Oil Slick Stuff

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Let us all eat beans..then fart into a ballon and sell it as a cut rate price..that'll show em...;):laugh:
 
At first I thought it was one pumpkin, but now it's starting to look like two pumpkins facing each other. :blink:
 
Natural gas industry executives say CNG is a cleaner alternative to gasoline — producing 23 percent less greenhouse gas than diesel vehicles and 30 percent less than gasoline vehicles. And thanks to new drilling technology, they say, unprecedented amounts of natural gas can be obtained domestically and at far cheaper prices — about $1.50 a gallon.
“It is the most viable technology that you can do on a big scale,” says Jim Harger, a senior vice president of Clean Energy. “We have a glut of natural gas across the country. It’s right here in our backyard. We can do this now. It’s all ready to go.”

http://www.msnbc.msn.com/id/27052462
 
OK that's fine let's start setting up LNG tanks at all of the Gas Stations in the USA!!! I'll get my 4Runner changed over to run on LNG, that should be about $1000 I would guess? Where do I fill up, i'm ready to go? gaspump2.gif
 
Oil falls below $70 on recession fears

Worries about slowing demand overshadow expectations of OPEC production cut.

Oil sinks despite OPEC


LONDON (AP) -- Oil prices fell below $70 a barrel Wednesday as investors shrugged off a looming OPEC production cut after company forecasts suggested the U.S. may be headed for a severe economic slowdown that would crimp demand for crude.
Light, sweet crude for December delivery dropped $2.63 to $69.55 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe.
The November contract expired Tuesday and fell $3.36 to settle at $70.89. Last Thursday, that contract had declined as low as $68.57 a barrel, the lowest since June 2007.
Crude investors have followed equity markets this week, looking for signs on how the U.S. economy will weather the current global financial turmoil.
On Tuesday, DuPont (DD, Fortune 500), Sun Microsystems (JAVA, Fortune 500) and Texas Instruments (TXN, Fortune 500) reported disappointing earnings and bleak forecasts, sending the Dow Jones industrials average down 2.5%.
"Oil is now highly correlated with the stock market," said Clarence Chu, a trader with market maker Hudson Capital Energy in Singapore. "People are looking to the Dow for sentiment on the economy."
The Organization of Petroleum Exporting Countries, which accounts for about 40% of global oil supply, has signaled it plans to announce an output quota reduction at an emergency meeting Friday in Vienna.
But investors are skeptical about how much of the cut will be implemented, given the history of OPEC members exceeding their production quotas.
"There should be a short-term boost to prices when they announce a cut on Friday," Chu said. "But OPEC production has always been above their quotas, so there's a credibility problem."
Crude oil is down 53% from its peak of $147.27 reached in mid-July.
A stronger dollar this week has also pushed oil prices lower. Investors often buy commodities like crude oil as an inflation hedge when the dollar weakens and sell those investments when the greenback rises.
The euro fell below $1.28 for the first time in nearly two years on Wednesday. The 15-nation euro dipped as low as $1.2736 in morning trading before rising slightly to $1.2873, down from $1.3003 late Tuesday in New York.
Investors are also watching for signs of slowing U.S. demand in the weekly oil inventories report to be released Wednesday from the U.S. Energy Department's Energy Information Administration.
The petroleum supply report was expected to show that oil stocks rose 2.9 million barrels last week, according to the average of analysts' estimates in a survey by energy information provider Platts. The Platts survey also showed that analysts projected gasoline inventories rose 3.0 million barrels and distillates went up 600,000 barrels last week.
In other Nymex trading, heating oil futures fell 6.03 cents to $2.12 a gallon, while gasoline prices dropped 5.39 cents to $1.64 a gallon. Natural gas for November delivery jumped 1.0 cents to $6.85 per 1,000 cubic feet.
http://money.cnn.com/2008/10/22/markets/oil.ap/index.htm?postversion=2008102206
 
