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Oil Slick Stuff
- Thread starter nnuut
- Start date
Buster
Well-known member
Just about at it's peak now..huh?
nnuut
Moderator | TSP Legend
I saw THAT!!!!!! I think it should be headed down soon, was counting the dollar to help but that hasn't happened. There is hope, people are raising hell and they are ignoring them, sooner or later they will listen. THERE IS NO SHORTAGE OF OIL! It's NOT the increased demand in CHINA or INDIA!!! IT'S GREED!!!!! View attachment 3898
nnuut
Moderator | TSP Legend
Bush says Saudi oil increase 'doesn't solve our problem'
President Bush, right, met with Afghanistan leader Hamid Karzai in Sharm El-Sheik, Egypt.
"We've got to do more at home," the president said on the lush lawn of a resort overlooking the Red Sea in Sharm El-Sheik, Egypt.
Speaking after a private meeting with Afghanistan President Hamid Karzai, he mentioned moves that have long been part of his agenda but stymied in Congress, such as developing alternate fuels, improving conservation and expanding domestic exploration.
Bush said he told Saudi King Abdullah during talks Friday that the kingdom should be concerned that high energy prices are hurting some of its biggest customers, including the United States.
He asked Abdullah for an injection of oil supply to help ease the pain. "High energy prices are going to cause countries like mine to accelerate our move to alternative energy," he said he told the king.
But Saudi oil minister Ali al-Naimi said Friday it had decided a week before Bush's visit to raise production by 300,000 barrels a day to 9.45 million barrels a day and didn't see any need to do more. Energy analysts called the boost a token -- it represents just 3 percent of the total -- and it was seen as a rebuff, if a gentle one, of Bush by Abdullah.
Still, the president steered clear of criticism of the Saudis. He noted they are increasing refining capacity as well as pumping more oil.[more]
http://www.cnn.com/2008/POLITICS/05/17/Bush.Egypt.ap/index.html
- President Bush in Sharm El-Sheik, Egypt, on tour of Mideast
Saudi Arabia responded to Bush request to increase oil supply with modest hike
Criticism in Egypt, Saudi Arabia media of Bush tilting too far toward Israel
Bush did not meet with Palestinians on this trip but spent two days in Israel - SHARM EL-SHEIK, Egypt (AP) -- President Bush said Saturday that the Saudis' modest increase in oil production "doesn't solve our problem," and that the United States must act itself to help bring down soaring gas prices.
"We've got to do more at home," the president said on the lush lawn of a resort overlooking the Red Sea in Sharm El-Sheik, Egypt.
Speaking after a private meeting with Afghanistan President Hamid Karzai, he mentioned moves that have long been part of his agenda but stymied in Congress, such as developing alternate fuels, improving conservation and expanding domestic exploration.
Bush said he told Saudi King Abdullah during talks Friday that the kingdom should be concerned that high energy prices are hurting some of its biggest customers, including the United States.
He asked Abdullah for an injection of oil supply to help ease the pain. "High energy prices are going to cause countries like mine to accelerate our move to alternative energy," he said he told the king.
But Saudi oil minister Ali al-Naimi said Friday it had decided a week before Bush's visit to raise production by 300,000 barrels a day to 9.45 million barrels a day and didn't see any need to do more. Energy analysts called the boost a token -- it represents just 3 percent of the total -- and it was seen as a rebuff, if a gentle one, of Bush by Abdullah.
Still, the president steered clear of criticism of the Saudis. He noted they are increasing refining capacity as well as pumping more oil.[more]
http://www.cnn.com/2008/POLITICS/05/17/Bush.Egypt.ap/index.html
luv2read
Active member
These things stand out to me:
Supply and demand isn't driving the market or prices...speculators are. The only way to lower prices is through price caps in the US, but big oil is too powerful to allow that to happen.
We can't drill our way out of this. Again, it's not supply and demand driving it. Big oil wants $200 oil and they will get it.
