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Oil Slick Stuff
- Thread starter nnuut
- Start date
nnuut
Moderator | TSP Legend
Gas prices fall for sixth straight day
As Tropical Storm Hanna makes landfall, gasoline prices drop for the sixth day in a row.
September 6, 2008: 8:08 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices eased for the sixth straight day, even as Tropical Storm hit the Carolinas, according to a nationwide survey of gas station credit card swipes.
The average price of regular unleaded gasoline fell 0.4 cents to $3.670 a gallon from $3.674 a day earlier, motorist group AAA said Saturday.
Gas prices were slightly higher in the Carolinas, as Hanna made landfall on the coast causing some minor flooding. Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was found in Delaware and New Jersey, where prices averaged $3.451 a gallon.
Declining oil prices have helped keep gas prices in check. Also, Americans cut back on driving during the typically heavy traffic summer months. In fact, demand for gas dropped off by 3% to 4% during the June-to-August period and driving decreased during the same time frame. It remains to be seen whether the trend will hold.
Crude prices have trended lower amid heightened concern about weakening demand. Crude futures for October delivery fell below $108 a barrel on Thursday as investors appeared to shrug off a surprise drop in the nation's crude supplies. Crude prices settled down $1.66 to $106.23 on Friday, capping off a week of declines that totaled $9.23. It was the lowest settlement price since April 3, when crude settled at $103.83 a barrel.
Meanwhile, Gas has fallen about 44 cents from the record high average of $4.114 that AAA reported on July 17, but they are still 87 cents above last year's Sept. 4 prices.
http://money.cnn.com/2008/09/06/news/economy/gas_prices/index.htm?postversion=2008090608
As Tropical Storm Hanna makes landfall, gasoline prices drop for the sixth day in a row.
September 6, 2008: 8:08 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices eased for the sixth straight day, even as Tropical Storm hit the Carolinas, according to a nationwide survey of gas station credit card swipes.
The average price of regular unleaded gasoline fell 0.4 cents to $3.670 a gallon from $3.674 a day earlier, motorist group AAA said Saturday.
Gas prices were slightly higher in the Carolinas, as Hanna made landfall on the coast causing some minor flooding. Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was found in Delaware and New Jersey, where prices averaged $3.451 a gallon.
Declining oil prices have helped keep gas prices in check. Also, Americans cut back on driving during the typically heavy traffic summer months. In fact, demand for gas dropped off by 3% to 4% during the June-to-August period and driving decreased during the same time frame. It remains to be seen whether the trend will hold.
Crude prices have trended lower amid heightened concern about weakening demand. Crude futures for October delivery fell below $108 a barrel on Thursday as investors appeared to shrug off a surprise drop in the nation's crude supplies. Crude prices settled down $1.66 to $106.23 on Friday, capping off a week of declines that totaled $9.23. It was the lowest settlement price since April 3, when crude settled at $103.83 a barrel.
Meanwhile, Gas has fallen about 44 cents from the record high average of $4.114 that AAA reported on July 17, but they are still 87 cents above last year's Sept. 4 prices.
http://money.cnn.com/2008/09/06/news/economy/gas_prices/index.htm?postversion=2008090608
nnuut
Moderator | TSP Legend
I wonder where Hugo got all this money to buy a Navy, Submarines, Fighters, a war machine? Now we have the Russians in the Americas. Want some cheap gas Gringos?:nuts: NO NO CITGO!
Venezuela plans Russia navy visit
The exercises will be the first of their kind in the region
Venezuela says it plans to hold joint naval exercises in its territorial waters with Russian forces in November.
A senior Venezuelan naval officer said four Russian ships would take part in the exercises, which would also involve Venezuelan aircraft and submarines.
Correspondents say the move is likely to raise concern in the US, whose relations with Russia have been soured by Moscow's recent conflict in Georgia.
Washington already has rocky relations with Venezuela's President Hugo Chavez.
In July, he called for a strategic alliance with Russia to protect Venezuela from the US.
Caracas and Moscow agreed to extend bilateral co-operation on energy, with three Russian energy companies to be allowed to operate in Venezuela.
Regional first
On Saturday, Venezuela's Rear Admiral Salbatore Cammarata Bastidas said four Russian ships and 1,000 Russian troops would take part in exercises in Venezuelan territorial waters from 10 to 14 November.
