nnuut
Moderator | TSP Legend
I told you to be careful with that OIL SLICK!!!!View attachment 4414
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Oil Slick Stuff
- Thread starter nnuut
- Start date
Buster
Well-known member
I take it, that wasn't Sweet Crude:worried:
nnuut
Moderator | TSP Legend
EPA rejects ethanol waiver request
Environmental agency says it will not curtail the government's ethanol production requirement despite request by Texas Gov. Rick Perry.
By David Goldman, CNNMoney.com staff writer
Last Updated: August 7, 2008: 3:59 PM EDT
NEW YORK (CNNMoney.com) -- The U.S. Environmental Protection Agency announced Thursday it will not curtail a rule requiring that ethanol be added to gasoline, turning back a claim that the additive was artificially raising food prices.
Texas Gov. Rick Perry petitioned the EPA in late April to grant a 50% waiver on the nation's Renewable Fuel Standard (RFS), which calls for 9 billion gallons of corn-based ethanol to be added to gasoline supplies this year.
"I am greatly disappointed with the EPA's inability to look past the good intentions of this policy to see the significant harm it is doing to farmers, ranchers and American households," said Perry in a statement. "For the EPA to assert that this federal mandate is not affecting food prices not only goes against common sense, but every American's grocery bill."
After a weeks-long delay in its ruling, EPA Administrator Stephen Johnson said the government agency denied the waiver request because it did not find that the RFS caused "severe economic harm."
"The EPA's professional staff conducted a detailed analysis ... and found that the Renewable Fuel Standard mandate is not causing severe economic harm, but rather strengthening the nation's energy security and farm communities," Johnson said on a conference call with reporters.
The EPA held a period of public comment about the standard in June and received over 15,000 comments, according to the government body. Though many came out in favor of the standard, others said the RFS will contribute to a sharp rise in food prices if not reduced.
"Rising food prices are a problem, and as a nation we must work together on these challenges," said Johnson. "But is that the result of the RFS mandate, and are those price increases meeting the statutory requirement of severe detriment to the economy? That answer is no."
The EPA acknowledged that the RFS has resulted in a rise in corn feed prices, but said the mandate has only added 7 cents to each bushel.
But Gov. Perry said the RFS has put undue pressure on the already struggling livestock business.
"Denying Texas' request is a mistake that will only increase the already heavy financial burden on families while doing even more harm to the livestock industry," said Perry. "Any government mandate that artificially props-up a single industry to the detriment of millions of Americans is bad public policy."
Good intentions harming economy?[more]
http://money.cnn.com/2008/08/07/news/economy/ethanol/index.htm?cnn=yes
Environmental agency says it will not curtail the government's ethanol production requirement despite request by Texas Gov. Rick Perry.
By David Goldman, CNNMoney.com staff writer
Last Updated: August 7, 2008: 3:59 PM EDT
NEW YORK (CNNMoney.com) -- The U.S. Environmental Protection Agency announced Thursday it will not curtail a rule requiring that ethanol be added to gasoline, turning back a claim that the additive was artificially raising food prices.
Texas Gov. Rick Perry petitioned the EPA in late April to grant a 50% waiver on the nation's Renewable Fuel Standard (RFS), which calls for 9 billion gallons of corn-based ethanol to be added to gasoline supplies this year.
"I am greatly disappointed with the EPA's inability to look past the good intentions of this policy to see the significant harm it is doing to farmers, ranchers and American households," said Perry in a statement. "For the EPA to assert that this federal mandate is not affecting food prices not only goes against common sense, but every American's grocery bill."
After a weeks-long delay in its ruling, EPA Administrator Stephen Johnson said the government agency denied the waiver request because it did not find that the RFS caused "severe economic harm."
"The EPA's professional staff conducted a detailed analysis ... and found that the Renewable Fuel Standard mandate is not causing severe economic harm, but rather strengthening the nation's energy security and farm communities," Johnson said on a conference call with reporters.
The EPA held a period of public comment about the standard in June and received over 15,000 comments, according to the government body. Though many came out in favor of the standard, others said the RFS will contribute to a sharp rise in food prices if not reduced.
"Rising food prices are a problem, and as a nation we must work together on these challenges," said Johnson. "But is that the result of the RFS mandate, and are those price increases meeting the statutory requirement of severe detriment to the economy? That answer is no."
The EPA acknowledged that the RFS has resulted in a rise in corn feed prices, but said the mandate has only added 7 cents to each bushel.
But Gov. Perry said the RFS has put undue pressure on the already struggling livestock business.
"Denying Texas' request is a mistake that will only increase the already heavy financial burden on families while doing even more harm to the livestock industry," said Perry. "Any government mandate that artificially props-up a single industry to the detriment of millions of Americans is bad public policy."
Good intentions harming economy?[more]
http://money.cnn.com/2008/08/07/news/economy/ethanol/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
Oil sinks as dollar hits 5-month high
Crude prices returned near three-month lows after the dollar rose on a slumping global economy.
By David Goldman, CNNMoney.com staff writer
Last Updated: August 8, 2008: 8:18 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices fell Friday as the dollar rallied strongly against slumping foreign currencies.
Light, sweet crude oil for September delivery fell $2 to $118.02 on electronic trading on the New York Mercantile Exchange.
Crude reversed course after settling higher Thursday, following decisions by the European Central Bank and the Bank of England to hold key interest rates steady. ECB President Jean-Claude Trichet said the decision to keep rates at 4.25% came as inflation remains a concern, though the European economic growth outlook was gloomy.
