Oil Slick Stuff

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Well, just think if every major US city took half the vehicles off the streets for 2 months....that would mean a LOT less oil imported. Or just DC or LA for two months. Any of those would have an impact.
 
You can bet THAT idea came from Big Oil and the VEEP office. I say NO. They've made and kept enough profits the last 5 years, they can afford the expense of going for shale oil. In fact, the portion of the profits that the law stipulated they were supposed to reinvest in new exploration and development was instead used to quietly buy back their own stock and speculate in the oil market starting 11/07 to drive up the price. In fact, the price is enough incentive for them to go for it - they'll still make a profit. NO MORE BREAKS FOR THE CROOKS!! This isn't going to fly anyway, those western states aren't going to stand for not getting the same royalties as coastal states.
"The Bush administration on Tuesday proposed charging energy companies wanting to squeeze oil out of vast shale deposits in the West lower royalties than they pay for drilling on other federal lands, including offshore in the Gulf of Mexico and Alaska," AP reports. "Interior officials said the discounted rate, which would be fixed at 5 percent in one proposal, would offer an incentive for companies to develop oil shale, which can cost up to three times more to produce than traditional oil."
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Oh no, not the cheap rents again. :notrust: They know there's oil in that shale, they just don't want to pay the $$$ to extract it. Pluheezzze. They can use that tax break money they were supposed to use to invest in development
 
Here we go again!! I need a ciggie!!

Wednesday, July 23, 2008

Militant Group Threatens Nigeria's Main Oil Pipelines

LAGOS, Nigeria-- Nigeria's main militant group is threatening to destroy the country's major oil pipelines within 30 days.
A spokesman for the Movement for the Emancipation of the Niger Delta says in an e-mail statement it would take the action to counter allegations that militants have received money from the nation's state-run oil company to protect oil facilities.
The militant group said Wednesday that it would destroy major pipelines within 30 days to prove they are not part of the deal.
http://www.foxbusiness.com/story/ma...-group-threatens-nigerias-main-oil-pipelines/
 
Chill out bro...

Now that it has been announced...measures will be taken to ensure it's safety....It's the ones you don't know are coming, until it already happens, is what is worrisome:worried:



And I thought you gave up fags..
 
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Buster said:
Chill out bro...

Now that it has been announced...measures will be taken to ensure it's safety....It's the ones you don't know are coming, until it already happens, is what is worrisome:worried:



And I thought you gave up fags..
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You're right "Talk is Cheap"!
Oh, Cigs 1, nnuut 0!! It's not over.:sick:
 
Fuel prices fall for 7th straight day

Gasoline at the pump hits levels not seen since June 9.

Updated: July 24, 2008: 6:54 AM EDT

NEW YORK (CNNMoney.com) -- Gas prices declined for the 7th straight day Thursday, according to a nationwide survey of credit card swipes.
Regular: The average price of gasoline in the U.S. was $4.026 a gallon, down 1.6 cents from $4.042 the day before, according to a daily survey from motorist advocacy group AAA.
Gas prices at the pump spiked to $4.114 a gallon last week Wednesday and stayed there for two days before falling. Today's AAA survey marks the lowest price since June 9, when it hit $4.023 a gallon.
Gas prices have risen more than 36% over the past 12 months, which has played a big role in squeezing working families.
Gasoline price changes typically lag behind oil prices. The price of oil has risen more than 72% over the last 12 months. But as the high cost of fuel cut into demand, crude prices have shed more than $23 a barrel since hitting a record high on July 11.[more]
http://money.cnn.com/2008/07/24/news/economy/gasoline/index.htm?postversion=2008072406
 
USO looks like it will be battling the $100 psychological support this AM, if it falls below that hopefully we'll get some panic selling.
 
Oh good! Only 10 cents more before I start riding bike/walking 6 mile round trips to work 3days/week. We're still $3.39 here at most expensive gas stations.
 
alevin said:
Oh good! Only 10 cents more before I start riding bike/walking 6 mile round trips to work 3days/week. We're still $3.39 here at most expensive gas stations.
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WOW..I thought our prices was getting better..dropped like .08 cents in the last two days..where are you about in the NW?
 
Caught some of the CROOKS, GOOD!:laugh:

Traders manipulated oil prices - U.S.