"This is of great importance because it is the first time it is being done (in the Americas)," he said in a statement quoted by the AFP news agency and local media.
President Chavez supported Russia's intervention in Georgia last month and has accused Washington of being scared of Moscow's "new world potential".
Earlier, US Vice-President Dick Cheney launched a furious attack on Russia over the recent conflict in the Caucasus. Mr Cheney described Moscow's actions against Georgia as an affront to civilised standards and said it was reverting back to old Soviet tactics of intimidation and the use of brute force. He added that Russia was also seeking to use its energy resources as a weapon.
More on Venezuelan President Hugo Chavez http://news.bbc.co.uk/2/hi/americas/7602530.stm
Venezuela plans Russia navy visit
Venezuela says it plans to hold joint naval exercises in its territorial waters with Russian forces in November.
A senior Venezuelan naval officer said four Russian ships would take part in the exercises, which would also involve Venezuelan aircraft and submarines.
Correspondents say the move is likely to raise concern in the US, whose relations with Russia have been soured by Moscow's recent conflict in Georgia.
Washington already has rocky relations with Venezuela's President Hugo Chavez.
In July, he called for a strategic alliance with Russia to protect Venezuela from the US.
Caracas and Moscow agreed to extend bilateral co-operation on energy, with three Russian energy companies to be allowed to operate in Venezuela.
Regional first
On Saturday, Venezuela's Rear Admiral Salbatore Cammarata Bastidas said four Russian ships and 1,000 Russian troops would take part in exercises in Venezuelan territorial waters from 10 to 14 November.
"This is of great importance because it is the first time it is being done (in the Americas)," he said in a statement quoted by the AFP news agency and local media.
President Chavez supported Russia's intervention in Georgia last month and has accused Washington of being scared of Moscow's "new world potential".
Earlier, US Vice-President Dick Cheney launched a furious attack on Russia over the recent conflict in the Caucasus. Mr Cheney described Moscow's actions against Georgia as an affront to civilised standards and said it was reverting back to old Soviet tactics of intimidation and the use of brute force. He added that Russia was also seeking to use its energy resources as a weapon.
More on Venezuelan President Hugo Chavez http://news.bbc.co.uk/2/hi/americas/7602530.stm
Last edited:
JTH
Well-known member
We are still hovering at 3.53 here, how much of a drop did you see?
nnuut
Moderator | TSP Legend
Gas prices ease for 8th straight day
Prices edge lower even as Tropical Storm Hanna dumped heavy rain up and down the east coast. Prices remain 83 cents above year-ago levels.
Last Updated: September 8, 2008: 6:18 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices continued to decline, easing for the eighth straight day, as Tropical Storm Hanna dumped heavy rain on the entire eastern coast of the United States, according to a nationwide survey of gas station credit card swipes.
The average price of regular unleaded gasoline fell 0.7 cents to $3.658 a gallon from $3.665 a day earlier, motorist group AAA said Monday.
With Hanna gone, Hurricane Ike is now front and center and on a path toward the Gulf of Mexico. The Category 2 storm could regain strength as it heads toward the Texas/Louisiana border, according to the latest hurricane center track map. Gas prices eased in both those states. Prices also slipped in the Carolinas and Georgia.
Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was now found in New Jersey, where prices averaged $3.431 a gallon.
Crude prices have trended lower amid heightened concern about weakening demand. Last week, oil prices fell to their lowest level in five months. Worries about Ike pushed prices up early Monday. Crude futures for October delivery rose $1.10 a barrel to $107.33.
Meanwhile, Gas has fallen about 46 cents from the record high average of $4.114 that AAA reported on July 17, but they are still 83 cents above this time last year.
Also, Americans had cut back on driving during the typically heavy traffic summer months. In fact, demand for gas dropped off by 3% to 4% during the June-to-August period and driving decreased during the same time frame. It remains to be seen whether the trend will hold. http://money.cnn.com/2008/09/08/news/economy/gas_prices/index.htm?cnn=yes
Prices edge lower even as Tropical Storm Hanna dumped heavy rain up and down the east coast. Prices remain 83 cents above year-ago levels.
Last Updated: September 8, 2008: 6:18 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices continued to decline, easing for the eighth straight day, as Tropical Storm Hanna dumped heavy rain on the entire eastern coast of the United States, according to a nationwide survey of gas station credit card swipes.