Let em cut. Plenty of untapped oil in the GOM leases..just have to get operators to drill their leases.
BP strikes oil in deepwater GoM
Offshore staff
HOUSTON -- BP has made an oil discovery at the Freedom prospect in the deepwater Gulf of Mexico.
The well, located in Mississippi Canyon block 948, approximately 70 mi (113 km) southeast of the Louisiana coast, is in 6,100 ft (1,860 m) of water. The Freedom well was drilled to a total depth of approximately 29,280 ft (8,927 m) and encountered greater than 550 net ft (168 m) of hydrocarbon-bearing sands in middle and lower miocene reservoirs. Appraisal will be required to determine the size and commerciality of the discovery, the company says.
"The Freedom well is our third discovery in this part of the deepwater GoM following our Tubular Bells and Kodiak discoveries," says Andy Inglis, BP chief executive for exploration and production.
"This discovery further strengthens BP's resource base and portfolio of potential development projects in the GoM. We believe that Freedom straddles Mississippi Canyon block 948 and Mississippi Canyon block 992 and we look forward to working with our various partners towards efficient development of these discovered resources."
http://www.offshore-mag.com/index.cfm
Click to expand...
 
These guys really don't like Oil going down to a reasonable price, Russian Crooks!!:mad:

Russia may divert oil to affect price

One of the world's largest oil producing countries is considering storing crude to gain more influence over global prices.

Last Updated: October 22, 2008: 10:44 AM ET

Russian oligarchs under pressure


MOSCOW (AP) -- Russia's top energy official said Wednesday that the nation may set aside an oil reserve to influence global prices - but won't cut output, news reports said.
Deputy Prime Minister Igor Sechin, who is in charge of the energy sector, said the government was considering creating an oil production reserve "which would allow it to work more efficiently with prices on the market."
Sechin would not name the amount of the reserves, but said they should be "enough to reach efficient pricing parameters," Russian news agencies reported.
He confirmed that Russia would not cut oil output, unlike OPEC nations which are expected to slash production by 1 million barrels.
OPEC Secretary General Abdullah al-Badri, in Moscow for talks with Russian officials, said Tuesday that he would not ask Russia to cut oil production as global prices fall. Analysts had said Russia was unlikely to agree to coordinated production cuts, given that it already is battling falling output as West Siberian oil fields mature.
Russia, the largest oil producer outside of the OPEC oil cartel, has seen its stock markets battered in recent weeks on the back of deepening fears of a global recession and plunging oil prices. The price of oil has more than halved since peaking at $147.
http://money.cnn.com/2008/10/22/new..._reserves.ap/index.htm?postversion=2008102210
 
nnuut said:
These guys really don't like Oil going down to a reasonable price, Russian Crooks!!

Russia may divert oil to affect price

One of the world's largest oil producing countries is considering storing crude to gain more influence over global prices.

Last Updated: October 22, 2008: 10:44 AM ET

Russian oligarchs under pressure


MOSCOW (AP) -- Russia's top energy official said Wednesday that the nation may set aside an oil reserve to influence global prices - but won't cut output, news reports said.
Deputy Prime Minister Igor Sechin, who is in charge of the energy sector, said the government was considering creating an oil production reserve "which would allow it to work more efficiently with prices on the market."
Sechin would not name the amount of the reserves, but said they should be "enough to reach efficient pricing parameters," Russian news agencies reported.
He confirmed that Russia would not cut oil output, unlike OPEC nations which are expected to slash production by 1 million barrels.
OPEC Secretary General Abdullah al-Badri, in Moscow for talks with Russian officials, said Tuesday that he would not ask Russia to cut oil production as global prices fall. Analysts had said Russia was unlikely to agree to coordinated production cuts, given that it already is battling falling output as West Siberian oil fields mature.
Russia, the largest oil producer outside of the OPEC oil cartel, has seen its stock markets battered in recent weeks on the back of deepening fears of a global recession and plunging oil prices. The price of oil has more than halved since peaking at $147.
http://money.cnn.com/2008/10/22/new..._reserves.ap/index.htm?postversion=2008102210
Click to expand...
If you can read between the lines..they (USSR) want to halt the decline in oil prices so it don't keep tumbling back to the $20.00/bbl days, but not have it back to $150/bbl either..so if they succeed along with all of OPEC at halting it at $50.00/bbl..Fine..everyone should be able to live with that..

