nnuut
Moderator | TSP Legend
Is there a list of these PROVEN Oil fields that are capable of Oil/Gas output at a profitable level?
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Oil Slick Stuff
- Thread starter nnuut
- Start date
luv2read
Active member
Aw Norm, I didn't want to make you feel bad.Is there a list of these PROVEN Oil fields that are capable of Oil/Gas output at a profitable level?
Yes. FOIA DOE, EIA, and/or MMS. It may be classified now for security reasons, other countries are very hush-hush about their proven and unproven reserves. It also may still be available to the public, but who knows how much the data has been manipulated. Can't trust the feds. LOL! That's US!
Here's one link. Lots of interesting info here.
http://www.eia.doe.gov/oil_gas/petroleum/info_glance/petroleum.html
drill down to this one, click the button to switch from data to area:
http://tonto.eia.doe.gov/dnav/pet/pet_crd_pres_dcu_NUS_a.htm
This is a list of fields:
http://www.eia.doe.gov/pub/oil_gas/...oil_natural_gas_reserves/current/pdf/appb.pdf
Proven Non Producing Reserves:
http://tonto.eia.doe.gov/dnav/pet/pet_crd_nprod_dcu_nus_a.htm
Last edited:
nnuut
Moderator | TSP Legend
quote=luv2read Aw Norm, I didn't want to make you feel bad.
Pretty good info although it's 2006 data.
To be sure! Thanks for your concern for my feelings. I was wondering if there is any Objective Quality Evidence that what you are claiming is true about the Capped Wells and PROVEN Oil Fields that are just sitting there as part of a conspiracy by Big Oil to run up the price of energy to get permission to drill in prohibited areas.:suspicious:
Pretty good info although it's 2006 data.
To be sure! Thanks for your concern for my feelings. I was wondering if there is any Objective Quality Evidence that what you are claiming is true about the Capped Wells and PROVEN Oil Fields that are just sitting there as part of a conspiracy by Big Oil to run up the price of energy to get permission to drill in prohibited areas.:suspicious:
Silverbird
Well-known member
Pension Funds and the Oil Market:
You may be driving up the price of oil
Associated Press
WASHINGTON - All those speculators getting the blame for driving up the price of oil these days — just who are they? For part of the answer, look in the mirror.
The retirement savings of workers across the country, entrusted to pension fund managers, are being plowed into one of the few investments that has delivered phenomenal returns in recent years.
For decades, futures contracts were mostly traded by commodity producers and the people who used the actual products, such as crude oil, corn and soybeans. Agreeing to a price today for a commodity to be delivered in, say, two months is a way to smooth out price fluctuations for those supplies.
But large investors faced with the threat of inflation have increasingly used them as protection against the falling dollar. That includes pension funds, along with investment banks, mutual funds and private hedge funds.
Research firm Ennis Knupp and Associates says $139 billion had been funneled into energy commodites, primarily crude oil, by the end of March — and it estimates more than half of that is from retirement money.....
http://www.msnbc.msn.com/id/25417337/
You may be driving up the price of oil
Associated Press
WASHINGTON - All those speculators getting the blame for driving up the price of oil these days — just who are they? For part of the answer, look in the mirror.
The retirement savings of workers across the country, entrusted to pension fund managers, are being plowed into one of the few investments that has delivered phenomenal returns in recent years.
For decades, futures contracts were mostly traded by commodity producers and the people who used the actual products, such as crude oil, corn and soybeans. Agreeing to a price today for a commodity to be delivered in, say, two months is a way to smooth out price fluctuations for those supplies.
But large investors faced with the threat of inflation have increasingly used them as protection against the falling dollar. That includes pension funds, along with investment banks, mutual funds and private hedge funds.
Research firm Ennis Knupp and Associates says $139 billion had been funneled into energy commodites, primarily crude oil, by the end of March — and it estimates more than half of that is from retirement money.....
http://www.msnbc.msn.com/id/25417337/
nnuut
Moderator | TSP Legend
Gas prices rise, July 4 travel down
The number of people traveling over the July 4 weekend expected to decline 1.3% from last year.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: June 29, 2008: 7:26 AM EDT
NEW YORK (CNNMoney.com) -- Retail gas and diesel prices pushed higher overnight, a daily survey by motorist group AAA showed Sunday. Continued near-record prices are expected to curtail Americans' travel plans during the July 4 holiday weekend.
The national average price for a gallon of regular gas increased seven-tenths of a cent to $4.079 from $4.072 the day before.
32 states are now paying over $4.00 a gallon on average.
Alaska edged out California for the title of highest gas prices in the nation. Drivers there pay $4.611 a gallon on average, while in the golden state, a gallon of regular gasoline averages $4.584.
The third highest gas prices are in Hawaii, where a gallon of gas costs $4.436.
Missouri has the lowest gas prices. Drivers in that state pay $3.850 a gallon on average.
The survey also showed that the national average price for a gallon of diesel fuel rose two-tenths of a cent to $4.764 from $4.762 the previous day.
Cutting back on travel [more]
http://money.cnn.com/2008/06/29/news/economy/gas_prices/index.htm?postversion=2008062907
The number of people traveling over the July 4 weekend expected to decline 1.3% from last year.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: June 29, 2008: 7:26 AM EDT
NEW YORK (CNNMoney.com) -- Retail gas and diesel prices pushed higher overnight, a daily survey by motorist group AAA showed Sunday. Continued near-record prices are expected to curtail Americans' travel plans during the July 4 holiday weekend.
The national average price for a gallon of regular gas increased seven-tenths of a cent to $4.079 from $4.072 the day before.
32 states are now paying over $4.00 a gallon on average.