The average price of regular unleaded gasoline fell 0.7 cents to $3.658 a gallon from $3.665 a day earlier, motorist group AAA said Monday.
With Hanna gone, Hurricane Ike is now front and center and on a path toward the Gulf of Mexico. The Category 2 storm could regain strength as it heads toward the Texas/Louisiana border, according to the latest hurricane center track map. Gas prices eased in both those states. Prices also slipped in the Carolinas and Georgia.
Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was now found in New Jersey, where prices averaged $3.431 a gallon.
Crude prices have trended lower amid heightened concern about weakening demand. Last week, oil prices fell to their lowest level in five months. Worries about Ike pushed prices up early Monday. Crude futures for October delivery rose $1.10 a barrel to $107.33.
Meanwhile, Gas has fallen about 46 cents from the record high average of $4.114 that AAA reported on July 17, but they are still 83 cents above this time last year.
Also, Americans had cut back on driving during the typically heavy traffic summer months. In fact, demand for gas dropped off by 3% to 4% during the June-to-August period and driving decreased during the same time frame. It remains to be seen whether the trend will hold.
http://money.cnn.com/2008/09/08/news/economy/gas_prices/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
AP
Oil rises in Asia as Ike threatens Gulf of Mexico
Monday September 8, 6:56 am ET
By Adam Schreck, AP Business Writer Oil rises as Hurricane Ike threatens oil operations in Gulf; traders eye OPEC meeting
DUBAI, United Arab Emirates (AP) -- Oil prices rose Monday as Hurricane Ike took aim at the Gulf of Mexico, delaying efforts to bring oil and gas production back online, and Iran's oil minister said he thinks there is too much crude on the market.
The week's early gains came as OPEC oil ministers gathered in Vienna, Austria, to decide whether to trim production in a bid to stall oil's recent slide, which has seen prices tumble more than 25 percent from their July high.
Light, sweet crude for October delivery rose $1.05 to $107.28 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Dubai. The contract fell Friday by $1.66 to settle at $106.23.
Traders were keeping a close watch on the movement of Hurricane Ike, which bore down on Cuba as it made its way to the Gulf of Mexico.
Nearly 80 percent of U.S. oil production and 70 percent of natural gas production in the Gulf remained halted Sunday following evacuations in preparation for Hurricane Gustav, according to the U.S. Minerals Management Service.
"It is still too early to celebrate the passing of Gustav, as Hurricane Ike could reach the Gulf of Mexico by the end of this week," analysts at Vienna-based JBC Energy said in a note to investors.
Ike's advance left rig operators questioning whether to resume production.
Early Monday, the storm was a Category 3 hurricane with sustained winds near 120 mph (193 kph), located about 30 miles (48.3 kilometers) east of Punto de Sama on eastern Cuba's coast, and moving west at 14 mph (22.5 kph). It was forecast to track over Cuba, re-emerging over the island's western coast Tuesday morning about 100 miles south of Key West as a Category 1.
Royal Dutch Shell said it would keep staffing at its offshore Gulf installations, which it reduced ahead of Gustav last week, to a minimum as it monitors Ike.
"Companies are caught between restarting production after Gustav and making preparations for Ike," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "These storms are very unpredictable, but Ike's likely movement puts it into the Gulf area."
Investors are also waited to see what action the Organization of Petroleum Exporting Countries might take at its next meeting Tuesday. Some members have indicated the cartel may take action to defend the $100 a barrel level.
Iran's oil minister, Gholam Hossein Nozari, said Monday that there is too much crude on the market, adding that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production. The country, OPEC's second-biggest oil producer, has been the most vocal in saying the group should stem global supply.
Crude has plunged about $38, or 26 percent, since surging to a record $147.27 a barrel on July 11.
In other Nymex trading, heating oil futures rose 3.19 cents to $3.0147 a gallon, while gasoline futures jumped 6.64 cents to $2.7525 a gallon. Natural gas for October delivery gained 17.2 cents to $7.621 per 1,000 cubic feet.
In London, October Brent crude rose 84 cents to $105 a barrel on the ICE Futures exchange. Associated Press Writer Alex Kennedy in Singapore contributed to this report.http://biz.yahoo.com/ap/080908/oil_prices.html
Oil rises in Asia as Ike threatens Gulf of Mexico
Monday September 8, 6:56 am ET
By Adam Schreck, AP Business Writer Oil rises as Hurricane Ike threatens oil operations in Gulf; traders eye OPEC meeting
DUBAI, United Arab Emirates (AP) -- Oil prices rose Monday as Hurricane Ike took aim at the Gulf of Mexico, delaying efforts to bring oil and gas production back online, and Iran's oil minister said he thinks there is too much crude on the market.
