Oil Slick Stuff

[nnuut]

Another record for EXXON MOBILE!!! How can this be? 143 BILLION DOLLARS for this quarter! POOR BABIES!!!!
http://money.cnn.com/video/#/video/news/2008/07/30/news.073008.lookahead.cnnmoney

 

[luv2read]

WINDFALL PROFITS TAX ON OIL!!!!!!

 

[luv2read]

L2R's last geometry test...:toung:

As far as I can tell, I'm not wrong. Convert litres to gallons and euros to dollars and multiply. Make sure you're using the price of GASOLINE and not DIESEL. Anybody else want to check the figures please?

 

[luv2read]

WASHINGTON, D.C. -- Saying the nation’s energy situation has dramatically changed in the past year, Secretary of the Interior Dirk Kempthorne today jumpstarted the development of a new oil and natural gas leasing program for the U.S. Outer Continental Shelf. The action could give the next administration a two-year head start in expanding energy production from federal offshore jurisdictions, including some areas where a congressional ban had prevented oil and gas development.

Fulll text of press release attached.

View attachment 4369

 

[nnuut]

Another record for EXXON MOBILE!!! How can this be? 143 BILLION DOLLARS for this quarter! POOR BABIES!!!!
http://money.cnn.com/video/#/video/news/2008/07/30/news.073008.lookahead.cnnmoney

Looks like Shell and Exxon are synronized?

Shell posts record profit on high oil

Oil giant makes $11.6 billion in the second quarter as surging price of oil offsets production decline.

AMSTERDAM, Netherlands (AP) -- Royal Dutch Shell PLC reported a 33% jump in second-quarter profits Thursday, its biggest quarter ever at $11.6 billion thanks to high oil prices and the weak dollar.

The company earned $8.67 billion in the same quarter last year.
Shell said its selling price per barrel of oil was around $112, up from $64 a year earlier. That pushed earnings at its main exploration and production arm up 90% to $5.88 billion, despite a 1.1% fall in production to 3.05 million barrels of oil and equivalents per day.
Chief Executive Jeroen van der Veer dismissed calls in Britain for a windfall tax on oil companies.
Britain's BP PLC reported this week that its profits jumped 28% to $9.47 billion in the quarter.
"If we do less investment there will be less supply for consumers" which would drive prices higher, Van der Veer said.
"The world needs energy."
Profit breakdown: [more]
http://money.cnn.com/2008/07/31/new..._earnings.ap/index.htm?postversion=2008073104

 

[luv2read]

Looks like Shell and Exxon are synronized?
Shell posts record profit on high oil
Oil giant makes $11.6 billion in the second quarter as surging price of oil offsets production decline.
AMSTERDAM, Netherlands (AP) -- Royal Dutch Shell PLC reported a 33% jump in second-quarter profits Thursday, its biggest quarter ever at $11.6 billion thanks to high oil prices and the weak dollar.

The company earned $8.67 billion in the same quarter last year.
Shell said its selling price per barrel of oil was around $112, up from $64 a year earlier. That pushed earnings at its main exploration and production arm up 90% to $5.88 billion, despite a 1.1% fall in production to 3.05 million barrels of oil and equivalents per day.
Chief Executive Jeroen van der Veer dismissed calls in Britain for a windfall tax on oil companies.
Britain's BP PLC reported this week that its profits jumped 28% to $9.47 billion in the quarter.
"If we do less investment there will be less supply for consumers" which would drive prices higher, Van der Veer said.
"The world needs energy."
Profit breakdown: [more]
http://money.cnn.com/2008/07/31/new..._earnings.ap/index.htm?postversion=2008073104

BWHAHAHAHAHA! Notice the contradiction here - huge profit based on high price, NOT increased production. In fact, production FELL. Yet the CEO justifies the profit by stating there will be less supply if they "invest less". Fact is, they aren't investing in more exploration and production, the numbers show the supply DROPPED; they are investing in buying back their own stocks and speculating in buying their own product to drive the price and profits up and keep the supply down. Don't be misled by the smoke & mirrors "we must have these huge profits without a windfall profit tax because it costs so much money for exploration and development."

 

[Buster]

As far as I can tell, I'm not wrong. Convert litres to gallons and euros to dollars and multiply. Make sure you're using the price of GASOLINE and not DIESEL. Anybody else want to check the figures please?

Of course, you are NEVER wrong..

let's see if I can get this through your stubborn head..

