-
The Forum works well on MOBILE devices without an app: Just go to: https://forum.tsptalk.com
-
Please read our AutoTracker policy on the IFT deadline and remaining active. Thanks!
-
$ - Premium Service Content (Info) | AutoTracker Monthly Winners | Is Gmail et al, Blocking Our emails?
Find us on: Facebook & X | Posting Copyrighted Material
-
Join the TSP Talk AutoTracker: How to Get Started | Login | Main AutoTracker Page
-
The Forum works well on MOBILE devices without an app: Just go to: https://forum.tsptalk.com ...
Or you can now use TapaTalk again!
Oil Slick Stuff
- Thread starter nnuut
- Start date
nnuut
Moderator | TSP Legend
Gas prices hit 2nd straight daily record
Pump prices jump to another all-time high as crude keeps up record run; farmers among those feeling hardest hit.
Last Updated: May 9, 2008: 7:30 AM EDT
Retail gas price have hit a record high $3.671 a gallon, according to auto club AAA.
NEW YORK (CNNMoney.com) -- Retail gasoline prices have jumped to yet another record high, drivers' advocacy group AAA's Web site showed Friday.
The national average price for a gallon of regular unleaded gasoline rose 2.6 cents to $3.671, breaking the record set the previous day. It was the second day in a row that gas prices set a record, and follows a 17-day streak of record-breaking days that ended May 1.
Prices at the pump have been soaring. Drivers now pay, on average, 21% more than they did a year ago, when a gallon of gas cost $3.037, according to AAA.
The price of gas has been pushed up by record high crude prices. Crude futures hit an all-time trading high of $124.93 in electronic trading early Friday.
Farmers feel the pain [more]
http://money.cnn.com/2008/05/09/news/economy/gas_prices/index.htm?postversion=2008050907
Pump prices jump to another all-time high as crude keeps up record run; farmers among those feeling hardest hit.
Last Updated: May 9, 2008: 7:30 AM EDT
NEW YORK (CNNMoney.com) -- Retail gasoline prices have jumped to yet another record high, drivers' advocacy group AAA's Web site showed Friday.
The national average price for a gallon of regular unleaded gasoline rose 2.6 cents to $3.671, breaking the record set the previous day. It was the second day in a row that gas prices set a record, and follows a 17-day streak of record-breaking days that ended May 1.
Prices at the pump have been soaring. Drivers now pay, on average, 21% more than they did a year ago, when a gallon of gas cost $3.037, according to AAA.
The price of gas has been pushed up by record high crude prices. Crude futures hit an all-time trading high of $124.93 in electronic trading early Friday.
Farmers feel the pain [more]
http://money.cnn.com/2008/05/09/news/economy/gas_prices/index.htm?postversion=2008050907
nnuut
Moderator | TSP Legend
Oil's record drumbeat goes on
The price of crude marches higher and higher, and the question remains, how high will it go?
By Catherine Clifford, CNNMoney.com staff writer
May 9, 2008: 10:40 AM EDT
NEW YORK (CNNMoney.com) -- Oil leaped into unchartered territory Friday, soaring past the $126-a-barrel mark for the first time, and leaving analysts and investors wondering how high the price will go.
U.S. light crude futures for June delivery hit an intraday record $126.20 in electronic trading, backing off to $124.7784 at 10:39 a.m. ET. That was still $1.08 above Thursday's record closing settlement of $123.69 a barrel.
The price of a barrel of crude oil has more than doubled in the past year. On May 9, 2007, the active contract settled at $61.55 a barrel.
Experts say investors purchase commodities as a hedge against inflation, and so when the economy shows signs of weakness, investors purchase oil to protect the value of their money.
"It seems that oil is the perfect hedge for any situation right now," said Phil Flynn, senior market analyst at Alaron Trading in Chicago.
The market is pushing forward in leaps because of its momentum, said Flynn. "Right now, the market seems to be moving in $5 increments. They tried to back off of $120, they couldn't," he said. [more]
http://money.cnn.com/2008/05/09/markets/oil_records/index.htm?postversion=2008050910
The price of crude marches higher and higher, and the question remains, how high will it go?
By Catherine Clifford, CNNMoney.com staff writer
May 9, 2008: 10:40 AM EDT
NEW YORK (CNNMoney.com) -- Oil leaped into unchartered territory Friday, soaring past the $126-a-barrel mark for the first time, and leaving analysts and investors wondering how high the price will go.
U.S. light crude futures for June delivery hit an intraday record $126.20 in electronic trading, backing off to $124.7784 at 10:39 a.m. ET. That was still $1.08 above Thursday's record closing settlement of $123.69 a barrel.
The price of a barrel of crude oil has more than doubled in the past year. On May 9, 2007, the active contract settled at $61.55 a barrel.
Experts say investors purchase commodities as a hedge against inflation, and so when the economy shows signs of weakness, investors purchase oil to protect the value of their money.
"It seems that oil is the perfect hedge for any situation right now," said Phil Flynn, senior market analyst at Alaron Trading in Chicago.
The market is pushing forward in leaps because of its momentum, said Flynn. "Right now, the market seems to be moving in $5 increments. They tried to back off of $120, they couldn't," he said. [more]
http://money.cnn.com/2008/05/09/markets/oil_records/index.htm?postversion=2008050910
nnuut
Moderator | TSP Legend
More Hugo Chavez??? Someone is trying everything they can think of to drive the price of OIL HIGHER!!
