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Oil Slick Stuff
- Thread starter nnuut
- Start date
nnuut
Moderator | TSP Legend
Cheapest I can find around here is$4.39!
Gas prices surge nearly 5 cents
Aftermath of Hurricane Ike brings 3-day rise to nearly 17 cents a gallon in AAA survey.
Last Updated: September 15, 2008: 5:14 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices rose nearly 5 cents a gallon Monday, bringing the total increase in the three days since Hurricane Ike slammed into Texas to almost 17 cents, according to a nationwide survey.
The average price of unleaded regular rose 4.7 cents to $3.842 a gallon, according to the survey released by motorist group AAA. That followed increases of 5.8 cents Saturday and 6.2 cents Sunday, which was the biggest one-day spike since after Hurricane Katrina hit the Gulf Coast in 2005 .
Gas prices are up 8.1 cents from a month ago and $1.048 from a year ago, according to AAA.
Ike slammed into the Texas coast and shut down the heart of the nation's refining operations. Early indications were that the storm did minimal damage to those operations, which was reflected in a drop in crude oil futures - down $3.14 to $98.04 a barrel in electronic trading.
Eleven states have gas prices above $4 a gallon in the AAA survey, led by Alaska at $4.371. The others -most of them in the Southeast and Midwest - are Alabama, Georgia, Hawaii, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina and Tennessee.
South Carolina was among the states with the lowest gas prices during the runup toward the record high of $4.114 set July 17.
The lowest prices were found in New Jersey, at $3.523 a gallon.
The average price in Texas, where the storm hit, was $3.686, up 4.1 cents, according to the AAA survey.
http://money.cnn.com/2008/09/15/news/economy/gas_prices/index.htm?postversion=2008091505
Gas prices surge nearly 5 cents
Aftermath of Hurricane Ike brings 3-day rise to nearly 17 cents a gallon in AAA survey.
Last Updated: September 15, 2008: 5:14 AM EDT
NEW YORK (CNNMoney.com) -- Gasoline prices rose nearly 5 cents a gallon Monday, bringing the total increase in the three days since Hurricane Ike slammed into Texas to almost 17 cents, according to a nationwide survey.
The average price of unleaded regular rose 4.7 cents to $3.842 a gallon, according to the survey released by motorist group AAA. That followed increases of 5.8 cents Saturday and 6.2 cents Sunday, which was the biggest one-day spike since after Hurricane Katrina hit the Gulf Coast in 2005 .
Gas prices are up 8.1 cents from a month ago and $1.048 from a year ago, according to AAA.
Ike slammed into the Texas coast and shut down the heart of the nation's refining operations. Early indications were that the storm did minimal damage to those operations, which was reflected in a drop in crude oil futures - down $3.14 to $98.04 a barrel in electronic trading.
Eleven states have gas prices above $4 a gallon in the AAA survey, led by Alaska at $4.371. The others -most of them in the Southeast and Midwest - are Alabama, Georgia, Hawaii, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina and Tennessee.
South Carolina was among the states with the lowest gas prices during the runup toward the record high of $4.114 set July 17.
The lowest prices were found in New Jersey, at $3.523 a gallon.
The average price in Texas, where the storm hit, was $3.686, up 4.1 cents, according to the AAA survey.
http://money.cnn.com/2008/09/15/news/economy/gas_prices/index.htm?postversion=2008091505
nnuut
Moderator | TSP Legend
OH, really!!:nuts:
Bush warns of higher gas prices
President says Hurricane Ike's toll on refineries and pipelines is creating 'upward pressure' on pump prices.
September 15, 2008: 12:59 PM EDT
Drivers will face a 'pinch' at the pump because of Hurricane Ike, President warns.
WASHINGTON (AP) -- President Bush warned Monday that people will face a "pinch" because of Hurricane Ike's disruption of energy production, as consumers already grappling with the high price of gasoline have already seen costs soar since the storm made landfall.
Bush said the storm's toll on refineries and pipelines is creating "an upward pressure on price" for people at the gas pump.
"There's going to [be] a pinch," Bush said after a briefing on hurricane recovery efforts. "I wish it wasn't the case, but it is."