1 Euro = 1.5607 U.S. dollars (Today's exchange rate)

In Belgium...1 litre of diesel is 1.323 Euros, which is ($2.0624 USD for 1 liter)

So, 1.323 Euros x $1.5607 = $2.06448 (exchange rate changed since this was first posted)

since a US gallon has 3.75854 liters

then you multiply: 3.7854 x the price of 1 liter in USD ($2.0624)

Hence: 3.7854 x 2.0624 = $7.80 USD for a gallon.

1 litre of diesel is 1.323 Euro, which is 2.0624 USD
1 US gallon = 3.7854 litres which makes it $7.80 USD per gallon

 

[EEK! 5 YEARS TO GO!]

Mr Buster,

Luv2read said "if the figures are correct" and asked for others to check the calculations. Seems that you are quite stubborn yourself. I figured it the same way Luv2read did - the only difference is the Euro/USD conversion was already done and that was a little confusing and where luv2read went wrong. I found the whole thing confusing until I looked up the conversion factor for Euro=USD because it starts off with the price of diesel. If you're calculating the price of a gallon of GASOLINE, what does the price of DIESEL have to do with it???

 

[luv2read]

Of course, you are NEVER wrong..

Gee I have a champion. Thanks EEK! You're exactly right, the formula I used was correct except for the fact that the Euro=USD conversion was already done. When I threw that in it doubled the factor. It would have been a lot clearer if he had started off like Buster did with the Euro=USD factor, then litres=gals and left the diesel bit out of it altogether.

Buster, Thanks for the breakdown, your numbers are right.

At least we can squabble, admit when we're wrong and still be friends! I know one head of state who NEVER admits mistakes....

 

[nnuut]

Bicker, Bicker, those two need to get MARRIED, they're Bickering without a license!!View attachment 4370

 

[Buster]

Mr Buster,

Luv2read said "if the figures are correct" and asked for others to check the calculations. Seems that you are quite stubborn yourself. I figured it the same way Luv2read did - the only difference is the Euro/USD conversion was already done and that was a little confusing and where luv2read went wrong. I found the whole thing confusing until I looked up the conversion factor for Euro=USD because it starts off with the price of diesel. If you're calculating the price of a gallon of GASOLINE, what does the price of DIESEL have to do with it???

Are you as Blonde at L2R is???

For crying out loud...The example below is for DIESEL...ONLY!!!!!!!!!!!

do you see anthing here that says GASOLINE???

(shakes head)

1 Euro = 1.5607 U.S. dollars (Today's exchange rate)

In Belgium...1 litre of diesel is 1.323 Euros, which is ($2.0624 USD for 1 liter)

So, 1.323 Euros x $1.5607 = $2.06448 (exchange rate changed since this was first posted)

since a US gallon has 3.75854 liters

then you multiply: 3.7854 x the price of 1 liter in USD ($2.0624)

Hence: 3.7854 x 2.0624 = $7.80 USD for a gallon.

 

[luv2read]

Buster,

I believe EEK is referring to the ORIGINAL post from your friend in Belgium in which both GASOLINE and DIESEL are used. We've both agreed with your recent one in which you clarified the Euro=USD conversion. Now please move on - and personal attacks are unproductive.:nuts:

Originally Posted by Buster
Got this from a friend in Belgium
Quote:
for example for diesel (which is the cheapest fuel we have) it goes like this:
1 litre of diesel is 1.323 Euro, which is 2.0624 USD and/or 2.1095 CAD
1 US gallon = 3.7854 litres which makes it $7.80 USD and/or $7.98 CAD per gallon

Are you people paying these amounts for gas ??
Gas over here is 1.541 Euro per liter, per US gallon of 3.7854 litres that would be USD $9.09 and/or CAD $9.30.

Bicker, Bicker, those two need to get MARRIED, they're Bickering without a license!!

LOL! No, we're both too opinionated for that to work, and I have enough stress in my life.

 

[Buster]

Buster,

I believe EEK is referring to the ORIGINAL post from your friend in Belgium in which both GASOLINE and DIESEL are used. We've both agreed with your recent one in which you clarified the Euro=USD conversion. Now please move on - and personal attacks are unproductive.:nuts:



LOL! No, we're both too opinionated for that to work, and I have enough stress in my life.

Give me a month and I'd have you straighten out..



No personal attacts, just an observation...don't put words in my mouth..I hate that..

His GASOLINE numbers was also correct..please do the grade school math correctly as in the Diesel example..and you will see that...$9.10/gal

I'm sure the rest of this MB is just affraid to tell you, you are wrong when you are.:worried:


Moving On

 

[XL-entLady]

I'm sure the rest of this MB is just affraid to tell you, you are wrong when you are.