:nuts:
AP
Gas jumps above $3.67, oil passes $126 on Venezuela concerns
Friday May 9, 11:00 am ET
By John Wilen, AP Business Writer
Gas pushes above $3.67 a gallon, while oil passes $126 on Venezuela supply concerns
NEW YORK (AP) -- Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.
On Friday, The Wall Street Journal published a report that suggested closer ties between Venezuelan President Hugo Chavez and rebels attempting to overthrow Colombia's government. Chavez has been linked to Colombian rebels previously, but the paper reported it had reviewed computer files indicating concrete offers by Venezuela's leader to arm guerillas. That appears to heighten the chances that the U.S. could impose sanctions on one of its biggest oil suppliers.
"If we put on sanctions, I'm sure Chavez would threaten to cut off our oil supply," said Phil Flynn, an analyst at Alaron Trading Corp. "Obviously that would have a major impact on oil prices."
Light, sweet crude for June delivery vaulted to a new record of $126.20 in morning trading on the New York Mercantile Exchange before retreating to trade up $1.09 at $124.78 a barrel.
Even if Chavez cut oil shipments to the U.S., Venezuelan oil would still make its way to the U.S. via middle men, who would buy it from Venezuela and resell it to the U.S., Flynn said. But that new layer in the supply chain would bump up costs. Oil prices also were boosted Friday by the dollar, which declined against the euro. The European Central Bank said it was unlikely to consider interest rate cuts to cool the strong euro against the slumping dollar. Investors often buy commodities such as oil as a hedge against inflation when the greenback falls. A weaker dollar also makes oil less expensive to overseas investors. [more]
http://biz.yahoo.com/ap/080509/oil_prices.html
:nuts:AP
Gas jumps above $3.67, oil passes $126 on Venezuela concerns
Friday May 9, 11:00 am ET
By John Wilen, AP Business Writer
Gas pushes above $3.67 a gallon, while oil passes $126 on Venezuela supply concerns
NEW YORK (AP) -- Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.
On Friday, The Wall Street Journal published a report that suggested closer ties between Venezuelan President Hugo Chavez and rebels attempting to overthrow Colombia's government. Chavez has been linked to Colombian rebels previously, but the paper reported it had reviewed computer files indicating concrete offers by Venezuela's leader to arm guerillas. That appears to heighten the chances that the U.S. could impose sanctions on one of its biggest oil suppliers.
"If we put on sanctions, I'm sure Chavez would threaten to cut off our oil supply," said Phil Flynn, an analyst at Alaron Trading Corp. "Obviously that would have a major impact on oil prices."
Light, sweet crude for June delivery vaulted to a new record of $126.20 in morning trading on the New York Mercantile Exchange before retreating to trade up $1.09 at $124.78 a barrel.
Even if Chavez cut oil shipments to the U.S., Venezuelan oil would still make its way to the U.S. via middle men, who would buy it from Venezuela and resell it to the U.S., Flynn said. But that new layer in the supply chain would bump up costs. Oil prices also were boosted Friday by the dollar, which declined against the euro. The European Central Bank said it was unlikely to consider interest rate cuts to cool the strong euro against the slumping dollar. Investors often buy commodities such as oil as a hedge against inflation when the greenback falls. A weaker dollar also makes oil less expensive to overseas investors. [more]
http://biz.yahoo.com/ap/080509/oil_prices.html
James48843
Well-known member
Note:
Those who have already discovered http://gasbuddy.com know that they can find cheaper gas by looking and reporting their local pump prices. I use it all the time, and report a couple stations I pass on the way home from work everyday.
The drawback of gasbuddy (and it's related sites- of the state or local area), is that currently they don't do E85 pricing.
There is a new site that does basically the same thing now for E85 pricing- at http://e85prices.com
So, if you have an E-85 pump near you, and can add to the data, everyone will be helped to have current and accuate price data.
Thanks in advance for anyone interested in trying to keep the money in American hands.
Those who have already discovered http://gasbuddy.com know that they can find cheaper gas by looking and reporting their local pump prices. I use it all the time, and report a couple stations I pass on the way home from work everyday.
The drawback of gasbuddy (and it's related sites- of the state or local area), is that currently they don't do E85 pricing.
There is a new site that does basically the same thing now for E85 pricing- at http://e85prices.com
So, if you have an E-85 pump near you, and can add to the data, everyone will be helped to have current and accuate price data.
Thanks in advance for anyone interested in trying to keep the money in American hands.
nnuut
Moderator | TSP Legend
Oil stockpile a drop in the bucket
Congress is calling for a freeze in shipments to the government's Strategic Petroleum Reserve. But analysts say that would do little to lower prices.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 9, 2008: 1:07 PM EDT
Crude oil pipes at the Strategic Petroleum Reserve's Bryan Mound site near Freeport, Texas.
NEW YORK (CNNMoney.com) -- As part of their plan to tame record oil prices, lawmakers are urging the President to stop putting oil in the nation's Strategic Petroleum Reserve. But some analysts say that won't do much to lower gas prices.
The U.S. Energy Information Administration predicts oil prices would fall by only about $2 a barrel - or shave 4 to 5 cents a gallon off the price of gas - if the President suspended deliveries to the SPR.