Alaska edged out California for the title of highest gas prices in the nation. Drivers there pay $4.611 a gallon on average, while in the golden state, a gallon of regular gasoline averages $4.584.
The third highest gas prices are in Hawaii, where a gallon of gas costs $4.436.
Missouri has the lowest gas prices. Drivers in that state pay $3.850 a gallon on average.
The survey also showed that the national average price for a gallon of diesel fuel rose two-tenths of a cent to $4.764 from $4.762 the previous day.
Cutting back on travel [more]
http://money.cnn.com/2008/06/29/news/economy/gas_prices/index.htm?postversion=2008062907
nnuut
Moderator | TSP Legend
Here you go LUV2READ, are you sure you didn't write this?
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.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: June 25, 2008: 3:08 PM EDT
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?postversion=2008062515
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.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: June 25, 2008: 3:08 PM EDT
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?postversion=2008062515
Nnut,
Last week I read an article in which the experts were predicting that gas will rise to $7 a gallon in the next two years, which would make our current $4 a gallon a bargain. God help us if they are right! They also predicted 10 million less cars on the road - people working at lower paying jobs won't be able to afford cars or gas.
Last week I read an article in which the experts were predicting that gas will rise to $7 a gallon in the next two years, which would make our current $4 a gallon a bargain. God help us if they are right! They also predicted 10 million less cars on the road - people working at lower paying jobs won't be able to afford cars or gas.
James48843
Well-known member
Dire predictions about gasoline prices
LOS ANGELES
June 27, 2008 5:11am
• $5 gas by Labor Day; $7 gas by 2010
• Millions to abandon their cars
• But what’s this? Prices are dropping
Their cars may not be left to rust away by the roadside, but economists from one of North America’s largest banks say millions of Americans will not be able to afford to drive their cars within the next few years because the price of gasoline will have risen so much.
Gas prices will soon hit $7 per gallon, taking an unprecedented 10 million vehicles off U.S. roads over the next four years, says a new energy report from CIBC World Markets, a unit of Canadian Imperial Bank of Commerce (TSX: CM NYSE: CM) of Toronto.
"By 2012, there should be some 10 million fewer vehicles on American roadways than there are today -- a decline that dwarfs all previous adjustments including those during the two OPEC oil shocks," says Jeff Rubin, chief economist and chief strategist at CIBC World Markets. "Many of those in the exit lane will be low income Americans from households earning less than $25,000 per year. At their current driving habits, filling up the tank will have risen from about seven per cent of their income to 20 per cent, an increase that will see many start taking the bus."
More immediately, nearly three out of four (74 percent) of Americans expect gasoline prices to hit $5 by Labor Day, according to polling by Opinion Research Corporation for the nonprofit and nonpartisan Civil Society Institute think tank.
Three out of four Americans (74 percent) and 73 percent of likely voters - including a bipartisan 73 percent of Republicans, 74 percent of Democrats and 74 percent of independents - say that they already are "very angry" (40 percent) or "somewhat angry" (33 percent) about gasoline prices, according to the poll, released Thursday.
The U.S. House of Representatives on Thursday approved a bill to control rampant speculation in the oil markets, suspected as one of the reasons for skyrocketing pump prices.
“Rampant crude oil speculation … artificially drives up the cost of a barrel of oil,” says Central Valley congressman Jerry McNerney, who was among the 322 members who voted in favor of the “Energy Markets Emergency Act.” Just 98 opposed it.
The bill directs the Commodities Futures Trading Commission, the regulatory body that oversees the trading of contracts for future deliveries of commodities – including crude oil -- full authority and potent emergency tools to curtail excessive speculation and other practices distorting the energy market, Mr. McNerney says.
But it’s not getting Californians down, the American Automobile Association says.
Despite record gas prices and concerns about the economy, a majority of auto club members says they are planning to take at least the same amount of vacation trips this summer compared to last year, and 90 percent will make at least one out-of-town getaway.
A new survey by the Automobile Club of Southern California showed that 41 percent of its members plan to travel about the same amount this summer as last year, while 26 percent plan to take more trips than last year and 33 percent expect to take fewer trips.
"Record gas prices are definitely having an impact on our members, but summer vacations are still very important to them," says Bob Kane, vice president for district office operations. "People are finding ways to continue traveling."
Nearly ninety percent of Auto Club members surveyed said they plan to take at least one leisure trip this summer, while 11 percent are not planning any trips.
But hark! Gasoline prices are actually down in some parts of California from a week ago.
Here are Central Valley market averages on June 27 (driving from south to north) as reported by the American Automobile Association with last week’s (June 20) averages in parentheses and June 13 prices in brackets:
• Bakersfield, $4.581 ($4.588) [$4.539]
• Visalia-Porterville, $4.651 ($4.644) [$4.585]
• Fresno, $4.624 ($4.630) [$4.575]
• Merced, $4.582 ($4.595) [$4.557]
• Modesto, $4.522 ($4.545) [$4.520]
• Stockton-Lodi, $4.549 ($4.572) [$4.528]
• Sacramento, $4.524 ($4.569) [$4.538]
• Yolo, $4.538 ($4.580) [$4.534]
• Chico, $4.532 ($4.564) [$4.516]
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.610, which is 1.6 cents less than it was on June 20. In San Diego, the price is $4.596, a drop of 3.4 cents since last week.
California’s highest market average price on June 27 continues, for the third week in a row, to be in Santa Barbara. But like other cities, this week the price is down. The average price for a gallon of regular octane, self-serve is currently $4.672, down three cents in a week.
