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Oil Slick Stuff
- Thread starter nnuut
- Start date
James48843
Well-known member
Oil overnight jumps again.
Now over $138
S&P futures not taking the news well- now showing pre-market down over 8 points.
Now over $138
S&P futures not taking the news well- now showing pre-market down over 8 points.
nnuut
Moderator | TSP Legend
Oil climbs on currency, supply concerns
Crude prices rise as the dollar weakens and tense political situations in Nigeria and Iran threaten to disrupt supply.
Last Updated: June 24, 2008: 9:01 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices climbed Tuesday as the dollar declined and concerns about potential disruption in Nigeria persisted.
Light, sweet crude for August delivery was up $1.14 to $137.88 a barrel in pre-market electronic trading.
Tuesday's increase puts the contract within range of the all-time trading high of $139.89 set June 16.
Currency exchange. The dollar fell against the euro in morning European trading despite dour readings on the German economy that would normally depress the 15-nation currency. The euro traded at $1.5559, up from $1.5499 the night before in New York.
A weaker dollar often prompts buying by investors who view oil futures as a hedge against inflation. And many overseas investors see a softer greenback as a buying opportunity for oil and other dollar-denominated commodities.
Supply concerns. Meanwhile, oil traders remained focused on potential supply disruptions in Nigeria, Africa's largest oil producer.
Royal Dutch Shell (RDS.A) disclosed late last week that it cannot meet contractual obligations to export oil from a Nigerian oil field after a militant attack.
Chevron Corp. (CVX, Fortune 500) has been reportedly forced to shut down a Nigerian oil facility also due to a militant attack. Chevron's workers in Nigeria have threatened to strike after talks with the company over staffing levels and security broke down.
Oil prices were also supported by the European Union's approval of new sanctions against Iran, OPEC's second-largest producer, in an attempt to deter development of the country's nuclear program.
The EU sanctions will impose additional financial and travel restrictions on a list of Iranian companies and experts - including Iran's largest bank, the Associated Press reported.
Gas and diesel. Separately, retail gas and diesel prices have fallen for the second consecutive day this week, according to motorist group AAA.
The national average price for a gallon of regular gas fell three-tenths of a cent to $4.069 from $4.072 the previous day.
The national average diesel price fell to $4.770 a gallon from $4.772, the AAA survey showed.
http://money.cnn.com/2008/06/24/markets/oil/index.htm?postversion=2008062408
Crude prices rise as the dollar weakens and tense political situations in Nigeria and Iran threaten to disrupt supply.
Last Updated: June 24, 2008: 9:01 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices climbed Tuesday as the dollar declined and concerns about potential disruption in Nigeria persisted.
Light, sweet crude for August delivery was up $1.14 to $137.88 a barrel in pre-market electronic trading.
Tuesday's increase puts the contract within range of the all-time trading high of $139.89 set June 16.
Currency exchange. The dollar fell against the euro in morning European trading despite dour readings on the German economy that would normally depress the 15-nation currency. The euro traded at $1.5559, up from $1.5499 the night before in New York.
A weaker dollar often prompts buying by investors who view oil futures as a hedge against inflation. And many overseas investors see a softer greenback as a buying opportunity for oil and other dollar-denominated commodities.
Supply concerns. Meanwhile, oil traders remained focused on potential supply disruptions in Nigeria, Africa's largest oil producer.
Royal Dutch Shell (RDS.A) disclosed late last week that it cannot meet contractual obligations to export oil from a Nigerian oil field after a militant attack.
Chevron Corp. (CVX, Fortune 500) has been reportedly forced to shut down a Nigerian oil facility also due to a militant attack. Chevron's workers in Nigeria have threatened to strike after talks with the company over staffing levels and security broke down.
Oil prices were also supported by the European Union's approval of new sanctions against Iran, OPEC's second-largest producer, in an attempt to deter development of the country's nuclear program.
The EU sanctions will impose additional financial and travel restrictions on a list of Iranian companies and experts - including Iran's largest bank, the Associated Press reported.
Gas and diesel. Separately, retail gas and diesel prices have fallen for the second consecutive day this week, according to motorist group AAA.
The national average price for a gallon of regular gas fell three-tenths of a cent to $4.069 from $4.072 the previous day.