"It's a very small amount" of oil going into the reserve, said EIA oil market analyst Doug MacIntyre. "And it's very transparent to the market."
Since 2001, the Bush administration has been filling the petroleum reserve, which is located in giant salt caverns hundreds of feet underground in four sites along the Gulf of Mexico. It was built in the 1970s just after the first oil embargo to help ease the shock of any future disruptions in oil supplies.
Currently, about 70,000 barrels a day are pumped into the reserve from oil the government takes in lieu of royalty payments from firms operating in the Gulf.
That represents about 0.3 percent of the nation's 20 million barrel-a-day oil habit. The Bush administration wants to fill the reserve to its full capacity of 727 million barrels and has proposed expanding the reserve to hold 1.5 billion barrels - enough oil to cover oil imports for about 150 days. Oil in the reserve currently stands at just over 700 million barrels.
Some analysts say the fact that the government is taking 70,000 barrels a day of highly-prized light, sweet crude off the market is contributing to higher prices.
"It just doesn't help at all," said Ann-Louise Hittle, an oil analyst with the energy consultants Wood Mackenzie. "And the price is so high, I just find it bizarre."
Many lawmakers find it bizarre too. The Senate is set to vote on a bill requiring a halt in shipments to the SPR Monday. The proposal has bi-partisan support.
Hittle - and several lawmakers - also say releasing some oil from the reserve may bring down prices, as it would send a signal to the market that the government won't sit idly by and let prices go up forever.
Despite the pressure to ease up on the SPR, the White House is pressing ahead with its plans.
"The purpose of the reserve is not for price manipulation," said a White House spokesman. "The modest fill rate has a negligible impact on prices, and the President believes it is in our national security interest to continue filling it up."
One oil trader said the president is actually making the right decision, and filling the SPR could even lower prices.
"It acts as a deterrent," said Phil Flynn, senior market analyst at Alaron Trading in Chicago. "If it was twice the size, we'd be less concerned about disruptions from places like Nigeria or Iran."
Gas prices have climbed to record levels. Are you feeling the pinch? Tell us how gas prices are affecting you and what you're doing to cope. Send us your photos and videos, or email us to share your story.
http://money.cnn.com/2008/05/09/news/economy/spr/index.htm?postversion=2008050913
Congress is calling for a freeze in shipments to the government's Strategic Petroleum Reserve. But analysts say that would do little to lower prices.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 9, 2008: 1:07 PM EDT
NEW YORK (CNNMoney.com) -- As part of their plan to tame record oil prices, lawmakers are urging the President to stop putting oil in the nation's Strategic Petroleum Reserve. But some analysts say that won't do much to lower gas prices.
The U.S. Energy Information Administration predicts oil prices would fall by only about $2 a barrel - or shave 4 to 5 cents a gallon off the price of gas - if the President suspended deliveries to the SPR.
"It's a very small amount" of oil going into the reserve, said EIA oil market analyst Doug MacIntyre. "And it's very transparent to the market."
Since 2001, the Bush administration has been filling the petroleum reserve, which is located in giant salt caverns hundreds of feet underground in four sites along the Gulf of Mexico. It was built in the 1970s just after the first oil embargo to help ease the shock of any future disruptions in oil supplies.
Currently, about 70,000 barrels a day are pumped into the reserve from oil the government takes in lieu of royalty payments from firms operating in the Gulf.
That represents about 0.3 percent of the nation's 20 million barrel-a-day oil habit. The Bush administration wants to fill the reserve to its full capacity of 727 million barrels and has proposed expanding the reserve to hold 1.5 billion barrels - enough oil to cover oil imports for about 150 days. Oil in the reserve currently stands at just over 700 million barrels.
Some analysts say the fact that the government is taking 70,000 barrels a day of highly-prized light, sweet crude off the market is contributing to higher prices.
"It just doesn't help at all," said Ann-Louise Hittle, an oil analyst with the energy consultants Wood Mackenzie. "And the price is so high, I just find it bizarre."
Many lawmakers find it bizarre too. The Senate is set to vote on a bill requiring a halt in shipments to the SPR Monday. The proposal has bi-partisan support.
Hittle - and several lawmakers - also say releasing some oil from the reserve may bring down prices, as it would send a signal to the market that the government won't sit idly by and let prices go up forever.
Despite the pressure to ease up on the SPR, the White House is pressing ahead with its plans.
"The purpose of the reserve is not for price manipulation," said a White House spokesman. "The modest fill rate has a negligible impact on prices, and the President believes it is in our national security interest to continue filling it up."
One oil trader said the president is actually making the right decision, and filling the SPR could even lower prices.
"It acts as a deterrent," said Phil Flynn, senior market analyst at Alaron Trading in Chicago. "If it was twice the size, we'd be less concerned about disruptions from places like Nigeria or Iran."
Gas prices have climbed to record levels. Are you feeling the pinch? Tell us how gas prices are affecting you and what you're doing to cope. Send us your photos and videos, or email us to share your story.
http://money.cnn.com/2008/05/09/news/economy/spr/index.htm?postversion=2008050913
nnuut
Moderator | TSP Legend
Taxing oil profits: Proceed with caution
Politicians are dying to get at more of Big Oil's billions, but analysts are torn about what that will do to prices or future energy sources.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 6, 2008: 12:00 PM EDT
Politicans want a windfall profits oil tax, but analysts are split over the effects.