LMAO! Is that a veiled threat? Sounds like it's high time we developed alternative energy. Let the Saudis and other OPEC countries drill and pump themselves dry supplying the rest of the world. We need to develop alternative energy and sit on our oil reserves for a rainy day.
The saudis are right...it's not about supply and demand. They don't want to glut the market. They're meeting demand now, why pump more? They could get greedy...but they won't.
I find this alarming in light of the fact that US refineries have been shut down during the past 8 years, no new ones have been built nor are there plans to do so, and the ones that are re-tooling are gearing up to produce more diesel, not gasoline. We'll be paying higher prices for imported gasoline, folks - not just imported oil.[/quote]
nnuut
Moderator | TSP Legend
This one is doing SOMETHING!!
GARYVILLE REFINERY EXPANSION
Marathon's estimated $3.2 billion Garyville, Louisiana, refinery expansion project will increase the crude oil refining capacity by 180,000 barrels per day. Completed in 1976, the Garyville refinery is the last grassroots refinery constructed in the United States and has consistently been ranked as one of the most efficient refineries in the nation.
The Garyville expansion is an example of Marathon's commitment to making superior investment decisions for shareholders, while building energy infrastructure that will supply the growing needs of U.S. consumers. The expansion will provide an additional 7.5 million gallons of clean transportation fuels to the market each day.
In addition to adding substantial supply to the nation's marketplace, the expansion investment will also provide significant benefits to St. John the Baptist Parish and Louisiana. It is anticipated that the completed expansion will add approximately 75 to 80 new full-time contract employees and approximately 200 new full-time employees.
The construction phase will require an average of 2,000 workers, with up to 4,000 workers at peak period. Startup of the refinery is expected for the fourth quarter of 2009. http://www.marathon.com/News/Features/Spotlight_Series/Garyville_Refinery_Expansion/
GARYVILLE REFINERY EXPANSION
Marathon's estimated $3.2 billion Garyville, Louisiana, refinery expansion project will increase the crude oil refining capacity by 180,000 barrels per day. Completed in 1976, the Garyville refinery is the last grassroots refinery constructed in the United States and has consistently been ranked as one of the most efficient refineries in the nation.
The Garyville expansion is an example of Marathon's commitment to making superior investment decisions for shareholders, while building energy infrastructure that will supply the growing needs of U.S. consumers. The expansion will provide an additional 7.5 million gallons of clean transportation fuels to the market each day.
In addition to adding substantial supply to the nation's marketplace, the expansion investment will also provide significant benefits to St. John the Baptist Parish and Louisiana. It is anticipated that the completed expansion will add approximately 75 to 80 new full-time contract employees and approximately 200 new full-time employees.
The construction phase will require an average of 2,000 workers, with up to 4,000 workers at peak period. Startup of the refinery is expected for the fourth quarter of 2009. http://www.marathon.com/News/Features/Spotlight_Series/Garyville_Refinery_Expansion/
nnuut
Moderator | TSP Legend
And this!!!
Shell unveils plans for 'biggest refinery in US'
Apr 28 11:03 AM US/Eastern
http://www.breitbart.com/article.php?id=060428150248.kurimp3k&show_article=1
Shell unveils plans for 'biggest refinery in US'
Apr 28 11:03 AM US/Eastern
nnuut
Moderator | TSP Legend
And this! Canadian Oil!
Vol. 13, No. 19 Week of May 11, 2008
Providing coverage of Alaska and northern Canada's oil and gas industry
BP gets to work on refinery expansion, will be top processor of heavy Canadian crude oil
BP wasted little time getting to work after receiving the final state approval needed for a $3.8 billion expansion of its Whiting, Ind., oil refinery. Crews began piling work and laying foundations May 1, just hours after the state approved the air emissions permit, BP spokeswoman Valerie Corr said.....
http://www.petroleumnews.com/pntruncate/581381071.shtml
Vol. 13, No. 19 Week of May 11, 2008
Providing coverage of Alaska and northern Canada's oil and gas industry
BP gets to work on refinery expansion, will be top processor of heavy Canadian crude oil
BP wasted little time getting to work after receiving the final state approval needed for a $3.8 billion expansion of its Whiting, Ind., oil refinery. Crews began piling work and laying foundations May 1, just hours after the state approved the air emissions permit, BP spokeswoman Valerie Corr said.....
http://www.petroleumnews.com/pntruncate/581381071.shtml
nnuut
Moderator | TSP Legend
Port Arthur, More? Don't we have an Oil Company here in the US??