A Shell station in San Mateo, which has its regular priced at $5.21 per gallon, appears to be the only place in California on June 27 where it’s over $5, although there continue to be many individual stations posting $4.99 prices, according to the website GasBuddy.com.
The lowest market average in California on June 27 is $4.522, found in Modesto, according to the AAA. That’s two cents lower than last week’s lowest that was found in the Santa Rosa area.
What might be the lowest price spotted in California is $4.35 at an Arco station in El Centro, according to Gasbuddy.
What might be the lowest price for a gallon of gas in the country is found in Mountain Grove, Mo., a small community in the Ozark Mountains, at $3.61, says GasBuddy.
GasBuddy bases its figures on reports from volunteer “price spotters” reporting specific locations in the U.S. and Canada. They are not independently confirmed.
The AAA’s prices are market averages for self-serve regular grade (87 octane) gasoline. They are calculated daily from credit card purchases.
Not every station is surveyed and not every market is included in either report. Both price surveys note that there can be wide variations within any market.
Source: http://www.centralvalleybusinesstimes.com/stories/001/?ID=9143
LOS ANGELES
June 27, 2008 5:11am
• $5 gas by Labor Day; $7 gas by 2010
• Millions to abandon their cars
• But what’s this? Prices are dropping
Their cars may not be left to rust away by the roadside, but economists from one of North America’s largest banks say millions of Americans will not be able to afford to drive their cars within the next few years because the price of gasoline will have risen so much.
Gas prices will soon hit $7 per gallon, taking an unprecedented 10 million vehicles off U.S. roads over the next four years, says a new energy report from CIBC World Markets, a unit of Canadian Imperial Bank of Commerce (TSX: CM NYSE: CM) of Toronto.
"By 2012, there should be some 10 million fewer vehicles on American roadways than there are today -- a decline that dwarfs all previous adjustments including those during the two OPEC oil shocks," says Jeff Rubin, chief economist and chief strategist at CIBC World Markets. "Many of those in the exit lane will be low income Americans from households earning less than $25,000 per year. At their current driving habits, filling up the tank will have risen from about seven per cent of their income to 20 per cent, an increase that will see many start taking the bus."
More immediately, nearly three out of four (74 percent) of Americans expect gasoline prices to hit $5 by Labor Day, according to polling by Opinion Research Corporation for the nonprofit and nonpartisan Civil Society Institute think tank.
Three out of four Americans (74 percent) and 73 percent of likely voters - including a bipartisan 73 percent of Republicans, 74 percent of Democrats and 74 percent of independents - say that they already are "very angry" (40 percent) or "somewhat angry" (33 percent) about gasoline prices, according to the poll, released Thursday.
The U.S. House of Representatives on Thursday approved a bill to control rampant speculation in the oil markets, suspected as one of the reasons for skyrocketing pump prices.
“Rampant crude oil speculation … artificially drives up the cost of a barrel of oil,” says Central Valley congressman Jerry McNerney, who was among the 322 members who voted in favor of the “Energy Markets Emergency Act.” Just 98 opposed it.
The bill directs the Commodities Futures Trading Commission, the regulatory body that oversees the trading of contracts for future deliveries of commodities – including crude oil -- full authority and potent emergency tools to curtail excessive speculation and other practices distorting the energy market, Mr. McNerney says.
But it’s not getting Californians down, the American Automobile Association says.
Despite record gas prices and concerns about the economy, a majority of auto club members says they are planning to take at least the same amount of vacation trips this summer compared to last year, and 90 percent will make at least one out-of-town getaway.
A new survey by the Automobile Club of Southern California showed that 41 percent of its members plan to travel about the same amount this summer as last year, while 26 percent plan to take more trips than last year and 33 percent expect to take fewer trips.
"Record gas prices are definitely having an impact on our members, but summer vacations are still very important to them," says Bob Kane, vice president for district office operations. "People are finding ways to continue traveling."
Nearly ninety percent of Auto Club members surveyed said they plan to take at least one leisure trip this summer, while 11 percent are not planning any trips.
But hark! Gasoline prices are actually down in some parts of California from a week ago.
Here are Central Valley market averages on June 27 (driving from south to north) as reported by the American Automobile Association with last week’s (June 20) averages in parentheses and June 13 prices in brackets:
• Bakersfield, $4.581 ($4.588) [$4.539]
• Visalia-Porterville, $4.651 ($4.644) [$4.585]
• Fresno, $4.624 ($4.630) [$4.575]
• Merced, $4.582 ($4.595) [$4.557]
• Modesto, $4.522 ($4.545) [$4.520]
• Stockton-Lodi, $4.549 ($4.572) [$4.528]
• Sacramento, $4.524 ($4.569) [$4.538]
• Yolo, $4.538 ($4.580) [$4.534]
• Chico, $4.532 ($4.564) [$4.516]
The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $4.610, which is 1.6 cents less than it was on June 20. In San Diego, the price is $4.596, a drop of 3.4 cents since last week.
California’s highest market average price on June 27 continues, for the third week in a row, to be in Santa Barbara. But like other cities, this week the price is down. The average price for a gallon of regular octane, self-serve is currently $4.672, down three cents in a week.
A Shell station in San Mateo, which has its regular priced at $5.21 per gallon, appears to be the only place in California on June 27 where it’s over $5, although there continue to be many individual stations posting $4.99 prices, according to the website GasBuddy.com.
The lowest market average in California on June 27 is $4.522, found in Modesto, according to the AAA. That’s two cents lower than last week’s lowest that was found in the Santa Rosa area.
What might be the lowest price spotted in California is $4.35 at an Arco station in El Centro, according to Gasbuddy.