The national average diesel price fell to $4.770 a gallon from $4.772, the AAA survey showed.
http://money.cnn.com/2008/06/24/markets/oil/index.htm?postversion=2008062408
Silverbird
Well-known member
Well, actually much of the greenhouse gas emissions come from garbage and other organic waste matter (how's that for not using one of the 7 words you can't say on TV?). In other words, Methane + smell. Methane is a great source of energy - problem is in some ways too good, it's rather explosive (don't smoke around that storage tank) so usually the plant for turning it into energy has to be near the...source. Come here, Bessie. So I think of the problem as we are producing too much - waste product, and that includes CO2, SOX, NOX. It's a cleanup job, we are humans, and a tad messy.
As for the Sci Fi channel, they've turned to Ghosts, UFOs, Asteroids (too bad it's not the old classic computer game), and Volcanos in Los Angeles (because they've done the earthquake one too many times I guess). They might as well call themselves the Grade B Horror/Fantasy Channel now, or just drop the Science and call themselves the Fiction channel. Where I live, the next channel is now the Evangelical (EWTV) channel, I think they are trying to exorcise away what SciFi has become.
As for the Sci Fi channel, they've turned to Ghosts, UFOs, Asteroids (too bad it's not the old classic computer game), and Volcanos in Los Angeles (because they've done the earthquake one too many times I guess). They might as well call themselves the Grade B Horror/Fantasy Channel now, or just drop the Science and call themselves the Fiction channel. Where I live, the next channel is now the Evangelical (EWTV) channel, I think they are trying to exorcise away what SciFi has become.
nnuut
Moderator | TSP Legend
Oil speculation: What Congress wants
Lawmakers are threatening to get tough on traders and have introduced 9 different bills. But it's unclear if they'll succeed.
By David Goldman, CNNMoney.com staff writer
Last Updated: June 24, 2008: 9:03 AM EDT
NEW YORK (CNNMoney.com) -- Close loopholes on foreign oil trading. Limit hedge funds from pouring money into the market. End oil speculation altogether.
Congress is vowing to take actions that it believes will reverse runaway crude and gasoline prices. Oil rose above $136 a barrel on Monday - more than double what it cost a year ago - and gas hovered around $4.07 a gallon.
Lawmakers have introduced nine different bills on speculation - not to mention many more that tackle other causes of escalating fuel and oil prices. Several of the speculation measures have bipartisan support. No fewer than four separate hearings have been scheduled for this week, including a House hearing held Monday exploring foreign trade regulation.
On Tuesday, a Senate panel will explore legislative options for ending "excessive speculation" in commodity markets.
Speaker of the House Nancy Pelosi, D-Calif., said she wants to address speculation on the House floor this week or the week of July 7. A spokesman for Rep. Bart Stupak, D-Mich., one of the strongest advocates for legislation, said he believes one of the proposals could get voted on by the House in July.
Regulating traders abroad
Perhaps the most contentious issue is the regulation of foreign oil trading, and it appears in five of the proposed bills.
Some proposals would only allow American investors to trade oil on regulated exchanges, while others would direct the U.S. Commodity Futures Trading Commission to collect trading data from foreign trade boards.
Though Congress addressed the controversial "Enron loophole" earlier this year in the farm bill, that piece of legislation only closed the door to natural gas trades on unregulated exchanges - not oil trades. Many bills attempt to further close these trading "loopholes." The most comprehensive was proposed by Rep. Stupak in the "Prevent Unfair Manipulation of Prices Act of 2008" (H.R. 6330).
Opponents argue that strict regulations such as those proposed by Stupak would only result in oil trading shifting to even less-regulated areas. Worse, critics say, traders could simply move their operations abroad, resulting in even higher prices.
"There's a good chance trading will be done overseas if U.S. market becomes overly regulated," said a spokesman for the Futures Industry Association. "If you make life too difficult for people to do business in U.S., they'll just leave, because it's much more difficult to regulate phone conversations in Dubai."
CFTC Acting Chairman Walter Lukken also said in testimony before the House Energy and Commerce Committee Monday that further regulation on markets that exchange $5 trillion daily would be "challenging."
But increased foreign regulation has support in Congress, and policy analysts from the Stanford Group expect a version to be enacted.
Raising margins
One bill would attempt to limit the role of speculators on the market by requiring traders to have substantially more money before engaging in oil futures trades. Proponents say that raising the so-called margin limits for oil speculators may encourage some traders to take smaller positions in the market and discourage others from entering the market at all.
Opponents say the proposal would do little to idle deep-pocketed speculators, who would merely put up the new minimum.
