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Oil Slick Stuff
- Thread starter nnuut
- Start date
nnuut
Moderator | TSP Legend
Gasoline: Shaving off one tax at a time
In this time of high prices, the government is levying a tax on imported ethanol. Is it time for that tax to go?
By Steve Hargreaves, CNNMoney.com staff writer
June 11, 2008: 4:17 AM EDT
NEW YORK (CNNMoney.com) -- Any idea intended to lower gasoline prices never fails to attract attention, but seldom does it garner anything near unanimous support.
Lifting the tariff on imported ethanol was the lone idea in a recent CNNMoney.com story about how to lower gas prices that had support from a variety of energy experts - a consumer rights advocate, an energy trader, and an academic.
But lifting the tariff will likely only lower gas prices by a dime a gallon, and the domestic ethanol industry argues it will leave the country dependent on yet another foreign energy source.
The import tariff of 54-cents a gallon on ethanol - a required component in gasoline - keeps the price of imported ethanol high. Much imported ethanol is made from sugarcane which is cheaper-to-produce than domestic corn-based ethanol.
The fact that the government has a tariff on any energy product in these times of high prices is illogical to some.
"We don't have a tariff on oil or natural gas or anything like that," said Bill Koetzle, an analyst at the Institute for Energy Research, a free market-leaning think tank. "It's old-fashioned protectionism."
If the tariff were lifted imports would likely grow, and that could cut ethanol prices by maybe $1 a gallon, said John Kilduff, an energy analyst at MF Global in New York.
But ethanol doesn't make up a huge portion of the U.S. gasoline supply. Out of about 150 billion gallons of gas used annually in the U.S., ethanol is projected to make up about 9 billion gallons of that this year. So Kilduff said gasoline prices might be reduced by maybe 10 cents a gallon.
Ethanol use is mandated to grow to 36 billion gallons by 2022, so the price drop in gasoline if the tariff is suspended could increase over time.
Defenders of the tariff say lifting it may result in some domestic ethanol producers going out of business, leaving the country open to greater reliance on foreign countries like Brazil.[more]
http://money.cnn.com/2008/06/11/news/economy/ethanol_tariff/index.htm?postversion=2008061104
In this time of high prices, the government is levying a tax on imported ethanol. Is it time for that tax to go?
By Steve Hargreaves, CNNMoney.com staff writer
June 11, 2008: 4:17 AM EDT
NEW YORK (CNNMoney.com) -- Any idea intended to lower gasoline prices never fails to attract attention, but seldom does it garner anything near unanimous support.
Lifting the tariff on imported ethanol was the lone idea in a recent CNNMoney.com story about how to lower gas prices that had support from a variety of energy experts - a consumer rights advocate, an energy trader, and an academic.
But lifting the tariff will likely only lower gas prices by a dime a gallon, and the domestic ethanol industry argues it will leave the country dependent on yet another foreign energy source.
The import tariff of 54-cents a gallon on ethanol - a required component in gasoline - keeps the price of imported ethanol high. Much imported ethanol is made from sugarcane which is cheaper-to-produce than domestic corn-based ethanol.
The fact that the government has a tariff on any energy product in these times of high prices is illogical to some.
"We don't have a tariff on oil or natural gas or anything like that," said Bill Koetzle, an analyst at the Institute for Energy Research, a free market-leaning think tank. "It's old-fashioned protectionism."
If the tariff were lifted imports would likely grow, and that could cut ethanol prices by maybe $1 a gallon, said John Kilduff, an energy analyst at MF Global in New York.
But ethanol doesn't make up a huge portion of the U.S. gasoline supply. Out of about 150 billion gallons of gas used annually in the U.S., ethanol is projected to make up about 9 billion gallons of that this year. So Kilduff said gasoline prices might be reduced by maybe 10 cents a gallon.
Ethanol use is mandated to grow to 36 billion gallons by 2022, so the price drop in gasoline if the tariff is suspended could increase over time.
Defenders of the tariff say lifting it may result in some domestic ethanol producers going out of business, leaving the country open to greater reliance on foreign countries like Brazil.[more]
http://money.cnn.com/2008/06/11/news/economy/ethanol_tariff/index.htm?postversion=2008061104
nnuut
Moderator | TSP Legend
Shades of things to come? Spain has more taxes on fuel than the USA.:worried:
Spain grinding to a halt as fuel protest takes effect
Truck drivers demand reprieve from high prices
Truck drivers parked on a highway leading out of Madrid yesterday, one of a number of roads they blocked. Other roads included some leading into the center of Barcelona and the border with France. (Denis Doyle/Getty Images)
By Ciaran Giles
Associated Press / June 10, 2008
MADRID - Gas stations in the capital and the northeastern Catalonia region began running out of fuel yesterday as an indefinite strike by truckers began to bite.