The week's early gains came as OPEC oil ministers gathered in Vienna, Austria, to decide whether to trim production in a bid to stall oil's recent slide, which has seen prices tumble more than 25 percent from their July high.
Light, sweet crude for October delivery rose $1.05 to $107.28 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Dubai. The contract fell Friday by $1.66 to settle at $106.23.
Traders were keeping a close watch on the movement of Hurricane Ike, which bore down on Cuba as it made its way to the Gulf of Mexico.
Nearly 80 percent of U.S. oil production and 70 percent of natural gas production in the Gulf remained halted Sunday following evacuations in preparation for Hurricane Gustav, according to the U.S. Minerals Management Service.
"It is still too early to celebrate the passing of Gustav, as Hurricane Ike could reach the Gulf of Mexico by the end of this week," analysts at Vienna-based JBC Energy said in a note to investors.
Ike's advance left rig operators questioning whether to resume production.
Early Monday, the storm was a Category 3 hurricane with sustained winds near 120 mph (193 kph), located about 30 miles (48.3 kilometers) east of Punto de Sama on eastern Cuba's coast, and moving west at 14 mph (22.5 kph). It was forecast to track over Cuba, re-emerging over the island's western coast Tuesday morning about 100 miles south of Key West as a Category 1.
Royal Dutch Shell said it would keep staffing at its offshore Gulf installations, which it reduced ahead of Gustav last week, to a minimum as it monitors Ike.
"Companies are caught between restarting production after Gustav and making preparations for Ike," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "These storms are very unpredictable, but Ike's likely movement puts it into the Gulf area."
Investors are also waited to see what action the Organization of Petroleum Exporting Countries might take at its next meeting Tuesday. Some members have indicated the cartel may take action to defend the $100 a barrel level.
Iran's oil minister, Gholam Hossein Nozari, said Monday that there is too much crude on the market, adding that OPEC is reviewing whether supply exceeds demand before deciding whether to cut back production. The country, OPEC's second-biggest oil producer, has been the most vocal in saying the group should stem global supply.
Crude has plunged about $38, or 26 percent, since surging to a record $147.27 a barrel on July 11.
In other Nymex trading, heating oil futures rose 3.19 cents to $3.0147 a gallon, while gasoline futures jumped 6.64 cents to $2.7525 a gallon. Natural gas for October delivery gained 17.2 cents to $7.621 per 1,000 cubic feet.
In London, October Brent crude rose 84 cents to $105 a barrel on the ICE Futures exchange. Associated Press Writer Alex Kennedy in Singapore contributed to this report.http://biz.yahoo.com/ap/080908/oil_prices.html
Frixxxx
Moderator
Same here in So Cal, Inland Empire! But I'm smilin!$3.59 to $3.71 around Central GA!
3 months ago it was $4.11!!!!!!!:blink:
nnuut
Moderator | TSP Legend
Oil churns on sinking demand, Ike
Crude futures gyrate as the market focuses on slumping global demand ahead of the OPEC meeting, but as Hurricane Ike threatens Gulf of Mexico production rigs.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: September 8, 2008: 11:45 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices churned on Monday as the oil market remained focused on slumping global demand ahead of the OPEC meeting in Vienna and as fears mount that Hurricane Ike's course through the Gulf of Mexico will keep oil production shut-in.
"We have really been focusing a lot more on the weakness of the global economy than the losses of crude production," said Andrew Lebow, a broker at MF Global in New York. "The market is showing its inability to stage any rally."
Light, sweet crude oil for October delivery was down 21 cents at $106.02 a barrel, after having jumped as high as $109.89 earlier in the day.
On Friday, oil settled at a five-month low, down $1.66 to $106.23. Oil lost a total of $9.23 a barrel over the week. Friday's close was the lowest settlement price since April 3, when crude settled at $103.83 a barrel.