NEW YORK (CNNMoney.com) -- Politicians are eyeing oil profits like a fat juicy glazed ham.
With all the money Big Oil is making - the top five publicly traded firms pocketed over $120 billion in 2007 alone - and with an election on the horizon, it's easy to see why.
The leading Democratic presidential candidates want a windfall profits tax to do various things, and although their plans differ slightly they generally want to use the money to give Americans a break from skyrocketing energy prices and jumpstart research into renewable energy.
House Democrats have also warned of punitive measures if these massive profits continue at the expense of American consumers.
But while the politicians present their plans, analysts are far less sanguine about whether or not a windfall profits tax would actually help soothe steadily rising energy prices and spur R&D for alternative energy sources.
A consumer rights group says that windfall taxes could actually raise gas prices as oil companies might attempt to squeeze refinery production to recoup their lost profit.
"It would have a fairly easy passthrough" to motorists, said Judy Dugan, research director Consumer Watchdog.
Oil industry: Hands off our cash. The industry, of course, doesn't like the extra profit tax.
"If our profits are taxed, that means we'll have less capital to invest in new production" and it could raise gas prices, John Hofmeister, president of Shell U.S., recently told CNNMoney.com.
Oil companies have been investing more in new production lately, but that argument is a little hard to swallow given the disparity between the huge amounts of money the big firms have been returning to shareholders versus the meager new oil discoveries.
Amy Myers Jaffe, a fellow in energy studies at the James A. Baker III Institute for Public Policy just finished a two-year study looking at oil companies and how they spend their money.
The study found that for the five big international oil companies - ExxonMobil (XOM, Fortune 500), Royal Dutch Shell (RDSA), BP (BP), Chevron (CVX, Fortune 500) and ConocoPhillips (COP, Fortune 500) - spending on share buybacks went from under $10 billion a year in 2003 to nearly $60 billion a year in 2006.
Spending on developing their existing oil fields, however, went from about $35 to $50 billion, while spending on finding new oil fields went from about $6 billion to $10 billion.
"These companies are spending a very small amount of their operating cash flow on exploration," she said. "They are spending the majority of their funds buying back stock."
Finding oil: No cheap feat.[more]
http://money.cnn.com/2008/05/06/news/economy/oil_profits_tax/index.htm?postversion=2008050612
Politicians are dying to get at more of Big Oil's billions, but analysts are torn about what that will do to prices or future energy sources.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 6, 2008: 12:00 PM EDT
Politicans want a windfall profits oil tax, but analysts are split over the effects.
NEW YORK (CNNMoney.com) -- Politicians are eyeing oil profits like a fat juicy glazed ham.
With all the money Big Oil is making - the top five publicly traded firms pocketed over $120 billion in 2007 alone - and with an election on the horizon, it's easy to see why.
The leading Democratic presidential candidates want a windfall profits tax to do various things, and although their plans differ slightly they generally want to use the money to give Americans a break from skyrocketing energy prices and jumpstart research into renewable energy.
House Democrats have also warned of punitive measures if these massive profits continue at the expense of American consumers.
But while the politicians present their plans, analysts are far less sanguine about whether or not a windfall profits tax would actually help soothe steadily rising energy prices and spur R&D for alternative energy sources.
A consumer rights group says that windfall taxes could actually raise gas prices as oil companies might attempt to squeeze refinery production to recoup their lost profit.
"It would have a fairly easy passthrough" to motorists, said Judy Dugan, research director Consumer Watchdog.
Oil industry: Hands off our cash. The industry, of course, doesn't like the extra profit tax.
"If our profits are taxed, that means we'll have less capital to invest in new production" and it could raise gas prices, John Hofmeister, president of Shell U.S., recently told CNNMoney.com.
Oil companies have been investing more in new production lately, but that argument is a little hard to swallow given the disparity between the huge amounts of money the big firms have been returning to shareholders versus the meager new oil discoveries.
Amy Myers Jaffe, a fellow in energy studies at the James A. Baker III Institute for Public Policy just finished a two-year study looking at oil companies and how they spend their money.
The study found that for the five big international oil companies - ExxonMobil (XOM, Fortune 500), Royal Dutch Shell (RDSA), BP (BP), Chevron (CVX, Fortune 500) and ConocoPhillips (COP, Fortune 500) - spending on share buybacks went from under $10 billion a year in 2003 to nearly $60 billion a year in 2006.
Spending on developing their existing oil fields, however, went from about $35 to $50 billion, while spending on finding new oil fields went from about $6 billion to $10 billion.
"These companies are spending a very small amount of their operating cash flow on exploration," she said. "They are spending the majority of their funds buying back stock."
Finding oil: No cheap feat.[more]
http://money.cnn.com/2008/05/06/news/economy/oil_profits_tax/index.htm?postversion=2008050612
luv2read
Active member
All Congress has to do is rescind the Royalty Relief Act. Money in the treasury without passing a new tax, and with the profits the majors are reaping they don't need any royalty relief. The purpose of the Act was to encourage new exploration. Since the industry is reaping major profits but not plowing a reasonable share of those profits or the money saved on royalties back into new exploration, the Act has served its purpose - AND, industry is violating the Act so it needs to GO.