Anyways, at least it seems the OMG $200.00/bbl or the $5.00/gallon BS some gloom and doomers was so sure about happening before this years end was just a wild case of a pipe dream.:rolleyes:
 
OPEC's tough fight: Cheap oil

The cartel will soon be reminded just how hard it can be to control oil prices during a global economic slowdown.

By Aaron Smith, CNNMoney.com staff writer

Last Updated: October 22, 2008: 4:45 PM ET

NEW YORK (CNNMoney.com) -- When the Organization of Petroleum Exporting Countries meets at its Vienna headquarters on Friday it will be reminded of just how slippery the price of oil can be, and how little control the cartel has over its price.

Faced with a the possibility of a global recession and a sharp decline in energy demand, OPEC will discuss slashing oil production in an emergency meeting.
OPEC president Chakib Khelil, Algeria's oil minister, said there could be a "significant" reduction in the organization's daily output of 29 million barrels.
The organization considers the market to be oversupplied by two million barrels a day, but it has yet to agree on the size of the cut. This lack of agreement could hinder its efforts to control prices.
"Two million barrels a day is a very big number and it's not that easy to do," said Joseph Stanislaw, an energy expert and independent senior advisor at the consultancy Deloitte & Touche. "It's possible. It's doable. But the question is how long it takes them to agree."[more]
http://money.cnn.com/2008/10/22/news/international/opec_production/index.htm
 
Consumer help will help!!! Come on down prices!!:D

Cheaper gas not the answer

Experts say lower gas prices should help consumers but won't be enough to jumpstart the struggling economy.

By Chris Isidore, CNNMoney.com senior writer
October 23, 2008: 5:09 AM ET

NEW YORK (CNNMoney.com) -- Gas prices have tumbled 30% from their record high in July and are poised to fall farther. But economists say that cheaper gas won't be enough to revive a struggling economy.
No one doubts that lower prices are putting extra dollars back into consumers' pockets. With the average price of gas costing about $2.86 a gallon, or $1.25 a gallon less nationwide than it did at the peak in July, that translates into nearly $500 million a day in savings on gas purchases.
"This acts like a tax cut for consumers," said Gus Faucher, director of macroeconomics, Moody's Economy.com. "Consumers will have more money to spend on other types of things."
But gas prices are dropping greatly because of lower demand for oil in the U.S. and around the world due to a weaker economy.
So the benefits of lower oil prices are expected to be offset by other factors, such as tighter credit, falling home prices and rising unemployment. That is likely to lead to a pullback in consumer spending.
"We certainly need to do more than count on gas prices to bail us out," said Faucher. "The problems are much more severe than that.
Other economists point out that while prices are well off their all-time highs, they still have only fallen back to year-ago levels, which were still considered expensive for many consumers.
"At $3 a gallon, we're back to neutral. I wouldn't see it as stimulating the economy," said Brian Bethune, chief U.S. financial economist for Global Insight. [more]
http://money.cnn.com/2008/10/23/news/economy/gas_economy/index.htm?postversion=2008102305
 
Oil rises to $67 as OPEC prepares cuts

Crude prices edge up on expectations of 'substantial' reductions in output.

Last Updated: October 23, 2008: 7:03 AM ET

LONDON (AP) -- Oil prices rebounded from a 16-month low to above $67 on Thursday on expectations that OPEC will move to shore up plummeting prices with an output quota cut on Friday.
Light, sweet crude for December delivery rose 87 cents to $67.62 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe.
On Wednesday, the contract fell $5.43 to settle at $66.75 a barrel, the lowest close for a front-month contract since June 13, 2007.
Investors are eyeing an emergency meeting Friday in Vienna of the Organization of Petroleum Exporting Countries, where members have said that they would like prices to fluctuate between $70 and $90 a barrel. [more]
http://money.cnn.com/2008/10/23/markets/oil.ap/index.htm?postversion=2008102307
 
Intersting read.