Ike: Hurricane Ike was downgraded to a Category 2 storm after losing some of its power over Cuba, but not before the storm killed 73 people in Haiti. http://money.cnn.com/2008/09/08/markets/oil/index.htm?postversion=2008090810
Crude futures gyrate as the market focuses on slumping global demand ahead of the OPEC meeting, but as Hurricane Ike threatens Gulf of Mexico production rigs.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: September 8, 2008: 11:45 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices churned on Monday as the oil market remained focused on slumping global demand ahead of the OPEC meeting in Vienna and as fears mount that Hurricane Ike's course through the Gulf of Mexico will keep oil production shut-in.
"We have really been focusing a lot more on the weakness of the global economy than the losses of crude production," said Andrew Lebow, a broker at MF Global in New York. "The market is showing its inability to stage any rally."
Light, sweet crude oil for October delivery was down 21 cents at $106.02 a barrel, after having jumped as high as $109.89 earlier in the day.
On Friday, oil settled at a five-month low, down $1.66 to $106.23. Oil lost a total of $9.23 a barrel over the week. Friday's close was the lowest settlement price since April 3, when crude settled at $103.83 a barrel.
Ike: Hurricane Ike was downgraded to a Category 2 storm after losing some of its power over Cuba, but not before the storm killed 73 people in Haiti. http://money.cnn.com/2008/09/08/markets/oil/index.htm?postversion=2008090810
nnuut
Moderator | TSP Legend
DRILL, DRILL, DRILL!
Congress to revisit fight over offshore oil drilling
From Ted Barrett, Deirdre Walsh, and Kate Bolduan
CNN Washington Bureau
WASHINGTON (CNN) -- Lawmakers return to Capitol Hill on Monday to resume their fight over legislation allowing more offshore oil drilling, in a bid to help relieve sky-high gasoline prices that are hurting the economy and infuriating voters.
Republicans believe offshore oil drilling will be a winning issue for them this fall.
While there were signs of compromise over the August recess, many on Capitol Hill are skeptical a deal can be reached that would send a bill to the president's desk before Election Day.
Aides and congressional members from both parties acknowledge finger-pointing is likely to trump legislative deal-making during the truncated three-week session before lawmakers return home to campaign for re-election.
Democratic leaders in the House and Senate, who long resisted Republican-led calls to lift the ban on offshore oil drilling, changed course over the recess and now say they will push comprehensive energy plans in September that will include expanded drilling.
But Democrats will insist energy bills also include their own priorities, such as repealing tax breaks for big oil companies, something many Republicans oppose.
"If this is going to be a fig leaf, a political document, then it's doomed to failure at the end of the day," Rep. Doc Hastings, R-Washington, said Friday about the package being put together by House Speaker Nancy Pelosi, D-California.
Despite a recent dip in prices at the pump, Republicans believe expanded oil drilling remains a potent political issue. They feel emboldened by complaints they heard from constituents over the summer break, and they are convinced their August protest sessions on the House floor helped draw attention to a lack of congressional action on energy policy.
Republicans also expect a boost from their vice presidential candidate, Alaska Gov. Sarah Palin, a strong advocate of drilling. Delegates at the Republican National convention last week showed their fervor for drilling by punctuating speeches with chants of "drill, baby, drill."
Republicans believe Democrats are underestimating the political importance voters give the issue. They point to Sen. Chuck Schumer, D-New York, the head of the Senate Democrats' campaign effort, who was quoted last month in the newspaper Politico, saying the drilling issue had "peaked" for voters.
Pelosi plans to unveil her bill by the end of the week, her office said. In addition to allowing limited drilling on the Outer Continental Shelf, the measure is expected to include curbs on market speculators, and provisions promoting the use of alternative sources of energy and requiring the release of millions of barrels of oil from the Strategic Oil Reserve.
"Democrats support drilling, but a 'drill only' plan would do nothing but drill deeper and deeper into your wallet," Rep. John Larson, D-Connecticut, said last week.
A bipartisan compromise group in the Senate known as the "Gang of 10" expanded to 16 members over the break. Several more members are expected to join this week, a source involved with the group told CNN. The bill the "gang" is pushing would tie new offshore drilling to $84 billion in investments in conservation and the use of alternative fuels.
Senate Majority Leader Harry Reid, D-Nevada, is working with the group and may link its bill to a package of tax breaks for producers of wind, solar, and other alternative fuels, an aide to the senator said.
Senate Republicans are wary of Reid because they don't think he will allow votes on their amendments, something they will insist upon, even if the bill includes provisions they support, like offshore drilling, a Senate Republican leadership aide told CNN.