The_Technician
Active member
OIL Price IS the FARST that it is....
Congress is doing nothing and has done so for years for the citizens they represent in energy cost adding to the problem.
The whole thing is justification for accusations to be substantiated for creating a MONOPOLY. Congress being a part of it.
See your Congressman and tell them they are not representing the best interest of the populace and their re-election is doomed.
Change the way energy is permitted to set "their own prices"....last I seen, energy is available everywhere and is very cheap if you get the conversion development to the market.
So Action is needed by everybody, unless you like to be taken to the cleaners...
nnuut
Moderator | TSP Legend
Yes, It's CROOKS and we all know it!!
Dollar up a little this morning, that's agood for Oil Prices.
Dollar rally gains traction
Greenback strengthens against euro, yen as investors bet Fed is near end of rate-cutting campaign.
See all CNNMoney.com RSS FEEDS (close)
Last Updated: May 12, 2008: 6:43 AM EDT
BERLIN (AP) -- The U.S. dollar gained Monday against the euro as markets awaited hints from the U.S. Federal Reserve about interest rate moves and economic figures from Washington.
The euro purchased $1.5403 in morning European trading, down from $1.5480 late Friday in New York. The dollar rose to ¥103.67 from ¥103.09 on Friday, while the British pound slipped to $1.9481 from $1.9519 in New York.
Investors were looking ahead to Federal Reserve Chairman Ben Bernanke's speech Tuesday for indications about future rate cuts.[more]
http://money.cnn.com/2008/05/12/markets/dollar.ap/index.htm?postversion=2008051206
Dollar up a little this morning, that's agood for Oil Prices.
Dollar rally gains traction
Greenback strengthens against euro, yen as investors bet Fed is near end of rate-cutting campaign.
See all CNNMoney.com RSS FEEDS (close)
Last Updated: May 12, 2008: 6:43 AM EDT
BERLIN (AP) -- The U.S. dollar gained Monday against the euro as markets awaited hints from the U.S. Federal Reserve about interest rate moves and economic figures from Washington.
The euro purchased $1.5403 in morning European trading, down from $1.5480 late Friday in New York. The dollar rose to ¥103.67 from ¥103.09 on Friday, while the British pound slipped to $1.9481 from $1.9519 in New York.
Investors were looking ahead to Federal Reserve Chairman Ben Bernanke's speech Tuesday for indications about future rate cuts.[more]
http://money.cnn.com/2008/05/12/markets/dollar.ap/index.htm?postversion=2008051206
nnuut
Moderator | TSP Legend
Gas prices hit 5th straight record
The price for a gallon of gas sets a new record high at $3.718, according to AAA.
May 12, 2008: 6:20 AM EDT
Retail gas prices have set a new record at $3.718 a gallon, according to AAA.
NEW YORK (CNNMoney.com) -- Retail gasoline prices increased for the sixth straight day and hit their fifth consecutive record, auto group AAA's Web site showed Monday.
The national average price for a gallon of regular unleaded gasoline rose to a new all-time high of $3.718, up 1 and one-tenth of a cent from the previous day.
Drivers now pay 21% more for a gallon of gas than they did a year ago, when a gallon of gas cost on average $3.064, according to AAA. [more]
http://money.cnn.com/2008/05/12/news/economy/gas_prices/index.htm?cnn=yes
The price for a gallon of gas sets a new record high at $3.718, according to AAA.
May 12, 2008: 6:20 AM EDT
NEW YORK (CNNMoney.com) -- Retail gasoline prices increased for the sixth straight day and hit their fifth consecutive record, auto group AAA's Web site showed Monday.
The national average price for a gallon of regular unleaded gasoline rose to a new all-time high of $3.718, up 1 and one-tenth of a cent from the previous day.
Drivers now pay 21% more for a gallon of gas than they did a year ago, when a gallon of gas cost on average $3.064, according to AAA. [more]
http://money.cnn.com/2008/05/12/news/economy/gas_prices/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
05/09/2008 - Updated 4:23 PM ET
Oil ends near $126, marks an over 8% weekly gain
Distillate demand, ongoing oil-supply concerns help extend winning streak
By Myra P. Saefong, MarketWatch & Polya Lesova, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures closed at an all-time high near $126 a barrel Friday, with strong demand for diesel fuel and concerns about global crude supplies prompting a weekly gain of over 8%.
"There is this overwhelming reluctance to admit that we're simply in a new paradigm for prices and short of a wholesale collapse of the global economy, prices just aren't going to pull back to a $75 level for oil," said Neal Ryan, a manager at Ryan Oil & Gas Partners.
Crude oil for June delivery climbed as high as $126.25 a barrel on the New York Mercantile Exchange. It closed below the high -- at $125.96, up $2.27 for the session.
'A year or two down the road, we're staring at a supply/demand paradigm that is just ugly, no matter how it gets spun by pundits and policy wonks.'
Neal Ryan, Ryan Oil & Gas Partners
Crude prices have tacked on more than $13 during a winning streak that began May 1. It closed out last Friday at $116.32, so it's up 8.3% for the week.[more]http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B8F39C505%2D9A6F%2D479A%2D96F6%2DF0BECA9A607B%7D
Oil ends near $126, marks an over 8% weekly gain
Distillate demand, ongoing oil-supply concerns help extend winning streak
By Myra P. Saefong, MarketWatch & Polya Lesova, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures closed at an all-time high near $126 a barrel Friday, with strong demand for diesel fuel and concerns about global crude supplies prompting a weekly gain of over 8%.