Mom-m-m-m!! Buster is shoving L2R again!!

Buster, go to your room for a time-out! :laugh:

Lady

 

[nnuut]

US Interior Secretary: New Oil Lease Plan May Include Closed Areas

by Ian Talley Dow Jones Newswires Wednesday, July 30, 2008

WASHINGTON (Dow Jones Newswires), July 30, 2008
The U.S. Secretary of the Interior Wednesday ordered the agency to start preparing a new five-year oil and natural gas lease sale program that will include areas currently under a congressional moratorium.

The announcement will likely ratchet up the pressure on Democrats in Congress who have been under an concerted attack by Republicans to lift the moratorium on drilling.

Interior Secretary Dirk Kempthorne said if Congress were to lift the moratorium, the program would allow the agency to start a lease sales program in the Outer Continental Shelf areas currently closed to exploration within three years.

"The American people and the president want action, and this initiative can accelerate an offshore exploration and development program that can increase production from additional domestic energy resources," Kempthorne said.

"This initiative could provide a significant advantage for the incoming administration, offering options it would not otherwise have had until at least 2010," Kempthorne said. "Today's action would provide a two-year head start for the next administration on developing a new five-year program," he said.

The current program runs from 2007-2012 and includes 21 lease sales in eight of the 26 Outer Continental Shelf planning areas in the Gulf of Mexico, Alaska and the Atlantic. It doesn't include areas under a congressional ban, with the exception of Virginia, which the government estimates contains an additional 18 billion barrels of oil and 76 trillion cubic feet of natural gas in yet-to-be-discovered fields.

Democrats have found themselves on the defensive from an orchestrated Republican attack pushing the majority to "Drill More, Use Less." The GOP's offensive is strengthened by the fact that lawmakers must soon return home to constituents outraged by sky-high energy prices and who predominantly support increased domestic exploration. A raft of polls have shown a surge in public support for an expansion of domestic production, including offshore.

Earlier this month, President George W. Bush lifted a decades-old presidential moratorium on drilling in closed areas of the Outer Continental Shelf, putting the onus on Congress to lift its own annually renewed moratorium on nearly identical areas off the east and west coasts and in the Gulf of Mexico. The administration has since released an array of reports and agency documents that knock down lawmakers' contentions that speculation was a price driver for skyrocketing crude and gasoline prices, and point to the billions of barrels of crude and trillions of cubic feet of natural gas production potential.

Last week, the Commodity Futures Trading Commission released an inter-agency report that found supply-and-demand factors - and not speculation - were driving prices. Almost simultaneously, the Interior Department published proposed rules for the commercial development of the estimated 800 billion barrels of oil shale resources in the western U.S. The following day, the U.S. Geological Service found that 22% of the world's undiscovered, technically recoverable petroleum resources lay in the rock formations north of the Arctic circle, much of which is off the Alaskan shore.

In both the House and the Senate, the Appropriations Committees have canceled mark-ups of Interior funding bills after Republican members have said they would offer amendments that would revoke the moratorium.

The GOP's plan would give states the right to choose whether to drill off their shores - and to sweeten the deal - a hefty share of the revenues from production. Kempthorne said his department would be seeking input from state governors, many of whom have shown a new interest in offshore drilling.

If the Republican tactic fails before the August recess, aides for leading Republican senators said the GOP leadership may also consider blocking a budget vote that renews the congressional moratorium on Outer Continental Shelf drilling. While such a move - which could shut the government down - would likely only be used as a last resort, some lawmakers may consider the issue important enough to force the Democrats' hand, one aide said. http://www.rigzone.com/news/article.asp?a_id=64897

 

[Buster]

Mom-m-m-m!! Buster is shoving L2R again!!

Buster, go to your room for a time-out! :laugh:

Lady

Okay, okay, okay...Come here L2R..big sloppy I'm sorry kiss for ya...Muuah!

 

[luv2read]

US Interior Secretary: New Oil Lease Plan May Include Closed Areas

by Ian Talley Dow Jones Newswires Wednesday, July 30, 2008

WASHINGTON (Dow Jones Newswires), July 30, 2008
The U.S. Secretary of the Interior Wednesday ordered the agency to start preparing a new five-year oil and natural gas lease sale program that will include areas currently under a congressional moratorium.