Senators are holding a bipartisan energy summit Friday, sponsored by Reid and Senate Minority Leader Mitch McConnell, R-Kentucky, to hear from industry experts, but it's not clear the summit will actually help bridge differences between many Democrats and Republicans.
The controversy over offshore drilling could prompt a showdown later this month over a must-pass bill to fund the government through early 2009. The bill includes an annual extension of the moratorium on offshore oil drilling.
Republicans will attempt to strip it out, but if they fail, they could try to block passage of the entire spending bill, which could lead to a partial government shutdown.
Such a gamble would be politically risky, but in an election year in which Republicans expect to lose seats in each chamber, some lawmakers may want to roll the dice.http://www.cnn.com/2008/POLITICS/09/08/congress.energy/index.html
Congress to revisit fight over offshore oil drilling
- Congress returns to Washington on Monday after monthlong break
Aides predict compromise on oil drilling unlikely in an election year
Republicans who want offshore drilling ban lifted are encouraged by constituents - Democratic bill would lift drilling ban, repeal tax breaks for oil companies
CNN Washington Bureau
WASHINGTON (CNN) -- Lawmakers return to Capitol Hill on Monday to resume their fight over legislation allowing more offshore oil drilling, in a bid to help relieve sky-high gasoline prices that are hurting the economy and infuriating voters.
Republicans believe offshore oil drilling will be a winning issue for them this fall.
While there were signs of compromise over the August recess, many on Capitol Hill are skeptical a deal can be reached that would send a bill to the president's desk before Election Day.
Aides and congressional members from both parties acknowledge finger-pointing is likely to trump legislative deal-making during the truncated three-week session before lawmakers return home to campaign for re-election.
Democratic leaders in the House and Senate, who long resisted Republican-led calls to lift the ban on offshore oil drilling, changed course over the recess and now say they will push comprehensive energy plans in September that will include expanded drilling.
But Democrats will insist energy bills also include their own priorities, such as repealing tax breaks for big oil companies, something many Republicans oppose.
"If this is going to be a fig leaf, a political document, then it's doomed to failure at the end of the day," Rep. Doc Hastings, R-Washington, said Friday about the package being put together by House Speaker Nancy Pelosi, D-California.
Despite a recent dip in prices at the pump, Republicans believe expanded oil drilling remains a potent political issue. They feel emboldened by complaints they heard from constituents over the summer break, and they are convinced their August protest sessions on the House floor helped draw attention to a lack of congressional action on energy policy.
Republicans also expect a boost from their vice presidential candidate, Alaska Gov. Sarah Palin, a strong advocate of drilling. Delegates at the Republican National convention last week showed their fervor for drilling by punctuating speeches with chants of "drill, baby, drill."
Republicans believe Democrats are underestimating the political importance voters give the issue. They point to Sen. Chuck Schumer, D-New York, the head of the Senate Democrats' campaign effort, who was quoted last month in the newspaper Politico, saying the drilling issue had "peaked" for voters.
Pelosi plans to unveil her bill by the end of the week, her office said. In addition to allowing limited drilling on the Outer Continental Shelf, the measure is expected to include curbs on market speculators, and provisions promoting the use of alternative sources of energy and requiring the release of millions of barrels of oil from the Strategic Oil Reserve.
"Democrats support drilling, but a 'drill only' plan would do nothing but drill deeper and deeper into your wallet," Rep. John Larson, D-Connecticut, said last week.
A bipartisan compromise group in the Senate known as the "Gang of 10" expanded to 16 members over the break. Several more members are expected to join this week, a source involved with the group told CNN. The bill the "gang" is pushing would tie new offshore drilling to $84 billion in investments in conservation and the use of alternative fuels.
Senate Majority Leader Harry Reid, D-Nevada, is working with the group and may link its bill to a package of tax breaks for producers of wind, solar, and other alternative fuels, an aide to the senator said.
Senate Republicans are wary of Reid because they don't think he will allow votes on their amendments, something they will insist upon, even if the bill includes provisions they support, like offshore drilling, a Senate Republican leadership aide told CNN.
Senators are holding a bipartisan energy summit Friday, sponsored by Reid and Senate Minority Leader Mitch McConnell, R-Kentucky, to hear from industry experts, but it's not clear the summit will actually help bridge differences between many Democrats and Republicans.
