nnuut
Moderator | TSP Legend
Yep, Old S&D works every time!!
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Oil Slick Stuff
- Thread starter nnuut
- Start date
Silverbird
Well-known member
He who controls the spice, controls the Universe! :nuts:
Whale oil shortage, world to go dark.:toung:
Time to get off the [whale] oil
nnuut
Moderator | TSP Legend
WE WAN'T OUR MONEY BACK!!!!!!!!!!
Iraq's oil-fueled surplus could hit $80 billion, report says
WASHINGTON (CNN) -- Iraq is raking in more money from oil exports than it is spending, amassing a projected four-year budget surplus of up to $80 billion, U.S. auditors reported Tuesday.
Sen. Carl Levin says the U.S. shouldn't "be paying for Iraqi projects while oil revenues continue to pile up."
Leading members of Congress, noting that Washington is paying for reconstruction in Iraq, expressed outrage at the assessment. One called the findings "inexcusable."
"We should not be paying for Iraqi projects while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4-a-gallon gas prices in the U.S.," said Sen. Carl Levin, the chairman of the Senate Armed Services Committee. "We should require that U.S. taxpayers be reimbursed for the cost of large projects."
Baghdad had a $29 billion budget surplus between 2005 to 2007. With the price of crude roughly doubling in the past year, Iraq's surplus for 2008 is expected to run between $38 billion and $50 billion, according to a report from the U.S. Government Accountability Office.
The United States has put about $48 billion toward reconstruction since the 2003 invasion of Iraq, auditors reported. About $23 billion of that was spent on the oil and electricity industries, water systems and security.
Iraq spent $3.9 billion on those sectors from 2005 through April 2008, according to the GAO, the investigative arm of Congress. The ongoing fighting there, a shortage of trained staff and weak controls have made it difficult for the Iraqi government to spend its surplus on needed projects, the agency's report concluded.
Levin, a Michigan Democrat, has been an outspoken critic of the slow progress of reconstruction and an advocate of a U.S. withdrawal from Iraq. His criticism Tuesday was echoed by Sen. John Warner, a Virginia Republican who is the former chairman and now a leading member of Levin's committee.[more]
http://www.cnn.com/2008/POLITICS/08/05/iraq.oil/index.html
Iraq's oil-fueled surplus could hit $80 billion, report says
- U.S. lawmakers upset over surplus, noting Washington is footing reconstruction
U.S. taxpayers should be reimbursed, senator says
Report says Iraq's budget surplus from 2005 to 2008 could hit $80 billion
Leading members of Congress, noting that Washington is paying for reconstruction in Iraq, expressed outrage at the assessment. One called the findings "inexcusable."
"We should not be paying for Iraqi projects while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4-a-gallon gas prices in the U.S.," said Sen. Carl Levin, the chairman of the Senate Armed Services Committee. "We should require that U.S. taxpayers be reimbursed for the cost of large projects."
Baghdad had a $29 billion budget surplus between 2005 to 2007. With the price of crude roughly doubling in the past year, Iraq's surplus for 2008 is expected to run between $38 billion and $50 billion, according to a report from the U.S. Government Accountability Office.
The United States has put about $48 billion toward reconstruction since the 2003 invasion of Iraq, auditors reported. About $23 billion of that was spent on the oil and electricity industries, water systems and security.
Iraq spent $3.9 billion on those sectors from 2005 through April 2008, according to the GAO, the investigative arm of Congress. The ongoing fighting there, a shortage of trained staff and weak controls have made it difficult for the Iraqi government to spend its surplus on needed projects, the agency's report concluded.
Levin, a Michigan Democrat, has been an outspoken critic of the slow progress of reconstruction and an advocate of a U.S. withdrawal from Iraq. His criticism Tuesday was echoed by Sen. John Warner, a Virginia Republican who is the former chairman and now a leading member of Levin's committee.[more]
http://www.cnn.com/2008/POLITICS/08/05/iraq.oil/index.html
It would appear that Congress is begining to sound like the American taxpayers yelling at Washington DC politicians. How ironic it would be if Iran gave some back with their left hand and utilized their right hand to dig even deeper into our pockets. It almost sounds poetic ! Geeeez ! :notrust:
nnuut
Moderator | TSP Legend
Gas prices fall for 20th day
Average price of gasoline down more than 25 cents a gallon from record high.
Last Updated: August 6, 2008: 8:49 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices fell for the 20th straight day, pushing the nationwide average down more than 25 cents, according to a survey of gas station credit card swipes released Wednesday.
Regular unleaded gas fell 0.9 cent to a nationwide average of $3.862 a gallon, said motorist advocacy group AAA.