[SIZE=+2]Foreign oil companies building Texas-size refinery in Port Arthur[/SIZE]
[SIZE=-1]08:52 AM CST on Tuesday, December 11, 2007[/SIZE]
[SIZE=-1]By ELIZABETH SOUDER and JIM LANDERS / The Dallas Morning News [/SIZE]
Two foreign companies broke ground Monday on construction of the largest oil refinery in the U.S. in the Gulf Coast town of Port Arthur.
Motiva Enterprises LLC, owned by Royal Dutch Shell and Saudi Aramco, will invest $7 billion to expand an existing refinery.
That's the biggest capital investment Texas has ever received, and it comes at a time when refiners are enjoying fat profits, state officials said.
Mark M. Hancock/Special Contributor
Work continues at the existing Motiva plant during the ground-breaking ceremony for the refinery’s expansion in Port Arthur.
Some U.S. refiners are shy about expanding at home, where demand for fuel grows slowly. Instead, they're building overseas, where the appetite for fuel is more ravenous.
"We are the largest producer, the U.S. is the largest consumer" of oil, said Abdulaziz al-Khayyal, senior vice president, industrial relations, for Saudi Aramco, the kingdom's national oil company.
"We've always made a decision to be present in a significant way in all major markets," he said.
Saudi Aramco is also building refineries outside of the U.S., but the Port Arthur project is massive.
The expansion will more than double the capacity for the existing refinery to 600,000 barrels a day. It will make enough fuel to fill about 700,000 cars a day. The project should be finished in 2010.
The Port Arthur project will surpass Exxon Mobil Corp.'s facility in Beaumont, currently the largest U.S. refinery. [more]
http://www.dallasnews.com/sharedcontent/dws/bus/stories/121107dnbusrefinery.2894c91.html
[SIZE=+2]Foreign oil companies building Texas-size refinery in Port Arthur[/SIZE]
[SIZE=-1]08:52 AM CST on Tuesday, December 11, 2007[/SIZE]
[SIZE=-1]By ELIZABETH SOUDER and JIM LANDERS / The Dallas Morning News [/SIZE]
Two foreign companies broke ground Monday on construction of the largest oil refinery in the U.S. in the Gulf Coast town of Port Arthur.
Motiva Enterprises LLC, owned by Royal Dutch Shell and Saudi Aramco, will invest $7 billion to expand an existing refinery.
That's the biggest capital investment Texas has ever received, and it comes at a time when refiners are enjoying fat profits, state officials said.
Work continues at the existing Motiva plant during the ground-breaking ceremony for the refinery’s expansion in Port Arthur.
Some U.S. refiners are shy about expanding at home, where demand for fuel grows slowly. Instead, they're building overseas, where the appetite for fuel is more ravenous.
"We are the largest producer, the U.S. is the largest consumer" of oil, said Abdulaziz al-Khayyal, senior vice president, industrial relations, for Saudi Aramco, the kingdom's national oil company.
"We've always made a decision to be present in a significant way in all major markets," he said.
Saudi Aramco is also building refineries outside of the U.S., but the Port Arthur project is massive.
The expansion will more than double the capacity for the existing refinery to 600,000 barrels a day. It will make enough fuel to fill about 700,000 cars a day. The project should be finished in 2010.