Price gouging
The president also said, though, that people should not be subjected to price gouging. The federal government is working with state leaders to monitor whether consumers are being charged unfairly high prices during the disruption in the energy supply.
Bush encouraged people to report their complaints to the federal government if they think they price gouging is taking place.
The president plans to visit Texas Tuesday to inspect the damage and talk to emergency officials. He said the damage to infrastructure was extensive, but still not as bad as some had predicted on the energy sector.
"We're looking forward to hearing from the local folks," Bush said ahead of his trip. "I'm confident that there will be people who are very frustrated because their lives have been severely affected by this storm. My message will be that we hear you."
Eye of the storm
The eye of the hurricane missed the center of Houston, as well as the largest concentrations of oil and gas refineries.
Still, retail gasoline prices have jumped based on Ike's landfall in the region, which accounts for about one-fifth of the nation's petroleum refining capacity. Refineries, even if they were not damaged, may remain shuttered for days, some because of power outages.
http://money.cnn.com/2008/09/15/news/economy/Ike_pain.ap/index.htm?postversion=2008091512
Bush warns of higher gas prices
President says Hurricane Ike's toll on refineries and pipelines is creating 'upward pressure' on pump prices.
September 15, 2008: 12:59 PM EDT
WASHINGTON (AP) -- President Bush warned Monday that people will face a "pinch" because of Hurricane Ike's disruption of energy production, as consumers already grappling with the high price of gasoline have already seen costs soar since the storm made landfall.
Bush said the storm's toll on refineries and pipelines is creating "an upward pressure on price" for people at the gas pump.
"There's going to [be] a pinch," Bush said after a briefing on hurricane recovery efforts. "I wish it wasn't the case, but it is."
Price gouging
The president also said, though, that people should not be subjected to price gouging. The federal government is working with state leaders to monitor whether consumers are being charged unfairly high prices during the disruption in the energy supply.
Bush encouraged people to report their complaints to the federal government if they think they price gouging is taking place.
The president plans to visit Texas Tuesday to inspect the damage and talk to emergency officials. He said the damage to infrastructure was extensive, but still not as bad as some had predicted on the energy sector.
"We're looking forward to hearing from the local folks," Bush said ahead of his trip. "I'm confident that there will be people who are very frustrated because their lives have been severely affected by this storm. My message will be that we hear you."
Eye of the storm
The eye of the hurricane missed the center of Houston, as well as the largest concentrations of oil and gas refineries.
Still, retail gasoline prices have jumped based on Ike's landfall in the region, which accounts for about one-fifth of the nation's petroleum refining capacity. Refineries, even if they were not damaged, may remain shuttered for days, some because of power outages.
http://money.cnn.com/2008/09/15/news/economy/Ike_pain.ap/index.htm?postversion=2008091512
nnuut
Moderator | TSP Legend
BREAKING
NEWS
Oil settles at seven month low in the wake of Hurricane Ike, down $5.47 to $95.71 a barrel. More soon.
http://money.cnn.com/?cnn=yes
NEWS
Oil settles at seven month low in the wake of Hurricane Ike, down $5.47 to $95.71 a barrel. More soon.
http://money.cnn.com/?cnn=yes
James48843
Well-known member
The reason oil dropped in price, is that no one is buying it- they can't buy it because they don't have any place to deliver it- the refineries are all down.
Price of crude will drop, but price of refined product- i.e. gasoline, is going to go through the roof over the next week.
Just watch.
As of 3 pm today, more than 99% of Crude production is still off line, officially classified as "Shut In", or not producing.
And some refineries are only today getting a handle on damage. In addition, several pipelines are reported damamged and will need work.
See this link for an update on the damage and condition of the oil industry:
Worth reading:
http://www.oe.netl.doe.gov/docs/2008_SitRep_4_Ike_091508_3PM.pdf
Price of crude will drop, but price of refined product- i.e. gasoline, is going to go through the roof over the next week.
Just watch.
As of 3 pm today, more than 99% of Crude production is still off line, officially classified as "Shut In", or not producing.
And some refineries are only today getting a handle on damage. In addition, several pipelines are reported damamged and will need work.
