Oil Slick Stuff

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Milk and diesel are running neck and neck here in So. Cal. $4.31 for diesel last night.

Have noticed that rum prices are remaining somewhat stable however. :D
 
NEW YORK (AP) -- Retail gas prices set new records Friday on their seemingly relentless march toward $3.50 a gallon, and diesel prices pushed further above $4 a gallon.
Oil futures, meanwhile, surged to a new record over $116 a barrel after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry.
 
BlueMax said:
NEW YORK (AP) -- Retail gas prices set new records Friday on their seemingly relentless march toward $3.50 a gallon, and diesel prices pushed further above $4 a gallon.
Oil futures, meanwhile, surged to a new record over $116 a barrel after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry.
Click to expand...
Here we go again, NIGERIA!!!! What next?:nuts:

Maybe this will make you feel a little better.

The price of Gas versus Printer Ink
All these examples do NOT imply that gasoline is cheap; it just illustrates how outrageous some prices are....
Compared with Gasoline......
Think a gallon of gas is expensive?
This makes one think, and also puts things in perspective.
Diet Snapple 16 oz $1.29 ... $10.32 per gallon
Lipton Ice Tea 16 oz $1.19 ..........$9.52 per gallon
Gatorade 20 oz $1.59 ..... $10.17 per gallon
Ocean Spray 16 oz $1.25 ......... $10.00 per gallon
Brake Fluid 12 oz $3.15 ...... $33.60 per gallon
Vick's Nyquil 6 oz $8.35 ... $178.13 per gallon
Pepto Bismol 4 oz $3.85 .. $123.20 per gallon
Whiteout 7 oz $1.39 ....... . $25.42 per gallon
Scope 1.5 oz $0.99 .....$84.48 per gallon
And this is the REAL KICKER...
Evian water 9 oz $1.49..$21.19 per gallon! $21.19 for WATER and the buyers don't even know the source
(Evian spelled backwards
is Naive.)
Ever wonder why printers are so cheap?

So they have you hooked for the ink.
Someone calculated the cost of the ink at...............
(you won't believe it....but it is true........)
$5,200 a gal. (five thousand two hundred dollars)

So, the next time you're at the pump,be glad your car doesn't run on water, Scope, or Whiteout, Pepto Bismol, Nyquil or God forbid, Printer Ink!

Just a little humor to help ease the pain of your next trip to the pump... :o
 
Oil Price Smashes Another Record:mad:


Oil Closes at $116.69 a Barrel After Reaching a Trading High of $117


By JOHN WILEN
AP Business Writer
April 18, 2008

NEW YORK (AP) -- Retail gas prices set new records Friday on their seemingly relentless march toward $3.50 a gallon, and diesel prices pushed further above $4 a gallon. Crude futures, meanwhile, surged to a new record of $117 a barrel. [more]
http://abcnews.go.com/Business/Economy/story?id=4683017&page=1
 
Gasbuddy.com today shows the nationwide price of regular is now 3.49 a gallon, up 12 cents since one week ago.

And they aren't yet reflecting the cost jump of the last week in a barrel of oil- that may take another week or two to show at the pump....

View attachment 3766

I am very thankful I burn E-85.​
 
There is plenty of oil, this is a conspiracy to raise the price of Gas in the USA to be equal to the price that they are paying in Europe!!!!! Read my lips, this is catch up time, we were the oil controllers for decades, things have changed, how do you like $1.50 a Liter, $6 a gallon!!!! go to Great Briton, try the price of Gas in Spain, it's been higher than this for years. Our government knows what is happening, but won't tell us.:cool: Notice that Diesel is cheaper than Regular gas overseas.. WHAT!!!!!!
http://www.aaroadwatch.ie/eupetrolprices/
 
Gas prices push higher:mad:

The nationwide average for a gallon of gas touches $3.47.

Last Updated: April 20, 2008: 4:29 PM EDT

CAMARILLO, Calif. (AP) -- A survey says the national average price for regular gasoline rose nearly 16 cents in the past two weeks.
The average price of self-serve regular gasoline on Friday was $3.47 a gallon, mid-grade was at $3.59 and premium was $3.70. That's all according to the Lundberg Survey of 7,000 stations nationwide released Sunday.
Regular is up 60 cents from a year ago.
The national average price for a gallon of diesel is $4.21. That's $1.24 more than a year ago.
Of the cities surveyed, the cheapest price is in Newark, N.J., where a gallon of regular cost $3.21, on average. The highest was in San Francisco at $3.88.
http://money.cnn.com/2008/04/20/news/economy/lundberg.ap/index.htm?cnn=yes
 
Just seen the headline that the Saudis are scraping their plan to increase production.

