Oil Slick Stuff

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Thanks for the charts Norm, I see that the $40/bbl line is drawn in the sand, and that sand is in the middle east.

:cool:
 
Maybe investing in the pipeline companies that are building pipes between Canada and the United States is a good buy? They don't have to worry about the cost to clean out the Canadian oil, but they have to be built.
 
nnuut said:
Settle below $49 a barrel!!:D
Click to expand...
Okay..this is a good number I think everyone can live with..I hope it holds here now for a long while..I do not want it to go any lower.:)

Gas here today was $1.529/gal..also acceptable:)
 
Ok, I couldn't resist.

HOW THE PRICE OF OIL HIT $40 A BARREL
(FORTUNE Magazine)
By - Peter Nulty
http://money.cnn.com/magazines/fortu...4330/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...


~November 5, 1990
 
Gas prices sink below $2:D

National average price for unleaded hits $1.989, says AAA, falling more than 50% from this summer's record highs.

By David Goldman and Aaron Smith, CNNMoney.com staff writers
Last Updated: November 21, 2008: 7:56 AM ET

NEW YORK (CNNMoney.com) -- It took gas prices more than three years to rise from $2 to a record high of $4.11, but just four months to plummet all the way back again - and then some.
For the first time since March 9, 2005, the average price of gasoline fell below $2 a gallon, according to a report from motorist group AAA.
The nationwide average price dropped to $1.989 a gallon, down from $2.02 on Thursday. The survey bases its information on credit card swipes from up to 100,000 service stations across the nation.
Gas prices have come full circle since this summer's gas crunch. Expensive fuel made the term "staycation" the new buzz word, as motorists opted to vacation close to home rather than make the costly trek to relatives and friends in other parts of the country.
U.S. automakers witnessed a plunge in sales of pickups and sport utility vehicles, which became a headline issue in the presidential campaign.
The nationwide average price of unleaded hit its all-time high of $4.114 a gallon on July 17, 2008, provoking widespread public outrage.
But that was when crude oil prices were $145 a barrel. It was before the credit crisis and before economists said the country is likely in a deep and lengthy recession.
Expensive fuel and a weakening economy cut into demand for oil beginning in mid-July, sending the price of oil - and petroleum products like gasoline - into a tailspin.
Crude prices have now fallen below $50 for the first time in three and a half years. With a faltering economy that economists expect will get worse before it gets better, oil and gas prices may still have further to fall.
"This summer, we thought [gas for $2 a gallon] was impossible, and now we have crossed the threshold," said Ben Brockwell, director of data and pricing services for Oil Price Information Services. "It's an important psychological barrier."
Of course, lower gas prices will help drivers, but Americans are suffering from a troubled economy marked by mounting job losses and rising unemployment.
"I think the American consumers are afraid that this is a mirage," said Brockwell.
http://money.cnn.com/2008/11/21/news/economy/two_dollar_gas/index.htm?postversion=2008112107
 
$1.69 this morning where i am for gas. and Oil keeps falling.

How low can it go?

Now, this should favorably affect the economy- after the oil shocks all summer hurt it.

Come on- let's break this market funk!
 
The case for buying oil stocks

Investor Daily: Even with gas prices in free fall and the global economy sputtering, now may be the time to bulk up on oil shares (if you dare).

By Brian O'Keefe, senior editor
Last Updated: November 21, 2008: 7:26 AM ET

(Fortune) -- Last week, the Paris-based International Energy Agency released its World Energy Outlook 2008 - a 578-page book full of future supply, demand, and price estimates which this year also included an eagerly-awaited study of 800 of the world's largest oil fields.



Here's the executive summary: Buy oil stocks. [more]
http://money.cnn.com/2008/11/20/new...ocks.fortune/index.htm?postversion=2008112107
 
Russian oil giant circles Repsol


_45227351_c6cecfd6-4d76-4fec-a230-2b88ce6e7081.jpg
Repsol operates a chain of petrol station in Latin America