The protest over soaring fuel costs began at midnight Sunday.
Antonio Onieva, president of Madrid's station owners organization, said that by 5:30 p.m., 15 percent of the capital's outlets had run out of fuel. Manuel Amado, president of Catalonia's owners' federation, said 40 percent of Catalonia's 1,714 stations had sold out.
The stoppage led to lengthy lines at many gasoline stations across the country as drivers rushed to fill up.
Drivers were paying the equivalent of about $7.32 per gallon of diesel yesterday. By contrast, diesel was selling in the United States for about $4.75.
Truckers also blocked a number of roads around the country, including some leading into the center of Barcelona and the international border with France.
"We are the ones who move the goods that this country needs to keep working. If we stop because we haven't got the money to buy fuel then the country will stop," Julio Villascusa, president of Fenadismer, the transport association , told Cadena SER radio.
Fenadismer representatives and Development Ministry officials met yesterday but failed to reach agreement, stretching the strike to a second day.
Fenadismer said more than 90,000 drivers have been called to take part in the strike.
The strike was not expected to have a major effect on city food markets until later in the week.
There was almost no movement of trucks early yesterday at Mercamadrid, the main wholesale food market for the Spanish capital.
Development Ministry transport chief Juan Miguel Sanchez said the government will guarantee market supplies.
A strike by fishermen across Spain also protesting fuel costs has entered a second week. News reports said smaller boats that fish closer to the coast have joined the protest, which began May 30.
The stoppages are part of protests across Europe against rising prices.
http://www.boston.com/news/world/eu...nding_to_a_halt_as_fuel_protest_takes_effect/
Spain grinding to a halt as fuel protest takes effect
Truck drivers demand reprieve from high prices
By Ciaran Giles
Associated Press / June 10, 2008
MADRID - Gas stations in the capital and the northeastern Catalonia region began running out of fuel yesterday as an indefinite strike by truckers began to bite.
The protest over soaring fuel costs began at midnight Sunday.
Antonio Onieva, president of Madrid's station owners organization, said that by 5:30 p.m., 15 percent of the capital's outlets had run out of fuel. Manuel Amado, president of Catalonia's owners' federation, said 40 percent of Catalonia's 1,714 stations had sold out.
The stoppage led to lengthy lines at many gasoline stations across the country as drivers rushed to fill up.
Drivers were paying the equivalent of about $7.32 per gallon of diesel yesterday. By contrast, diesel was selling in the United States for about $4.75.
Truckers also blocked a number of roads around the country, including some leading into the center of Barcelona and the international border with France.
"We are the ones who move the goods that this country needs to keep working. If we stop because we haven't got the money to buy fuel then the country will stop," Julio Villascusa, president of Fenadismer, the transport association , told Cadena SER radio.
Fenadismer representatives and Development Ministry officials met yesterday but failed to reach agreement, stretching the strike to a second day.
Fenadismer said more than 90,000 drivers have been called to take part in the strike.
The strike was not expected to have a major effect on city food markets until later in the week.
There was almost no movement of trucks early yesterday at Mercamadrid, the main wholesale food market for the Spanish capital.
Development Ministry transport chief Juan Miguel Sanchez said the government will guarantee market supplies.
A strike by fishermen across Spain also protesting fuel costs has entered a second week. News reports said smaller boats that fish closer to the coast have joined the protest, which began May 30.
The stoppages are part of protests across Europe against rising prices.
http://www.boston.com/news/world/eu...nding_to_a_halt_as_fuel_protest_takes_effect/
nnuut
Moderator | TSP Legend
OPPS!:worried:
BREAKING
NEWS
Oil prices rise after government report shows crude inventories dropped more than expected last week. More soon.
http://money.cnn.com/?cnn=yes
BREAKING
NEWS
Oil prices rise after government report shows crude inventories dropped more than expected last week. More soon.
http://money.cnn.com/?cnn=yes
luv2read
Active member
You may ask, if US demand is down, how can crude inventories be down? Producers simply export the surplus to China, Japan, etc. They still get their profits and keep the price up. They keep exporting until the US demand exceeds the supply again.
nnuut
Moderator | TSP Legend
Oil rises on inventory drawdown
Crude prices climb more than a dollar after the government reports a decline in stockpiles.
Last Updated: June 11, 2008: 10:49 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday after the U.S. government's weekly inventory report showed crude supplies fell more-than-expected in the fourth consecutive weekly decline.