What might be the lowest price for a gallon of gas in the country is found in Mountain Grove, Mo., a small community in the Ozark Mountains, at $3.61, says GasBuddy.
GasBuddy bases its figures on reports from volunteer “price spotters” reporting specific locations in the U.S. and Canada. They are not independently confirmed.
The AAA’s prices are market averages for self-serve regular grade (87 octane) gasoline. They are calculated daily from credit card purchases.
Not every station is surveyed and not every market is included in either report. Both price surveys note that there can be wide variations within any market.
Source: http://www.centralvalleybusinesstimes.com/stories/001/?ID=9143
James48843
Well-known member
By the way- that article was before the weekend price jumps. National Average is now $4.09, with some places over $4.50.
Here's the 6-month lookback at both gasoline and crude oil price. I think it's an indication that if gasoline consumption had not eased, the price of a gallon would be a whole lot higher right now.
View attachment 4165
View attachment 4165
James48843
Well-known member
By the way- Oil overnight spiked up another $3, to over $143 per barrel.
Oil prices pass $143 a barrel
Oil prices surged above $143 a barrel for the first time ever Monday, as a weaker dollar spurred investors to seek refuge in dollar-denominated oil futures to hedge against inflation.
[SIZE=-2]ADVERTISEMENT[/SIZE]
"The main factors behind the rise today are the U.S. dollar remains fragile and geopolitical tensions, particularly surrounding Iran," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. "That's unsettling for the oil market."
The European Central Bank may raise interest rates at its next meeting on Thursday, a move that would help strengthen the euro against the dollar, Moore said.
Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in electronic trading on the New York Mercantile Exchange, by midday in Europe.
On Friday, crude futures spiked to a record $142.99 a barrel in New York before closing at $140.21.
In London, Brent crude futures rose $2.87 to $143.18 a barrel on the ICE Futures exchange in London.
Analysts said daily trading volumes for Nymex oil would probably continue last week's trend and stay on the light side, leading to higher volatility during the trading sessions.
"We would not expect liquidity to be much better this week, as it will be a short trading week due to the July 4 weekend," Olivier Jakob of Petromatrix in Switzerland said in a research note.
Oil prices pass $143 a barrel
Oil prices surged above $143 a barrel for the first time ever Monday, as a weaker dollar spurred investors to seek refuge in dollar-denominated oil futures to hedge against inflation.
[SIZE=-2]ADVERTISEMENT[/SIZE]
"The main factors behind the rise today are the U.S. dollar remains fragile and geopolitical tensions, particularly surrounding Iran," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. "That's unsettling for the oil market."
The European Central Bank may raise interest rates at its next meeting on Thursday, a move that would help strengthen the euro against the dollar, Moore said.
Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in electronic trading on the New York Mercantile Exchange, by midday in Europe.
On Friday, crude futures spiked to a record $142.99 a barrel in New York before closing at $140.21.
In London, Brent crude futures rose $2.87 to $143.18 a barrel on the ICE Futures exchange in London.
Analysts said daily trading volumes for Nymex oil would probably continue last week's trend and stay on the light side, leading to higher volatility during the trading sessions.
"We would not expect liquidity to be much better this week, as it will be a short trading week due to the July 4 weekend," Olivier Jakob of Petromatrix in Switzerland said in a research note.
nnuut
Moderator | TSP Legend
$143 a barrel, this is getting worse, seems to be no stopping it? Why no demonstrations, no one is bitching, things must be OK?:nuts:
Gas prices hit all-time high
The national average price for a gallon of gas rises to $4.086, with 33 states paying more than $4 a gallon.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: June 30, 2008: 7:55 AM EDT
America's Money: Gas crunch hits home
The record-high price of gasoline is putting a strain on motorists - and spurring some to shift their habits. Here are their stories.
NEW YORK (CNNMoney.com) -- Retail gas prices rose to a new record high overnight while diesel prices fell slightly, a daily survey by motorist group AAA showed Monday.
The national average price for a gallon of gasoline climbed to $4.086, up seven-tenths of a cent from $4.079 the previous day.
Gas prices have risen 2.9% in the last month and are almost 38% higher than where they were a year ago.
The survey showed that 33 states and the District of Colombia have an average gas price above $4 a gallon.
5 electric cars you can buy now
Alaska has replaced California as the state with the highest gas prices. Drivers in Alaska pay an average of $4.623 for a gallon of gas. Californians pay $4.583 on average for a gallon, and Hawaiians pay $4.408.
The state with the lowest gas price is Missouri, where a gallon of gas averages $3.862.
Diesel prices slipped to $4.762 a gallon from $4.764 the day before.
Surging gas prices are keeping some drivers off the road. Last week, AAA reported that it expects the number of Americans traveling during the Fourth of July holiday travel period to decline 1.3% to 40.45 million drivers versus 41 million last year.
The climb in gas prices comes on the back of record crude prices. Oil futures rose in electronic trading early Monday to a new all-time high of $143.67 a barrel.
http://money.cnn.com/2008/06/30/news/economy/gas/index.htm?cnn=yes
Gas prices hit all-time high
The national average price for a gallon of gas rises to $4.086, with 33 states paying more than $4 a gallon.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: June 30, 2008: 7:55 AM EDT
America's Money: Gas crunch hits home
The record-high price of gasoline is putting a strain on motorists - and spurring some to shift their habits. Here are their stories.
NEW YORK (CNNMoney.com) -- Retail gas prices rose to a new record high overnight while diesel prices fell slightly, a daily survey by motorist group AAA showed Monday.
The national average price for a gallon of gasoline climbed to $4.086, up seven-tenths of a cent from $4.079 the previous day.