The Port Arthur project will surpass Exxon Mobil Corp.'s facility in Beaumont, currently the largest U.S. refinery. [more]
http://www.dallasnews.com/sharedcontent/dws/bus/stories/121107dnbusrefinery.2894c91.html
luv2read
Active member
Note that these are not new refineries in the US, they are simply expanding capacity at existing refineries. They are all expanding their diesel capacity more than their gasoline capacity. They will export diesel which sells at higher prices overseas than here, and we will be importing gasoline at higher prices to meet the demand. They are building new refineries in other countries because of less restrictive regulations.
If the demand for fuel is so low here, how can we be the largest consumer? And, if the demand is so low, WHY IS THE PRICE SO DAMN HIGH????
HUH?
If the demand for fuel is so low here, how can we be the largest consumer? And, if the demand is so low, WHY IS THE PRICE SO DAMN HIGH????
nnuut
Moderator | TSP Legend
Doesn't seem right to me.I blame shoddy regulation or NO regulation by our wonderful law mwkers!
Oil prices ease below $126 a barrel
Prices slip from record trading high, but remain supported by expectations of strong demand.
Last Updated: May 19, 2008: 6:26 AM EDT
BANGKOK, Thailand (AP) -- Oil prices dropped below $126 a barrel Monday in Asia after punching through to another trading record at the end of last week despite an increase in output by Saudi Arabia.
The world's leading oil producer promised an additional 300,000 barrels of crude a day as President Bush wrapped up a meeting Friday with Saudi Arabia's King Abdullah. But that and the U.S. move to temporarily stop filling government stockpiles have done little to change overall sentiment in the market.
"There's a perception that demand is going to hold up pretty strongly this year," said Mark Pervan, senior commodity strategist at Australia & New Zealand Bank in Melbourne. "This idea that the market just couldn't handle a hundred dollar oil has just gone out the window ... so there's a parallel shift at where the market will trade."
Late afternoon in Singapore, light, sweet crude for June delivery was down 34 cents at $125.95 a barrel in electronic trading on the New York Mercantile Exchange.
In Friday trade, the June contract hit a trading record of $127.82 a barrel before settling at $126.29, up $2.17 from the previous close. That record was the eighth in the previous 10 sessions, and the first time oil had topped $127.
The reason for the disconnect between the U.S. and Saudi decisions and oil prices has primarily to do with market expectations. The Saudi production increase was seen as minuscule, and no one expected the suspension of shipments to America's Strategic Petroleum Reserve to have much impact on supplies.
Goldman Sachs (GS, Fortune 500), one of the most influential investment banks, underscored that sentiment Friday when it hiked its oil price forecast for the second half of the year to $141 a barrel, up from $107 previously. Analysts at the bank argue that the oil market is undergoing a "structural repricing" that will continue to play out for some time to come.
"We would view any pullback in oil, regardless of the size or duration - although a correction could be as large as 15% - as an opportunity to re-establish long positions in oil before the summer," Goldman Sachs advised traders.
Earlier this month, a Goldman Sachs analyst predicted that oil prices could reach $150-$200 a barrel over the next six months to two years.
There has been a growing belief that the investment bank is "going to be correct again," said Pervan. "It was a contentious call when they called ... for $100 oil ... but this second call has a lot more credit," he said.
Arjun N. Murti, the Goldman Sachs analyst making the call for $150-$200 oil, had forecast in April 2005 - when oil was trading at less than $60 a barrel - that prices would rise to as high as $105.
At the time, many analysts said the market would never support such high oil prices.
"The market's sitting up and listening a lot more closely this time around," said Pervan.
In other Nymex trading, heating oil futures fell 1.5 cents to $3.6878 a gallon while gasoline prices fell 0.4 cent to $3.2195 a gallon. Natural gas futures rose 3.3 cents to $11.127 per 1,000 cubic feet.
http://money.cnn.com/2008/05/19/markets/oil_ap.ap/index.htm?postversion=2008051906
Oil prices ease below $126 a barrel
Prices slip from record trading high, but remain supported by expectations of strong demand.