Light, sweet crude for July delivery rose $4.75 to $136.06 a barrel on the New York Mercantile Exchange. Oil prices were up $3.34 a barrel just before the report was released.
In its weekly inventory report, the Energy Information Administration said crude stocks shrank by 4.6 million barrels last week. Analysts were looking for a drop of 1.4 million barrels, according to according to a poll by energy research firm Platts.
Distillates, used to make heating oil and diesel fuel, rose by 2.3 million barrels while gasoline supplies increased by 1 million barrels. Analysts were looking for a 1.1 million barrel build in gasoline stockpiles.
"The market has been surprised by big drawdowns in [more]
http://money.cnn.com/2008/06/11/markets/oil/index.htm?postversion=2008061110
Crude prices climb more than a dollar after the government reports a decline in stockpiles.
Last Updated: June 11, 2008: 10:49 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday after the U.S. government's weekly inventory report showed crude supplies fell more-than-expected in the fourth consecutive weekly decline.
Light, sweet crude for July delivery rose $4.75 to $136.06 a barrel on the New York Mercantile Exchange. Oil prices were up $3.34 a barrel just before the report was released.
In its weekly inventory report, the Energy Information Administration said crude stocks shrank by 4.6 million barrels last week. Analysts were looking for a drop of 1.4 million barrels, according to according to a poll by energy research firm Platts.
Distillates, used to make heating oil and diesel fuel, rose by 2.3 million barrels while gasoline supplies increased by 1 million barrels. Analysts were looking for a 1.1 million barrel build in gasoline stockpiles.
"The market has been surprised by big drawdowns in [more]
http://money.cnn.com/2008/06/11/markets/oil/index.htm?postversion=2008061110
luv2read
Active member
luv2read
Active member
blatant Price Manipulation!!!
Also refining more crude into diesel than gasoline, because there is more demand for diesel overseas than gasoline here.
nnuut
Moderator | TSP Legend
We know that but the rest of the US?:worried:blatant Price Manipulation!!!
Also refining more crude into diesel than gasoline, because there is more demand for diesel overseas than gasoline here.
nnuut
Moderator | TSP Legend
06/11/2008 - Updated 1:35 PM ET
Oil futures rally as U.S. supply falls a fourth weekCrude inventories down 4.6 million last week; refinery activity declines
By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed as much as $6 a barrel Wednesday, rallying as U.S. government data showed that supplies have fallen nearly 24 million barrels over the course of the last four weeks and that refinery activity unexpectedly declined last week.
Crude for July delivery touched a session high of $137.69 a barrel on the New York Mercantile Exchange, up $6.38, or 4.9%. It reached $137.86 in electronic trading on Globex.
Prices are still below the all-time record level of more than $139 seen in electronic trading on Friday.'There is just too much foreign and domestic demand, and consumers are not curtailing their consumption habits by a significant margin to let inventories build.'
John Person, National Futures Advisory Service
The nation's crude supplies dropped to 302.2 million barrels, down 4.6 million barrels, for the week ended June 6, according to the Energy Department. They've fallen a total of 23.6 million in four weeks.
Separately, the American Petroleum Institute reported a weekly drawdown of 3.2 million barrels in crude supplies.
The drop in crude stockpiles "came even as imports remained relatively unchanged and refinery demand for crude fell, indicating that the current pace of imports is simply too low to sustain a constant level of crude inventory," said Chris Lafakis, an associate economist at Moody's Economy.com.
Even though there was a slight increase in gasoline and distillate supplies, these don't present a "large enough margin to call for a top in this market," said John Person, president of National Futures Advisory Service. "Not by a long shot."
"Unless we close back under the $118 level, I would continue to be a buyer in this market on substantial breaks like we did last week near the $122-to-$125 level," he said in emailed comments.
"There is just too much foreign and domestic demand, and consumers are not curtailing their consumption habits by a significant margin to let inventories build," Person said.
At the same time, production problems in Mexico are contributing the crude inventory decline, according to Sean Brodrick, a natural resources analyst for MoneyandMarkets.com.
"Close to 80% of the crude-oil inventory decline was on the Gulf Coast," he said in emailed comments. "Mexico is our No. 3 supplier of imported oil, so they're dragging us over the cliff with them."
Product supply up, but refineries work less
Away from crude, supplies of petroleum products climbed as declines in demand offset an unexpected decrease in refinery activity last week, according to the Energy Department.
Motor gasoline supplies rose 1 million barrels to stand at 210.1 million barrels. They were up by 986,000 barrels, the API said.
