Oil Slick Stuff

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I would've called that more of a fact-based educated pessimistic future observation (FEPFO) than a prediction.

O.T. -- why not include a good recipe for boiled peanuts in your BBQ thread? I'll get one from my uncle -- he grows peanuts (among other things) in Mid-South GA (Coffee County).
 
Minnow said:
I would've called that more of a fact-based educated pessimistic future observation (FEPFO) than a prediction.

O.T. -- why not include a good recipe for boiled peanuts in your BBQ thread? I'll get one from my uncle -- he grows peanuts (among other things) in Mid-South GA (Coffee County).
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Cajun Boiled Peanuts:
Green Peanuts
Water
Salt (much)
Red Pepper Flakes (much)
Cayenne Pepper (much)
Some Smoked Ham Hock
Boil until done
It's difficult to make peanuts HOT, they tend to neutralize the capsaicin in the peppers, use as much as you can, and let sit in the water after they are done, this is good.
Add a little Crude Oil, Regular Unleaded and Liquid Wrench and they are GREAT!!:laugh:
 
Settle 103.26

We are almost there..it has fallen more than $3.26 in one day already..imagine it below $100.00.......think < "C"
 
Buster said:
Settle 103.26

We are almost there..it has fallen more than $3.26 in one day already..imagine it below $100.00.......think < "C"
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$100 is better, but not where we want to be! Are we being conned into settling for $2.85 a gallon? NOT ME!!! Between $50 and $60 is fair!! Bull-puffs.gif
 
Gas prices rise as Ike nears Texas

Gasoline prices jump 1.6 cents, rising for the first time in 10 days, as Hurricane Ike bears down on the Lone Star state.

Gas prices rise as Ike nears Texas
September 10, 2008: 6:19 AM EDT

NEW YORK (CNNMoney.com) -- Gasoline prices rose for the first time in 10 days as Hurricane Ike bears down on the Texas coast, according to a nationwide survey of gas station credit card swipes.
The average price of regular unleaded gasoline rose 1.6 cents to $3.668 a gallon from $3.652 a day earlier, motorist group AAA said Wednesday. The last time gas prices rose was Aug. 31 as Hurricane Gustav forces workers to abandon offshore oil rigs ahead of that storm.
Forecasters are currently predicting Ike will hit Texas late Friday or early Saturday as a major Category 3 hurricane but the storm remains unpredictable.
Gas prices jumped 1.7 cents to $3.532 a gallon in Texas. Prices also popped higher in Alabama, Mississippi, Georgia, Louisiana, Florida and the Carolinas. Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon.
The cheapest gas continues to be found in New Jersey, where prices averaged $3.421 a gallon. Crude prices have trended lower amid heightened concern about weakening demand and in reaction to the slew of storms and hurricanes. [more]
http://money.cnn.com/2008/09/10/news/economy/gas_prices/index.htm?cnn=yes
 
I knew this was coming!!:mad:

OPEC agrees to curb oil overproduction

Ministers of oil producing nations announce that they will cut back 520,000 barrels a day in overproduction of crude to avoid more energy turmoil.

September 10, 2008: 6:38 AM EDT

VIENNA, Austria (AP) -- OPEC oil ministers agreed Wednesday to trim overall output by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to bolster falling prices.
The news sent oil prices rising. Light, sweet crude for October delivery rose 97 cents to $104.23 a barrel in electronic trading on the New York Mercantile Exchange.
The OPEC announcement reflected the organization's efforts to cover all bases in an oil market that saw prices spike to a record high just short of $150 a barrel in July, only to shed nearly 30% off those peaks in subsequent months.
Oil prices had lost more ground Tuesday ahead of the decision, falling $3.08 to settle at $103.26 on the Nymex, the lowest settlement price since April 1.
A statement issued by the Organization of Petroleum Exporting Countries issued after oil ministers ended their meeting early Wednesday said the organization agreed to produce 28.8 million barrels a day.
OPEC President Chakib Khelil said that quota in effect meant that member countries had agreed to cut back 520,000 barrels a day in production over the established quota.
Saudi Arabia alone accounts for more than that amount of output over its official quota -- all members of the 13-nation OPEC have such formal production limits allotted to them except violence-torn Iraq. But Khelil said that the cutbacks in overproduction would apply proportionally to all OPEC members bound by quotas.
OPEC overall regularly churns out oil above the organization's overall quota, last set in November at 27.3 million barrels a day, and it remained unclear whether group members would abide by the decision to keep to their limits.
Still, the decision could have the psychological effect of steadying eroding prices at or above the $100 mark -- the red line for many OPEC nations concerned about their rapid loss of revenue in recent months.
Meeting quotas [more]http://money.cnn.com/2008/09/10/news/economy/bc.opecmeetingtops.ap/index.htm?postversion=2008091006
 
nnuut said:
I knew this was coming!!:mad:

OPEC agrees to curb oil overproduction

Ministers of oil producing nations announce that they will cut back 520,000 barrels a day in overproduction of crude to avoid more energy turmoil.
Click to expand...
So did I....just go back through this thread. That's the 500M the Saudi's increased it a few months ago PLUS another 20M. They're compensating for the extra 100M on the market to get the price back to at least $120 - their comfort level.
 
nnuut said:
BREAKING
NEWS
Government reports bigger-than-expected drop in oil and gas inventories. Oil prices churn, struggling to hold gains. More soon.
http://money.cnn.com/?cnn=yes
Click to expand...
Well, no "surprise" increase as I thought they would claim...but the drop shouldn't be so unexpected with over 300K people trying to haul ass out of the way of a hurricane, and the ones staying stocking up on generator fuel...
 
Oh CONTRA, now if inventories are DOWN the price goes DOWN? Guess it's due to less demand and refinery production levels?

This normally means higher prices?:confused: You know, SUPPLY AND DEMAND!! What the heck do I know anyway I'll take lower prices any day!:D

Oil prices pull back on supply dip

Crude prices lower after weekly report shows stockpiles fell when Gustav rocked the Gulf.

#By Catherine Clifford, CNNMoney.com staff writer
Last Updated: September 10, 2008: 11:02 AM EDT


crudeoil.mkw.gif


NEW YORK (CNNMoney.com) -- Oil prices retreated Wednesday after the government said supplies of crude and gasoline decreased more than expected last week.
Analysts were prepared for a large drop in stockpiles after Hurricane Gustav hit Louisiana on Labor Day, shuttering production facilities.
U.S. light sweet crude for October delivery fell 37 cents to $102.89 a barrel. Oil had traded up $1.10 to $104.36 just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks dropped by 5.9 million barrels in the week ended Sept. 5. Analysts were looking for a decrease of 3.9 million barrels according to a consensus estimate by Platts, a global energy information provider.
At 298 million barrels, crude inventories were in the lower half of the average range for this time of year.
Gasoline supplies fell by 6.5 million barrels and were below the lower boundary of the average range. Analysts were looking for a drop in gasoline stockpiles by 4.7 million barrels last week.
Gas prices have come off recent highs, but the pain at the pump still has drivers cutting back on miles on the road. Over the last four weeks, gasoline demand averaged 9.3 million barrels per day, which is 2.1% lower than the same period last year.
Refineries - which process crude oil into usable forms - operated at only 78.3% of their operable capacity last week. That was sharply lower than normal, but analysts were only expecting refineries to have operated at 74.2% of capacity last week. The torrential rains and strong winds of Gustav had refineries in the Gulf region out of commission for a large portion of the week.
Distillates, used to make heating oil and diesel fuel, declined by 1.2 million barrels, and were in the middle of the average range for this time of year. Analysts were looking for a drop in distillates supplies by 2.3 million barrels. http://money.cnn.com/2008/09/10/markets/oil/index.htm?postversion=2008091011
 
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AH HA!! I thought so!!:D

Oil prices pull back as demand wanes

Crude prices lower after weekly report shows slackening demand for gasoline - even as inventories decline more than expected.

By Catherine Clifford, CNNMoney.com staff writer

Last Updated: September 10, 2008: 11:31 AM EDT


crudeoil.mkw.gif


NEW YORK (CNNMoney.com) -- Oil prices retreated Wednesday after the government said gasoline demand weakened last week - even as supplies of crude and gasoline decreased more than expected. [more] http://money.cnn.com/2008/09/10/markets/oil/index.htm?postversion=2008091011
 
I'm hoping that this down trend continues..NO ONE and I mean NO ONE knows for sure if it will, or go back up...But, I have a feeling that we will NOT see the $5.00/gallon, as a few here so righteously proclaimed we would be at before the year's end..:rolleyes:

So Asylum ..Remember our bet? I'll be at the gas station Jan 1st., waiting on you to buy me my gallon of gas:toung::D
 
I'm with you on that one Buster. Dollar is rising, overseas is starting to go through the same thing we are, but we are way ahead of them and have taken actions to fix out economic crash. I think we will do OK as soon as we finish paying off all of the Big Boys for losing OUR MONEY!! :nuts:
 