Thanks Norm. I posted Kempthornes DOI press release around 6am but had to do it as an attachment. Full release with details of the program here:

http://www.tsptalk.com/mb/showpost.php?p=173605&postcount=3795

Democrats have found themselves on the defensive from an orchestrated Republican attack pushing the majority to "Drill More, Use Less." The GOP's offensive is strengthened by the fact that lawmakers must soon return home to constituents outraged by sky-high energy prices and who predominantly support increased domestic exploration. A raft of polls have shown a surge in public support for an expansion of domestic production, including offshore.

Earlier this month, President George W. Bush lifted a decades-old presidential moratorium on drilling in closed areas of the Outer Continental Shelf, putting the onus on Congress to lift its own annually renewed moratorium on nearly identical areas off the east and west coasts and in the Gulf of Mexico. The administration has since released an array of reports and agency documents that knock down lawmakers' contentions that speculation was a price driver for skyrocketing crude and gasoline prices, and point to the billions of barrels of crude and trillions of cubic feet of natural gas production potential.

Last week, the Commodity Futures Trading Commission released an inter-agency report that found supply-and-demand factors - and not speculation - were driving prices. Almost simultaneously, the Interior Department published proposed rules for the commercial development of the estimated 800 billion barrels of oil shale resources in the western U.S. The following day, the U.S. Geological Service found that 22% of the world's undiscovered, technically recoverable petroleum resources lay in the rock formations north of the Arctic circle, much of which is off the Alaskan shore.

That report said speculation was not the primary driver but was a factor. Just more spin by the administration. The rest of the world including OPEC recognizes and acknowledges that SPECULATION, not supply/demand, is driving prices. This is a coordinated attack by big oil that will NOT bring down prices within the next 5 years. Read the press release...

 

[luv2read]

Buster, Thanks for the breakdown, your numbers are right.

At least we can squabble, admit when we're wrong and still be friends! I know one head of state who NEVER admits mistakes....

Give me a month and I'd have you straighten out..

I'm sure the rest of this MB is just affraid to tell you, you are wrong when you are.:worried:

Moving On

LOL! You're so focused on being right you entirely missed that I said you were right....now behave yourself or Mom won't let us play together anymore.

 

[Buster]

LOL! You're so focused on being right you entirely missed that I said you were right....now behave yourself or Mom won't let us play together anymore.

Sorry..but you're so quick to correct me all the time, it's a conditioned reflex now...:suspicious:

And mom won't know nuttin if we sneak off...

 

[nnuut]

Oil slips on GDP, jobs

Weak economic data sends crude prices sinking, as traders shift focus from supply weakness and a falling dollar.

By David Goldman, CNNMoney.com staff writer
July 31, 2008: 10:51 AM EDT

NEW YORK (CNNMoney.com) -- The battered U.S. economy brought an oil rally to a screeching halt Thursday, overshadowing a falling dollar and supply concerns.
Light, sweet crude oil for September delivery fell $2.18 to $124.59 in electronic trading on the New York Mercantile Exchange.
Oil fell as Thursday's economic data came in much weaker than forecast.
U.S. gross domestic product got a boost from $90 billion in stimulus checks in the previous quarter, the government reported Thursday. But the economy - which grew at a 1.9% annual rate from April through June - did not grow as strongly as economists had expected.
Furthermore, initial jobless claims rose to their highest level in five years last week, the Department of Labor reported Thursday.
"We're dealing with a weak economy," said Ann-Louise Hittle, an oil analyst with Wood Mackenzie. "When GDP growth is weak, demand tends to be weaker as well."
Oil rose by more than $1 earlier in the day on renewed dollar weakness.
Like all dollar-traded commodities, oil prices tend to rise when the U.S. currency sinks. A weak U.S. dollar makes oil cheaper for foreign nations. Furthermore, some investors inevitably use the commodity as a hedge against inflation when the dollar falls.
But as traders absorbed the dour economic reports, they sold off oil on new-found demand concerns.
Oil prices rallied $4.58 a barrel Wednesday after a surprise decline in the nation's gasoline stockpile.
A weekly supply report from the U.S. Energy Information Administration showed a 3.5-million barrel decrease in gasoline supplies, and a decline of 100,000 barrels of crude oil in the week ended July 25. That countered investor sentiment that U.S. demand was falling.
"So far, the stronger demand data that came out was only for one week," said Hittle. "For the year, U.S. demand has been very week, with very large drops in the previous weeks."
Despite Wednesday's large run-up, oil is still trading nearly $23 below it's record of $147.27 set on July 11.
"Prices are still up very strongly year-over-year, which hurts overall demand." Hittle said. "We'll have to wait and see if prices can recover." http://money.cnn.com/2008/07/31/markets/oil/index.htm?postversion=2008073110