OPEC faces 'uphill battle' as oil prices plummet
Oil producers' dilemma unique as demand slows, global economy weakens
By Myra P. Saefong, MarketWatch

Oct. 22, 2008: SAN FRANCISCO (MarketWatch) -- Members of the Organization of the Petroleum Exporting Countries saw fit to schedule an "extraordinary" meeting this Friday after seeing oil prices drop more than 50% in three months.

http://www.marketwatch.com/news/sto...x?guid={F3A77DD1-39E6-4C4A-9525-20F67841548B}

CB
 
OPEC cuts production, oil sinks

Oil hits 17-month low after oil cartel cuts crude production by 1.5 million barrels a day.

By David Goldman, CNNMoney.com staff writer
Last Updated: October 24, 2008: 7:22 AM ET

crudeoil.mkw.gif

Oil prices could rise


NEW YORK (CNNMoney.com) -- Oil prices fell to their lowest point since May 2007 Friday after the world's largest oil cartel slashed production targets by a smaller-than-expected amount.


The Organization of Petroleum Exporting Countries, whose member nations control about 40% of the world's oil, said it would cut production by 1.5 million barrels a day starting in November.
U.S. crude for December delivery fell $4.02 to $63.82 a barrel in electronic trading. Oil fell nearly $5 to $63.05 when the news first broke at about 5:10 a.m. ET. It was the lowest level for oil prices in more than 17 months.
OPEC said the cut was necessary because the global financial crisis has caused oil demand and prices to plummet.
"The financial crisis is ... dampening the demand for energy, in general, and oil in particular," said OPEC in a statement released after the meeting concluded. "Oil prices have witnessed a dramatic collapse - unprecedented in speed and magnitude."
The decision was made in an emergency meeting held in Vienna, Austria on Friday. The meeting was originally scheduled for Nov. 18, but it was pushed up a month as slowing demand sent crude oil prices down 56% since they rose to a record high of $147.27 a barrel in mid-July. Free-falling prices have alarmed many of the nations whose economies depend on oil exports.
Cut not enough to reverse falling prices
Many investors anticipated a larger production cut from OPEC to deal with falling demand in the slowing economy.
"Demand destruction is at over 2 million barrels a day," said Robert Laughlin, senior broker at MF Global. "What OPEC did today was a good gesture, but it wasn't enough."
OPEC president Chakib Khelil told reporters last weekend that any production cut could be "substantial," adding that the organization would try to stabilize prices between $70 and $90 a barrel.
Iran's oil minister, Gholamhossein Nozari, told reporters Thursday that OPEC needed to cut production by about 2 million barrels a day.
Iran ended up cutting its production by nearly 200,000 barrels a day. Saudi Arabia, the cartel's largest supplier of oil, cut by nearly a half a million barrels.
Though OPEC said it will revisit the cuts in its next meeting on Dec. 17, analysts believe it will be hard to convince the oil producing nations to further slash production.
"The Saudis took a third of the cut off the books," Laughlin said. "But the Saudi minister made pretty clear that this is the cut, and they're not going to get another one in December."
But if the cut wasn't enough to restore the market to equilibrium, Laughlin said we're headed towards oil at $50 a barrel. If oil sinks below $50, he said OPEC will be forced to act and cut production again.
In its statement, the cartel seemed to anticipate continued demand destruction and falling prices through the winter months.
"This slowdown in oil demand is serving to exacerbate the situation in a market which has been over-supplied with crude for some time," the statement said. "Moreover, forecasts indicate that the fall in demand will deepen, despite the approach of winter in the northern hemisphere."
Oil prices settled up $1.09 to $67.84 a barrel Thursday in anticipation of OPEC's production cuts.
http://money.cnn.com/2008/10/24/markets/oil/index.htm
 
HA..serves them greedy bastards right...:laugh:

Gas today $2.069/gal



DRILL BABY DRILL!!!!!
 
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