Spanish savings bank La Caixa may sell its 14% stake in struggling Spanish-Argentine energy firm Repsol to Russian firm Lukoil, it said.
The sale is tied to the acquisition by Lukoil of a 20% stake held in Repsol by construction group Sacyr Vallehermoso.
If Lukoil strikes deals with La Caixa and Sacyr Vallehermoso, it would become Repsol's largest shareholder.
Spain's industry minister Miguel Sebastien has said Repsol should remain "Spanish and independent".
He said the government should do "everything possible" to achieve this.
Spain's Prime Minister Jose Rodriguez Zapatero said it respected Repsol's right to bring partners in the firm, stressing that Lukoil was a private company with more than one shareholder.
US oil firm Conoco Philips holds a 20% stake in Lukoil. :worried:
Controversy
Builder Sacyr Vallehermoso, struggling with large debts and a falling property market, said in September it was ready to sell its 20% stake in Repsol. Spanish media has speculated that Lukoil wants, at most, a stake of 29.9% in Repsol as, under Spanish law, a shareholder must launch an offer for the whole company if it passes the 30% threshold. Repsol, which operates in 30 countries in Latin America, the Middle East, and North Africa, has been facing increasing competition lately. It saw a 5.8% drop in third-quarter profits. http://news.bbc.co.uk/2/hi/business/7741580.stm
 
[FONT=MS Sans Serif, Arial] Watch out BELOW!!!!

[FONT=MS Sans Serif, Arial]Oil Could Hit $35/Bbl Without Major OPEC Cuts
spacer.gif
by Brian Baskin Dow Jones Newswires Friday, November 21, 2008 [/FONT]

[FONT=MS Sans Serif, Arial]NEW YORK (Dow Jones Newswires), November 21, 2008 [/FONT][FONT=MS Sans Serif, Arial]
[FONT=MS Sans Serif, Arial]Oil prices are likely to sink as low as $35 a barrel without a massive production cut from the Organization of Petroleum Exporting Countries, Lawrence Eagles, head of commodities research at JPMorgan Chase & Co., said Friday. [more][/FONT]
[FONT=MS Sans Serif, Arial]http://www.rigzone.com/news/article.asp?a_id=69868[/FONT]

[/FONT][/FONT]
 
Gas prices continue to fall

Average U.S. price falls to $1.929 a gallon, according to national daily survey.

By Kenneth Musante, CNNMoney.com staff writer
November 23, 2008: 8:18 AM ET

Gas gets cheaper by the day


NEW YORK (CNNMoney.com) -- Gasoline prices continued to sink, falling for the 67th day in a row, according to a national survey of gas station credit card swipes released Sunday.

The average price of gas in the United States fell to $1.929 a gallon, shedding 2.4 cents from the previous day, motorist group AAA said.
Gas prices have shed $1.926 over the past 67 days, and have fallen more than 50% since hitting a record average price of $4.114 in mid-July.
Gas has already dipped below an average of $2 a gallon in 36 states, and continues to sell below $3 on average in all states. Even in Alaska - which has the most expensive gas in the country - the average fell below $3 a gallon on Sunday. Gas was cheapest in Missouri at an average of $1.624, according to AAA.
Diesel: The price of diesel fuel, which is used to power most trucks and commercial vehicles, fell to a national average of $2.848 a gallon from $2.868 a day earlier, according to AAA.
Diesel prices have fallen more than 40% since hitting a high of $4.845 in July.
Prices at the pump have been falling along with the price of crude oil, the main ingredient in all petroleum fuels. Crude investors have been concerned that as the global economy slows, demand for fuel will fade worldwide.
Oil prices on the open market have fallen more than 60% since mid July. On Friday, oil futures settled at their lowest levels since May 2005.
Ethanol: Meanwhile the price of E85, an 85% ethanol blend made primarily corn, has also fallen to $1.673 a gallon from $1.681, according to AAA.
E85 can be used as a gas substitute in special configured "flex-fuel" vehicles. However it is difficult to find outside of the corn-producing Midwest region, and it is not sold at the pump in some states.
The AAA figures, compiled by Oil Price Information Services, are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. These are state-wide averages, and individual drivers may see lower fuel prices in different areas of each state.
http://money.cnn.com/2008/11/23/news/economy/gas_prices/index.htm?postversion=2008112308
 
Obama is already effecting the price of OIL/GAS and he isn't the Pres until January!!!:( DRILL, DRILL, DRILL Do something!!!:nuts:

Oil rallies on Obama picks!

Crude prices surge above $50 a barrel as market sentiment improves on anticipated announcement of a new economic advisory team.

