Oil Slick Stuff

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Oil down a lot today. Crude down $2.54 to $44.24

RBOB gasoline too.

Gasoline drops BELOW A DOLLAR on NYMEX market, at $ 0.9920 a gallon.
 
Drill, Drill, Drill!!

Southern Star Shines with Second Haynesville Discovery
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Southern Star Energy Inc. Wednesday, December 03, 2008

Southern Star has successfully drilled and logged the targeted Haynesville interval in its Burt 20-1 Well, with positive results. This well is strategically located in the southwest section of the Company's Sentell Field in Bossier Parish, Louisiana.
As previously announced, the well successfully encountered its targeted Cotton Valley interval in this location before the Company drilled ahead to further evaluate its Haynesville potential. The Burt 20-1 Well reached a total depth of 11,220
Related Pictures
Southern Star's Cotton Valley Project
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feet on November 27, 2008. This is the third well in the Company's 2008 development program, and the second of two Haynesville Shale vertical test wells in the Sentell Field planned this year.
Wireline logging and mud log shows indicate the Burt 20-1 Well encountered 312 feet of highly laminated, silty, and naturally fractured Haynesville Shale with shale-corrected porosity indications averaging over 12 percent and resistivity readings ranging between 20 and 70 ohm-meters. Mud logs indicated abundant gas shows throughout the interval, ranging from 600 to 1800 units with trip gas as high as 3,800 units. The Company recovered over 120' of conventional core samples over key intervals within the Haynesville Shale, which have been sent to Houston for detailed analysis.

The results of the Burt 20-1 location are consistent with the Company's earlier Cotton Valley locations, as well as the successful Haynesville test previously announced at the Atkins-Lincoln 17-2 location. As previously announced, the Company is a member of the Core Laboratories ("Core Lab") Integrated Reservoir Solution's regional Haynesville Shale Study. Data from both the Burt 20-1 and the Atkins-Lincoln 17-2 are being incorporated into the regional database. The Company will use the results from its two successful Haynesville Tests, coupled with industry expertise available through Core Lab's Haynesville Shale Study, to evaluate and design optimal completion techniques. [more]
http://www.rigzone.com/news/article.asp?hpf=1&a_id=70263
 
DRILL, DRILL, DRILL!!:D
Comon Obama cut lease charges, cut taxes, promote exploration!! Don't be stupid NOW, NOW is the time!!!

Exxon Underscores Importance of O&G to Meet Global Energy Demand
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by Nancy Agin Rigzone Thursday, December 04, 2008

http://www.rigzone.com/news/article.asp?a_id=70321ExxonMobil today published "Outlook for Energy: A View to 2030" in which the corporation predicts that global energy demand, due to population growth and economic expansion, will increase by an average of 1.2% per year. Even considering the significant strides the petroleum industry is taking to become more energy efficient and resourceful, the world's energy demand is expected to grow by 35%, or to the equivalent of 310 million barrels per day by 2030, according to Exxon estimates.

Although the energy perspective has shifted toward tapping into alternative and renewable energy sources to quench burgeoning consumption while reducing "carbon footprints," Exxon underscores that oil, gas and coal will continue to power the majority of the world's energy needs, meeting close to 80% of the world's needs through 2030. Exxon acknowledges that alternative and renewable methods, such as nuclear, wind and solar power, as well as low-carbon- and biofuels, will also rapidly develop over the next couple of decades as effective energy resources, but that traditional hydrocarbon resources will remain the most abundant and affordable.
"Providing affordable energy to meet growing demand is one of the world's foremost challenges in the next 20 years," said Rex W. Tillerson, ExxonMobil's Chairman and CEO. "We must invest in the production of existing fuel sources, develop new sources of energy and create new technologies that will reduce the environmental footprint of energy production and use."
ExxonMobil's outlook is developed based on the analysis of 100 countries, 15 demand sectors and 20 fuel types, while also incorporating economic and population projections and considering the technological and energy-efficient advances that will transform worldwide energy needs and usage.
 
