Oil Slick Stuff

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Idaho Dave said:
Yeah, but it is a global market and it should affect prices globally, too.
Click to expand...

True, I agree...I just wonder if it will have quite the impact that people are expecting. The term "Energy Independence" as a goal is a bit of a misnomer in a global market. With globaly traded commodities the price is always dependent on what other consumers are doing.

If prices do moderate, I hope funding and efforts for alternatives don't dry up like they did in the past.

I've been following the development of the Chevy Volt electric car with an onboard gas engine used to charge the batteries. GM had a show car in the early '90s based on the EV1 that used the same setup. It didn't proceed futher because the focus was on emissions and not efficiency. Another lost opportunity...
 
Up Boy, you go Dollar!

Dollar regains ground

Greenback rebounds slightly from slide triggered by signs of inflation, weak economic activity in U.S.

June 18, 2008: 4:29 AM EDT

BERLIN (AP) -- The 15-nation euro fell slightly Wednesday against the U.S. dollar, giving back some gains that came after Washington reported more poor economic data.
In morning European trading the euro bought $1.5494, down from $1.5513 late in New York on Tuesday. The British pound continued to drop, hitting $1.9522 compared to $1.9569 in New York, while the dollar rose to purchase ¥108.02 from ¥107.99 yen late Tuesday.
The dollar lost ground Tuesday following reports that U.S. wholesale prices jumped in May on higher energy and food costs, while other data revealed weak housing and industrial activity.
The U.S. news offset the findings of the closely watched ZEW survey in Germany - the largest economy in the 15-nation euro zone - which showed investor confidence has tumbled to its lowest level in more than 15 years in June amid soaring food and oil prices.[more]
http://money.cnn.com/2008/06/18/markets/dollar.ap/index.htm?postversion=2008061804
 
Oil rises ahead of inventory report

Analysts expect government report to show crude stockpiles fell last week.

Last Updated: June 18, 2008: 9:37 AM EDT

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NEW YORK (CNNMoney.com) -- Oil prices rose early Wednesday ahead of a weekly government inventory report that is expected to show a drop in crude stockpiles.
U.S. crude for July delivery rose 26 cents to $134.27 per barrel in electronic trading in New York. The contract slipped 60 cents Tuesday to settle at $134.01 a barrel after surging near $140 in volatile trade on Monday.
The Energy Information Administration will release its weekly inventory report at 10:35 a.m. ET. The report is expected to show a 2 million barrel decrease in crude inventories, according to a survey of analysts by energy research firm Platts.
Gasoline stocks are expected to rise 950,000 barrels and supplies of distillates, used to make diesel and heating fuel, are expected to add 1.8 million barrels, according to the Platts survey.
Traders are also mulling a potential production increase by Saudi Arabia, the world's largest oil producer and a key OPEC member. Saudi energy officials will host a summit of oil producing and consuming nations in Jeddah on Sunday to discuss ways to cope with soaring oil prices.
However, many analysts doubt whether an increase in production from Saudi Arabia will be enough to satisfy soaring global demand.
In the U.S., President Bush is expected to urge Congress to lift a ban on offshore drilling to decrease the nation's dependency on foreign oil imports.
"With gasoline now over $4 a gallon, tomorrow [Bush] will explicitly call on Congress to also pass legislation lifting the congressional ban on safe, environmentally friendly, offshore oil drilling," White House Press Secretary Dana Perino told CNN on Tuesday.
Supporters of the ban say offshore drilling damages sensitive marine ecosystems and that potential oil spills threaten the environment as a whole.
http://money.cnn.com/2008/06/18/markets/oil/index.htm?postversion=2008061809
 
Gas prices fall for 2 days in a row

Regular unleaded still tops $4 a gallon on average nationwide, according to AAA.

June 18, 2008: 6:12 AM EDT

NEW YORK (CNNMoney.com) -- Retail gasoline prices have eased for the second day in a row, retreating slightly from their record high, according to a daily survey released Wednesday by auto club AAA.

The national average price for a gallon of regular gas fell three-tenths of a cent to $4.075, according to AAA. That's down from $4.078 the previous day.
This is the first time two consecutive declines have been reported in more than six weeks. On Monday, the national average price set an all-time high of $4.080 a gallon.
Still, gas prices are up 7.4% from a month ago, and they're nearly 36% higher than they were at this time last year.
Gas prices are highest in California, where a gallon of gas averages $4.607, followed by Alaska at $4.463 and Connecticut at $4.384.
The lowest gas prices can be found in Missouri at $3.831 a gallon.
Diesel prices also have fallen moderately. The national average price for a gallon of diesel lost one-tenth of a cent to $4.794 from $4.795 the day before.
Meanwhile, oil prices extended their decline. Crude futures fell below $134 a barrel in early trading on Wednesday. http://money.cnn.com/2008/06/18/news/economy/gas_prices/index.htm?cnn=yes
 
Fivetears said:
Can't increase refining the stuff; what good will it do. We haven't built a refinery in 30 years.
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There is expansion of the refineries going on at this minute. As I reported in a previous post Marathon refinery in LA will increase capacity around 7.5 million gallons a day in the near future. Others are following but I have no details.:cool:
 