November 24, 2008: 6:47 AM ET

Oil prices to triple by 2030


SINGAPORE (AP) -- Oil prices rose above $51 a barrel Monday in Asia as investors gained some confidence from reports that President-elect Barack Obama has chosen an economic team to tackle what could be the worst slowdown in decades.
Light, sweet crude for January delivery was up $1.80 to $51.82 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract Friday rose 51 cents to settle at $49.93.
News that Obama plans to name New York Federal Reserve Bank President Timothy Geithner as Treasury secretary, Lawrence Summers as director of the National Economic Council and New Mexico Gov. Bill Richardson as commerce secretary helped boost U.S. stocks.
The Dow Jones industrial average rose 6.5% Friday. Asian markets on Monday were mostly lower, with Hong Kong's Hang Seng index down 0.9% and South Korea's Kospi down 3.4%. European markets rallied in afternoon trading.
Oil futures have followed stock markets recently, using equities as a proxy for economic outlook and investor sentiment.
"The lack of clarity as to who exactly is in charge of steering the U.S. economy is really hurting the equity markets," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "So putting together the new team gives a bit of a reassurance to the market, even if Obama isn't president yet."
Obama will be sworn in Jan. 20.
Investors are also eyeing the impact of a government bailout of banking giant Citigroup Inc. (C, Fortune 500), whose stock has plummeted on worries about its financial health. The Treasury Department said Sunday it will take a $20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets.
"There's likely to be more bad economic news," Shum said. "There isn't enough clarity in the global economic picture. Oil prices are still looking for a bottom."
The future of Ford Motor Co. (F, Fortune 500), Chrysler LLC, and General Motors Corp. (GM, Fortune 500) is also uncertain after Congress postponed debates on aid to the automakers.
Investors are looking for signs the Organization of Petroleum Exporting Countries, which accounts for 40% of global supply, may reduce output quotas. Venezuelan Oil Minister Rafael Ramirez said Sunday that OPEC should cut oil production by 1 million barrels per day at an informal meeting Nov. 29 meeting in Cairo.
The group, which cut output by 1.5 million barrels a day last month, will hold its next official meeting on Dec. 17.
"It's still a big question mark whether OPEC will make an additional cut at the Cairo meeting," Shum said. "Chances are better for a cut at the December meeting. Talk of a cut is providing some support for prices."
In other Nymex trading, gasoline futures rose 0.97 cent to $1.07 a gallon. Heating oil was steady at $1.70 a gallon while natural gas for December delivery jumped 18 cents to $6.66 per 1,000 cubic feet.
In London, December Brent crude rose 17 cents to $49.36 on the ICE Futures exchange.
http://money.cnn.com/2008/11/24/markets/oil.ap/index.htm?postversion=2008112406
 
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I believe that OPEC will Cut, but that won't stop the fall, right yet. The Democrats reluctance to promote DRILL, BABY, DRILL will affect the price of Oil and Gas until they can think of a way to give the Oil Companies incentives to Drill for more Oil, this is possible!!!:cool:
Price of oil rises back above $50 mark

U.S. President-elect Obama set to unveil economic team

{more}
Investors are looking for signs the Organization of Petroleum Exporting Countries, which accounts for 40 percent of global supply, may reduce output quotas. Venezuelan Oil Minister Rafael Ramirez said Sunday that OPEC should cut oil production by 1 million barrels per day at an informal meeting Nov. 29 meeting in Cairo.
The group, which cut output by 1.5 million barrels a day last month, will hold its next official meeting on Dec. 17.
“It’s still a big question mark whether OPEC will make an additional cut at the Cairo meeting,” Shum said. “Chances are better for a cut at the December meeting. Talk of a cut is providing some support for prices.”
Analyst Olivier Jakob of Petromatrix in Switzerland agreed, saying that only the timing of the new OPEC output reduction was uncertain, not the cut itself.
“We have the feeling that OPEC is keeping all its options not really as to whether they will cut further but as to when they will announce it,” Jakob said in a market report. [More]
http://www.msnbc.msn.com/id/12400801/
 
Trading Foreign Oil For Foreign Electric Car Parts?

by Richard Harris
NPRMorning Edition, November 21, 2008 ·
A rush to build electric cars could also mean a rush to get minerals that are produced in unstable parts of the world. Lithium-ion batteries require large amounts of cobalt, which comes primarily from the war-torn Democratic Republic of Congo, Tibet and Siberia. Easing dependence on foreign oil could mean increasing dependence on foreign minerals — from even less reliable trading partners than the Persian Gulf states.

http://www.npr.org/templates/story/story.php?storyId=97295913
[MP3/audio report. OK! I know some of you are about ready to fly away from this because it's NPR. But I can't find these kind of stories anywhere else these days - you have to think about ALL the raw materials you are using if you want to looks at alternatives and national security. Sure beats hearing incorrect rumors on possible picks for Secretary of Silly Walks, who's leaking information and prophesies of doom if the rumored one gets the job.]
 
We're losing ground today folks. hope this is just a bump?:cool:

11/24/08
07:55.........$51.67.......+1.74
09:54.........$50.60.........+.67
10:50.........$53.41.......+3.48
 
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