This idea is addressed in "The Consumer-First Energy Act of 2008" (S. 3044), introduced by Senate Majority Leader Harry Reid, D-Nev. The bill, which contains a controversial windfall profits tax on the five largest oil companies, recently failed to get enough votes to be debated on the Senate floor.
But some analysts think a new version of the bill, excluding the windfall tax, could be introduced soon, and that should pass through to the House.
Limiting hedge funds
Hedge funds are a convenient target for rising oil prices, since the funds' investors never see the physical oil they are trading. The "Oil Speculation Control Act of 2008" (S. 3131) - cosponsored by Sens. Dianne Feinstein, D-Calif., and Ted Stevens, R-Alaska - would enforce speculation limits and try to prevent deep-pocketed investors from taking too large a position in the market.
A similar proposal would beef up the CFTC to more closely monitor all traders, with an especially close eye on hedge funds. The "Increasing Transparency and Accountability in Oil Prices Act of 2008" (S. 3130), by Sen. Richard Durbin, D-Ill., would add 100 employees to the CFTC staff and release to the public monthly data on oil traders' activities.
There is no wide opposition to Durbin's bill, which would offer more transparency to the markets. But policy analysts believe more variations will come to these proposals before one is brought to the floor.
Ending speculation altogether
Finally, legislation (H.R. 6264) proposed this month by Rep. John Larson, D-Conn., would prohibit anyone without the ability to actually accept delivery of crude oil from buying a futures contract. That would effectively eliminate speculative trading, where traders buy and sell oil futures without any intention of ever handling the commodity.
Policy analysts do not believe the proposal has much chance of being enacted, since many oil analysts believe speculators help to sustain market liquidity. Christine Tezak, a policy analyst for Stanford Group, went as far to call Larson's measure "draconian."
Some oil analysts believe that speculation plays a crucial role in the market by adjusting the price of oil according to supply and demand. Some argue that such regulation - no matter how broad - will hinder that process and actually result in higher prices.
"This is poor analysis and bad policy," said Kevin Norrish, a commodities analyst with Barclays Capital in London. "Any regulation in markets which results in forced trading is a very bad idea indeed."
Enactment dates may be later than sooner
More bills aiming at speculation may soon be forthcoming. Sens. Joe Lieberman, I-Conn., and Susan Collins, R-Maine, promise legislation in July. Sen. Byron Dorgan, D-N.D., is also expected to unveil a bill on higher margin requirements.
So far, most of the proposals have not gone far beyond the press conference or hearing phase. Since many of the bills overlap with one another, and some clash, it's not yet evident which bills will make it to the floor, never mind which - if any - have a chance to be enacted.
"It is not clear whether either the House or the Senate will be successful in whittling down and sorting out this broad range of competing proposals," said Tesak in an energy bulletin. "Getting bills to either floor ... appears a tall order in July."
http://money.cnn.com/2008/06/24/news/economy/oil_legislation/index.htm?postversion=2008062409
Lawmakers are threatening to get tough on traders and have introduced 9 different bills. But it's unclear if they'll succeed.
By David Goldman, CNNMoney.com staff writer
Last Updated: June 24, 2008: 9:03 AM EDT
NEW YORK (CNNMoney.com) -- Close loopholes on foreign oil trading. Limit hedge funds from pouring money into the market. End oil speculation altogether.
Congress is vowing to take actions that it believes will reverse runaway crude and gasoline prices. Oil rose above $136 a barrel on Monday - more than double what it cost a year ago - and gas hovered around $4.07 a gallon.
Lawmakers have introduced nine different bills on speculation - not to mention many more that tackle other causes of escalating fuel and oil prices. Several of the speculation measures have bipartisan support. No fewer than four separate hearings have been scheduled for this week, including a House hearing held Monday exploring foreign trade regulation.
On Tuesday, a Senate panel will explore legislative options for ending "excessive speculation" in commodity markets.
Speaker of the House Nancy Pelosi, D-Calif., said she wants to address speculation on the House floor this week or the week of July 7. A spokesman for Rep. Bart Stupak, D-Mich., one of the strongest advocates for legislation, said he believes one of the proposals could get voted on by the House in July.
Regulating traders abroad
Perhaps the most contentious issue is the regulation of foreign oil trading, and it appears in five of the proposed bills.
Some proposals would only allow American investors to trade oil on regulated exchanges, while others would direct the U.S. Commodity Futures Trading Commission to collect trading data from foreign trade boards.