The controversy over offshore drilling could prompt a showdown later this month over a must-pass bill to fund the government through early 2009. The bill includes an annual extension of the moratorium on offshore oil drilling.
Republicans will attempt to strip it out, but if they fail, they could try to block passage of the entire spending bill, which could lead to a partial government shutdown.
Such a gamble would be politically risky, but in an election year in which Republicans expect to lose seats in each chamber, some lawmakers may want to roll the dice.http://www.cnn.com/2008/POLITICS/09/08/congress.energy/index.html
nnuut
Moderator | TSP Legend
Gas prices: Down 11% from July high
Gasoline prices fell for the ninth day in a row as Hurricane Ike headed toward Texas and Louisiana. Prices are still up 83 cents from a year ago.
Last Updated: September 9, 2008: 6:52 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices fell yet again, according to a nationwide survey of gas station credit card swipes. The decline comes as focus turns toward Hurrican Ike -- expected to hit the central to southern coast of Texas by the end of the week.
The average price of regular unleaded gasoline fell 0.6 cents to $3.652 a gallon from $3.658 a day earlier, motorist group AAA said Tuesday.
Hurricane Ike front and center and on a path toward the Gulf of Mexico, where it could make landfall anywhere from northern Mexico to southern Louisiana. Ike was downgraded to a Category 1 storm late Monday but could still regain strength. It cut through Cuba as a Category 3 hurricane late Sunday.
Gas prices eased Texas and Florida but rose in the Carolinas, Louisiana and Georgia. Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was now found in New Jersey, where prices averaged $3.426 a gallon.
Crude prices have trended lower amid heightened concern about weakening demand and in reaction to the slew of storms and hurricanes. Last week, oil prices fell to their lowest level in five months.
On Monday, crude futures for October delivery gave up nearly $3 in gains to end little changed as concerns about Ike dissipated. Early Tuesday, oil prices fell $1.15 a barrel to $105.19.
Meanwhile, Gas has fallen about 11.2%, or 46 cents, from the record high average of $4.114 that AAA reported on July 17, but they are still 83 cents above this time last year.
While Americans had cut back on driving during the typically heavy traffic summer months, it remains to be seen whether the trend will hold.http://money.cnn.com/2008/09/09/news/economy/gas_prices/index.htm?postversion=2008090906
Gasoline prices fell for the ninth day in a row as Hurricane Ike headed toward Texas and Louisiana. Prices are still up 83 cents from a year ago.
Last Updated: September 9, 2008: 6:52 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices fell yet again, according to a nationwide survey of gas station credit card swipes. The decline comes as focus turns toward Hurrican Ike -- expected to hit the central to southern coast of Texas by the end of the week.
The average price of regular unleaded gasoline fell 0.6 cents to $3.652 a gallon from $3.658 a day earlier, motorist group AAA said Tuesday.
Hurricane Ike front and center and on a path toward the Gulf of Mexico, where it could make landfall anywhere from northern Mexico to southern Louisiana. Ike was downgraded to a Category 1 storm late Monday but could still regain strength. It cut through Cuba as a Category 3 hurricane late Sunday.
Gas prices eased Texas and Florida but rose in the Carolinas, Louisiana and Georgia. Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas was now found in New Jersey, where prices averaged $3.426 a gallon.
Crude prices have trended lower amid heightened concern about weakening demand and in reaction to the slew of storms and hurricanes. Last week, oil prices fell to their lowest level in five months.
On Monday, crude futures for October delivery gave up nearly $3 in gains to end little changed as concerns about Ike dissipated. Early Tuesday, oil prices fell $1.15 a barrel to $105.19.
Meanwhile, Gas has fallen about 11.2%, or 46 cents, from the record high average of $4.114 that AAA reported on July 17, but they are still 83 cents above this time last year.
While Americans had cut back on driving during the typically heavy traffic summer months, it remains to be seen whether the trend will hold.
http://money.cnn.com/2008/09/09/news/economy/gas_prices/index.htm?postversion=2008090906
nnuut
Moderator | TSP Legend
Saudis hint at no change in OPEC production
Country's oil minister calls crude market 'well balanced;' fellow cartel members expected to concur.
September 9, 2008: 7:45 AM EDT
VIENNA, Austria (AP) -- OPEC powerhouse Saudi Arabia suggested Tuesday that a meeting of oil ministers of the 13-nation organization will decide to keep crude production steady, despite their concerns over rapidly falling prices.