Gas prices have risen 2.9% in the last month and are almost 38% higher than where they were a year ago.
The survey showed that 33 states and the District of Colombia have an average gas price above $4 a gallon.
5 electric cars you can buy now
Alaska has replaced California as the state with the highest gas prices. Drivers in Alaska pay an average of $4.623 for a gallon of gas. Californians pay $4.583 on average for a gallon, and Hawaiians pay $4.408.
The state with the lowest gas price is Missouri, where a gallon of gas averages $3.862.
Diesel prices slipped to $4.762 a gallon from $4.764 the day before.
Surging gas prices are keeping some drivers off the road. Last week, AAA reported that it expects the number of Americans traveling during the Fourth of July holiday travel period to decline 1.3% to 40.45 million drivers versus 41 million last year.
The climb in gas prices comes on the back of record crude prices. Oil futures rose in electronic trading early Monday to a new all-time high of $143.67 a barrel.
http://money.cnn.com/2008/06/30/news/economy/gas/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
And I for one am past the point of ready for this darn Bubble to BURST!!:nuts:
Commodities Signal Bubble Bursting as First-Half Ends (Update3)
By Millie Munshi and Claudia Carpenter
June 30 (Bloomberg) -- Commodities are heading for their best first half in 35 years. The next six months may not be as rewarding because record prices for oil, copper and a dozen other raw materials may crimp consumption and encourage growth in supply.
The 19 commodities in the Reuters/Jefferies CRB Index jumped 29 percent through June 27, the most since 1973 and more than any second-half gain in at least five decades, data compiled by Bloomberg show. The index rose another 0.6 percent as of 2:38 p.m. in London.
High costs are slowing the pace of demand for gasoline in the U.S., and gold purchases in India, the biggest buyer, plunged 50 percent from a year earlier. Producers are expanding supplies of wheat in the U.S. and steel in China.
``We're near some kind of reckoning'' in commodities, said Michael Aronstein, president of Marketfield Asset Management in New York, who returned 15 percent a year in the 1990s managing commodity investments. ``I've probably been positive for seven years and this is the first time I think there could be really a dramatic secular reversal, that it's not just a pullback.''
High energy costs will deter consumers and reduce second- half prices, after oil doubled in the past year to a record $143.67 a barrel today, said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd.
Jet-Fuel Costs
In the U.S., the world's largest energy user, the number of travelers over the Fourth of July holiday will drop for the first time this decade, after gasoline rose above $4 a gallon, motoring group AAA said June 26. Surging jet-fuel costs led to the failure of at least a dozen airlines in the past six months, grounding planes.
Demand is slowing for copper after the metal jumped 28 percent this year and reached $4.2605 a pound May 5, the highest ever, partly because of temporary supply disruptions in Chile, Peru and Mexico. China said June 10 its copper imports fell 19 percent last month to the lowest since August. Buyers in China, the world's biggest metals importer, are ``price sensitive,'' according to Freeport-McMoRan Copper & Gold Inc., the world's second-largest producer.
Gold demand from jewelers, the biggest users, has stalled since September, London-based UBS AG analyst John Reade said May 29. After reaching a record $1,033.90 an ounce March 17, gold will average $850 this year and $750 next year, he said. The World Gold Council said May 20 that first-quarter demand fell to a five-year low.
Rising Output
Price gains that curb demand are encouraging producers.
Katanga Mining Ltd. restarted the largest underground copper mine in the Democratic Republic of Congo. The Lisbon-based International Copper Study Group on April 28 forecast a supply surplus this year and next.
The world's wheat farmers will boost production by 8.2 percent to 658 million metric tons in the next 12 months, the International Grains Council said June 26. Wheat jumped to its highest price ever in February.
Prices for commodities including crude oil, copper and wheat advanced in London, New York and Chicago trading today.
Output is gaining as economic growth slows.
The odds of the U.S. entering a recession in the next 12 months are 50 percent, according to the median forecast of 61 economists in a Bloomberg survey. Slowing global growth signals commodity demand will ``soften,'' the International Monetary Fund said in March. During the last U.S. recession in 2001, the CRB index plunged 16 percent.
`Buying Orgy'
Commodities advanced this year during a ``buying orgy'' by investors seeking better returns than stocks and bonds, Paul Touradji, founder of the $3.5 billion hedge fund Touradji Capital Management, said in March. [more]
http://www.bloomberg.com/apps/news?pid=20601109&sid=aMdI79jc0i9w&refer=home
Commodities Signal Bubble Bursting as First-Half Ends (Update3)
By Millie Munshi and Claudia Carpenter
June 30 (Bloomberg) -- Commodities are heading for their best first half in 35 years. The next six months may not be as rewarding because record prices for oil, copper and a dozen other raw materials may crimp consumption and encourage growth in supply.
The 19 commodities in the Reuters/Jefferies CRB Index jumped 29 percent through June 27, the most since 1973 and more than any second-half gain in at least five decades, data compiled by Bloomberg show. The index rose another 0.6 percent as of 2:38 p.m. in London.
High costs are slowing the pace of demand for gasoline in the U.S., and gold purchases in India, the biggest buyer, plunged 50 percent from a year earlier. Producers are expanding supplies of wheat in the U.S. and steel in China.
``We're near some kind of reckoning'' in commodities, said Michael Aronstein, president of Marketfield Asset Management in New York, who returned 15 percent a year in the 1990s managing commodity investments. ``I've probably been positive for seven years and this is the first time I think there could be really a dramatic secular reversal, that it's not just a pullback.''
High energy costs will deter consumers and reduce second- half prices, after oil doubled in the past year to a record $143.67 a barrel today, said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd.