Imagine that, if I had their oil I would much rather sell it for $180/barrel that $117/barrel.
 
More problems with Oil!:mad:
Oil Prices Spike Amid Attacks On Industry

Japanese Tanker Fired On In Gulf Of Aden, Militants Claim More Attacks On Nigeria Pipelines


BANGKOK, Thailand, April 21, 2008



image4029834g.jpg
​

MoneyWatch

Alexis Christoforous reports on today's top financial news. Oil prices continue to rise to all time highs, as crude briefly topped a $117 a barrel. Google stocks surged while Citibank faced losses. |

(CBS/AP) Oil prices spiked to a record $117.40 a barrel after a Japanese oil tanker was attacked in Middle Eastern waters, off the east coast of Yemen.

The 150,000-ton tanker Takayama was attacked about 270 miles off the Yemen coast in the Gulf of Aden while it was heading for Saudi Arabia, its Japanese operator, Nippon Yusen K.K., said in a statement posted on its Web site.

None of the ship's 23 crew members was injured, and the extent of damage to the tanker was under investigation, the company said. Kyodo News agency reported that the Japanese tanker was leaking fuel after it was fired on by a rocket launcher from a small boat. No other details were immediately available.

News of the attack pushed crude oil futures higher into record territory.

"There's clearly some geopolitical tension in the market," said Mark Pervan, senior commodity strategist at the ANZ Bank in Melbourne, Australia. "This will die down, but the market is pretty jittery at the moment," he said.

Also Monday, militants said they'd attacked two more oil pipelines in restive southern Nigeria. There was no immediate confirmation on the claims by the Movement for the Emancipation of the Niger Delta (MEND).

The militants said in an e-mail statement to journalists that they attacked two major oil pipelines early Monday in southern Rivers state.

The militants last week claimed a separate attack on a pipeline operated by a Royal Dutch Shell PLC joint venture that the company said shut down a small amount of oil production.

Light, sweet crude for May delivery fell back quickly after pushing to $117.40 a barrel. At 0413 Eastern, the contract was at $117.02 a barrel, up 33 cents from the close at the end of last week. [more]
http://www.cbsnews.com/stories/2008/04/21/business/main4029833.shtml
 
If we keep letting on that we're so economically tied into oil, we won't
have to worry about air planes and tall building. We'll be spreading troops
across the globe to protect our oil interests. Then again, I'm so out of
touch, thats probably been happening for years.

I'm all for the Energizer Bunny myself. When the
terrorists attack, it'll keep going & going & going.
:toung:
 
squalebear said:
If we keep letting on that we're so economically tied into oil, we won't
have to worry about air planes and tall building. We'll be spreading troops
across the globe to protect our oil interests. Then again, I'm so out of
touch, thats probably been happening for years.

I'm all for the Energizer Bunny myself. When the
terrorists attack, it'll keep going & going & going.
:toung:
Click to expand...
You're probably right about us protecting our Oil, just look around the news. Why won't the LEFT let us drill for oil anyware in the US, are they getting a cut or something? Stop using food to power automobiles!!STUPID!!:suspicious:
 
OPEC chief sees cost of oil going still higher

Cartel will increase production if supply is problem, but he doesn’t think it is

APTRANS.gif

updated 2:39 p.m. ET, Sun., April. 20, 2008

ROME - OPEC Secretary-General Abdullah el al-Badri said Sunday oil prices would likely go higher and that the group was ready to raise production if the price pressure was due to a shortage of supply — something he doubted.
"Oil prices, there is a common understanding that has nothing to do with supply and demand," al-Badri said on the sidelines of an energy conference in Rome.
Oil prices reached a new high Friday at $117 a barrel.
http://www.msnbc.msn.com/id/24227497/
 
AP
Retail gas hits record $3.50 a gallon as oil marches higher
Monday April 21, 12:10 pm ET
By Adam Schreck, Associated Press Writer Gas prices at the pump jump record $3.50 a gallon as crude prices spike above $117 a barrel NEW YORK (AP) -- Retail gas prices hit another new milestone Monday, jumping to an average $3.50 a gallon at filling stations across the country. Crude oil prices, meanwhile, set new records of their own, spiking above $117 a barrel after an attack on a Japanese oil tanker in the Middle East.[more]
http://biz.yahoo.com/ap/080421/oil_prices.html
 
More price fixing!:mad:

OPEC isn't lying. Prices have nothing to do with supply/demand.

