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From our Friends at the BBC!


Oil up on China investment plan


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Oil prices are sharply down from the record reached in July


The price of oil has climbed more than $4 a barrel following China's multi-billion dollar stimulus package aimed at boosting its economy.
US light sweet crude added $4.28 to $65.32 a barrel in New York while Brent crude rose $4.36 to $61.71.
Prices were also buoyed by the weakening dollar, as traders sought alternative investments.
Oil prices are far below their peak of more than $147 a barrel seen in July, before the recent financial turmoil.
"Oil has been highly correlated to stocks and the dollar" said Clarence Chu, a trader with Hudon Capital Energy in Singapore.
Earlier the Shanghai Composite Index added 7.3% while Japan's benchmark Nikkei 225 index increased to end 5.8% higher.
"The spending plan may increase crude demand, which is already strong in China," Mr Chu added.
China is seen as a key engine of growth in the world economy.
Oil cartel Opec recently cut output in an attempt to help boost prices, and there is speculation that the group could make further cuts if prices start to fall below $55 a barrel. "The market expects them to cut again in December at the latest," added Mr Chu. Last week, the International Energy Agency said demand from developing nations in the long-term was expected to push oil prices higher. http://news.bbc.co.uk/2/hi/business/7719411.stm
 
Ok, let's make up our mind!!:o

Oil falls on China stimulus doubts

China's new $586 billion stimulus package could help restore demand for oil in world's 4th largest economy, but the package may take some time to implement.

November 11, 2008: 6:09 AM ET



SINGAPORE (AP) -- Oil prices fell to near an 18-month low of $60 a barrel Tuesday in Asia as optimism waned that a huge Chinese spending plan will avert a prolonged slowdown in the global economy.
Light, sweet crude for December delivery was down $1.84 to $60.57 a barrel, after falling as low as $60.29, in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract overnight rose $1.37 to settle at $62.41.
Oil closed at $60.77 on Nov. 6, the lowest price since March 2007, and has fallen about 59% since reaching a record $147.27 in mid-July.
Oil prices and stock markets jumped Monday after China said it planned to spend $586 billion in a bid to spur economic growth. But pessimism soon returned as investors focused again on a swooning U.S. economy, which faces its worst recession in decades.
Most Asian stock markets fell Tuesday, following the lead of the Dow Jones industrials average, which dropped 0.8% Monday. Japan's benchmark Nikkei 225 index slid 3% Tuesday, Hong Kong's Hang Seng index dropped 2.9% and Australia's main index lost 3.6%.
"The market is realizing that package can't prevent us from sliding into the mess we're heading toward," said Toby Hassall, an analyst with Commodity Warrants Australia in Sydney. "The economic outlook is pretty bleak." [more] http://money.cnn.com/2008/11/11/markets/oil.ap/index.htm
 
OIL BREAKS $60 A BARREL, WILL IT HOLD?
Time........,...Barrel.....Daily Status.....
11/10/08
Settle.........$62.41.......+1.37
11/11/08
07:31.........$59.90........-2.51
:laugh:
 
Oil still holding below $60!!! oilrig3.gif

11/11/08
07:31.........$59.90........-2.51
08:23.........$59.87........-2.54
09:27.........$60.68........-1.73
13:16.........$58.86........-3.55
 
AP
Oil falls below $59, gasoline continues plunge
Tuesday November 11, 1:05 pm ET
By John Porretto, AP Energy Writer Oil falls below $59 as gasoline prices dip below $2 in a handful of states
HOUSTON (AP) -- Retail gasoline prices dipped for a 17th week since July 4, falling below $2 a gallon in a number of states and as low as $1.77 in Des Moines, Iowa.
While consumers, worried about a weak job market and slumping investments, are grateful for the price relief, there are indications they are hanging on to the money that they are not putting in the gas tank.

Oil prices hit a 20-month low Tuesday as Wall Street offered yet more evidence that consumers have gone into hiding.
Retail gasoline prices fell to a national average of $2.22 a gallon, dragged down by the falling price of crude, which now costs 60 percent less per barrel than it did in mid-July.
Light, sweet crude for December delivery fell more than 5 percent, or $3.25, to $59.16 a barrel on the New York Mercantile Exchange. In earlier electronic trading, crude fell to $58.32, it's lowest point since March 2007. Oil prices fell two days ahead of a report from the International Energy Agency, which some analysts expect will cut its 2009 oil demand forecast for the third consecutive month. [more] http://biz.yahoo.com/ap/081111/oil_prices.html
 
:D Some old November news.

HOW THE PRICE OF OIL HIT $40 A BARREL
(FORTUNE Magazine)
By - Peter Nulty
November 5, 1990
http://money.cnn.com/magazines/fortune/fortune_archive/1990/11/05/74330/index.htm

When the price of crude oil recently passed $40 a barrel, most people blamed panicky traders and greedy speculators. Indeed, fear of war has helped push up prices from around $20 since Iraq invaded Kuwait on August 2.
Click to expand...

Edward Murphy, an economist at the American Petroleum Institute, a Washington lobbying group, estimates that if crude stays at $40 next year, total demand could fall as much as eight million barrels a day, or 13% -- enough to send prices much lower. With supply up and prices down, says Manning, ''oil could be coming out of our ears.''
Click to expand...
 
gAS TODAY AT wAL-mART $1.709/GAL:)


To those that told me I was crazy and "in your Dreams"....
raspberry.gif
nenner.gif
 
NYMEX LIGHT SWEET CRUDE:
Settled BELOW $60 a Barrel LOOK OUT $40s HERE WE COME!!:D $2 a gallon around here!!
11/11/08
Settle.........$59.33........-3.08
 
Oil ends at 19-month low below $60

Investors look past China's stimulus plan as economic concerns and waning demand dominate the market.