Jet-Fuel Costs
In the U.S., the world's largest energy user, the number of travelers over the Fourth of July holiday will drop for the first time this decade, after gasoline rose above $4 a gallon, motoring group AAA said June 26. Surging jet-fuel costs led to the failure of at least a dozen airlines in the past six months, grounding planes.
Demand is slowing for copper after the metal jumped 28 percent this year and reached $4.2605 a pound May 5, the highest ever, partly because of temporary supply disruptions in Chile, Peru and Mexico. China said June 10 its copper imports fell 19 percent last month to the lowest since August. Buyers in China, the world's biggest metals importer, are ``price sensitive,'' according to Freeport-McMoRan Copper & Gold Inc., the world's second-largest producer.
Gold demand from jewelers, the biggest users, has stalled since September, London-based UBS AG analyst John Reade said May 29. After reaching a record $1,033.90 an ounce March 17, gold will average $850 this year and $750 next year, he said. The World Gold Council said May 20 that first-quarter demand fell to a five-year low.
Rising Output
Price gains that curb demand are encouraging producers.
Katanga Mining Ltd. restarted the largest underground copper mine in the Democratic Republic of Congo. The Lisbon-based International Copper Study Group on April 28 forecast a supply surplus this year and next.
The world's wheat farmers will boost production by 8.2 percent to 658 million metric tons in the next 12 months, the International Grains Council said June 26. Wheat jumped to its highest price ever in February.
Prices for commodities including crude oil, copper and wheat advanced in London, New York and Chicago trading today.
Output is gaining as economic growth slows.
The odds of the U.S. entering a recession in the next 12 months are 50 percent, according to the median forecast of 61 economists in a Bloomberg survey. Slowing global growth signals commodity demand will ``soften,'' the International Monetary Fund said in March. During the last U.S. recession in 2001, the CRB index plunged 16 percent.
`Buying Orgy'
Commodities advanced this year during a ``buying orgy'' by investors seeking better returns than stocks and bonds, Paul Touradji, founder of the $3.5 billion hedge fund Touradji Capital Management, said in March. [more]
http://www.bloomberg.com/apps/news?pid=20601109&sid=aMdI79jc0i9w&refer=home
Silverbird
Well-known member
Citing Need for Assessments, U.S. Freezes Solar Energy Projects
DENVER — Faced with a surge in the number of proposed solar power plants, the federal government has placed a moratorium on new solar projects on public land until it studies their environmental impact, which is expected to take about two years.
The Bureau of Land Management says an extensive environmental study is needed to determine how large solar plants might affect millions of acres it oversees in six Western states — Arizona, California, Colorado, Nevada, New Mexico and Utah.
But the decision to freeze new solar proposals temporarily, reached late last month, has caused widespread concern in the alternative-energy industry, as fledgling solar companies must wait to see if they can realize their hopes of harnessing power from swaths of sun-baked public land, just as the demand for viable alternative energy is accelerating....
http://www.nytimes.com/2008/06/27/us/27solar.html?em&ex=1214712000&en=96ea5e98a35597da&ei=5087%0A
Offshore and other Federal land oil drilling = ok, Solar Energy = enviromental assesment?
DENVER — Faced with a surge in the number of proposed solar power plants, the federal government has placed a moratorium on new solar projects on public land until it studies their environmental impact, which is expected to take about two years.
The Bureau of Land Management says an extensive environmental study is needed to determine how large solar plants might affect millions of acres it oversees in six Western states — Arizona, California, Colorado, Nevada, New Mexico and Utah.
But the decision to freeze new solar proposals temporarily, reached late last month, has caused widespread concern in the alternative-energy industry, as fledgling solar companies must wait to see if they can realize their hopes of harnessing power from swaths of sun-baked public land, just as the demand for viable alternative energy is accelerating....
http://www.nytimes.com/2008/06/27/us/27solar.html?em&ex=1214712000&en=96ea5e98a35597da&ei=5087%0A
Offshore and other Federal land oil drilling = ok, Solar Energy = enviromental assesment?
nnuut
Moderator | TSP Legend
Right now people what ever OIL does, the Markets will do the opposite. Along with the dollar this seems to be what is guiding the Market. So let's look for Oil to fall and the Dollar to gain. OH, DON'T FORGET ABOUT ISRAEL AND IRAN! View attachment 4168
nnuut
Moderator | TSP Legend
Speculation not to blame for oil - report
The $140 (a barrel) oil question: Does the existence of more speculation lift oil prices? In a new study, the International Energy Agency answers 'no.'
By David Goldman, CNNMoney.com staff writer
July 1, 2008: 6:00 AM EDT
NEW YORK (CNNMoney.com) -- An influential oil-policy group released a report Tuesday arguing that the increase in oil-market speculation is not driving up crude prices. But the study far from ends the debate.
Since 2003, the volume of investment funds in commodity markets - especially oil - rose from about $15 billion to $260 billion, according to the International Energy Agency (IEA), which issued the report.
And many argue that all that extra money sloshing around is to blame for prices doubling from $71 last July to roughly $140 today.
The IEA isn't buying it.
"There is little evidence that large investment flows into the futures market are causing an imbalance between supply and demand, and are therefore contributing to high oil prices," the report said.
Instead, the IEA put the blame for higher crude prices squarely on strong growth in demand coupled with limited growth in supply.
"If supply is constrained and demand is increasing, prices have to rise," read the report.
The IEA argues that if speculation drives prices too high, the market would be unbalanced. Either demand would fall off, or stockpiles would rise. Neither has happened.
In fact,global demand for oil products has surpassed supply in every quarter since the fourth quarter of 2006, according to the U.S. Energy Information Administration.