"There is this overwhelming reluctance to admit that we're simply in a new paradigm for prices and short of a wholesale collapse of the global economy, prices just aren't going to pull back to a $75 level for oil," said Neal Ryan, a manager at Ryan Oil & Gas Partners.
Crude oil for June delivery climbed as high as $126.25 a barrel on the New York Mercantile Exchange. It closed below the high -- at $125.96, up $2.27 for the session.
'A year or two down the road, we're staring at a supply/demand paradigm that is just ugly, no matter how it gets spun by pundits and policy wonks.'
Neal Ryan, Ryan Oil & Gas Partners
Crude prices have tacked on more than $13 during a winning streak that began May 1. It closed out last Friday at $116.32, so it's up 8.3% for the week.[more]http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B8F39C505%2D9A6F%2D479A%2D96F6%2DF0BECA9A607B%7D
nnuut
Moderator | TSP Legend
Run-up in oil price stalls
Crude prices retreat below $124 a barrel after hitting six trading records in as many sessions.
Last Updated: May 13, 2008: 5:45 AM EDT
BANGKOK, Thailand (AP) -- Oil prices dropped below $124 a barrel on profit-taking Tuesday in Asia after hitting another trading record in the previous session.
Monday's mark of $126.40 a barrel was the sixth trading record in six trading sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward.
Some attributed the drop-off in prices partly to expectations that Monday's earthquake in China would result in a temporary drop in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked power plants and other factories off-line.[more]
http://money.cnn.com/2008/05/13/markets/oil.ap/index.htm?postversion=2008051305
Crude prices retreat below $124 a barrel after hitting six trading records in as many sessions.
Last Updated: May 13, 2008: 5:45 AM EDT
BANGKOK, Thailand (AP) -- Oil prices dropped below $124 a barrel on profit-taking Tuesday in Asia after hitting another trading record in the previous session.
Monday's mark of $126.40 a barrel was the sixth trading record in six trading sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward.
Some attributed the drop-off in prices partly to expectations that Monday's earthquake in China would result in a temporary drop in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked power plants and other factories off-line.[more]
http://money.cnn.com/2008/05/13/markets/oil.ap/index.htm?postversion=2008051305
nnuut
Moderator | TSP Legend
Oil prices rise after brief drop
Tuesday May 13, 9:36 am ET
By George Jahn, Associated Press Writer Oil prices edge up after earlier drop on profit-taking, but stay well below record
VIENNA, Austria (AP) -- Oil prices edged up Tuesday after a brief that followed another trading record in the previous session.
Light, sweet crude for June delivery gained 27 cents to $124.50 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe after trading below $124 earlier in the day.
On Monday, the contract fell $1.73 to settle at $124.23 a barrel after rising to another record high of $126.40 earlier in that session, its sixth new high in six trading sessions.
Some analysts said the market is due for a correction following the seemingly relentless climb.
Some attributed Tuesday's early price drop partly to expectations that Monday's earthquake in China would result in a temporary decrease in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked power plants and other factories off-line..
China's two stock exchanges suspended trading Tuesday in 66 companies based in the region to minimize disruptions to financial markets from the disaster.
But Victor Shum, an energy analyst with Purvin & Gertz in Singapore, discounted the quake as a factor in the early fall in crude futures. "The pullback in prices that we started to see yesterday and continued to see this morning is a result of profit-taking," Shum said. "The market was ready to take a breather and pocket some money ... after prices had gone up too far, too fast."[more]
http://biz.yahoo.com/ap/080513/oil_prices.html
Tuesday May 13, 9:36 am ET
By George Jahn, Associated Press Writer Oil prices edge up after earlier drop on profit-taking, but stay well below record
VIENNA, Austria (AP) -- Oil prices edged up Tuesday after a brief that followed another trading record in the previous session.
Light, sweet crude for June delivery gained 27 cents to $124.50 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe after trading below $124 earlier in the day.
On Monday, the contract fell $1.73 to settle at $124.23 a barrel after rising to another record high of $126.40 earlier in that session, its sixth new high in six trading sessions.
Some analysts said the market is due for a correction following the seemingly relentless climb.
Some attributed Tuesday's early price drop partly to expectations that Monday's earthquake in China would result in a temporary decrease in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked power plants and other factories off-line..
China's two stock exchanges suspended trading Tuesday in 66 companies based in the region to minimize disruptions to financial markets from the disaster.
But Victor Shum, an energy analyst with Purvin & Gertz in Singapore, discounted the quake as a factor in the early fall in crude futures. "The pullback in prices that we started to see yesterday and continued to see this morning is a result of profit-taking," Shum said. "The market was ready to take a breather and pocket some money ... after prices had gone up too far, too fast."[more]
http://biz.yahoo.com/ap/080513/oil_prices.html
Silverbird
Well-known member
Oil = biggest game since real estate. :notrust:
nnuut
Moderator | TSP Legend
AND the GAMES HAVE begun!!