Regulators claim firm attempted to 'bang the close' by amassing large positions just before markets closed.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: July 24, 2008: 1:16 PM EDT


NEW YORK (CNNMoney.com) -- The government charged an oil trading firm Thursday with manipulating oil prices in the first complaint to be announced since the regulators began a new investigation into wrongdoings in the energy markets.
The Commodity Futures Trading Commission accused Optiver Holding, two of its subsidiaries and three employees with manipulation and attempted manipulation of crude oil, heating oil and gasoline futures on the New York Mercantile Exchange.
"Optiver traders amassed large trading positions, then conducted trades in such a way to bully and hammer the markets," CFTC Acting Chairman Walt Lukken said at a press conference. "These charges go to the heart of the CFTC's core mission of detecting and rooting out illegal manipulation of the markets."
In May, under the backdrop of record oil prices and calls from legislators to crack down on speculative oil trading and market manipulation, the CFTC announced a wide-ranging probe into oil price manipulation. The agency says it has dozens of investigations ongoing.
The complaint filed Thursday names Bastiaan van Kempen, chief executive; Christopher Dowson, a head trader; and Randal Meijer, head of trading at an Optiver subsidiary.
The CFTC said the firm attempted to "bang the close" by amassing large positions just before markets closed - forcing prices up - then selling them quickly to drive prices down and pocketing the difference.
The alleged manipulation was attempted 19 times on 11 days in March 2007, the agency said. In at least five of those 19 times, traders succeeded in driving prices higher twice and lower three times, according to the CFTC.
Calls to Optiver seeking comment were not answered, and an email was not immediately returned.
CFTC stressed that the price changes were small and the manipulation was isolated, and that the investigation has nothing to do with the recent heat the agency has taken on Capitol Hill over rising oil prices.
Traders in the spotlight
CFTC has repeatedly said that speculators are not to blame for rising oil prices, and any cases of price manipulation - such as the one brought Thursday - have only a small, if any, effect on oil prices.
The CFTC is the government's main regulator of commodity markets. Its officials have been hauled before Congress and asked repeatedly whether manipulation or excessive speculation is playing a role in record oil prices.
Repeatedly, CFTC experts have said they have found no evidence that speculators - investors who do not ultimately use crude oil - are to blame for the rising prices. They say trading information shows no correlation between investment activity and price swings.
Others, such as the International Energy Agency, have also said speculators are not to blame. They've pointed to other non-traded commodities that have risen in price even faster than oil, and to the fact that there is no evidence of a bubble, such as excess oil sitting around in storage.
Still, the correlation of a four-fold increase of investment money into oil futures and a four-fold increase in oil prices since 2004 has not gone unnoticed. Many lawmakers, consumer rights advocates and even some oil industry analysts say speculation is at least partly to blame.
Against that backdrop, the CFTC has been ordered to investigate the matter more thoroughly and dozens of investigations are underway. The agency may soon be given a bigger staff and wider powers under bills being debated in Congress.
Over the years, the CFTC has found isolated incidents of price manipulation - when an oil producer controls products to influence prices - or other cases of wrongdoing. Since 2002, the agency has charged 66 defendants with energy market violations.
In a recent case, BP settled a suit that alleged the company tried to corner the propane market to inflate prices in 2003 and 2004. BP agreed to pay a $303 million settlement.
But overall, most experts say the incidents are so scattered, and the energy market so large, that it's unlikely a single trader or group of traders can have substantial sway over prices.http://money.cnn.com/2008/07/24/markets/cftc/index.htm?postversion=2008072413
 
Didn't I see something posted earlier this week that the investigation turned up NO EVIDENCE that the market and oil prices were being manipulated by oil traders/speculators? They need to scrape below the surface and catch big oil and the financials too...but they won't dig that deep it would upset the applecart all over again. This is a token "look we got em". Scapegoat, sacrificial lamb.

Traders in the spotlight

CFTC has repeatedly said that speculators are not to blame for rising oil prices, and any cases of price manipulation - such as the one brought Thursday - have only a small, if any, effect on oil prices.
The CFTC is the government's main regulator of commodity markets. Its officials have been hauled before Congress and asked repeatedly whether manipulation or excessive speculation is playing a role in record oil prices.
Repeatedly, CFTC experts have said they have found no evidence that speculators - investors who do not ultimately use crude oil - are to blame for the rising prices. They say trading information shows no correlation between investment activity and price swings.
Others, such as the International Energy Agency, have also said speculators are not to blame. They've pointed to other non-traded commodities that have risen in price even faster than oil, and to the fact that there is no evidence of a bubble, such as excess oil sitting around in storage.
Still, the correlation of a four-fold increase of investment money into oil futures and a four-fold increase in oil prices since 2004 has not gone unnoticed. Many lawmakers, consumer rights advocates and even some oil industry analysts say speculation is at least partly to blame.
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DUH.:rolleyes::toung:

I kept saying it...I'll keep saying it. It's not supply and demand. It's SPECULATORS.:rolleyes:
 
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