Though Congress addressed the controversial "Enron loophole" earlier this year in the farm bill, that piece of legislation only closed the door to natural gas trades on unregulated exchanges - not oil trades. Many bills attempt to further close these trading "loopholes." The most comprehensive was proposed by Rep. Stupak in the "Prevent Unfair Manipulation of Prices Act of 2008" (H.R. 6330).
Opponents argue that strict regulations such as those proposed by Stupak would only result in oil trading shifting to even less-regulated areas. Worse, critics say, traders could simply move their operations abroad, resulting in even higher prices.
"There's a good chance trading will be done overseas if U.S. market becomes overly regulated," said a spokesman for the Futures Industry Association. "If you make life too difficult for people to do business in U.S., they'll just leave, because it's much more difficult to regulate phone conversations in Dubai."
CFTC Acting Chairman Walter Lukken also said in testimony before the House Energy and Commerce Committee Monday that further regulation on markets that exchange $5 trillion daily would be "challenging."
But increased foreign regulation has support in Congress, and policy analysts from the Stanford Group expect a version to be enacted.
Raising margins
One bill would attempt to limit the role of speculators on the market by requiring traders to have substantially more money before engaging in oil futures trades. Proponents say that raising the so-called margin limits for oil speculators may encourage some traders to take smaller positions in the market and discourage others from entering the market at all.
Opponents say the proposal would do little to idle deep-pocketed speculators, who would merely put up the new minimum.
This idea is addressed in "The Consumer-First Energy Act of 2008" (S. 3044), introduced by Senate Majority Leader Harry Reid, D-Nev. The bill, which contains a controversial windfall profits tax on the five largest oil companies, recently failed to get enough votes to be debated on the Senate floor.
But some analysts think a new version of the bill, excluding the windfall tax, could be introduced soon, and that should pass through to the House.
Limiting hedge funds
Hedge funds are a convenient target for rising oil prices, since the funds' investors never see the physical oil they are trading. The "Oil Speculation Control Act of 2008" (S. 3131) - cosponsored by Sens. Dianne Feinstein, D-Calif., and Ted Stevens, R-Alaska - would enforce speculation limits and try to prevent deep-pocketed investors from taking too large a position in the market.
A similar proposal would beef up the CFTC to more closely monitor all traders, with an especially close eye on hedge funds. The "Increasing Transparency and Accountability in Oil Prices Act of 2008" (S. 3130), by Sen. Richard Durbin, D-Ill., would add 100 employees to the CFTC staff and release to the public monthly data on oil traders' activities.
There is no wide opposition to Durbin's bill, which would offer more transparency to the markets. But policy analysts believe more variations will come to these proposals before one is brought to the floor.
Ending speculation altogether
Finally, legislation (H.R. 6264) proposed this month by Rep. John Larson, D-Conn., would prohibit anyone without the ability to actually accept delivery of crude oil from buying a futures contract. That would effectively eliminate speculative trading, where traders buy and sell oil futures without any intention of ever handling the commodity.
Policy analysts do not believe the proposal has much chance of being enacted, since many oil analysts believe speculators help to sustain market liquidity. Christine Tezak, a policy analyst for Stanford Group, went as far to call Larson's measure "draconian."
Some oil analysts believe that speculation plays a crucial role in the market by adjusting the price of oil according to supply and demand. Some argue that such regulation - no matter how broad - will hinder that process and actually result in higher prices.
"This is poor analysis and bad policy," said Kevin Norrish, a commodities analyst with Barclays Capital in London. "Any regulation in markets which results in forced trading is a very bad idea indeed."
Enactment dates may be later than sooner
More bills aiming at speculation may soon be forthcoming. Sens. Joe Lieberman, I-Conn., and Susan Collins, R-Maine, promise legislation in July. Sen. Byron Dorgan, D-N.D., is also expected to unveil a bill on higher margin requirements.
So far, most of the proposals have not gone far beyond the press conference or hearing phase. Since many of the bills overlap with one another, and some clash, it's not yet evident which bills will make it to the floor, never mind which - if any - have a chance to be enacted.
"It is not clear whether either the House or the Senate will be successful in whittling down and sorting out this broad range of competing proposals," said Tesak in an energy bulletin. "Getting bills to either floor ... appears a tall order in July."
http://money.cnn.com/2008/06/24/news/economy/oil_legislation/index.htm?postversion=2008062409
Yeah, you're right. Let do nothing. That seems to be working just fine. $4 (on the way to $5) gas and 500 year floods every 15 years. Congress searching for price gougers.
