 58 cents to settle at $91.75 a barrel on Thursday.
In London, Brent crude futures dropped 50 cents to $91.71 a barrel on the ICE Futures exchange.
Ahead of the formal announcement, several OPEC oil ministers said the group had decided to keep output at present levels at their meeting Friday because of fears that soft world economies will translate into weakened demand.[more]
http://money.cnn.com/2008/02/01/markets/bc.oilprices.ap/index.htm?postversion=2008020108
 
nnuut said:
Poor, poor Oil companies, don't have enough money to build some new refineries!! WHAT THE?:nuts:
Click to expand...
:mad: Someone needs to take away those tax breaks the oil companies got for building new refineries. Obviously the money doesn't go where it's supposed to.
 
You,ve got a good point there SB! CROOKS to the Left of us, CROOKS to the right, STUCK IN THE MIDDLE AGAIN!!:nuts:
 
Cheap cars in Asia, expensive gas everywhere:mad:

The debut of the $2,500 car is just another reason Americans will pay more at the pump, and highlights a need for some creative urban planning in the developing world.

By Steve Hargreaves, CNNMoney.com staff writer

February 2 2008: 5:59 PM EST


rush_hour_india.ap.03.jpg
Cheap cars in Asia may lead to even worse trafic problems there, and rising gas prices the world over.
tata_nano.03.jpg
India's Tata has just introduced the Nano, a two-cylinder, four-person car with a price tag of $2,500.
qq.03.jpg
The QQ from China's Chery goes for around $4,000.


At the 2008 Detroit Auto Show, gas guzzlers share the spotlight with the latest in green machines.

NEW YORK (CNNMoney.com) -- The debut of the $2,500 car may be billed as a mobility breakthrough for billions of people in the developing world, but for U.S. motorists it could mean one thing: higher gas prices.
Rising demand from the developing world has long been cited as a main driver behind the runup in oil prices. That demand will only get more intense with staggering growth in car sales - and by extension, gasoline use - in places like India and China.
"We'll get into a situation where we'll have to compete with them for gasoline, $4, $5 a gallon, who knows how high we could go." said Peter Beutel, an oil analyst at the consultancy Cameron Hanover.
He says that time could come much sooner than 2015, when light vehicle sales in India are expected to total over 3 million - doubling 2006 sales - according to J.D. Power & Associates. In China they're expected to nearly triple - to over 17 million - roughly on par with projected sales in the United States.
That huge growth doesn't even begin to scratch the surface of potential car buyers in those countries though. The 2 billion-plus combined populations of India and China could one day dwarf the 300 million potential car buyers in the U.S.
Autos' year of living dangerously [more]
http://money.cnn.com/2008/01/30/news/international/mini_cars_gas/index.htm?cnn=yes
 
Oil barrels below $89:D on 'R' fears

OPEC hints at production cut if softer US economy slows demand; oil futures down almost $3 a barrel.

February 4 2008: 7:50 AM EST


oil_rig_new.03.jpg
Oil prices decline as investors look at weak economic news.

New York (AP) -- Oil prices fell Monday as worries of a possible U.S. recession that would hurt oil demand more than offset the impact of fresh gains in global stock markets.
Energy investors often view stocks as a proxy for economic growth, and in some recent sessions, movements in the oil market have closely followed that of global equities. Stocks rose Monday in Asia and Europe.
But Monday investors appeared to remain focused on weak economic data in the U.S. that pushed oil futures down almost $3 a barrel at the end of last week.
Light, sweet crude for March delivery on the New York Mercantile Exchange fell 60 cents to $88.36 a barrel in electronic trading by midday in Europe.
In London, Brent crude futures fell 39 cents to $89.05 a barrel on the ICE Futures exchange.
The Nymex contract dropped $2.79 a barrel on Friday after the U.S. Labor Department reported that employers cut 17,000 jobs last month, the first reduction in more than four years and a sign that the economy continues to weaken. [more]
http://money.cnn.com/2008/02/04/markets/oil_drop.ap/index.htm?postversion=2008020407
 
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