UH OH!
http://www.wunderground.com/blog/JeffMasters/comment.html?entrynum=1077&tstamp=200809

The latest 00Z/06Z (8pm/2am EDT)) computer models have begun to zero in on Corpus Christi to Freeport as the most likely landfall location. However, with a trough of low pressure expected to turn Ike close to landfall time, a slight variation in timing of this trough could put Ike ashore farther north, near Galveston. There is also a chance the ridge pushing Ike west Thursday could be stronger than expected, forcing Ike more to the west towards a Brownsville landfall. However, I believe that this is lower probability, and that Galveston is more likely to get hit than Brownsville. The cone of uncertainty still covers the entire Texas coast. If Ike hits Corpus Christi, it will miss most of the oil platforms in the Gulf of Mexico, but a hit closer to Galveston would seriously disrupt the oil and gas industry.
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The map is from Google Earth using GuiWeather tools. This shows the "cone of uncertainty." However, tropical storm force winds could extend well outward from that all along the LA coast from Houma westward causing surge as well, see the next post.
View attachment 4643
 
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Google Earth using GuiWeather tools, showing Hurricane Ike with forecast peak winds overlay.
View attachment 4644
http://www.wunderground.com/blog/JeffMasters/comment.html?entrynum=1077&tstamp=200809

The latest run of the HWRF and GFDL models paint a realistic scenario of what could happen to Texas from Ike. These models intensify Ike right up until landfall, hitting between Corpus Christi and Port O'Connor as a Category 3 or 4 hurricane. The HWRF predicts a 120-mile stretch of coast will receive hurricane force winds of 74 mph or greater. An 80-mile stretch of coast will receive winds of Category 3 strength and higher, 115 mph. Hurricane force winds will push inland up to 30 miles, along a 50-mile wide region where the eyewall makes landfall. A 100-mile stretch of Texas coast will receive a storm surge of 10-15 feet, with bays just to the right of where the eye makes landfall receiving a 15-20 foot storm surge. As seen in the maximum storm tide risk map for the Texas coast (Figure 6), a worst-case Category 3 hurricane hitting at high tide will bring a 15-foot storm surge to Corpus Christi, Port O'Connor, or Galveston. Maximum surge values will be higher at the heads of inland estuaries that act to funnel the storm surge as it rushes inland. Ike is already generating tides 2-4 feet above normal along the Gulf Coast from Louisiana to the Florida Panhandle.
Click to expand...
 
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nnuut said:
Great graphic!! TURN LEFT YIKES!!:mad:
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I agree, but did anyone notice the yellow line on the west (left) or for the directionally challenged the opposite side of Mexico????? What's that all about???

I'm in Cali and now I'm worried:worried: -------->JK:laugh:
 
Sex, drugs and oil
Government officials handling billions of dollars in oil royalties are accused of receiving improper gifts and having sex with employees.

WASHINGTON (AP) -- Government officials handling billions of dollars in oil royalties improperly engaged in sex with employees of energy companies they were dealing with and received numerous gifts from them, federal investigators said Wednesday.

The alleged transgressions involve 13 former and current Interior Department employees in Denver and Washington. Their alleged improprieties include rigging contracts, working part-time as private oil consultants, and having sexual relationships with -- and accepting golf and ski trips and dinners from -- oil company employees, according to three reports released Wednesday by the Interior Department's inspector general...
http://money.cnn.com/2008/09/10/news/economy/oil_officials.ap/index.htm?postversion=2008091015

[Whoa! Before we open that offshore drilling we need to get Animal House out of the Department of Interior and put responsible people in who can manage our resources!]
 
[Another good Article! There's data proving oil price speculation! "I'm shocked, shocked to find out there's gambling going on here." :p Ok, $100 barrel oil! You win. Italics mine]

Study blames speculation for oil's rise

WASHINGTON (AP) -- Speculation by large investors -- and not supply and demand for oil -- were a primary reason for the surge in oil prices during the first half of the year and the more recent price declines, an independent study concluded Wednesday.

The report by Masters Capital Management said investors poured $60 billion into oil futures markets during the first five months of the year as oil prices soared from $95 a barrel in January to $145 a barrel by July.

Since then, these investors have withdrawn $39 billion from those markets as prices have retreated dramatically, the report said. Oil traded at just under $102 a barrel Wednesday on the New York Mercantile Exchange...
http://money.cnn.com/2008/09/10/news/economy/oil.ap/index.htm
 
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