History sure repeats itself. I never though we'd get into another dumb, unwinnable war after Vietnam. I also thought we'd never repeat the gas guzzlers to gas crisis of the 1970-80s. I guess polyester leisure suits, stagflation, and gas lines are next. I'm getting too old for this sh*t. :suspicious:
Incidentally, if you cut down all of the trees, they can't absorb CO2 and expel O2. -----Jim the "leaf licker" :toung:
love-to-bike
Member
Why are oil companies not drilling on land they already have access to?
America's untapped oil
Lawmakers lay into big oil for leaving million of acres untouched while at the same time asking to drill in Alaska and off the coasts.
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By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: June 23, 2008: 4:31 PM EDT
Bottom of Form
NEW YORK (CNNMoney.com) -- Oil companies and many lawmakers are pressing to open up more U.S. areas for drilling. But the industry is drilling on just a fraction of areas it already has access to.
Of the 90 million offshore acres the industry has leases to, mostly in the Gulf of Mexico, it is estimated that upwards of 70 million are not producing oil, according to both Democrats and oil-industry sources.
One Democrat staffer said if all these existing areas were being drilled, U.S. oil production could be boosted by nearly 5 million barrels a day, although the oil industry said that number is far too high and one government agency said it was impossible to estimate production.
Recent proposals to open up offshore coastal areas near Florida and California, as well as Alaska's Arctic National Wildlife Refuge, might yield 2 million additional barrels, according to estimates from various government sources that also stressed the difficulty in making forecasts. The United States currently produces 8 million barrels of oil and other petroleum liquids a day and consumes about 21 million.
Oil companies "should finish what's on their plate before they go back in line," said Oppenheimer analyst Fadel Gheit.
Some Democrats also charge that oil companies are deliberately not drilling on the land to limit supply and drive up oil prices.
"Big Oil is more interested in pumping up prices and pumping up their own profits rather than pumping more oil," said Rep. Edward Markey (D-Mass), who has co-sponsored a bill to charge oil companies a fee for land they hold that's not producing oil. "We should not even begin discussing handing over more public land to the oil companies until they first use [the land] they already hold."
But the oil industry says it pays millions of dollars for these leases, and that it would not make sense to purposely leave the areas untapped.
Rather, years of exploration is required before drilling can even begin. In some cases, no oil is found on leases they hold. In others, drilling the wells and building the pipelines takes years. It is especially hard now that a worldwide boom in oil exploration has pushed up the prices - and timelines - for skilled workers and specialized equipment.
"No one is sitting on leases these days," said Rayola Dougher, senior economic advisor for the American Petroleum Institute. "Those making those assertions don't understand the bidding and leasing process."
Gheit agrees that it's unlikely that hoarding is going on.
With prices at $135 dollars a barrel, everyone is trying to pump as much as they can, he said. But fearing oil prices will eventually fall, the industry is leery about making too many investments in the fields it has - many of which are in deepwater areas that can be pricey to develop.
Instead, they're holding out, hoping the government will open areas closer to shore that would be cheaper to work on.
The presumptive Republican candidate John McCain has come out in favor of lifting bans on oil-drilling off most of the East and West coasts of the United States. Added supply, the thinking goes, would ultimately bring down the price of oil. The bans were enacted in the 1970s following several coastal oil spills.
Critics say lifting the bans would do little to ease the nation's energy crisis in part because it would take years to produce meaningful amounts of oil, noting how much is currently going untapped.
Gheit hasn't seen the legislation proposed by Markey and others, but he thinks the government should revise the leasing process to encourage more drilling on existing areas before it puts more acres up for bid.http://money.cnn.com/2008/06/23/news/economy/oil_drilling/index.htm?cnn=yes#TOP#TOP
America's untapped oil
Lawmakers lay into big oil for leaving million of acres untouched while at the same time asking to drill in Alaska and off the coasts.
Subscribe to Economy
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See all CNNMoney.com RSS FEEDS (close)
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: June 23, 2008: 4:31 PM EDT
Bottom of Form
NEW YORK (CNNMoney.com) -- Oil companies and many lawmakers are pressing to open up more U.S. areas for drilling. But the industry is drilling on just a fraction of areas it already has access to.
Of the 90 million offshore acres the industry has leases to, mostly in the Gulf of Mexico, it is estimated that upwards of 70 million are not producing oil, according to both Democrats and oil-industry sources.