Last Updated: May 19, 2008: 6:26 AM EDT
BANGKOK, Thailand (AP) -- Oil prices dropped below $126 a barrel Monday in Asia after punching through to another trading record at the end of last week despite an increase in output by Saudi Arabia.
The world's leading oil producer promised an additional 300,000 barrels of crude a day as President Bush wrapped up a meeting Friday with Saudi Arabia's King Abdullah. But that and the U.S. move to temporarily stop filling government stockpiles have done little to change overall sentiment in the market.
"There's a perception that demand is going to hold up pretty strongly this year," said Mark Pervan, senior commodity strategist at Australia & New Zealand Bank in Melbourne. "This idea that the market just couldn't handle a hundred dollar oil has just gone out the window ... so there's a parallel shift at where the market will trade."
Late afternoon in Singapore, light, sweet crude for June delivery was down 34 cents at $125.95 a barrel in electronic trading on the New York Mercantile Exchange.
In Friday trade, the June contract hit a trading record of $127.82 a barrel before settling at $126.29, up $2.17 from the previous close. That record was the eighth in the previous 10 sessions, and the first time oil had topped $127.
The reason for the disconnect between the U.S. and Saudi decisions and oil prices has primarily to do with market expectations. The Saudi production increase was seen as minuscule, and no one expected the suspension of shipments to America's Strategic Petroleum Reserve to have much impact on supplies.
Goldman Sachs (GS, Fortune 500), one of the most influential investment banks, underscored that sentiment Friday when it hiked its oil price forecast for the second half of the year to $141 a barrel, up from $107 previously. Analysts at the bank argue that the oil market is undergoing a "structural repricing" that will continue to play out for some time to come.
"We would view any pullback in oil, regardless of the size or duration - although a correction could be as large as 15% - as an opportunity to re-establish long positions in oil before the summer," Goldman Sachs advised traders.
Earlier this month, a Goldman Sachs analyst predicted that oil prices could reach $150-$200 a barrel over the next six months to two years.
There has been a growing belief that the investment bank is "going to be correct again," said Pervan. "It was a contentious call when they called ... for $100 oil ... but this second call has a lot more credit," he said.
Arjun N. Murti, the Goldman Sachs analyst making the call for $150-$200 oil, had forecast in April 2005 - when oil was trading at less than $60 a barrel - that prices would rise to as high as $105.
At the time, many analysts said the market would never support such high oil prices.
"The market's sitting up and listening a lot more closely this time around," said Pervan.
In other Nymex trading, heating oil futures fell 1.5 cents to $3.6878 a gallon while gasoline prices fell 0.4 cent to $3.2195 a gallon. Natural gas futures rose 3.3 cents to $11.127 per 1,000 cubic feet.
http://money.cnn.com/2008/05/19/markets/oil_ap.ap/index.htm?postversion=2008051906
James48843
Well-known member
HUH?
If the demand for fuel is so low here, how can we be the largest consumer? And, if the demand is so low, WHY IS THE PRICE SO DAMN HIGH????
Sorry luv2read- you still aren't getting it.
The price is NOT "high". The price really isn't that far off historic levels, compared to the price of milk, or the price of corn oil. Really. Compare- in 1970, gas was 32 cents a gallon, milk was 49. In 1990, gas was $1.09, and milk was probably 1.69.
Today gas is $3.79, and milk is $3.79.
What has changed over all those years is that the value of the dollar has fallen, as U.S. consumers have dumped all their money into China's hands by buying cheap junk at Wal-Mart.
So, now we see the result.
Gasoline will go to five bucks soon, and ten bucks within a few years. The middle class will be squeezed out of house and home, and the suburbs will no longer be affordable. People will have to flock back to big cities and create mass transit expansions, simply because that's all there is.
Or we will end up a lot like mexico city, with cardboard boxes as the primary homes of many.
Don't be surpirsed. It could have been different, but we are where we are as a nation-
broke, owning billions to foreigners
unable to afford gasoline to get around,
in our Lincoln Navigators.......
We did it to ourselves.