See this link for an update on the damage and condition of the oil industry:
Worth reading:
http://www.oe.netl.doe.gov/docs/2008_SitRep_4_Ike_091508_3PM.pdf
Silverbird
Well-known member
I don't know precise information about Georgia, but I do know that the a terminus of the East Coast Gas natural gas and petroleum pipelines from the New Orleans refinieries is in Manassas VA (for the Washington DC area), so most likely you're along those pipelines too. Our prices are up here in NoVA, that's for sure; they've been rising since Gustav and did a nasty jump over the weekend. No refining = prices up.
Also I doubt if any tankers have docked in the GOM since Gustav either.
nnuut
Moderator | TSP Legend
Energy bills heating up in Congress
Laws setting offshore drilling parameters and the extension of tax credits for renewable energy are expected to be introduced on Capitol Hill this week.
By David Goldman, CNNMoney.com staff writer
Last Updated: September 15, 2008: 3:01 PM EDT
McCain's energy plan
NEW YORK (CNNMoney.com) -- Congress will attempt to pass a key energy bill this week, testing its ability to deliver on a promise of action on oil as the Sept. 26 deadline edges closer.
Democrats and Republicans are both eager to pass a bill in an election year and in the wake of two major hurricanes that raised gas prices after shuttering production in the Gulf of Mexico. But with plans to go back to the campaign trail in two weeks, lawmakers will have to act fast to get a meaningful piece of legislation to the president's desk.
"It won't be easy, but it no longer seems impossible to move energy legislation," said Christine Tezak, senior vice president of energy policy research at the Stanford Group. "Action will yield better election results for both parties."
House plan
No formal schedule for votes in both chambers exists as of yet, but analysts believe the House could vote on a proposal as early as Tuesday.
In the House, a move to repeal the bans on offshore drilling off the Atlantic and Pacific coasts has gained steam. Speaker Nancy Pelosi, D-Calif., last week cautioned Democrats still on the sidelines on a drilling bill that they must support a compromise legislation.
She said she lacks the votes to extend the current 200-mile bans on offshore drilling leases when they come up for renewal at the end of the year. As a result, unless a compromise bill that allows drilling and reduces the bans to 50-miles offshore is reached, Pelosi said the bans would not be renewed, and areas as close as three miles off shore would be open to drillers.
Pelosi's bill, which has not yet been formally introduced, would allow drilling 100 miles off the Atlantic and Pacific coasts. Companies could drill as close as 50 miles off the shore if the states agree to it, though the ban on leasing 125 miles off of Florida's western coast would remain.
But House Republicans say states have no incentive to allow drilling closer to their shores under Pelosi's plan. They also say that Eastern Gulf of Mexico off of Florida's coast is of key importance, since many energy analysts believe that area would be faster to develop than other areas.
Senate compromise bill
A House Republican alternative bill sponsored by Rep. John Boehner, R-Ohio, would allow drilling more than three miles offshore with options for states to withdraw areas for leasing for five years. The bill would authorize leasing in the Alaskan National Wildlife Reserve, and states would receive the majority of royalty revenues within 12 miles from their shores, and half of the royalties outside 12 miles.
The Senate may vote on as many as three energy bills this week, according to some analysts, but the one that has been getting the most attention is the the New Energy Reform Act of 2008, supported by the so-called "Gang of 20."
The legislation has gained traction in Senate, growing from a list of 10 co-sponsors when it was first introduced in August, to 20 as of Monday.
The bi-partisan group's bill, which has not yet been formally introduced, calls for increased tax credits for renewable and clean energy production, as well as consumer tax credits for purchasing energy-efficient vehicles and business tax credits for investing in clean energy like solar power. The cost of the tax credits to the government would be offset by repealing tax credits to major oil and gas companies.
The compromise bill would also transition 85% of the nation's cars and trucks away from gasoline and diesel to renewable fuels by 2028. In the meantime, the New ERA bill would increase domestic production by expanding drilling leases to 100 miles offshore like in Pelosi's bill. The Senate bill would also permit Virginia, Georgia and the Carolinas to petition for leasing as close as 50 miles offshore, and some analysts believe Alaska could be added to the fray as well. In return, the states would receive some royalty sharing from the drilling companies.
The bill would also increase energy conservation and ban exports on domestic oil, in addition to the consumer and corporate tax credits for renewables.