AP
Iran report pushes oil to new record, gas jumps above $3.73
Tuesday May 13, 3:44 pm ET
By John Wilen, AP Business Writer Oil prices near $127 a barrel on report about Iranian output; gas jumps above $3.73
NEW YORK (AP) -- Oil prices shot to a new record near $127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over $3.73 a gallon Tuesday, and their advance shows little sign of slowing with Memorial Day weekend, the traditional start of the summer driving season, just 10 days away.
Light, sweet crude for June delivery rose as high as a record $126.98 a barrel in midday trading on the New York Mercantile Exchange Tuesday before retreating to settle up $1.57 at $125.80.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill., said traders reacted to news reports that Iran's government is considering cutting crude oil production. James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com, said the news quickly made its way around trading floors. In later news reports, Iranian officials denied that production cuts were imminent, but said a reduction has been discussed. Cordier doubts Iran will actually cut oil production. The nation's economy is in bad shape, Cordier said: "They need all the petrodollars they can get."[more]
http://biz.yahoo.com/ap/080513/oil_prices.html
AP
Iran report pushes oil to new record, gas jumps above $3.73
Tuesday May 13, 3:44 pm ET
By John Wilen, AP Business Writer Oil prices near $127 a barrel on report about Iranian output; gas jumps above $3.73
NEW YORK (AP) -- Oil prices shot to a new record near $127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over $3.73 a gallon Tuesday, and their advance shows little sign of slowing with Memorial Day weekend, the traditional start of the summer driving season, just 10 days away.
Light, sweet crude for June delivery rose as high as a record $126.98 a barrel in midday trading on the New York Mercantile Exchange Tuesday before retreating to settle up $1.57 at $125.80.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill., said traders reacted to news reports that Iran's government is considering cutting crude oil production. James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com, said the news quickly made its way around trading floors. In later news reports, Iranian officials denied that production cuts were imminent, but said a reduction has been discussed. Cordier doubts Iran will actually cut oil production. The nation's economy is in bad shape, Cordier said: "They need all the petrodollars they can get."[more]
http://biz.yahoo.com/ap/080513/oil_prices.html
nnuut
Moderator | TSP Legend
Comon George, it might not do much good but we'll take what we can get!
Congress urges Bush to halt oil shipments into government emergency reserve 
Sen. Byron Dorgan, D-N.D., second from left, accompnaied by fellow senators, gestures during a news conference on Capitol Hill in Washington, Tuesday, May 13,2008, to discuss energy policy in relation to President Bush's upcoming trip to the Middle East. From left are, Sen. Charles Schumer, D-N.Y. Dorgan, Sen. Bernard Sanders, I-Vt., Sen. Bob Casey Jr., D-Pa., and Sen. Amy Klobuchar, D-Minn. (AP Photo/Brendan Hoffman)05-13-2008 7:48 PM
By H. JOSEF HEBERT, Associated Press Writer
WASHINGTON (Associated Press) -- Congress voted overwhelmingly Tuesday to challenge President Bush to temporarily halt the daily shipment of thousands of barrels of oil into the government's emergency reserve.
Lawmakers disagreed on what _ if any _ impact the suspension might have on gasoline prices and acknowledged it was but "a modest step" in addressing public anger over soaring energy costs.
Bush has steadfastly refused to halt shipments of about 70,000 barrel barrels of oil a day into the Strategic Petroleum Reserve, a system of salt caverns on the Gulf coast. The reserve, created to respond to major oil supply disruptions, holds 701 million barrels and is at 97 percent of capacity.
"There is no evidence that (suspending shipments) will affect the price of oil or gasoline in a meaningful way," said White House spokesman Scott Stanzel. He said the president opposes any congressional mandate to stop deliveries and believes Congress should focus on broader energy issues.
The Senate voted 97-1 to suspend the shipments for the rest of the year. Hours later, the House followed suit, voting 385-25 to halt the deliveries. The votes don't compel Bush to act because the measures differ somewhat and would need to be reconciled before final congressional approval.
Still the votes were symbolic, in their strong bipartisan support, of lawmakers' frustrations at not being able to agree on anything more substantive in response to public anger over near $4 a gallon gasoline and oil prices in the $125 a barrel range.
"We are buying the most expensive crude oil in the history of the world and storing it," said Sen. Byron Dorgan, D-N.D. "When American consumers are burning at the stake by high energy prices, the government ought not be carrying the wood."[more]
http://middlegeorgia.cox.net/cci/ne...=article&id=D90L2IUO0&_action=validatearticle
Sen. Byron Dorgan, D-N.D., second from left, accompnaied by fellow senators, gestures during a news conference on Capitol Hill in Washington, Tuesday, May 13,2008, to discuss energy policy in relation to President Bush's upcoming trip to the Middle East. From left are, Sen. Charles Schumer, D-N.Y. Dorgan, Sen. Bernard Sanders, I-Vt., Sen. Bob Casey Jr., D-Pa., and Sen. Amy Klobuchar, D-Minn. (AP Photo/Brendan Hoffman)05-13-2008 7:48 PMBy H. JOSEF HEBERT, Associated Press Writer
WASHINGTON (Associated Press) -- Congress voted overwhelmingly Tuesday to challenge President Bush to temporarily halt the daily shipment of thousands of barrels of oil into the government's emergency reserve.
Lawmakers disagreed on what _ if any _ impact the suspension might have on gasoline prices and acknowledged it was but "a modest step" in addressing public anger over soaring energy costs.