Prices hit a record high of $4.114 at the pump on July 16. Since then, gasoline - and the future contracts of crude oil - have declined on signs that high prices have caused Americans to consume less.
Still, the price of a gallon of regular gas remains more than $1 higher than it was a year ago.
Ethanol.[more]
http://money.cnn.com/2008/08/06/news/economy/fuel/index.htm?cnn=yes
Average price of gasoline down more than 25 cents a gallon from record high.
Last Updated: August 6, 2008: 8:49 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices fell for the 20th straight day, pushing the nationwide average down more than 25 cents, according to a survey of gas station credit card swipes released Wednesday.
Regular unleaded gas fell 0.9 cent to a nationwide average of $3.862 a gallon, said motorist advocacy group AAA.
Prices hit a record high of $4.114 at the pump on July 16. Since then, gasoline - and the future contracts of crude oil - have declined on signs that high prices have caused Americans to consume less.
Still, the price of a gallon of regular gas remains more than $1 higher than it was a year ago.
Ethanol.[more]
http://money.cnn.com/2008/08/06/news/economy/fuel/index.htm?cnn=yes
Buster
Well-known member
They (Iraq) need to just pay off our war debt...I know, (before anybody gets rightious) that no one can ever pay back the loss of 4000 lives of our GI's, but at least IMO, the effort wasn't invane, as Iraq is somewhat democratic and heading stronger in that direction....Folks, Just leave at that...I'm in no mood to debate the GD war there..
WE WAN'T OUR MONEY BACK!!!!!!!!!!
Iraq's oil-fueled surplus could hit $80 billion, report says
- U.S. lawmakers upset over surplus, noting Washington is footing reconstruction
U.S. taxpayers should be reimbursed, senator says
Report says Iraq's budget surplus from 2005 to 2008 could hit $80 billionWASHINGTON (CNN) -- Iraq is raking in more money from oil exports than it is spending, amassing a projected four-year budget surplus of up to $80 billion, U.S. auditors reported Tuesday.
Sen. Carl Levin says the U.S. shouldn't "be paying for Iraqi projects while oil revenues continue to pile up."
Leading members of Congress, noting that Washington is paying for reconstruction in Iraq, expressed outrage at the assessment. One called the findings "inexcusable."
"We should not be paying for Iraqi projects while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4-a-gallon gas prices in the U.S.," said Sen. Carl Levin, the chairman of the Senate Armed Services Committee. "We should require that U.S. taxpayers be reimbursed for the cost of large projects."
Baghdad had a $29 billion budget surplus between 2005 to 2007. With the price of crude roughly doubling in the past year, Iraq's surplus for 2008 is expected to run between $38 billion and $50 billion, according to a report from the U.S. Government Accountability Office.
The United States has put about $48 billion toward reconstruction since the 2003 invasion of Iraq, auditors reported. About $23 billion of that was spent on the oil and electricity industries, water systems and security.
Iraq spent $3.9 billion on those sectors from 2005 through April 2008, according to the GAO, the investigative arm of Congress. The ongoing fighting there, a shortage of trained staff and weak controls have made it difficult for the Iraqi government to spend its surplus on needed projects, the agency's report concluded.
Levin, a Michigan Democrat, has been an outspoken critic of the slow progress of reconstruction and an advocate of a U.S. withdrawal from Iraq. His criticism Tuesday was echoed by Sen. John Warner, a Virginia Republican who is the former chairman and now a leading member of Levin's committee.[more]
http://www.cnn.com/2008/POLITICS/08/05/iraq.oil/index.html
nnuut
Moderator | TSP Legend
Oil prices on hold, awaiting supply data
Futures hover at a 3-month low. Market expects drawdowns in crude, gasoline stockpiles.
By Catherine Clifford, CNNMoney.com staff writer
August 6, 2008: 9:27 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices hung around $119 a barrel Wednesday ahead of the government's weekly supply report.
U.S. crude for September delivery rose 7 cents to $119.24 in electronic trading. On Tuesday, crude futures closed more than $2 lower at $119.17, which was the lowest closing price for oil since May 2, when oil settled at $116.32.
Weekly supply report. Due to concern about slumping demand, oil prices have fallen more than $28 from the record high of $147.27 set July 11.
Investors look to the U.S. Energy Information Administration's weekly energy report for existing inventory levels as a gauge of energy demand.
"The report gives up an indication on both supply and demand, and a lot of the selloff in the past couple of weeks is on expectation that we will see inventories rebuild and a sluggish demand pattern continue," said Andrew Lebow, an energy analyst at MF Global in New York.