Another bipartisan bill co-sponsored by Sens. Max Baucus, D-Mont. and Charles Grassley, R-Iowa, does not include drilling provisions but includes similar tax credits and offsets. Tezak believes the Senate could vote on that bill as early as Tuesday.
Though Senate Minority leader Mitch McConnell, R-Ky., has said he will try to filibuster any bill that includes raising taxes on oil and natural gas companies to offset the costs of renewable energy tax credits, compromises between lawmakers on both sides of the aisle seem to be gaining. [more]
http://money.cnn.com/2008/09/15/news/economy/energy_bills/index.htm?cnn=yes
Laws setting offshore drilling parameters and the extension of tax credits for renewable energy are expected to be introduced on Capitol Hill this week.
By David Goldman, CNNMoney.com staff writer
Last Updated: September 15, 2008: 3:01 PM EDT
McCain's energy plan
NEW YORK (CNNMoney.com) -- Congress will attempt to pass a key energy bill this week, testing its ability to deliver on a promise of action on oil as the Sept. 26 deadline edges closer.
Democrats and Republicans are both eager to pass a bill in an election year and in the wake of two major hurricanes that raised gas prices after shuttering production in the Gulf of Mexico. But with plans to go back to the campaign trail in two weeks, lawmakers will have to act fast to get a meaningful piece of legislation to the president's desk.
"It won't be easy, but it no longer seems impossible to move energy legislation," said Christine Tezak, senior vice president of energy policy research at the Stanford Group. "Action will yield better election results for both parties."
House plan
No formal schedule for votes in both chambers exists as of yet, but analysts believe the House could vote on a proposal as early as Tuesday.
In the House, a move to repeal the bans on offshore drilling off the Atlantic and Pacific coasts has gained steam. Speaker Nancy Pelosi, D-Calif., last week cautioned Democrats still on the sidelines on a drilling bill that they must support a compromise legislation.
She said she lacks the votes to extend the current 200-mile bans on offshore drilling leases when they come up for renewal at the end of the year. As a result, unless a compromise bill that allows drilling and reduces the bans to 50-miles offshore is reached, Pelosi said the bans would not be renewed, and areas as close as three miles off shore would be open to drillers.
Pelosi's bill, which has not yet been formally introduced, would allow drilling 100 miles off the Atlantic and Pacific coasts. Companies could drill as close as 50 miles off the shore if the states agree to it, though the ban on leasing 125 miles off of Florida's western coast would remain.
But House Republicans say states have no incentive to allow drilling closer to their shores under Pelosi's plan. They also say that Eastern Gulf of Mexico off of Florida's coast is of key importance, since many energy analysts believe that area would be faster to develop than other areas.
Senate compromise bill
A House Republican alternative bill sponsored by Rep. John Boehner, R-Ohio, would allow drilling more than three miles offshore with options for states to withdraw areas for leasing for five years. The bill would authorize leasing in the Alaskan National Wildlife Reserve, and states would receive the majority of royalty revenues within 12 miles from their shores, and half of the royalties outside 12 miles.
The Senate may vote on as many as three energy bills this week, according to some analysts, but the one that has been getting the most attention is the the New Energy Reform Act of 2008, supported by the so-called "Gang of 20."
The legislation has gained traction in Senate, growing from a list of 10 co-sponsors when it was first introduced in August, to 20 as of Monday.
The bi-partisan group's bill, which has not yet been formally introduced, calls for increased tax credits for renewable and clean energy production, as well as consumer tax credits for purchasing energy-efficient vehicles and business tax credits for investing in clean energy like solar power. The cost of the tax credits to the government would be offset by repealing tax credits to major oil and gas companies.
The compromise bill would also transition 85% of the nation's cars and trucks away from gasoline and diesel to renewable fuels by 2028. In the meantime, the New ERA bill would increase domestic production by expanding drilling leases to 100 miles offshore like in Pelosi's bill. The Senate bill would also permit Virginia, Georgia and the Carolinas to petition for leasing as close as 50 miles offshore, and some analysts believe Alaska could be added to the fray as well. In return, the states would receive some royalty sharing from the drilling companies.
The bill would also increase energy conservation and ban exports on domestic oil, in addition to the consumer and corporate tax credits for renewables.