At the rate oil is going up, and the dollar is falling.....it might mean that before long, we'll need those dollars in our TSP accounts in old age....to burn in the fireplace to keep warm, when we can't afford home heating oil any longer.
Instead we'll have wheelbarrows full of worthless greenback script, who's best function will be to burn to keep us warm.
Or maybe, by then, we'll be on the Euro.......
(Or all eating Soylent Green....)
Silverbird
Well-known member
Not Enough [available] Oil Is Lament of BP, Exxon on Spending
May 19 (Bloomberg) -- Never have so many oil and gas companies spent so much to produce so little.
That's the challenge facing Exxon Mobil Corp., Royal Dutch Shell Plc, BP Plc, Chevron Corp., Total SA and ConocoPhillips, which will spend a record $98.7 billion this year on exploration and production, Lehman Brothers Holdings Inc. estimates. Costs more than quadrupled since 2000 as explorers targeted more challenging reservoirs and demand rose for labor and material.
........
`Something Different'
Drillers could access only 7 percent of known world reserves in 2005, down from 85 percent in 1970 after Middle Eastern nations took control of their fields, according to a July report by the National Petroleum Council in Washington. The 13 members of the Organization of Petroleum Exporting Countries held 919 billion barrels of oil as of 2006, or 76 percent of proved global reserves, according to BP. Add Russia, the world's second-biggest producer, and the total rises to 83 percent.
``Normally, high prices would mean higher supply,'' said Fadhil Chalabi, executive director at the Centre for Global Energy Studies in London and a former Iraqi oil ministry undersecretary. ``What is happening is something different. The international companies are denied access to areas of abundant oil within OPEC, and it's getting costlier in other areas.''
........
Even as countries reclaim their reserves, many are relying on high oil prices rather than increased production to meet government budgets. Output in Russia is expected to fall for the first time in a decade, and Saudi Arabia's decision this month to increase output by 300,000 barrels a day still won't offset a 390,000 barrel-a-day drop in monthly OPEC production in April.
......
During the Arab oil embargo of 1973 to 1974, soaring oil prices cut consumption by about 2 percent, IEA Chief Economist Fatih Birol said in Houston May 6. This isn't happening today because of demand in emerging economies, where subsidies blunt the effect of higher oil prices, he said.
....
http://www.bloomberg.com/apps/news?pid=20601087&sid=axUZLDnNnHgM&refer=home
Note: [] added the word "available" because the byline wasn't describing the situation properly. And there's more to the article but I think I got most of the main points, click on the link for the entirety
May 19 (Bloomberg) -- Never have so many oil and gas companies spent so much to produce so little.
That's the challenge facing Exxon Mobil Corp., Royal Dutch Shell Plc, BP Plc, Chevron Corp., Total SA and ConocoPhillips, which will spend a record $98.7 billion this year on exploration and production, Lehman Brothers Holdings Inc. estimates. Costs more than quadrupled since 2000 as explorers targeted more challenging reservoirs and demand rose for labor and material.
........
`Something Different'
Drillers could access only 7 percent of known world reserves in 2005, down from 85 percent in 1970 after Middle Eastern nations took control of their fields, according to a July report by the National Petroleum Council in Washington. The 13 members of the Organization of Petroleum Exporting Countries held 919 billion barrels of oil as of 2006, or 76 percent of proved global reserves, according to BP. Add Russia, the world's second-biggest producer, and the total rises to 83 percent.
``Normally, high prices would mean higher supply,'' said Fadhil Chalabi, executive director at the Centre for Global Energy Studies in London and a former Iraqi oil ministry undersecretary. ``What is happening is something different. The international companies are denied access to areas of abundant oil within OPEC, and it's getting costlier in other areas.''
........
Even as countries reclaim their reserves, many are relying on high oil prices rather than increased production to meet government budgets. Output in Russia is expected to fall for the first time in a decade, and Saudi Arabia's decision this month to increase output by 300,000 barrels a day still won't offset a 390,000 barrel-a-day drop in monthly OPEC production in April.
