Oil Slick Stuff

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What's really driving the cost of oil? the devaluation of the dollar and the poor credit rating of the US:

http://market-ticker.denninger.net/2008/05/mounting-pressure-monday.html

Time to choose America. Are you going to sit still while our politicians from both parties scream about "speculators" and "Oil Barons" when in fact the real problem is your Congressional Representatives and Senators and The Federal Reserve, who have personally and through proxies allowed the costs occasioned by the fraud of the last 10 years to be shifted into your gas tank?

80% of Americans neither participated in or profited from this scam.
Why are you tolerating being saddled with The Bill?
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pounce pounce pounce on those oil prices...darn it, I guess they aren't impressed by an angry little bird. :nuts: Anyone got any Euros?
 
Dip buyers coming out of stocks to buy Oil, hoping for a bounce, in the meantime pushing equities down.:cool:
 
nnuut said:
Dip buyers coming out of stocks to buy Oil, hoping for a bounce, in the meantime pushing equities down.:cool:
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I agree. IMO the drop in oil price was due to profit taking; today money is coming out of stocks and bonds to buy oil; price of oil back up to $130 at 11am about the same time as the dip in the 4 Yahoo charts.
 
luv2read said:
Now this is GOOD news.
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FAIL!

May 28, 2008

Exxon (XOM) Kicks Rockefellers Down The Stairs

Being related, distantly, to the founder of the company which became Exxon (XOM), did not help the Rockefellers. They were at the front of a group of shareholders trying to separate the chairman and CEO roles at the oil company. They also wanted XOM to put more money into alternative energies.


The complacent old men who sit on the board and run the company would have nothing to do with it and fought like lions.


The proposal was defeated with only 39.5% of shareholders voting in favor of pulling apart the two jobs.


The Rockefellers will be left to go home and count all the money that management has made for them over the last several years.


Douglas A. McIntyre
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The Dollar, this and other things are sending Oil back up!:suspicious:


AP
Oil rebounds on Nigeria threat, supply concerns
Wednesday May 28, 1:30 pm ET
By John Wilen, AP Business Writer

Oil rebounds from early losses as Nigeria threat stokes supply concerns; gas prices rise

NEW YORK (AP) -- Oil futures rose Wednesday, recovering from early losses as threats against Nigerian oil facilities led investors to set aside concerns about falling U.S. gas demand.
At the pump, meanwhile, gas prices rose to a new record over $3.94 a gallon.
Light, sweet crude for July delivery was up $1.33 at $130.18 a barrel in early afternoon trading on the New York Mercantile Exchange, after spending the morning swinging between gains and losses. At its lows, oil was down nearly $3 a barrel, compounding a $3.34 drop in crude on Tuesday. It passed $135 for the first time last Thursday. Although prices rebounded Wednesday, investors are still contending with a growing belief that U.S. demand for gas is falling in response to prices that already average more than $4 in 11 states and the District of Columbia. The national average price of a gallon of regular gas rose 0.7 cent overnight to a new record of $3.944, according to AAA and the Oil Price Information Service.[more]
http://biz.yahoo.com/ap/080528/oil_prices.html
 
Gas is $4.00+ a gal in some parts of the USA right now. Keep in mind that we haven't seen the $130 oil at the pump yet - that's still 6 months away....$5 gas by the end of the year if not before.:sick:
 
luv2read said:
Gas is $4.00+ a gal in some parts of the USA right now. Keep in mind that we haven't seen the $130 oil at the pump yet - that's still 6 months away....$5 gas by the end of the year if not before.:sick:
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what's really going to suck is if a sizeable hurricane hits the Gulf...

The smart money says $5/gal minimum.





:nuts:
 
luv2read said:
Gas is $4.00+ a gal in some parts of the USA right now. Keep in mind that we haven't seen the $130 oil at the pump yet - that's still 6 months away....$5 gas by the end of the year if not before.:sick:
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really?

so why does the pump price follow the barrel price so closely?

i'd like to know about this.. is there a good place on the web to read about it?


*EDIT:

I did find this and using the figure given it looks to me like we are paying for $130/bbl oil right now at the pump.

$130/bbl oil x 0.024/$_cost_bbl_oil/gal_gasoline = $3.12/gal_gasoline​

(plus tax)

Here's the relationship between oil and gas prices. Generally, for every dollar increase in oil prices, gas prices increase by 2.4 cents. If oil rises $10 dollars, consumers will pay 24 cents more at the pump.

Tom Kloza of the Oil Price information service says that if oil goes to $150 a barrel, we'll pay $4.32 to $4.37 a gallon. At $175 per barrel, we can expect to pay $4.95 to $5.00 a gallon and at $200 a barrel the average retail price for gas could cost anywhere from $5.58 to $5.63 a gallon, excluding hurricanes and other threats to our refining infrastructure.
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over the last 2 weeks i've been getting calls from my construction suppliers asking if i needed to order material because in the next couple months we are looking at a 20% increase in material and equipment costs for construction items... why? Cost of fuel.

thanks Congress... u asshats.

:(
 
Asylum said:
over the last 2 weeks i've been getting calls from my construction suppliers asking if i needed to order material because in the next couple months we are looking at a 20% increase in material and equipment costs for construction items... why? Cost of fuel.

thanks Congress... u asshats.

:(
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EXACTLY! This is not GOOD by a long shot!:(
 
Asylum said:
really?

so why does the pump price follow the barrel price so closely?
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Because it can....they charge whatever we are willing to pay. We see the price per barrel go up so it makes sense that the pump price goes up the same day...unless you know that the barrel price you see today is oil futures - for future delivery, not today's delivery.

One of the local yokels owns a small tank farm and 2 pump gas station. It's been standard practice for him over the years to buy gasoline when prices are low, stockpile it, and sell it when prices are higher. He's making a mint right now on gasoline he bought under $3.00/gal.
 
luv2read said:
No we aren't. Not yet. Wait for the sticker shock to hit.
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Okay, so by this thinking..Just say tonight, oil plummets to $100, no, $75.00/bbl..Would the price at the pump still go up in whatever time frame you seem to think we are lagging to still..?..So in essence if oil was way cheap we'd be paying the fall out price still of when it use to be $130.00/bbl six months ago or whatever...Hmm, I don't think so.
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Buster said:
Okay, so by this thinking..Just say tonight, oil plummets to $100, no, $75.00/bbl..Would the price at the pump still go up in whatever time frame you seem to think we are lagging to still..?..So in essence if oil was way cheap we'd be paying the fall out price still of when it use to be $130.00/bbl six months ago or whatever...Hmm, I don't think so.
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YES. On this one you are wrong.

When the price of oil dropped $8 over the past 4 days did the price of gas go down correspondingly...or continue UP?:rolleyes:
 
luv2read said:
YES. On this one you are wrong.

When the price of oil dropped $8 over the past 4 days did the price of gas go down correspondingly...or continue UP?:rolleyes:
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You love me don't you?..or else you wouldn't give me these easy ones...

Hello..It didn't drop $8.00 all at once, it was a little down a little back up and a little more down..so the net refection was not seen at the pumps directly...Having said that, the price at a local 7-11 changed a couple of cents down and held and up a little again today for the first time in a week...so You are wrong in saying I am wrong..:toung:..We will see, when Oil goes down now soon..;)
 
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