Another bipartisan bill co-sponsored by Sens. Max Baucus, D-Mont. and Charles Grassley, R-Iowa, does not include drilling provisions but includes similar tax credits and offsets. Tezak believes the Senate could vote on that bill as early as Tuesday.
Though Senate Minority leader Mitch McConnell, R-Ky., has said he will try to filibuster any bill that includes raising taxes on oil and natural gas companies to offset the costs of renewable energy tax credits, compromises between lawmakers on both sides of the aisle seem to be gaining.
[more]http://money.cnn.com/2008/09/15/news/economy/energy_bills/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
Noble Corporation reports that in the wake of Hurricane Ike the Company has concluded an aerial survey and preliminary on board evaluations of most of its active U.S. Gulf of Mexico units. The Noble Paul Romano and Noble Amos Runner experienced mooring failures and drifted from their original respective locations, but have been boarded and power has been restored. In addition, the Noble Lorris Bouzigard has experienced damage to its mooring system but has remained in the area of its primary location.
The rig has been boarded and power has been restored. Tugs are on station to assist with the start-up of each of these three rigs and other than the above mentioned mooring equipment, there is no other apparent significant damage.
Additionally, the Company has start-up crews on all other active rigs in the U.S. Gulf of Mexico except the Noble Clyde Boudreaux which is scheduled to be remanned tomorrow. Other than the occurrences noted above, there are no indications any of the Company's other rigs have sustained significant damage.
There have been no reports of injuries or environmental incidents. The Company has notified the regulatory authorities and is working closely with its customers. [more]
http://www.rigzone.com/news/article.asp?a_id=66682
nnuut
Moderator | TSP Legend
nnuut
Moderator | TSP Legend
Experts: 'Irrational' behavior drives gas prices more than Ike
CNN
(CNN) -- Gas prices across the Southeast and Midwest soared over the weekend, and while many would blame Hurricane Ike, human nature may be a more likely scapegoat.
iReporter Stacy Haynes said this Harriman, Tennessee, station was selling regular gas at $5.09 a gallon Saturday.
Experts say that when a perception exists that gas is limited -- warranted or not -- consumers flock to the pumps even if officials implore them to stay calm.
It's a combination of fear, desire, distrust and protectionism, experts say.
"When you have a perceived scarcity of any product, research shows the attractiveness of that product goes up," said Dr. Rao Unnava, marketing professor at Ohio State University.
Grocery and department stores are keenly aware of the phenomenon, Unnava said, which is why sale flyers often declare things like, "limit three items per customer" or "price valid only through Friday."
Research shows that such advertisements can actually double or triple sales of a product, Unnava said.
"People don't feel comfortable with scarcity," he said.
With gasoline, scarcity is a false perception, Unnava said. There is ample gas in the United States, even after Ike delivered 110-mph winds to Galveston and Houston, an area that's home to a significant portion of the nation's oil refineries.
Gov. Rick Perry announced Monday that Texas' oil and gas industry "dodged a bullet" and that "some of those refineries are actually back in operation as we speak."
This isn't to say human nature alone drove the spike in gas prices; the oil market's supply side certainly played its part.
Refineries, pipeline and oil platforms are still being assessed after Ike, but the damage apparently isn't as severe as predicted, said Gregg Laskoski, spokesman for the southern region of the American Automobile Association. [more]
http://www.cnn.com/2008/US/09/15/ike.gas/index.html
- Perception of limited gas sends more people to the pumps, experts say
Gas prices spiked across the nation after Hurricane Ike hit Gulf Coast
Reduced supply after storm plays part, but so does consumer rush - Professor: Consumers' fears, TV coverage lead to "a vicious cycle"
CNN
(CNN) -- Gas prices across the Southeast and Midwest soared over the weekend, and while many would blame Hurricane Ike, human nature may be a more likely scapegoat.
Experts say that when a perception exists that gas is limited -- warranted or not -- consumers flock to the pumps even if officials implore them to stay calm.
It's a combination of fear, desire, distrust and protectionism, experts say.
"When you have a perceived scarcity of any product, research shows the attractiveness of that product goes up," said Dr. Rao Unnava, marketing professor at Ohio State University.
Grocery and department stores are keenly aware of the phenomenon, Unnava said, which is why sale flyers often declare things like, "limit three items per customer" or "price valid only through Friday."