One Democrat staffer said if all these existing areas were being drilled, U.S. oil production could be boosted by nearly 5 million barrels a day, although the oil industry said that number is far too high and one government agency said it was impossible to estimate production.
Recent proposals to open up offshore coastal areas near Florida and California, as well as Alaska's Arctic National Wildlife Refuge, might yield 2 million additional barrels, according to estimates from various government sources that also stressed the difficulty in making forecasts. The United States currently produces 8 million barrels of oil and other petroleum liquids a day and consumes about 21 million.
Oil companies "should finish what's on their plate before they go back in line," said Oppenheimer analyst Fadel Gheit.
Some Democrats also charge that oil companies are deliberately not drilling on the land to limit supply and drive up oil prices.
"Big Oil is more interested in pumping up prices and pumping up their own profits rather than pumping more oil," said Rep. Edward Markey (D-Mass), who has co-sponsored a bill to charge oil companies a fee for land they hold that's not producing oil. "We should not even begin discussing handing over more public land to the oil companies until they first use [the land] they already hold."
But the oil industry says it pays millions of dollars for these leases, and that it would not make sense to purposely leave the areas untapped.
Rather, years of exploration is required before drilling can even begin. In some cases, no oil is found on leases they hold. In others, drilling the wells and building the pipelines takes years. It is especially hard now that a worldwide boom in oil exploration has pushed up the prices - and timelines - for skilled workers and specialized equipment.
"No one is sitting on leases these days," said Rayola Dougher, senior economic advisor for the American Petroleum Institute. "Those making those assertions don't understand the bidding and leasing process."
Gheit agrees that it's unlikely that hoarding is going on.
With prices at $135 dollars a barrel, everyone is trying to pump as much as they can, he said. But fearing oil prices will eventually fall, the industry is leery about making too many investments in the fields it has - many of which are in deepwater areas that can be pricey to develop.
Instead, they're holding out, hoping the government will open areas closer to shore that would be cheaper to work on.
The presumptive Republican candidate John McCain has come out in favor of lifting bans on oil-drilling off most of the East and West coasts of the United States. Added supply, the thinking goes, would ultimately bring down the price of oil. The bans were enacted in the 1970s following several coastal oil spills.
Critics say lifting the bans would do little to ease the nation's energy crisis in part because it would take years to produce meaningful amounts of oil, noting how much is currently going untapped.
Gheit hasn't seen the legislation proposed by Markey and others, but he thinks the government should revise the leasing process to encourage more drilling on existing areas before it puts more acres up for bid.http://money.cnn.com/2008/06/23/news/economy/oil_drilling/index.htm?cnn=yes#TOP#TOP
Here's an interesting, counterintuitive, perspective on the global warming issue from NASA's James Hansen (another tree licking Chicken Little).
He contends it's too late to stop oil CO2 from going into the atmosphere. We don't own most of the oil, anyway. Therefore, if we don't put it in our Hummers, the Chinese will.
Hansen argues that we should institute a moratorium on coal and rely on solar, wind, and renewable energy.-----Jim
http://www.washingtonpost.com/wp-dy.../06/23/AR2008062301920.html?hpid=opinionsbox1
He contends it's too late to stop oil CO2 from going into the atmosphere. We don't own most of the oil, anyway. Therefore, if we don't put it in our Hummers, the Chinese will.
Hansen argues that we should institute a moratorium on coal and rely on solar, wind, and renewable energy.-----Jim
http://www.washingtonpost.com/wp-dy.../06/23/AR2008062301920.html?hpid=opinionsbox1
Buster
Well-known member
I never said lets do nothing, I never said cut down all the trees..I did imply lets not cut off our noses for the sake of trying to reduce CO2..We as a country could never make an impression one way or the other..you need to address the volcanoes and natural Earth processes to change anything there..a dozen years ago or more they (the tree huggers) wanted to save the Ozone layer..How? by discounting the production in the US of CFC refrigerants..did that do anything besides create a whole new refrigeration industry?..NO..the other countries continue to make and use Ozone depleting chemicals like there was no tomorrow (Mexico for example)..Did the Ozone hole increase or the layer dissipate and leave the planet exposed to harmful UVA/UVB radiation? NO!..In fact as all Earth climate things goes, it cycled through the times as it has over the last 4.5 billion years and is now stabilized and shrunk to pre industrial age size...The US not using spray deodorants and CFC didn't have any affect at all...SO, if we have oil yet to be tapped and held from doing so by all the leaf lickers, worried about the mating cycle of a P!ss ant..then screw that, let's use what we have and stop buying it from others..we have enough to go around for 200 years at a low price..In the mean time we will eventually find a practical, cheap fuel for our cars, but until then, let's not screw ourselves, being holier than thou, self righteous savers of the world's environment..cuz like Geo Carlin said..how arrogant can you get?Yeah, you're right. Let do nothing. That seems to be working just fine. $4 (on the way to $5) gas and 500 year floods every 15 years. Congress searching for price gougers.