Government data also showed distillate stocks were up 2.3 million barrels at 114 million barrels. They climbed by 504,000 barrels on the week, the API said.
Refinery utilization was at 88.6% compared with 89.7% of capacity a week earlier, according to the government figures. On average, analysts polled by Platts had anticipated the refinery figure would be above 90%.
Still, refiners' capacity utilization rate "has significantly improved over the last month as the gasoline crack spread has expanded mightily," said Lafakis, in a weekly report issued after the supply data. "Crack spread expansion has provided refineries with all the incentive they need to churn out extra gasoline."
Crack spread refers to the margin that a refinery can earn by refining a barrel of oil into products such as gasoline.
Push comes to shove [more]
http://markets.usatoday.com/custom/...S&guid={C559D4C8-142F-4EDC-A925-B52C4528696D}
Oil futures rally as U.S. supply falls a fourth weekCrude inventories down 4.6 million last week; refinery activity declines
By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed as much as $6 a barrel Wednesday, rallying as U.S. government data showed that supplies have fallen nearly 24 million barrels over the course of the last four weeks and that refinery activity unexpectedly declined last week.
Crude for July delivery touched a session high of $137.69 a barrel on the New York Mercantile Exchange, up $6.38, or 4.9%. It reached $137.86 in electronic trading on Globex.
Prices are still below the all-time record level of more than $139 seen in electronic trading on Friday.'There is just too much foreign and domestic demand, and consumers are not curtailing their consumption habits by a significant margin to let inventories build.'
John Person, National Futures Advisory Service
The nation's crude supplies dropped to 302.2 million barrels, down 4.6 million barrels, for the week ended June 6, according to the Energy Department. They've fallen a total of 23.6 million in four weeks.
Separately, the American Petroleum Institute reported a weekly drawdown of 3.2 million barrels in crude supplies.
The drop in crude stockpiles "came even as imports remained relatively unchanged and refinery demand for crude fell, indicating that the current pace of imports is simply too low to sustain a constant level of crude inventory," said Chris Lafakis, an associate economist at Moody's Economy.com.
Even though there was a slight increase in gasoline and distillate supplies, these don't present a "large enough margin to call for a top in this market," said John Person, president of National Futures Advisory Service. "Not by a long shot."
"Unless we close back under the $118 level, I would continue to be a buyer in this market on substantial breaks like we did last week near the $122-to-$125 level," he said in emailed comments.
"There is just too much foreign and domestic demand, and consumers are not curtailing their consumption habits by a significant margin to let inventories build," Person said.
At the same time, production problems in Mexico are contributing the crude inventory decline, according to Sean Brodrick, a natural resources analyst for MoneyandMarkets.com.
"Close to 80% of the crude-oil inventory decline was on the Gulf Coast," he said in emailed comments. "Mexico is our No. 3 supplier of imported oil, so they're dragging us over the cliff with them."
Product supply up, but refineries work less
Away from crude, supplies of petroleum products climbed as declines in demand offset an unexpected decrease in refinery activity last week, according to the Energy Department.
Motor gasoline supplies rose 1 million barrels to stand at 210.1 million barrels. They were up by 986,000 barrels, the API said.
Government data also showed distillate stocks were up 2.3 million barrels at 114 million barrels. They climbed by 504,000 barrels on the week, the API said.
Refinery utilization was at 88.6% compared with 89.7% of capacity a week earlier, according to the government figures. On average, analysts polled by Platts had anticipated the refinery figure would be above 90%.
Still, refiners' capacity utilization rate "has significantly improved over the last month as the gasoline crack spread has expanded mightily," said Lafakis, in a weekly report issued after the supply data. "Crack spread expansion has provided refineries with all the incentive they need to churn out extra gasoline."
Crack spread refers to the margin that a refinery can earn by refining a barrel of oil into products such as gasoline.
Push comes to shove [more]
http://markets.usatoday.com/custom/...S&guid={C559D4C8-142F-4EDC-A925-B52C4528696D}
Viva_La_Migra
Well-known member
No. DRILLING FOR MORE OIL will help the economy and bring down the price of gas. SCREW THE CARIBOU, drill in Alaska!:nuts:
nnuut
Moderator | TSP Legend
Yes! VLM!!!!!!!View attachment 4051
luv2read
Active member
Caribou have nothing to do with it. We need to have alternate, more efficient energy sources. We're being held hostage to oil, enough of that. And regardless of what some think, there is NOT enough oil under Alaska to supply the USA for the next 200 years, and even if there WAS, you wouldn't see the first drop of it for at least 10 years. Does NOTHING for the price of gas TODAY. Face facts.