Research shows that such advertisements can actually double or triple sales of a product, Unnava said.
"People don't feel comfortable with scarcity," he said.
With gasoline, scarcity is a false perception, Unnava said. There is ample gas in the United States, even after Ike delivered 110-mph winds to Galveston and Houston, an area that's home to a significant portion of the nation's oil refineries.
Gov. Rick Perry announced Monday that Texas' oil and gas industry "dodged a bullet" and that "some of those refineries are actually back in operation as we speak."
This isn't to say human nature alone drove the spike in gas prices; the oil market's supply side certainly played its part.
Refineries, pipeline and oil platforms are still being assessed after Ike, but the damage apparently isn't as severe as predicted, said Gregg Laskoski, spokesman for the southern region of the American Automobile Association. [more]
http://www.cnn.com/2008/US/09/15/ike.gas/index.html
The_Technician
Active member
Experts: 'Irrational' behavior drives gas prices more than Ike
Eliott C. McLaughlin
- Perception of limited gas sends more people to the pumps, experts say
Gas prices spiked across the nation after Hurricane Ike hit Gulf Coast
Reduced supply after storm plays part, but so does consumer rush- Professor: Consumers' fears, TV coverage lead to "a vicious cycle"
CNN
(CNN) -- Gas prices across the Southeast and Midwest soared over the weekend, and while many would blame Hurricane Ike, human nature may be a more likely scapegoat.
iReporter Stacy Haynes said this Harriman, Tennessee, station was selling regular gas at $5.09 a gallon Saturday.
Experts say that when a perception exists that gas is limited -- warranted or not -- consumers flock to the pumps even if officials implore them to stay calm.
It's a combination of fear, desire, distrust and protectionism, experts say.
"When you have a perceived scarcity of any product, research shows the attractiveness of that product goes up," said Dr. Rao Unnava, marketing professor at Ohio State University.
Grocery and department stores are keenly aware of the phenomenon, Unnava said, which is why sale flyers often declare things like, "limit three items per customer" or "price valid only through Friday."
Research shows that such advertisements can actually double or triple sales of a product, Unnava said.
"People don't feel comfortable with scarcity," he said.
With gasoline, scarcity is a false perception, Unnava said. There is ample gas in the United States, even after Ike delivered 110-mph winds to Galveston and Houston, an area that's home to a significant portion of the nation's oil refineries.
Gov. Rick Perry announced Monday that Texas' oil and gas industry "dodged a bullet" and that "some of those refineries are actually back in operation as we speak."
This isn't to say human nature alone drove the spike in gas prices; the oil market's supply side certainly played its part.
Refineries, pipeline and oil platforms are still being assessed after Ike, but the damage apparently isn't as severe as predicted, said Gregg Laskoski, spokesman for the southern region of the American Automobile Association. [more]
http://www.cnn.com/2008/US/09/15/ike.gas/index.html
So Norman, what was the price of gas a year or so ago when the oil price was $100/bbl...I think you would be alarmed....
nnuut
Moderator | TSP Legend
Oil plunges to $92 in Asia on US credit fears
Oil falls to $92 a barrel on fears US credit crisis will hurt global crude demand
September 16, 2008: 07:56 AM EST
NEW YORK (Associated Press) - VIENNA, Austria AP) _ Oil prices plummeted Tuesday, falling briefly below $92 a barrel and reflecting market fears that the U.S. credit crisis which brought down brokerage giant Lehman Brothers will drag on global economic growth and restrain demand for crude.
OPEC's production cut of 520,000 barrels a day earlier this month has failed to stem the decline. The 13-nation group said oil demand in the U.S. fell by 800,000 barrels a day last month due to the slow economy and high retail prices.
And in its monthly report, it said that overall less additional oil was needed on the market, noting that _ although the world's appetite for crude grew by an additional 900,000 barrels a day this year, that was 100,000 barrels less than what was estimated before the onset of the world's economic malaise.
For next year, the report predicted that world demand will grow by 900,000 barrels a day, to a daily 87.7 million barrels.
Light, sweet crude for October delivery tumbled $3.02 to $92.69 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. It briefly fell as low as $91.54. Overnight, the contract dropped $5.47 to settle at $95.71, the first time oil closed below $100 since March 4.
