Oil Slick Stuff

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The More oil the better. :D Could boost oil and gas reserves as much as 50%:nuts:
AP
Promising New Oil Find in Gulf of Mexico
Tuesday September 5, 9:24 am ET

Oil Companies Say Promising Tests May Suggest Significant Gulf of Mexico Discovery

OSLO, Norway (AP) -- Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies announced Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves by as much as 50 percent.
The Jack 2 well was drilled by U.S. oil company Chevron Corp., with partners Statoil ASA of Norway and Devon Energy Corp. of Oklahoma City.
"Test results are very encouraging and may indicate a significant discovery. The full magnitude of the field's potential is still being defined," Statoil said in a statement. During the test, the Jack 2 well sustained a flow rate of more than 6,000 barrels of oil per day
http://biz.yahoo.com/ap/060905/major_oil_discovery.html?.v=7
 
nnuut said:
The More oil the better. :D Could boost oil and gas reserves as much as 50%:nuts:
AP
Promising New Oil Find in Gulf of Mexico
Tuesday September 5, 9:24 am ET
Click to expand...

This is nothing. Just wait until they start drilling in the Eastern Gulf. The Ayatollah Khomeni used to say that the future belongs to those people who live on top of oceans of oil. Nothing would please me more that to have the whole damn Persian Gulf sink back into the obscurity it so richly desrves.
 
I would suggest that the USA start building more refineries, RIGHTTTTTT NOWWWWWW!:nuts: :nuts:
 
Price of gasoline is plunging downward where I am.

Last week it fell to $2.60 from $2.78 the week before, and over this past weekend it continued to go down. Today I saw it for $2.48 a gallon.

You don't suppose someone is manipulating the price through giving up some of that "strategic petrolium reserve" just in time for everybody to forget prices come election time, do you?

Chart with Detroit gas prices: Gas Budy dot com
 
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Lowest gas prices I've seen here in Boiled Peanut is $2.47. I won't feel better about the Oil/Gas thing until Oil gets below $50! HA!:D
 
$67.94 a barrel, Oil prices don't seem to be having much effect on the markets lately?

09/06/2006 - Updated 7:43 AM ET
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Crude extends losses; traders weigh ample supplies
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By Ciara Linnane, MarketWatch

NEW YORK (MarketWatch) -- Crude futures fell early Wednesday as traders continued to weigh the state of U.S. oil supplies with the summer driving season now over and to breathe a sigh of relief that no major hurricanes have formed yet this year.

http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BD30BBDAF%2D6CE8%2D4FBB%2DACF7%2D08F1C8E9E246%7D
 
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Same here. Gasoline is plunging. Not easing..........plunging. Dropped .25 cent in one day. Very odd how fast it is declining. One could easily get the conspiracy theory bug being a midterm election year. Lets keep in mind its the end of the driving season, reserves are high, and the news of a new oil field in the Gulf. Not that it will be on-line anytime soon. Oh and the fact that we have been getting gouged. Let's definitely not forget that.:mad:

James48843 said:
Price of gasoline is plunging downward where I am.

Last week it fell to $2.60 from $2.78 the week before, and over this past weekend it continued to go down. Today I saw it for $2.48 a gallon.

You don't suppose someone is manipulating the price through giving up some of that "strategic petrolium reserve" just in time for everybody to forget prices come election time, do you?

Chart with Detroit gas prices: Gas Budy dot com
Click to expand...
 
Regular UL $2.40 9/10 in Boiled Peanut GA.

Oil price at close 09/06/06 $67.50 a barrel.

Crude for October delivery closed down $1.10 at $67.50 a barrel on the New York Mercantile after falling to $67.45 earlier, marking the contract's lowest levels for the regular session since March 27. Prices touched $67.77 in the overnight electronic session between Tuesday evening and Wednesday morning.

http://markets.usatoday.com/custom/...s&guid={D30BBDAF-6CE8-4FBB-ACF7-08F1C8E9E246}
 
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Regular UL $2.40 9/10 in Boiled Peanut Ga.

$67.63 a barrel

09/07/2006 - Updated 8:06 AM ET
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Crude edges up ahead of weekly supply data
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</IMG>By Ciara Linnane, MarketWatch
NEW YORK (MarketWatch) -- After closing at a five-month low Wednesday, crude futures edged higher early Thursday with traders looking to weekly supply data expected to show the first decline in U.S. gasoline supply in three weeks.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7B09C554B2%2D0444%2D4180%2D9107%2D843A8C2D5AE4%7D
 
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For us in Ohio, we went from $3 to about $2.35. Now think this through:

The price of oil went from about $79 to about $67, a 15% decline. Since the cost of oil is only about half the final cost of gas, we should expect gas prices to drop 7 or 8 percent. But they have dropped 22%.

Do you get the feeling that all of this is being "managed?" I bet that after the elections, price will go back up.
 
Oh your preaching to the choir!!! For example Iran throws a fit and oil prices go way up but Iran only contributes 15% of the worlds supply. So how much does Irans oil contribute to US gas prices... 2 or 3 percent? It is all such a scam. If the US just found a giant oil deposit in the Gulf of Mexico why does it take 2 years to get it out of there. If that is the solution to our problem and the oil companies just made record profits... why isnt that the number one priority?

Ok, I am done now.... I feel better.
 
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