History sure repeats itself. I never though we'd get into another dumb, unwinnable war after Vietnam. I also thought we'd never repeat the gas guzzlers to gas crisis of the 1970-80s. I guess polyester leisure suits, stagflation, and gas lines are next. I'm getting too old for this sh*t. :suspicious:
Incidentally, if you cut down all of the trees, they can't absorb CO2 and expel O2. -----Jim the "leaf licker" :toung:
PS: There is no stinking global warming caused by MAN..it is caused by nature herself.
luv2read
Active member
No, lets be holier than thou, self righteous savers of countries that don't want or need to be saved from themselves. I vote for saving the environment instead.
luvu2 Darlin
Buster
Well-known member
Babe..we do agree on this..(kind of arouses me:nutsNo, lets be holier than thou, self righteous savers of countries that don't want or need to be saved from themselves. I vote for saving the environment instead.
luvu2 Darlin
...Screw em, let's take care of our own people sleeping on the streets..That in itself will clean up 90% of the pollution
nnuut
Moderator | TSP Legend
The results of this should set the tone for today prior to the FED!:worried:
Oil trades flat before key U.S. report
Crude trading light as investors look toward supply report and Federal Reserve decision on interest rates.
By Kenneth Musante, CNNMoney.com staff writer
June 25, 2008: 8:43 AM EDT
NEW YORK (CNNMoney.com) -- Oil traded within a narrow range of less than a dollar on Wednesday morning ahead of a government report on U.S. supplies.
Light, sweet crude for August delivery fell only 16 cents at $136.84 a barrel in overseas electronic trading on the New York Mercantile Exchange.
A report from the U.S. Energy Information Administration, to be released at around 10:35 a.m. ET on Wednesday, is expected to reveal an inventory decrease of 1.7 million barrels last week, according to Platts information service.
Oil has traded fairly steady in recent days, despite threats of supply disruption in Nigeria and a disappointing supply increase announced by Saudi Arabia.
Supply concerns. On Monday, Chevron Corp. (CVX, Fortune 500) said workers belonging to Pengassan, a white-collar union, had gone on strike.
And on Tuesday, mere days after Saudi Arabia announced a lower-than-desired output boost, Chakib Khelil, president of the Organization of Petroleum Exporting Countries, blamed high oil prices on U.S. pressure against Iran and the weaker dollar, saying there was no need to raise supply.
Saudi Arabia announced that it would build up its infrastructure to boost output to 9.7 million barrels a day, the most since 1981.
"The market is really trying to find itself.... Recent headlines have failed to garner a consensus in one direction or the other," said Stephen Schork, publisher of The Schork Report, an oil trading newsletter.
Once oil does break one way or the other, possibly triggered by Wednesday's supply report, it could reach as high as $150 or as low as $120, said Schork.
The Fed effect. "Also the Fed meeting today is keeping people on the sidelines," said Peter Beutel, oil analyst with Cameron Hanover.[more]
http://money.cnn.com/2008/06/25/markets/oil/index.htm?postversion=2008062508
Oil trades flat before key U.S. report
Crude trading light as investors look toward supply report and Federal Reserve decision on interest rates.
By Kenneth Musante, CNNMoney.com staff writer
June 25, 2008: 8:43 AM EDT
NEW YORK (CNNMoney.com) -- Oil traded within a narrow range of less than a dollar on Wednesday morning ahead of a government report on U.S. supplies.
Light, sweet crude for August delivery fell only 16 cents at $136.84 a barrel in overseas electronic trading on the New York Mercantile Exchange.
A report from the U.S. Energy Information Administration, to be released at around 10:35 a.m. ET on Wednesday, is expected to reveal an inventory decrease of 1.7 million barrels last week, according to Platts information service.
Oil has traded fairly steady in recent days, despite threats of supply disruption in Nigeria and a disappointing supply increase announced by Saudi Arabia.