Analysts were looking for crude inventories to be down by 1.2 million barrels in the week ended Aug. 1, according to a survey from Platts, an energy research firm. Gasoline inventories were expected to fall 1.4 million barrels. Supplies of distillates - which are used to make heating oil and diesel fuel - were expected to rise by 2.3 million barrels.
Refineries, which process crude oil, were expected to have run at 87% capacity, down from 87.2% the previous week.
Change in market sentiment.[more]
http://money.cnn.com/2008/08/06/markets/oil/index.htm?postversion=2008080609
Futures hover at a 3-month low. Market expects drawdowns in crude, gasoline stockpiles.
By Catherine Clifford, CNNMoney.com staff writer
August 6, 2008: 9:27 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices hung around $119 a barrel Wednesday ahead of the government's weekly supply report.
U.S. crude for September delivery rose 7 cents to $119.24 in electronic trading. On Tuesday, crude futures closed more than $2 lower at $119.17, which was the lowest closing price for oil since May 2, when oil settled at $116.32.
Weekly supply report. Due to concern about slumping demand, oil prices have fallen more than $28 from the record high of $147.27 set July 11.
Investors look to the U.S. Energy Information Administration's weekly energy report for existing inventory levels as a gauge of energy demand.
"The report gives up an indication on both supply and demand, and a lot of the selloff in the past couple of weeks is on expectation that we will see inventories rebuild and a sluggish demand pattern continue," said Andrew Lebow, an energy analyst at MF Global in New York.
Analysts were looking for crude inventories to be down by 1.2 million barrels in the week ended Aug. 1, according to a survey from Platts, an energy research firm. Gasoline inventories were expected to fall 1.4 million barrels. Supplies of distillates - which are used to make heating oil and diesel fuel - were expected to rise by 2.3 million barrels.
Refineries, which process crude oil, were expected to have run at 87% capacity, down from 87.2% the previous week.
Change in market sentiment.[more]
http://money.cnn.com/2008/08/06/markets/oil/index.htm?postversion=2008080609
nnuut
Moderator | TSP Legend
BREAKING
NEWS
Oil turns lower after government reports a surprise jump in crude inventories and a bigger-than-expected drop in gas supplies.
http://money.cnn.com/?cnn=yes
NEWS
Oil turns lower after government reports a surprise jump in crude inventories and a bigger-than-expected drop in gas supplies.
http://money.cnn.com/?cnn=yes
nnuut
Moderator | TSP Legend
Oil eases on supply data
Crude futures off their highs after the government's weekly energy report shows crude inventories rose more than expected.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: August 6, 2008: 10:45 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices eased from their highs Wednesday after the government reported a surprise increase in crude inventories last week.
U.S. light sweet crude for September delivery rose 48 cents to $119.65 a barrel. Just before the Energy Information Administration released its report, oil was up $1.11 at $120.28.
Crude oil inventories climbed by 1.7 million barrels in the week ended Aug. 1. Analysts forecast a loss of 1.2 million barrels according a survey from Platts, an energy research firm.
Gasoline inventories fell by 4.4 million barrels last week, which was a much greater loss than the 1.4 million that economists were expecting.
Inventories of distillate fuel - used for heating oil and diesel - rose by 2.8 million barrels last week, slightly more than the 2.3 million barrel build in supplies that analysts were predicting.
http://money.cnn.com/2008/08/06/markets/oil/index.htm?postversion=2008080610
Crude futures off their highs after the government's weekly energy report shows crude inventories rose more than expected.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: August 6, 2008: 10:45 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices eased from their highs Wednesday after the government reported a surprise increase in crude inventories last week.
U.S. light sweet crude for September delivery rose 48 cents to $119.65 a barrel. Just before the Energy Information Administration released its report, oil was up $1.11 at $120.28.
Crude oil inventories climbed by 1.7 million barrels in the week ended Aug. 1. Analysts forecast a loss of 1.2 million barrels according a survey from Platts, an energy research firm.
Gasoline inventories fell by 4.4 million barrels last week, which was a much greater loss than the 1.4 million that economists were expecting.
Inventories of distillate fuel - used for heating oil and diesel - rose by 2.8 million barrels last week, slightly more than the 2.3 million barrel build in supplies that analysts were predicting.
http://money.cnn.com/2008/08/06/markets/oil/index.htm?postversion=2008080610
luv2read
Active member
Where's the surprise? USA demand is down, China demand is down...what the heck is surprising that inventories would be up with China not buying the extra that the USA isn't using? Besides that, most of the non-government reports I read forecast an increase not a lossi n inventory , so I don't know what analysts Platts polled for their projected loss. Probably government analysts.Oil eases on supply data
Crude futures off their highs after the government's weekly energy report shows crude inventories rose more than expected.