In a stunning turn of events Monday on Wall Street, Lehman Brothers Holdings Inc., a 158-year-old investment bank, filed for bankruptcy after failing to find a buyer and Merrill Lynch & Co. agreed to be bought out by Bank of America Corp.
"People are selling everything. It's a bit of panic," said Jonathan Kornafel, [more]
http://money.cnn.com/news/newsfeeds/articles/apwire/5615f86d59d8d45fe7006849e0620b4c.htm
Oil falls to $92 a barrel on fears US credit crisis will hurt global crude demand
September 16, 2008: 07:56 AM EST
NEW YORK (Associated Press) - VIENNA, Austria AP) _ Oil prices plummeted Tuesday, falling briefly below $92 a barrel and reflecting market fears that the U.S. credit crisis which brought down brokerage giant Lehman Brothers will drag on global economic growth and restrain demand for crude.
OPEC's production cut of 520,000 barrels a day earlier this month has failed to stem the decline. The 13-nation group said oil demand in the U.S. fell by 800,000 barrels a day last month due to the slow economy and high retail prices.
And in its monthly report, it said that overall less additional oil was needed on the market, noting that _ although the world's appetite for crude grew by an additional 900,000 barrels a day this year, that was 100,000 barrels less than what was estimated before the onset of the world's economic malaise.
For next year, the report predicted that world demand will grow by 900,000 barrels a day, to a daily 87.7 million barrels.
Light, sweet crude for October delivery tumbled $3.02 to $92.69 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. It briefly fell as low as $91.54. Overnight, the contract dropped $5.47 to settle at $95.71, the first time oil closed below $100 since March 4.
In a stunning turn of events Monday on Wall Street, Lehman Brothers Holdings Inc., a 158-year-old investment bank, filed for bankruptcy after failing to find a buyer and Merrill Lynch & Co. agreed to be bought out by Bank of America Corp.
"People are selling everything. It's a bit of panic," said Jonathan Kornafel, [more]
http://money.cnn.com/news/newsfeeds/articles/apwire/5615f86d59d8d45fe7006849e0620b4c.htm
James48843
Well-known member
It's more than just a "perception" of gasoline issues in our future:
Here is the latest report on the status of Gulf area refineries, as of 9 a.m. this morning.
They are still evaluating data.
Here is the latest report on the status of Gulf area refineries, as of 9 a.m. this morning.
nnuut
Moderator | TSP Legend
Gas prices tick higher: Up 38% from July
Gasoline prices rise for the eight day in a row, edging up 0.1 cent. Prices are down 6.3% from their July high but still up $1.06 from a year earlier.
September 17, 2008: 6:10 AM EDT
NEW YORK (CNNMoney.com) -- Gas prices edged higher, rising for the eighth straight day, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular rose 0.1 cent to $3.855 a gallon, according to the survey released Wednesday by motorist group AAA.
That followed increases of 1 cent on Tuesday, 4.7 cents on Monday, 5.8 cents Saturday and 6.2 cents Sunday. Sunday's jump marked the biggest one-day spike for gas prices since Hurricane Katrina hit the Gulf Coast in 2005.
Hurricane Ike slammed into Texas early Saturday, shutting down the heart of the nation's refinery operations. Crude prices have been trending lower amid weakening demand and in response to the recent slew of storms and hurricanes.
On Tuesday, oil prices tumbled to a seven-month low as the crisis on Wall Street spooked a market already skittish about a globals slowdown. Oil prices have plunged more than $10 a barrel over the past two days. [more]
http://money.cnn.com/2008/09/17/news/economy/gas_prices/index.htm?cnn=yes
Gasoline prices rise for the eight day in a row, edging up 0.1 cent. Prices are down 6.3% from their July high but still up $1.06 from a year earlier.
September 17, 2008: 6:10 AM EDT
NEW YORK (CNNMoney.com) -- Gas prices edged higher, rising for the eighth straight day, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular rose 0.1 cent to $3.855 a gallon, according to the survey released Wednesday by motorist group AAA.
That followed increases of 1 cent on Tuesday, 4.7 cents on Monday, 5.8 cents Saturday and 6.2 cents Sunday. Sunday's jump marked the biggest one-day spike for gas prices since Hurricane Katrina hit the Gulf Coast in 2005.