James48843
Well-known member
Yes, dropping the ethanol import 54 cent a gallon tariff may drop gas prices by a dime, but I don't buy gasoline.
I buy only E85, 85% ethanol and just 15 % gasoline.
Dropping the import tariff would save me perhaps 40-45 cents gallon on fuel, which I pay $3.25 for now.
I'll take $2.75 ethanol over $4.00 gasoline any day.
Drop the tariff!
Braveheart
Member
This is interesting maybe the United States is letting China, Japan etc. pay top dollar while letting OPEC and the World know we will keep inventories down. This way China, Japan will exceed their supply and pay big time at $140.00+ and the United States will sit back on low inventories pay a high price now at the pump then burst the bubble.
This would kill the supply vs. demand theory just like the housing bubble. 23.6 Million Barrels in 4 weeks means the rest of the World paid for the overpriced Barrels and who knows this could be Shell game the United States is playing and next month report Crude Supply surplus of 6 Million barrels and that would send the spike in Oil into chaos. How many speculators would lose billions in a day and the price would drop like a rock unless we have another bad hurricane season, Iran etc. there is no way the US is going to give real numbers since Oil is a weapon against the US and the World.
nnuut
Moderator | TSP Legend
Oil pulls back, gas scales new high
Traders expect higher crude prices amid concerns about global supplies and currency fluctuations.
Last Updated: June 12, 2008: 7:21 AM EDT
VIENNA, Austria (AP) -- Oil prices eased Thursday as the dollar gained strength, though traders awaited the next price surge amid persistent global supply concerns.
Sweet crude for July delivery was down $1.75 by noon in Europe in electronic trading on the New York Mercantile Exchange to trade at $134.45.
"Even though there is a little bit of pullback this morning, the underlying sentiment is probably bullish in the near term due to concerns in the supply side," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney.
Oil prices rose sharply Wednesday after the U.S. Energy Department said oil inventories fell 4.6 million barrels last week. Analysts surveyed by energy research firm Platts expected a much smaller decline of about 1.4 million barrels. The contract jumped $5.07 to settle at $136.38 a barrel Wednesday after reaching as high as $138.30.
"Net stocks of crude oil fell, hard, for a fourth straight week," said analyst and trader Stephen Schork, in his Schork report. "That is the largest one-month draw since October 1990, when imports plunged in the build up to the first Gulf War."
Moore said that gains in the dollar Thursday against the euro and yen contributed to the dip in oil prices.
Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker greenback makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is the primary reason oil prices have doubled over the past year.
The 15-nation euro fell in morning European trading to $1.5430, from $1.5571 in New York trading late Wednesday. The greenback also was somewhat higher against the Japanese yen Thursday morning, buying 107.58 yen, from 106.93 Wednesday.
Pain at the pump [more]
http://money.cnn.com/2008/06/12/markets/oil.ap/index.htm?postversion=2008061207
Traders expect higher crude prices amid concerns about global supplies and currency fluctuations.
Last Updated: June 12, 2008: 7:21 AM EDT
VIENNA, Austria (AP) -- Oil prices eased Thursday as the dollar gained strength, though traders awaited the next price surge amid persistent global supply concerns.
Sweet crude for July delivery was down $1.75 by noon in Europe in electronic trading on the New York Mercantile Exchange to trade at $134.45.
"Even though there is a little bit of pullback this morning, the underlying sentiment is probably bullish in the near term due to concerns in the supply side," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney.
Oil prices rose sharply Wednesday after the U.S. Energy Department said oil inventories fell 4.6 million barrels last week. Analysts surveyed by energy research firm Platts expected a much smaller decline of about 1.4 million barrels. The contract jumped $5.07 to settle at $136.38 a barrel Wednesday after reaching as high as $138.30.
"Net stocks of crude oil fell, hard, for a fourth straight week," said analyst and trader Stephen Schork, in his Schork report. "That is the largest one-month draw since October 1990, when imports plunged in the build up to the first Gulf War."
Moore said that gains in the dollar Thursday against the euro and yen contributed to the dip in oil prices.
Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker greenback makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is the primary reason oil prices have doubled over the past year.
The 15-nation euro fell in morning European trading to $1.5430, from $1.5571 in New York trading late Wednesday. The greenback also was somewhat higher against the Japanese yen Thursday morning, buying 107.58 yen, from 106.93 Wednesday.
Pain at the pump [more]
http://money.cnn.com/2008/06/12/markets/oil.ap/index.htm?postversion=2008061207