......
During the Arab oil embargo of 1973 to 1974, soaring oil prices cut consumption by about 2 percent, IEA Chief Economist Fatih Birol said in Houston May 6. This isn't happening today because of demand in emerging economies, where subsidies blunt the effect of higher oil prices, he said.
....
http://www.bloomberg.com/apps/news?pid=20601087&sid=axUZLDnNnHgM&refer=home
Note: [] added the word "available" because the byline wasn't describing the situation properly. And there's more to the article but I think I got most of the main points, click on the link for the entirety
nnuut
Moderator | TSP Legend
Problems, Problems!
Average gasoline prices seen nearing $4 soon
Average price of self-serve regular close to $4 a gallon - survey
May 18, 2008: 6:00 PM EDT
(CNN) -- The average price of gasoline has jumped another 17 cents a gallon in the past two weeks to a record-breaking $3.79 a gallon for self-serve regular, according to a national survey released Sunday.
This climb in prices makes it a "high possibility" that many cities will see $4 a gallon regular gas soon, said survey publisher Trilby Lundberg.
"We are within 21 cents of $4 a gallon," said Lundberg. "There seems to be very good chance that we will reach it."
Four dollars a gallon of regular unleaded happened in two metro areas in the latest survey, according to the biweekly Lundberg Survey.
These areas had the highest average gas prices in the survey. They were Chicago, $4.07 and Long Island, New York, $4.01.
"That is the first time in history we have ever had two metro areas over $4 a gallon," said Lundberg.
The survey looks at thousands of gas stations across the country. The main reason for the price hike was record highs in crude oil prices, Lundberg said.
While Chicago was the highest, Tucson, Arizona was the lowest coming in at $3.48 a gallon.
Here is a look at the average prices in other metro areas surveyed:
--Denver, Colorado: $3.64
--Houston, Texas: $3.65
--Minneapolis, Minnesota: $3.71
--Portland, Oregon: $3.77
--Atlanta, Georgia: $3.78
--Washington, D.C.: $3.82
--Hartford, Connecticut: $3.98
--San Francisco, California: $3.98 http://money.cnn.com/2008/05/18/news/economy/lundberg_gas_prices/index.htm
Average gasoline prices seen nearing $4 soon
Average price of self-serve regular close to $4 a gallon - survey
May 18, 2008: 6:00 PM EDT
(CNN) -- The average price of gasoline has jumped another 17 cents a gallon in the past two weeks to a record-breaking $3.79 a gallon for self-serve regular, according to a national survey released Sunday.
This climb in prices makes it a "high possibility" that many cities will see $4 a gallon regular gas soon, said survey publisher Trilby Lundberg.
"We are within 21 cents of $4 a gallon," said Lundberg. "There seems to be very good chance that we will reach it."
Four dollars a gallon of regular unleaded happened in two metro areas in the latest survey, according to the biweekly Lundberg Survey.
These areas had the highest average gas prices in the survey. They were Chicago, $4.07 and Long Island, New York, $4.01.
"That is the first time in history we have ever had two metro areas over $4 a gallon," said Lundberg.
The survey looks at thousands of gas stations across the country. The main reason for the price hike was record highs in crude oil prices, Lundberg said.
While Chicago was the highest, Tucson, Arizona was the lowest coming in at $3.48 a gallon.
Here is a look at the average prices in other metro areas surveyed:
--Denver, Colorado: $3.64
--Houston, Texas: $3.65
--Minneapolis, Minnesota: $3.71
--Portland, Oregon: $3.77
--Atlanta, Georgia: $3.78
--Washington, D.C.: $3.82
--Hartford, Connecticut: $3.98
--San Francisco, California: $3.98
http://money.cnn.com/2008/05/18/news/economy/lundberg_gas_prices/index.htm
nnuut
Moderator | TSP Legend
05/19/2008 - Updated 9:29 AM ET
Crude-oil futures edge up, boosted by weak dollar
By Polya Lesova, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures edged higher Monday, after surging above $127 a barrel earlier in the session, as weakness in the U.S. dollar underpinned oil prices.