Bush has steadfastly refused to halt shipments of about 70,000 barrel barrels of oil a day into the Strategic Petroleum Reserve, a system of salt caverns on the Gulf coast. The reserve, created to respond to major oil supply disruptions, holds 701 million barrels and is at 97 percent of capacity.
"There is no evidence that (suspending shipments) will affect the price of oil or gasoline in a meaningful way," said White House spokesman Scott Stanzel. He said the president opposes any congressional mandate to stop deliveries and believes Congress should focus on broader energy issues.
The Senate voted 97-1 to suspend the shipments for the rest of the year. Hours later, the House followed suit, voting 385-25 to halt the deliveries. The votes don't compel Bush to act because the measures differ somewhat and would need to be reconciled before final congressional approval.
Still the votes were symbolic, in their strong bipartisan support, of lawmakers' frustrations at not being able to agree on anything more substantive in response to public anger over near $4 a gallon gasoline and oil prices in the $125 a barrel range.
"We are buying the most expensive crude oil in the history of the world and storing it," said Sen. Byron Dorgan, D-N.D. "When American consumers are burning at the stake by high energy prices, the government ought not be carrying the wood."[more]
http://middlegeorgia.cox.net/cci/ne...=article&id=D90L2IUO0&_action=validatearticle
nnuut
Moderator | TSP Legend
Oil off their lows on supply data
Stockpiles of oil and gas are less than expected, according to a government report released Wednesday.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: May 14, 2008: 11:00 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices eased off their lows Wednesday after a government report showed weaker-than-expected stockpiles of both crude oil and gasoline.
U.S. light crude for June delivery on the New York Mercantile Exchange was down 87 cents at $124.93 a barrel at 11 a.m. ET. Oil had traded down $1.34 just prior to the report's 10:30 a.m. release.
In its weekly inventory report, the Energy Information Administration said crude stocks increased by 200,000 barrels in the week ended May 9. Analysts were looking for a rise of 2.5 million barrels of crude oil according to according to a survey from Platts, an energy research firm.
At 325.8 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.
Gasoline supplies decreased by 1.7 million barrels and are in the middle of the average range for this time of year. Analysts were looking for a decrease of only 800,000 barrels in gasoline stockpiles.
Distillates, used to make heating oil and diesel fuel, increased by 1.4 million barrels and are in the lower half of the average range for this time of year. Analysts were looking for an increase of 1.1 million barrels in distillate supplies.
Last week, refineries operated at 86.6% capacity, up from operating at 85% of their operational capacity in the previous week. Going into the summer driving season, refineries typically operate at about 90% capacity.
Crude rose as high as a record $126.98 a barrel in midday electronic trading on Tuesday, before retreating. In the past 12 months, crude oil has doubled in price.
Rising crude prices have continued to push retail gasoline prices higher, pinching the consumer at the pump. Gas prices hit record highs for the seventh day in a row, auto group AAA's Web site showed Wednesday.
The nationwide average for a gallon of regular unleaded hit $3.758 on Wednesday, up 2.6 cents from the previous day's high of $3.732. Gas prices have now risen for eight straight days.
The AAA national average shows gas prices up more than 11% over the past month and up nearly 22% from year-ago levels.
http://money.cnn.com/2008/05/14/markets/oil_eia/index.htm?postversion=2008051411
Stockpiles of oil and gas are less than expected, according to a government report released Wednesday.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: May 14, 2008: 11:00 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices eased off their lows Wednesday after a government report showed weaker-than-expected stockpiles of both crude oil and gasoline.
U.S. light crude for June delivery on the New York Mercantile Exchange was down 87 cents at $124.93 a barrel at 11 a.m. ET. Oil had traded down $1.34 just prior to the report's 10:30 a.m. release.
In its weekly inventory report, the Energy Information Administration said crude stocks increased by 200,000 barrels in the week ended May 9. Analysts were looking for a rise of 2.5 million barrels of crude oil according to according to a survey from Platts, an energy research firm.
At 325.8 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.
Gasoline supplies decreased by 1.7 million barrels and are in the middle of the average range for this time of year. Analysts were looking for a decrease of only 800,000 barrels in gasoline stockpiles.
Distillates, used to make heating oil and diesel fuel, increased by 1.4 million barrels and are in the lower half of the average range for this time of year. Analysts were looking for an increase of 1.1 million barrels in distillate supplies.
Last week, refineries operated at 86.6% capacity, up from operating at 85% of their operational capacity in the previous week. Going into the summer driving season, refineries typically operate at about 90% capacity.
Crude rose as high as a record $126.98 a barrel in midday electronic trading on Tuesday, before retreating. In the past 12 months, crude oil has doubled in price.
Rising crude prices have continued to push retail gasoline prices higher, pinching the consumer at the pump. Gas prices hit record highs for the seventh day in a row, auto group AAA's Web site showed Wednesday.
The nationwide average for a gallon of regular unleaded hit $3.758 on Wednesday, up 2.6 cents from the previous day's high of $3.732. Gas prices have now risen for eight straight days.
The AAA national average shows gas prices up more than 11% over the past month and up nearly 22% from year-ago levels.
http://money.cnn.com/2008/05/14/markets/oil_eia/index.htm?postversion=2008051411