Hurricane Ike slammed into Texas early Saturday, shutting down the heart of the nation's refinery operations. Crude prices have been trending lower amid weakening demand and in response to the recent slew of storms and hurricanes.
On Tuesday, oil prices tumbled to a seven-month low as the crisis on Wall Street spooked a market already skittish about a globals slowdown. Oil prices have plunged more than $10 a barrel over the past two days. [more]
http://money.cnn.com/2008/09/17/news/economy/gas_prices/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
Oil rallies as Wall Street gets a lifeline
Crude futures rebounf as the Federal Reserve steps in to lend the insurer AIG much-needed capital, and ahead of the government's weekly supply report.
By Catherine Clifford, CNNMoney.com staff writer
September 17, 2008: 7:17 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices rallied Wednesday after a couple of bruised and battered financial institutions received assistance and ahead of the government's weekly supply report.
Oil traded up $3.07 to $94.22 a barrel. On Tuesday, oil closed $4.56 lower to $91.15 a barrel, which was the lowest settle since Feb. 7.
In the recent sessions, the oil market has been directed by the sentiment on Wall Street.
Wall Street: On Monday and Tuesday, oil prices tumbled $10 to a 7-month low as an implosion of Wall Street sent shivers through the oil market because demand for energy can not recover in a staggering economy.
The Federal Reserve Board said late Tuesday it would lend as much as $85 billion to insurer American International Group (AIG, Fortune 500), which had been scrambling to come up with capital.
British bank Barclays said Tuesday it was going to buy certain units of Lehman Brothers for $1.75 billion. Lehman Brothers (LEH, Fortune 500) was forced to declare bankruptcy in the wee hours of Monday after a weekend of failed negotiations.
Morgan Stanley (MS, Fortune 500) reported much better-than-expected third-quarter results late Tuesday, giving a much-needed confidence boost to the financial sector.
Supply report: [more]
http://money.cnn.com/2008/09/17/markets/oil/index.htm
Crude futures rebounf as the Federal Reserve steps in to lend the insurer AIG much-needed capital, and ahead of the government's weekly supply report.
By Catherine Clifford, CNNMoney.com staff writer
September 17, 2008: 7:17 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices rallied Wednesday after a couple of bruised and battered financial institutions received assistance and ahead of the government's weekly supply report.
Oil traded up $3.07 to $94.22 a barrel. On Tuesday, oil closed $4.56 lower to $91.15 a barrel, which was the lowest settle since Feb. 7.
In the recent sessions, the oil market has been directed by the sentiment on Wall Street.
Wall Street: On Monday and Tuesday, oil prices tumbled $10 to a 7-month low as an implosion of Wall Street sent shivers through the oil market because demand for energy can not recover in a staggering economy.
The Federal Reserve Board said late Tuesday it would lend as much as $85 billion to insurer American International Group (AIG, Fortune 500), which had been scrambling to come up with capital.
British bank Barclays said Tuesday it was going to buy certain units of Lehman Brothers for $1.75 billion. Lehman Brothers (LEH, Fortune 500) was forced to declare bankruptcy in the wee hours of Monday after a weekend of failed negotiations.
Morgan Stanley (MS, Fortune 500) reported much better-than-expected third-quarter results late Tuesday, giving a much-needed confidence boost to the financial sector.
Supply report: [more]
http://money.cnn.com/2008/09/17/markets/oil/index.htm
Minnow
Well-known member
Hey Norm, you think the inventory report will stifle the "rally" today?
-- I know you're not into predictions but with refineries hitting the pause button for Ike and even with the cartel vowing to stick to the production limits, I'm guessing we get a surplus. Now, having that baked into the figures already, what kind of spin do you think is going to be placed on the numbers to sustain a rally? ...and do the powers that be really want a rally?
Perhaps all this is just being used for knee-jerk talking points during the election.
-- I know you're not into predictions but with refineries hitting the pause button for Ike and even with the cartel vowing to stick to the production limits, I'm guessing we get a surplus. Now, having that baked into the figures already, what kind of spin do you think is going to be placed on the numbers to sustain a rally? ...and do the powers that be really want a rally?
Perhaps all this is just being used for knee-jerk talking points during the election.