Crude oil for June delivery gained 21 cents at $126.50 a barrel on the New York Mercantile Exchange.
Earlier Monday, crude touched an intraday high of $127.77 a barrel.
"On the technical side, crude's up channels are all firmly in place, but open interest has plunged quite markedly on Friday -- off by some 46,000 lots -- ahead of the June WTI [West Texas Intermediate crude] expiration tomorrow," said Edward Meir, an analyst at MF Global, in a research note.
The June crude contract expires at the end of trading on Tuesday.
In the currency markets, the dollar drifted to a two-week low against the euro and lost ground against most other major currencies, weighed down by ongoing worries over U.S. consumer confidence.
Dollar weakness typically boosts dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies.
On Friday, crude climbed $2.17, or 1.7%, to close at $126.29 a barrel on the Nymex after Goldman Sachs raised its oil forecast for the second half of the year by 32%.
The investment bank lifted its forecast for the average price of West Texas Intermediate oil in the second half of 2008 to $141 a barrel from $107 a barrel. Long-term oil prices will need to continue to rise to bring trend oil demand growth in line with trend supply growth, which stands at around 1% a year, Goldman said.
Also on the Nymex, June reformulated gasoline was flat at $3.23 a gallon and June heating oil fell 1 cent to $3.69 a gallon. June natural gas futures rose 3 cents at $11.13 per million
British thermal units.
http://markets.usatoday.com/custom/...S&guid={C5FCF3BE-30AC-47A5-A870-DF6F78A779F9}
NEW YORK (MarketWatch) -- Crude-oil futures edged higher Monday, after surging above $127 a barrel earlier in the session, as weakness in the U.S. dollar underpinned oil prices.
Crude oil for June delivery gained 21 cents at $126.50 a barrel on the New York Mercantile Exchange.
Earlier Monday, crude touched an intraday high of $127.77 a barrel.
"On the technical side, crude's up channels are all firmly in place, but open interest has plunged quite markedly on Friday -- off by some 46,000 lots -- ahead of the June WTI [West Texas Intermediate crude] expiration tomorrow," said Edward Meir, an analyst at MF Global, in a research note.
The June crude contract expires at the end of trading on Tuesday.
In the currency markets, the dollar drifted to a two-week low against the euro and lost ground against most other major currencies, weighed down by ongoing worries over U.S. consumer confidence.
Dollar weakness typically boosts dollar-denominated commodities, such as gold and crude oil, because it makes them cheaper for holders of other currencies.
On Friday, crude climbed $2.17, or 1.7%, to close at $126.29 a barrel on the Nymex after Goldman Sachs raised its oil forecast for the second half of the year by 32%.
The investment bank lifted its forecast for the average price of West Texas Intermediate oil in the second half of 2008 to $141 a barrel from $107 a barrel. Long-term oil prices will need to continue to rise to bring trend oil demand growth in line with trend supply growth, which stands at around 1% a year, Goldman said.
Also on the Nymex, June reformulated gasoline was flat at $3.23 a gallon and June heating oil fell 1 cent to $3.69 a gallon. June natural gas futures rose 3 cents at $11.13 per million
British thermal units.
http://markets.usatoday.com/custom/...S&guid={C5FCF3BE-30AC-47A5-A870-DF6F78A779F9}
Asylum
Member
Might get some relief at the pump with the closing of this loophole.. bonus points for the use of 'orgy' in a news report!!
http://www.tradingmarkets.com/.site/news/Stock News/1569538/
http://www.tradingmarkets.com/.site/news/Stock News/1569538/
luv2read
Active member
LOL! Don't believe it. Big oil wants $200 oil and $5 gasoline. You'll see a slight pause/pullback at $150 oil, not before. Then it will move up from there. Nothing to stop it. Congress won't cap it. If it looks like the price is dropping, OPEC will simply cut production and reduce the supply to keep the price up.