By Ben Rooney, CNNMoney.com staff writer
Last Updated: November 11, 2008: 3:00 PM ET

NEW YORK (CNNMoney.com) -- The price of oil fell to a 19-month low Tuesday, sliding below the psychologically important $60 level, as investors looked past China's massive economic stimulus plan to focus on weak global demand and a stronger dollar.

Light, sweet crude for December delivery fell $3.08 to settle at $59.33 a barrel in New York. Tuesday's decline brings the price to its lowest level since March 21, 2007, when it settled at $59.61 a barrel. more
http://money.cnn.com/2008/11/11/markets/oil/index.htm?postversion=2008111115
 
Oil slips below $59 on global growth pessimism

With global growth worse than expected, crude prices continue falling.

November 12, 2008: 7:21 AM ET

VIENNA, Austria (AP) -- Oil prices slipped below $59 a barrel Wednesday as investors grappled with the prospect that global growth next year will slow more than originally feared, cutting demand for gasoline and other crude products.

Expectations that a snapshot of the U.S. inventories will also show reduced consumption of oil and derivatives also acted as a drag on the market. [more]
http://money.cnn.com/2008/11/12/markets/oil.ap/index.htm
 
Cost of crude rising to $200 by 2030

World energy demand to rise 1.6% per year, while cost of crude is expected to reach $200 a barrel by 2030.

November 12, 2008: 7:06 AM ET

LONDON (AP) -- The International Energy Agency on Wednesday predicted world energy demand will rise 1.6% per year on average between 2006 and 2030 and called for massive investment in energy infrastructure, warning of a supply squeeze.
The IEA's base scenario for energy demand has slowed due to the global economic slowdown and higher oil prices, but the agency stressed that a delay in spending on new projects due to the credit crisis could mean a "supply crunch that could choke economic recovery."
The IEA expects demand for oil to rise from 85 million barrels per day currently to 106 million barrels per day in 2030 -- 10 million barrels per day less than projected last year. China and India continue to be the main drivers of the industry, accounting for more than half of incremental energy demand to 2030, while the Middle East, a longtime supplier, emerges as a major new demand center. [more]
http://money.cnn.com/2008/11/12/markets/oil.ap/index.htm?postversion=2008111207
 
nnuut said:
Cost of crude rising to $200 by 2030

World energy demand to rise 1.6% per year, while cost of crude is expected to reach $200 a barrel by 2030.
Click to expand...
Come on:rolleyes:..Do we really need to see this now?...we'll be tele-porting by then anyway..who cares?

...beam me up Scotty:D:D
 
Most problems can and will be solved by the ability to clone dinosaurs. Not only will we fight world hunger with dino-ribs, everyone knows squished dinosaurs make a mean cup-o-Texas Tea.
 
After so many years of feeling like we have no power over OPEC and the
Oil Giants, we're begining to realize something which may or may not be
true. I almost feel responsible for forcing the price of oil down because
of my conservation efforts. Of coarse, it's a collective effort among all
driving US citizens after oil reached 147. We forgot about the 70's
and created a monster. Now that the American people feel they have
made a difference, they won't stop conserving and they won't soon
forget. That will ocurr over time, but not tomorrow. OPEC can cut their
production all they want. It simply won't be able to keep up with the
lowering of demand. The recession will lower our consumption even more.
Oil might drop down to $10 before its all said and done. Just my thoughts.
 
squalebear said:
After so many years of feeling like we have no power over OPEC and the
Oil Giants, we're begining to realize something which may or may not be
true. I almost feel responsible for forcing the price of oil down because
of my conservation efforts. Of coarse, it's a collective effort among all
driving US citizens after oil reached 147. We forgot about the 70's
and created a monster. Now that the American people feel they have
made a difference, they won't stop conserving and they won't soon
forget. That will ocurr over time, but not tomorrow. OPEC can cut their
production all they want. It simply won't be able to keep up with the
lowering of demand. The recession will lower our consumption even more.
Oil might drop down to $10 before its all said and done. Just my thoughts.
Click to expand...

How true, how true, but people really don't seem to have that much control over what they can do, this was something they had to do. It hit them hard right in the wallet and was hurting like the devil before they slacked off. They had much help from the speculators that in a BIG way caused most the problem along with OPEC and the Oil companies. Hedge funds and other big investors ran the price up AFTER they invested big bucks in gas and oil, buy, buy buy run the price up, stocks are losing, run up the price and then we will sell!! Oh, yes GREED was a big part of it. Don't forget this still is a REAL PROBLEM and we need to be energy independent or the high prices will return, DRILL BABY DRILL!!:cool: oilplatform2.jpg oilrig.gif
 
Like I said before..OKC has not really been hit too bad by the eco-crisis..the oil biz is booming and that means a lot of people working directly and indirectly for the oil industry...everything else falls into place with that..I was talking to an Oil producer (driller) the other day.. and he said as long as oil stays at or above $50.00/bbl..the industry here would continue to soar....so that's my magic number to settle and hold at...God bless them roughnecks...ya gotta love em..:D
 
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