With the Saudis accounting for about a third of the output of the Organization for Petroleum Exporting Countries, their views often are adopted by ministerial meetings deciding on whether to boost, keep steady, or cut oil production. Therefore, the comments by Oil Minister Ali Naimi suggested that the ministers would opt for the status quo.
"The market is fairly well balanced," Naimi told reporters after arriving in Vienna in the dawn hours of Tuesday. "I think things are in balance, in a healthy position."
His comments appeared to rebut calls for a cutback from Iran, OPEC's No. 2 producer and a traditional OPEC price hawk. "We believe the market is oversupplied," Iran's oil minister, Gholam Hossein Nozari, told reporters Monday. [more] http://money.cnn.com/2008/09/09/news/international/opec_production/index.htm?postversion=2008090907
Country's oil minister calls crude market 'well balanced;' fellow cartel members expected to concur.
September 9, 2008: 7:45 AM EDT
VIENNA, Austria (AP) -- OPEC powerhouse Saudi Arabia suggested Tuesday that a meeting of oil ministers of the 13-nation organization will decide to keep crude production steady, despite their concerns over rapidly falling prices.
With the Saudis accounting for about a third of the output of the Organization for Petroleum Exporting Countries, their views often are adopted by ministerial meetings deciding on whether to boost, keep steady, or cut oil production. Therefore, the comments by Oil Minister Ali Naimi suggested that the ministers would opt for the status quo.
"The market is fairly well balanced," Naimi told reporters after arriving in Vienna in the dawn hours of Tuesday. "I think things are in balance, in a healthy position."
His comments appeared to rebut calls for a cutback from Iran, OPEC's No. 2 producer and a traditional OPEC price hawk. "We believe the market is oversupplied," Iran's oil minister, Gholam Hossein Nozari, told reporters Monday. [more] http://money.cnn.com/2008/09/09/news/international/opec_production/index.htm?postversion=2008090907
luv2read
Active member
This week look for "surprise" rise in latest weekly inventory report. Opposite of last one. The only "surprise" is that they think it's a "surprise."Originally Posted by nnuut
BREAKING
NEWS
Oil prices down but off lows as crude supplies show surprise drop in latest weekly inventory report. Gasoline inventories decline.
http://money.cnn.com/?cnn=yes
nnuut
Moderator | TSP Legend
Thanks L2R I just finished looking up my last weeks post on the 4TH.
To add to your comment, Shipping to the Docks and Refineries were blocked for a while due to the last Hurricane, that could have kept inventories level to low, but generally inventores do seem to rotate from low to high on a weekly basis. So I wouldn't count on last weeks inventories to be HIGHER, but you never know. I think they have no idea how much they have on any given day. Remember CITGO (My favoriate) is getting Oil from the US reserve stock, what does that tell you? Now this week will also have a Hurricane in the shipping lanes, that could keep the Tankers away for part of the week, but Oil and Gas will still be leaving for distribution. Norman
nnuut
Moderator | TSP Legend
OH, and I'm hoping that Oil will drop below $100 a barrel but wouldn't count on it due to Gustav and IKE's interference!
Give it time it's still on the way down and the Dollar is stronger, it may not be straight down but the trend is down and that's what I LIKE!! Come ON $60!
Minnow
Well-known member
OH, and I'm hoping that Oil will drop below $100 a barrel but wouldn't count on it due to Gustav and IKE's interference!
Yep me too, me too!! I read my economic calendar and thought today was the inventory report .. duh... not until tomorrow.
Remember when you said (about a year or so ago) that the retail gas prices would stop somewhere around $2.85 a gallon and we would think that was cheap? I could see that happening in the pretty near future. But I won't think it cheap because I've been reading the Oil Slick Home Page for quite a while now -- thank you very much.
nnuut
Moderator | TSP Legend
Yeap!!Yep me too, me too!! I read my economic calendar and thought today was the inventory report .. duh... not until tomorrow.
Remember when you said (about a year or so ago) that the retail gas prices would stop somewhere around $2.85 a gallon and we would think that was cheap? I could see that happening in the pretty near future. But I won't think it cheap because I've been reading the Oil Slick Home Page for quite a while now -- thank you very much.
I remember that, but I try and stay away from making predictions on the market,,,, cause I just don't know!!:laugh: Apr 8, 2008 http://www.tsptalk.com/mb/showpost.php?p=159281&postcount=2659