Refiners slow fuel production as profits drop
Nearly three-year low in utilization rate risks angering consumers, lawmakers
By Moming Zhou, MarketWatch
Last update: 6:53 p.m. EDT April 21, 2008
SAN FRANCISCO (MarketWatch) -- A production slowdown at the nation's refineries, now operating at levels last seen in the aftermath of Hurricane Katrina in 2005, couldn't come at a more troublesome time for consumers watching pump prices flirt with $4 a gallon.

Such low production rates could create a new set of problems for refiners, already operating at the brink of loss. Utilization rates at 30-month lows threaten to spark probes by lawmakers, who have been holding a series of hearings on the rampant rise in gasoline and diesel prices.

"If this operating level persists, the industry will likely see another round of intense legislative scrutiny," said John Kilduff, an analyst at futures brokerage MF Global.
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U.S. refineries operated at 81.4% of their operable capacity in the week ending April 11, the Energy Department's statistical arm said last week. The last time the utilization rate fell below 80% was in October 2005 after hurricanes Rita and Katrina devastated refineries along the U.S. Gulf Coast.

The culprit is a record run in oil prices, which are rising much faster than gasoline prices. Near-term crude futures, which hit a new record above $117 a barrel Monday, have accelerated 80% in the last 12 months. Gasoline futures and retail prices also keep hitting new records. But the yearly gain of 41% in gas futures has not been nearly as dramatic. See more on oil and gas futures.

The gap between the price of crude and the price of gasoline and other refined products has pressured profit margins at refiners Valero Corp., Tesoro Corp. and Sunoco Inc. , among others.

Earnings from downstream operations including refining slumped 62% for a group of 10 major U.S. oil companies in the fourth quarter. At the same time, these companies processed roughly the same volume of oil, says the Energy Department's Energy Information Administration.

The first quarter is likely to look even worse. Earnings for the three dedicated refiners in the S&P 500 Indexare anticipated to tumble 94% to just under $67 million from $1.2 billion a year ago, according to Thomson Financial.

A good time for maintenance
With higher costs cutting into their bottom line, refiners appear to have decided that this spring is a particularly opportune time to take more of their production offline and retool their plants.

"This is a maintenance season. If you can't make a lot of money, you do a little more repairs," said James Williams, an economist at WTRG Economics, an energy-research firm.

Spring is typically when refiners idle parts of their plants to undertake maintenance. But they don't always cut back so drastically. Last April, when the difference between crude and gasoline prices was narrower, the utilization rate touched 90%. The nation's refinery-utilization rate has remained under 90% since early January.

Still, analysts anticipate this production rate could pick up again if gasoline-price growth accelerates ahead of the key summer-driving season.

"I expect the rate to go up dramatically, probably passing 90% in a month," Williams added.

Already this year, the gap between crude prices and gasoline has narrowed. Near-term crude futures have risen 22% this year, while gasoline prices have gained 20%.

The EIA said last week that gasoline could surpass $4 a gallon in the upcoming driving season in some areas. Retail regular-gas prices averaged $3.503 a gallon on Monday, a new record high, according to AAA.
Crunch time for refiners.

That improvement won't help companies with big refining operations in the upcoming quarterly earnings season.

Chevron Corp., the nation's second-largest energy company, said earlier this month that its refining operations have been hurt by weak profit margins, although total earnings will likely get a big boost from record-high oil and natural-gas prices. The company's downstream segment made up about one-fifth of its total earnings last year.

Valero Energy, the United States' largest refiner, warned last month that sharply lower margins from refining crude means first-quarter profit margins will be "significantly lower" than in the year-ago quarter.
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Nonetheless, companies such as Exxon Mobil Corp., which makes a big chunk of its profit from oil production, are still expected to report record earnings. Exxon Mobil last year posted the largest annual profit by a U.S. company -- $40.6 billion.

At the same time, Congress continues to prod the oil industry for explanations on high gasoline and diesel prices. On Thursday, a House panel on energy independence and global warming will hold a hearing on "gas prices and the Strategic Petroleum Reserve."

Earlier this month, thousands of independent truckers protested high diesel prices as House lawmakers grilled top oil-company executives on tax breaks.

National average diesel prices touched a new high of $4.20 a gallon on Monday, AAA said. National gasoline prices reached a new record of $3.503 a gallon, though they have been topping $4 in some parts of the country.
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Moming Zhou is a MarketWatch reporter, based in San Francisco.
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