Fast-growing economies like China and India are consuming more and more oil. Meanwhile, it's difficult for oil-producing countries to quickly ramp up output.
The IEA also made the argument that many commodities - such as coal and rice - are showing similar price increases, even those without the possibility of speculation.
Representatives of oil traders agree that supply and demand rules the market, not investors.
"The factor that fundamentally affects the price of a commodity is the availability and demand for it," said Greg Zerzan, the head of global public policy for the International Swaps and Derivatives Association. The trading price "merely reflects the expectation of the movement of the price of oil."
Furthermore, even if more speculators believe the price of crude will go up than those who think it will come down, they still have to find a buyer at the price they want to sell it, said Zerzan.
Debate not settled
The IEA report is just the latest of several recent reports that downplay the role of speculators.
However, several respected analysts testified before Congress last week and argued that investor money at least in part raises the price.
Even analysts who concede the laws of supply and demand are the most significant say that speculation can make price swings more volatile - and that's what's going on now, they say.
"The fundamentals have been fairly firm, but speculation exacerbates the trends," said Tom Kloza, chief oil analyst with the Oil Price Information Service. "More and more money is going into buy-and-hold contracts that simply buy and roll into the next month."
If speculators simply buy and hold oil contracts, then they are not reflecting the current supply and demand.
"We need speculators who buy and sell... and sell, and buy, and buy, and sell," said Peter Beutel, an oil analyst with Cameron Hanover.
http://money.cnn.com/2008/07/01/news/economy/oil_speculation/index.htm?cnn=yes
The $140 (a barrel) oil question: Does the existence of more speculation lift oil prices? In a new study, the International Energy Agency answers 'no.'
By David Goldman, CNNMoney.com staff writer
July 1, 2008: 6:00 AM EDT
NEW YORK (CNNMoney.com) -- An influential oil-policy group released a report Tuesday arguing that the increase in oil-market speculation is not driving up crude prices. But the study far from ends the debate.
Since 2003, the volume of investment funds in commodity markets - especially oil - rose from about $15 billion to $260 billion, according to the International Energy Agency (IEA), which issued the report.
And many argue that all that extra money sloshing around is to blame for prices doubling from $71 last July to roughly $140 today.
The IEA isn't buying it.
"There is little evidence that large investment flows into the futures market are causing an imbalance between supply and demand, and are therefore contributing to high oil prices," the report said.
Instead, the IEA put the blame for higher crude prices squarely on strong growth in demand coupled with limited growth in supply.
"If supply is constrained and demand is increasing, prices have to rise," read the report.
The IEA argues that if speculation drives prices too high, the market would be unbalanced. Either demand would fall off, or stockpiles would rise. Neither has happened.
In fact,global demand for oil products has surpassed supply in every quarter since the fourth quarter of 2006, according to the U.S. Energy Information Administration.
Fast-growing economies like China and India are consuming more and more oil. Meanwhile, it's difficult for oil-producing countries to quickly ramp up output.
The IEA also made the argument that many commodities - such as coal and rice - are showing similar price increases, even those without the possibility of speculation.
Representatives of oil traders agree that supply and demand rules the market, not investors.
"The factor that fundamentally affects the price of a commodity is the availability and demand for it," said Greg Zerzan, the head of global public policy for the International Swaps and Derivatives Association. The trading price "merely reflects the expectation of the movement of the price of oil."
Furthermore, even if more speculators believe the price of crude will go up than those who think it will come down, they still have to find a buyer at the price they want to sell it, said Zerzan.
Debate not settled
The IEA report is just the latest of several recent reports that downplay the role of speculators.
However, several respected analysts testified before Congress last week and argued that investor money at least in part raises the price.
Even analysts who concede the laws of supply and demand are the most significant say that speculation can make price swings more volatile - and that's what's going on now, they say.
"The fundamentals have been fairly firm, but speculation exacerbates the trends," said Tom Kloza, chief oil analyst with the Oil Price Information Service. "More and more money is going into buy-and-hold contracts that simply buy and roll into the next month."
If speculators simply buy and hold oil contracts, then they are not reflecting the current supply and demand.
"We need speculators who buy and sell... and sell, and buy, and buy, and sell," said Peter Beutel, an oil analyst with Cameron Hanover.
http://money.cnn.com/2008/07/01/news/economy/oil_speculation/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
Looks like I need to buy some Oil FUTURES?:suspicious: NOT!!
What needs to be done? To find and develop new technoligies to fuel out transportation, heating etc, strenghten the DOLLAR AND DRILL, DRILL, DRILL! View attachment 4171
Oil rises on tight supply forecast
Investors hedge against dollar as energy agency sees supply problems and demand growth over the next five years.
By Kenneth Musante, CNNMoney.com staff writer
July 1, 2008: 8:36 AM EDT
NEW YORK (CNNMoney.com) -- Crude prices rose more than $2 a barrel Tuesday after an energy advisory group reduced its estimate on the amount of oil that will reach the market in the coming years.
Light sweet crude traded up $2.50 at $142.50 a barrel during overseas electronic trading on the New York Mercantile Exchange. That's still below the intraday record of $143.67 set Monday.
The International Energy Agency, which guides the energy policies of 27 nations, predicted serious supply concerns after 2011 and average demand growth of 1.6% a year to 2013, driven overwhelmingly by the consumption of growing economies in Asia, the Middle East and Africa.
"I think that gave us a little bit of a bounce," said Phil Flynn, senior market analyst with Alaron Trading in Chicago. But he noted that the market was already strong before the IEA report's release.