"Looking ahead, based on the current prices for futures commodities, the ... annual inflation rate is likely to remain well above a level consistent" with the bank's goal "for quite some time," Trichet said.[more]
http://money.cnn.com/2008/08/08/markets/oil/index.htm?postversion=2008080808
Crude prices returned near three-month lows after the dollar rose on a slumping global economy.
By David Goldman, CNNMoney.com staff writer
Last Updated: August 8, 2008: 8:18 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices fell Friday as the dollar rallied strongly against slumping foreign currencies.
Light, sweet crude oil for September delivery fell $2 to $118.02 on electronic trading on the New York Mercantile Exchange.
Crude reversed course after settling higher Thursday, following decisions by the European Central Bank and the Bank of England to hold key interest rates steady. ECB President Jean-Claude Trichet said the decision to keep rates at 4.25% came as inflation remains a concern, though the European economic growth outlook was gloomy.
"Looking ahead, based on the current prices for futures commodities, the ... annual inflation rate is likely to remain well above a level consistent" with the bank's goal "for quite some time," Trichet said.[more]
http://money.cnn.com/2008/08/08/markets/oil/index.htm?postversion=2008080808
nnuut
Moderator | TSP Legend
Will WAR between Russia and Georgia Effect the price of OIL? DUH!:worried:
http://www.cnn.com/2008/WORLD/europe/08/08/georgia.ossetia/index.html
http://www.cnn.com/2008/WORLD/europe/08/08/georgia.ossetia/index.html
nnuut
Moderator | TSP Legend
The Light Sweet Stuff @ $116.39!!!!!! Comon break below $116 and we're off to the ---- the races!!View attachment 4416
Last edited:
nnuut
Moderator | TSP Legend
Chart keeps touching $116 but can't stay below, I see twice, it might hold on the 4th try? They say it works that way sometimes.:laugh: Whoever they are?:blink:
luv2read
Active member
Ah...the anonymous "they." Could "they" be "not me's" siblings? :laugh:
Aviator_Guy
Member
If oil gets down to $100.00, I might start driving my 4x4 more and my Prius less!
Buster
Well-known member
Ain't deterred me and my HUMMER..still getting 19 to MPG and enjoying every mile... Maybe behind closed doors..the Auto maker guys are talking to the Oil maker guys and saying things like; "Dudes..you're killin us.."
Frixxxx
Moderator
nnuut
Moderator | TSP Legend
Thanks Dennis now the Markets are ready to take the next step up and finish well!!!
Oh I get $115.20!!
nnuut
Moderator | TSP Legend
Broke past $116 dats Good!
AP
Oil sinks on stronger dollar to $115 a barrel
Friday August 8, 3:37 pm ET
By Madlen Read, AP Business Writer
Oil plummets as dollar's jump, signs of slowing growth offset concerns about Turkish pipeline
NEW YORK (AP) -- Oil prices dove to $115 a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating fuel demand around the world and the growing belief in the markets that commodities may have peaked.
Shrugging off concerns about a sabotaged oil pipeline in Turkey, investors pulled their money out of commodities and put it back into stocks -- driving the Dow Jones industrial average up more than 300 points.
With energy losing its luster in the marketplace, the cost of roadside gasoline has been creeping down. The average retail price for a gallon of gasoline slipped to $3.836 Friday. That's down about a penny from Thursday, and down nearly 28 cents from the record high of $4.114 reached July 17.
"We're probably going to see gasoline at the retail level around $3.50 for Labor Day," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
Light, sweet crude for September delivery slumped $4.82 to settle at $115.20 a barrel on the New York Mercantile Exchange. During trading, it dipped as low as $114.90. Prices for gasoline, heating oil and natural gas also dropped.
Many analysts have pointed to the $117-a-barrel mark for crude oil as technically significant -- a move below this level suggests, they say, that oil's recent slide is more than a brief pullback. Crude peaked at $147.27 on July 11. "You have to remember that this market has baffled anyone who's used fundamentals or charts. But if you're a chartist, today is the death knell for the possibility of new highs in the marketplace," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.[more] http://biz.yahoo.com/ap/080808/oil_prices.html
AP
Oil sinks on stronger dollar to $115 a barrel
Friday August 8, 3:37 pm ET
By Madlen Read, AP Business Writer
Oil plummets as dollar's jump, signs of slowing growth offset concerns about Turkish pipeline
NEW YORK (AP) -- Oil prices dove to $115 a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating fuel demand around the world and the growing belief in the markets that commodities may have peaked.
Shrugging off concerns about a sabotaged oil pipeline in Turkey, investors pulled their money out of commodities and put it back into stocks -- driving the Dow Jones industrial average up more than 300 points.
With energy losing its luster in the marketplace, the cost of roadside gasoline has been creeping down. The average retail price for a gallon of gasoline slipped to $3.836 Friday. That's down about a penny from Thursday, and down nearly 28 cents from the record high of $4.114 reached July 17.
"We're probably going to see gasoline at the retail level around $3.50 for Labor Day," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
Light, sweet crude for September delivery slumped $4.82 to settle at $115.20 a barrel on the New York Mercantile Exchange. During trading, it dipped as low as $114.90. Prices for gasoline, heating oil and natural gas also dropped.
Many analysts have pointed to the $117-a-barrel mark for crude oil as technically significant -- a move below this level suggests, they say, that oil's recent slide is more than a brief pullback. Crude peaked at $147.27 on July 11. "You have to remember that this market has baffled anyone who's used fundamentals or charts. But if you're a chartist, today is the death knell for the possibility of new highs in the marketplace," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.[more] http://biz.yahoo.com/ap/080808/oil_prices.html