NEW YORK (CNNMoney.com) -- Oil prices eased from their highs Wednesday after the government reported a surprise increase in crude inventories last week.
Crude oil inventories climbed by 1.7 million barrels in the week ended Aug. 1. Analysts forecast a loss of 1.2 million barrels according a survey from Platts, an energy research firm.
Gasoline inventories fell by 4.4 million barrels last week, which was a much greater loss than the 1.4 million that economists were expecting.
Inventories of distillate fuel - used for heating oil and diesel - rose by 2.8 million barrels last week, slightly more than the 2.3 million barrel build in supplies that analysts were predicting.
http://money.cnn.com/2008/08/06/markets/oil/index.htm?postversion=2008080610
Drop in gasoline inventories was probably due to distributors taking deliveries and selling overseas, not any increase in demand/use by USA drivers because of a paltry few pennies drop in price.
nnuut
Moderator | TSP Legend
I was thinking the same thing, that's why I'm still in 100% because I knew inventories should be up today!!:suspicious:
nnuut
Moderator | TSP Legend
I wish it would drive a little faster!! :nuts:NYMEX Light Sweet Crude
12:04.......$117.80..........-1.37
Lookin' GOOD, comon down!! Driving up the Markets
luv2read
Active member
Put some high octane in those tanks and the pedal to the metal!
:nuts:
Silverbird
Well-known member
The local gas station and you are always the last to get any benefit. Gas stations are told by their suppliers what price to sell at. It doesn't always roll down to us. :notrust:
nnuut
Moderator | TSP Legend
The dollar on the comeback trail
Even though the Fed's inflation talk wasn't as tough as some had hoped, the greenback is rallying against the euro. And it could strengthen even more.
By Paul R. La Monica, CNNMoney.com editor at large
Last Updated: August 6, 2008: 1:57 PM EDT
The dollar (in yellow) has strengthened against a basket of global currencies in the past month as oil prices (in blue) have fallen.
NEW YORK (CNNMoney.com) -- The Federal Reserve sent a strong signal to the markets on Tuesday that it would not be raising rates anytime soon, and you'd think that would spell disaster for the dollar.
Low rates in the United States versus Europe push funds into the euro and out of the dollar.
Yet, the dollar was up against the euro and yen on Wednesday, and even hit a seven-week high against the euro and seven-month high against the yen. The dollar has gained nearly 4% since hitting an all-time low against the euro last month.
To quote Lewis Carroll's Alice, "Curioser and curioser!"
So can the greenback continue its little rally? Some experts think that will be the case. And there are two good reasons.
One is that there are growing signs of global economic weakness and easing inflation - both of which should keep the dollar from falling.
Most important on that score is that oil prices are finally falling. The weak dollar had been one factor in rising oil prices. But now that oil prices are on the decline, inflation pressures are easing somewhat.
"The reason oil prices have been high is that as the dollar has weakened, oil producers have had to mark their prices up so that profits don't deteriorate," said Arun Raha, senior economist with Swiss Re.[more]
http://money.cnn.com/2008/08/06/markets/thebuzz/index.htm?postversion=2008080613
Even though the Fed's inflation talk wasn't as tough as some had hoped, the greenback is rallying against the euro. And it could strengthen even more.
By Paul R. La Monica, CNNMoney.com editor at large
Last Updated: August 6, 2008: 1:57 PM EDT
NEW YORK (CNNMoney.com) -- The Federal Reserve sent a strong signal to the markets on Tuesday that it would not be raising rates anytime soon, and you'd think that would spell disaster for the dollar.
Low rates in the United States versus Europe push funds into the euro and out of the dollar.
Yet, the dollar was up against the euro and yen on Wednesday, and even hit a seven-week high against the euro and seven-month high against the yen. The dollar has gained nearly 4% since hitting an all-time low against the euro last month.
To quote Lewis Carroll's Alice, "Curioser and curioser!"
So can the greenback continue its little rally? Some experts think that will be the case. And there are two good reasons.
One is that there are growing signs of global economic weakness and easing inflation - both of which should keep the dollar from falling.
Most important on that score is that oil prices are finally falling. The weak dollar had been one factor in rising oil prices. But now that oil prices are on the decline, inflation pressures are easing somewhat.
"The reason oil prices have been high is that as the dollar has weakened, oil producers have had to mark their prices up so that profits don't deteriorate," said Arun Raha, senior economist with Swiss Re.[more]
http://money.cnn.com/2008/08/06/markets/thebuzz/index.htm?postversion=2008080613