Supply concerns. On Monday, Chevron Corp. (CVX, Fortune 500) said workers belonging to Pengassan, a white-collar union, had gone on strike.
And on Tuesday, mere days after Saudi Arabia announced a lower-than-desired output boost, Chakib Khelil, president of the Organization of Petroleum Exporting Countries, blamed high oil prices on U.S. pressure against Iran and the weaker dollar, saying there was no need to raise supply.
Saudi Arabia announced that it would build up its infrastructure to boost output to 9.7 million barrels a day, the most since 1981.
"The market is really trying to find itself.... Recent headlines have failed to garner a consensus in one direction or the other," said Stephen Schork, publisher of The Schork Report, an oil trading newsletter.
Once oil does break one way or the other, possibly triggered by Wednesday's supply report, it could reach as high as $150 or as low as $120, said Schork.
The Fed effect. "Also the Fed meeting today is keeping people on the sidelines," said Peter Beutel, oil analyst with Cameron Hanover.[more]
http://money.cnn.com/2008/06/25/markets/oil/index.htm?postversion=2008062508
luv2read
Active member
AHA! The truth will out! I don't remember anybody saying that...in fact, I remember it being DENIED as the reason we started this war...in Iraq. What kind of deal-making really went on behind closed doors to get those votes to invade Iraq?
Still don't believe the oil companies own the government and are behind the invasion? Don't forget Cheney and Big Red (Halliburton). "Plenty of oil for everybody" meaning for all the oil companies? For all the countries involved? Nah....for all the oil companies. BUT now that it looks like the majors and nobody else is going to get it all - and look at the timing on this (election in November), somebody (oil company left out of the deal) has blown the whistle on it and Congress is going to try to stop it.
Maybe I'm crazy but IMO it's too much of a coincidence that oil prices skyrocket and the majors suddenly get these contracts, all within 6 months of the election. May hay while the sun shines, HEY!
nnuut
Moderator | TSP Legend
Alright, good timing, now it's up to the FED!!
Market Update
10:35 am : Crude inventories for the week ended June 21 unexpectedly rose 803,000 barrels, compared to the expected decline of 1.1 million. Just prior to the release, Crude was trading down 1.0% to $135.69 per barrel.
Stocks bounce to session highs on the crude data. The Dow is up 0.4%, underperforming the S&P 500's gain of 0.8%.
Boeing (BA 70.62, -4.17) is the largest drag on the Dow, falling more than 5%. According to reports, Boeing was added to the Conviction Sell List at Goldman Sachs, citing the weak economy and record fuel prices. American Express (AXP 41.70, -0.40) is also in the news, after announcing it will receive $1.8 billion from MasterCard (MA 293.94, +13.57) after settling an antitrust lawsuit. American Express claimed that MasterCard had illegally blocked AXP from the U.S. bank-issued card business. AXP had previously settled its lawsuit with Visa (V 83.89, +1.23) for $2.25 billion.DJ30 +51.05 NASDAQ +30.11 SP500 +11.08 NASDAQ Adv/Vol/Dec 1743/413 mln/814 NYSE Adv/Vol/Dec 2104/247 mln/825 http://finance.yahoo.com/marketupdate/overview?u
Market Update
10:35 am : Crude inventories for the week ended June 21 unexpectedly rose 803,000 barrels, compared to the expected decline of 1.1 million. Just prior to the release, Crude was trading down 1.0% to $135.69 per barrel.
Stocks bounce to session highs on the crude data. The Dow is up 0.4%, underperforming the S&P 500's gain of 0.8%.
Boeing (BA 70.62, -4.17) is the largest drag on the Dow, falling more than 5%. According to reports, Boeing was added to the Conviction Sell List at Goldman Sachs, citing the weak economy and record fuel prices. American Express (AXP 41.70, -0.40) is also in the news, after announcing it will receive $1.8 billion from MasterCard (MA 293.94, +13.57) after settling an antitrust lawsuit. American Express claimed that MasterCard had illegally blocked AXP from the U.S. bank-issued card business. AXP had previously settled its lawsuit with Visa (V 83.89, +1.23) for $2.25 billion.DJ30 +51.05 NASDAQ +30.11 SP500 +11.08 NASDAQ Adv/Vol/Dec 1743/413 mln/814 NYSE Adv/Vol/Dec 2104/247 mln/825 http://finance.yahoo.com/marketupdate/overview?u