Hedge against risk Investors continue to purchase commodities such as oil as a hedge against dollar inflation. Over the past several months, investors have been purchasing oil contracts, hoping they will prove a stronger investment than U.S. currency.
The 15-nation euro rose Tuesday to $1.5771 from $1.5757 a day earlier, prompting many to shift to commodities. The dollar also fell to ¥105.44 from ¥106.10.
But dollar isn't the only thing investors are hedging against.
"They're also buying [oil] not just as a hedge against the dollar, but also against the stock market," said Flynn.
Stocks were set to trade lower Tuesday morning, with Nasdaq and S&P futures down by double digits.
Supply concerns Meanwhile, Mideast tensions continued to threaten supplies Tuesday.
Earlier this week, Iran, the second-largest oil producing member of the Organization of Petroleum Exporting Countries, threatened to blockade the Strait of Hormuz if it is attacked. More than 40% of the Middle East's oil passes through the strait, which connects the Persian Gulf with the Arabian Sea.
A spokesman for the U.S. Fifth Fleet said the United States would not let Iran close the strait, according to reports Tuesday. http://money.cnn.com/2008/07/01/markets/oil/index.htm
What needs to be done? To find and develop new technoligies to fuel out transportation, heating etc, strenghten the DOLLAR AND DRILL, DRILL, DRILL! View attachment 4171
Oil rises on tight supply forecast
Investors hedge against dollar as energy agency sees supply problems and demand growth over the next five years.
By Kenneth Musante, CNNMoney.com staff writer
July 1, 2008: 8:36 AM EDT
NEW YORK (CNNMoney.com) -- Crude prices rose more than $2 a barrel Tuesday after an energy advisory group reduced its estimate on the amount of oil that will reach the market in the coming years.
Light sweet crude traded up $2.50 at $142.50 a barrel during overseas electronic trading on the New York Mercantile Exchange. That's still below the intraday record of $143.67 set Monday.
The International Energy Agency, which guides the energy policies of 27 nations, predicted serious supply concerns after 2011 and average demand growth of 1.6% a year to 2013, driven overwhelmingly by the consumption of growing economies in Asia, the Middle East and Africa.
"I think that gave us a little bit of a bounce," said Phil Flynn, senior market analyst with Alaron Trading in Chicago. But he noted that the market was already strong before the IEA report's release.
Hedge against risk Investors continue to purchase commodities such as oil as a hedge against dollar inflation. Over the past several months, investors have been purchasing oil contracts, hoping they will prove a stronger investment than U.S. currency.
The 15-nation euro rose Tuesday to $1.5771 from $1.5757 a day earlier, prompting many to shift to commodities. The dollar also fell to ¥105.44 from ¥106.10.
But dollar isn't the only thing investors are hedging against.
"They're also buying [oil] not just as a hedge against the dollar, but also against the stock market," said Flynn.
Stocks were set to trade lower Tuesday morning, with Nasdaq and S&P futures down by double digits.
Supply concerns Meanwhile, Mideast tensions continued to threaten supplies Tuesday.
Earlier this week, Iran, the second-largest oil producing member of the Organization of Petroleum Exporting Countries, threatened to blockade the Strait of Hormuz if it is attacked. More than 40% of the Middle East's oil passes through the strait, which connects the Persian Gulf with the Arabian Sea.
A spokesman for the U.S. Fifth Fleet said the United States would not let Iran close the strait, according to reports Tuesday.
http://money.cnn.com/2008/07/01/markets/oil/index.htm
nnuut
Moderator | TSP Legend
If you've never visited the EIA site you should. Everything you ever wanted to know about energy. :worried:
http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp
http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp
nnuut
Moderator | TSP Legend
AP
Oil passes $143 on Middle East tensions
Tuesday July 1, 10:36 am ET
By Pablo Gorondi, Associated Press Writer
Oil climbs passes $143 a barrel on concerns about Mideast, dollar weakness, supply report
Oil prices passed $143 a barrel Tuesday amid concerns about a potential conflict between Iran and Israel and a weakening dollar.
Also Tuesday, a report from the International Energy Agency saying crude supplies would remain tight despite record prices and reduced demand from industrialized countries also helped support prices.
EIA chief Nobuo Tanaka said the world was experiencing "the third oil price shock," comparing the era to the 1970s oil embargo and the period following the Iranian Revolution.
However, Tanaka said this crisis differs because Western nations have already become much more efficent and oil is becoming more difficult to produce. Echoing Tanaka, U.S. Treasury Secretary Henry Paulson said Tuesday in Berlin that there were no "obvious short-term solutions" to skyrocketing oil prices. [more]
http://biz.yahoo.com/ap/080701/oil_prices.html
Oil passes $143 on Middle East tensions
Tuesday July 1, 10:36 am ET
By Pablo Gorondi, Associated Press Writer
Oil climbs passes $143 a barrel on concerns about Mideast, dollar weakness, supply report
Oil prices passed $143 a barrel Tuesday amid concerns about a potential conflict between Iran and Israel and a weakening dollar.
Also Tuesday, a report from the International Energy Agency saying crude supplies would remain tight despite record prices and reduced demand from industrialized countries also helped support prices.
EIA chief Nobuo Tanaka said the world was experiencing "the third oil price shock," comparing the era to the 1970s oil embargo and the period following the Iranian Revolution.
However, Tanaka said this crisis differs because Western nations have already become much more efficent and oil is becoming more difficult to produce. Echoing Tanaka, U.S. Treasury Secretary Henry Paulson said Tuesday in Berlin that there were no "obvious short-term solutions" to skyrocketing oil prices. [more]
http://biz.yahoo.com/ap/080701/oil_prices.html