AP
Oil gyrates on mixed inventory report

Wednesday June 18, 11:08 am ET
By John Wilen, AP Business Writer

Oil fluctuates on surprise drop in gas inventories, smaller than expected drop in crude
NEW YORK (AP) -- Oil prices fluctuated Wednesday after the Energy Department offered a mixed picture of the nation's oil and fuel inventories.
Retail gas prices slid slightly for a second day, a sign that falling demand may be affecting prices and that gas prices might have caught up to crude oil's latest record advance.
In its weekly inventory report, the Energy Department's Energy Information Administration said crude oil supplies fell 1.2 million barrels last week, less than the 2 million barrel decline expected by analysts surveyed by energy research firm Platts. The report also said demand for gasoline is down 1.8 percent, on average, over the last four weeks compared to last year.
But gasoline supplies fell 1.2 million barrels, where analysts were expecting an increase of nearly 1 million barrels.
The mixed news caused prices to jump more than a dollar immediately after the EIA report was issued. Later, light, sweet crude for July delivery fell 12 cents to $133.89 a barrel on the New York Mercantile Exchange.
At the pump, the average national price of a gallon of gas slipped 0.3 cent overnight to $4.075 a gallon, according to a survey of stations by AAA and the Oil Price Information Service. It was the second straight decline, bringing prices half a cent below their latest record of $4.08 a gallon, set Monday.
With demand for gasoline falling steadily since January, retailers have had a hard time hiking gas prices fast enough to keep up with rising crude prices. While oil prices have risen 94 percent over the past year, and set a new record of $139.89 a barrel early this week, gas prices are up only 36 percent. That discrepancy has put pressure on the profit margins of companies all along the gasoline supply chain, including refiners, distributors and retailers. Midwest flooding may throw a new wrinkle into the gas price equation; corn and ethanol prices are rising as a result of crop damages and transportation bottlenecks. Rising prices for ethanol, which is used as a gasoline additive, could push gas prices still higher.
http://biz.yahoo.com/ap/080618/oil_prices.html
 
 
Especially enjoyed the 2004 article stating,"Citgo's Relocated HQ, $828M Refinery Expansion Adding 820 Texas Jobs" and the 2006 one indicating KBR (a subsidiary of Haliburton) will provide conceptualization, planning and early design services for a major refinery expansion. Chavez & Haliburton :blink:
nnuut said:
Try these links or Google it!!
http://www.construction.com/NewsCenter/Headlines/RP/20060104tx.asp
http://www.treehugger.com/files/2007/09/murphy_oil_seek.php
http://www.npr.org/templates/story/story.php?storyId=12774639
http://www.siteselection.com/ssinsider/pwatch/pw040510.htm
http://www.marathon.com/News/Features/Spotlight_Series/Garyville_Refinery_Expansion/
http://www.redorbit.com/news/busine...inery_expansion_project_begins_an_industrial/
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Silverbird said:
Offshore Oil Drilling
Bloomberg article is the only one I could find with some analysis other than McCain was not for in 2000, McCain for now, Obama against, and President believes it should have been passed by Congress yesterday along with opening ANWAR.

http://www.bloomberg.com/apps/news?pid=20601087&sid=alQzmBT3sqbs&refer=home
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Time to flood your repersentatives with mail and email requesting they support FREE DRILLING!! Let's get real, we need our own!!:nuts: Then we can develop alternate energy methods. It doesn't make sense to wait and go bankrupt!!:nuts:
 
nnuut said:
Time to flood your repersentatives with mail and email requesting they support FREE DRILLING!! Let's get real, we need our own!!:nuts: Then we can develop alternate energy methods. It doesn't make sense to wait and go bankrupt!!:nuts:
Click to expand...
Free! No way. Make money for the locals like Alaska does, don't be like New Orleans and get nothing but an eyesore. Gotta get money for those things that property taxes on those coastline houses used to pay for. (half joking)
 
Yer RIGHT, again, Nothing is FREE. Just a bad choice of word on my part. As you know I'm not much of a wordsmith!:laugh:
 
Gas prices slip for 3rd straight day

Department of Transportation says Americans drove 1.4 billion fewer miles on public roads in April.

June 19, 2008: 6:57 AM EDT

NEW YORK (CNNMoney.com) -- Gas prices have fallen for the third day in a row, backing further away from recent highs, according to a daily survey released Thursday by motorist group AAA.
The national average price for a gallon of regular gas fell two-tenths of a cent to $4.073 from $4.075 the day before.
Wednesday marks the third consecutive day that gas prices have eased since the national average price hit an all-time high of $4.080 on Monday.
Gas prices are highest in California, where a gallon of gas averages $4.610, followed by Alaska at $4.489 and Connecticut at $4.382.
Oklahoma has replaced Missouri as the state with the lowest gas prices. The average gas price in Oklahoma is $3.834 a gallon.
Although gas prices have declined in recent days, the national average price is still more than 7% higher than last month and nearly 36% higher than year-ago levels.[more]
http://money.cnn.com/2008/06/19/news/economy/gas/index.htm?cnn=yes
 
Gas prices slip for 3rd straight day

Department of Transportation says Americans drove 1.4 billion fewer miles on public roads in April.

June 19, 2008: 6:57 AM EDT

NEW YORK (CNNMoney.com) -- Gas prices have fallen for the third day in a row, backing further away from recent highs, according to a daily survey released Thursday by motorist group AAA.
The national average price for a gallon of regular gas fell two-tenths of a cent to $4.073 from $4.075 the day before.
Wednesday marks the third consecutive day that gas prices have eased since the national average price hit an all-time high of $4.080 on Monday.
Gas prices are highest in California, where a gallon of gas averages $4.610, followed by Alaska at $4.489 and Connecticut at $4.382.
Oklahoma has replaced Missouri as the state with the lowest gas prices. The average gas price in Oklahoma is $3.834 a gallon.
Although gas prices have declined in recent days, the national average price is still more than 7% higher than last month and nearly 36% higher than year-ago levels.[more]
http://money.cnn.com/2008/06/19/news/economy/gas/index.htm?cnn=yes
 
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