ATCJeff said:
Can you say $25 oil or gas at 60 cents/gallon.:D

U.S. Stocks Drop, Led by GM; Exxon Falls on $25 Crude Forecast
http://www.bloomberg.com/apps/news?pid=20601087&sid=aIUEV3pCOJeo&refer=worldwide
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Well, that should cheapen up transportation and make commodities (like FOOD) much cheaper, but I think it's a little overkill. This downturn in Oil, to in the $40s is plenty cheap especially if the price of Diesel drops the same as Gasoline has. It's either feast or famine!!:cool:
 
nnuut said:
KNOCK, KNOCK, KNOCKING at $40s DOOR!!!!:D
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Now I'm really concerned that we will never see the prophesied, gloom and doom of $200.00/bbl or $5.00/gal this year.....Better get ready for that surge:rolleyes::rolleyes::laugh:

And where to hell is Asylum?..He's gonna owe me a Gallon of gas..


Seriously, I hope it don't go any lower...this is good and I hope it goes back and stays at $50.00/bbl.
 
In the $40s is fine and the Oil companies are making money, don't let them con you with the Poor Mouth lies. They say break even is in the $40s, do you think that is true? Would they lie, why? High cost of energy is a big part of this crash, give it time and lower energy costs will stimulate this broken economy and give it a kick up that it desperately needs. :cool:
 
nnuut said:
In the $40s is fine and the Oil companies are making money, don't let them con you with the Poor Mouth lies. They say break even is in the $40s, do you think that is true? Would they lie, why? High cost of energy is a big part of this crash, give it time and lower energy costs will stimulate this broken economy and give it a kick up that it desperately needs. :cool:
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Hope you're right. I'm not optimistic, been reading Karl Denninger too many months now. but hey, I'll follow the trend wherever it goes, just as soon as the trend settles into a pattern I'm willing to place a bet on, hasn't happened yet, still waiting. and waiting. and waiting. :notrust: :) waitings not so bad, now is it?
 
alevin said:
Hope you're right. I'm not optimistic, been reading Karl Denninger too many months now. but hey, I'll follow the trend wherever it goes, just as soon as the trend settles into a pattern I'm willing to place a bet on, hasn't happened yet, still waiting. and waiting. and waiting. :notrust: :) waitings not so bad, now is it?
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I can't stand waiting!!!! Just like today, it's Friday but I have to wait all the way to the end of the day!!:suspicious:
 
Buster said:
YIKES!!!

Oil to Plunge Below $25 Next Year, Merrill Lynch Says

http://www.foxnews.com/story/0,2933,462284,00.html
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If that happens there is nothing we can do to change it. Oil has been there before, maybe they can live on the TRILLIONS of DOLLARS they made, at our expense over the last 6 years, burn Dubai? Now is the time for the Government to refuse to buy any Oil from CITGO and H. Chavez, close down his refinery in Louisiana and sell it to the highest bidder. :suspicious:
 
nnuut said:
If that happens there is nothing we can do to change it. Oil has been there before, maybe they can live on the TRILLIONS of DOLLARS they made, at our expense over the last 6 years, burn Dubai? Now is the time for the Government to refuse to buy any Oil from CITGO and H. Chavez, close down his refinery in Louisiana and sell it to the highest bidder. :suspicious:
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One thing I'm thankful for these lower oil prices..Is all the people that are struggling and out of work because of the larger problems the economy has endured..at least they may be able to keep the heat on this winter and afford a little gas to get to the unemployment office or go job hunting...
 
Jobs report sends oil plunging

Crude falls on fears of slowing U.S. demand after government reports worst montly job losses since 1974.

By Kenneth Musante, CNNMoney.com staff writer
December 5, 2008: 9:44 AM ET



NEW YORK (CNNMoney.com) -- Oil prices continued to drop Friday after the government reported the largest number of monthly job losses since 1974.
U.S. crude for January 2009 delivery fell $1.30 to $42.37 a barrel.
Oil has lost $5 a barrel since Monday, and analysts see little on the horizon to quell investors' fears that the world economy will remain slow.
"It's hard to find anything these days that doesn't come out bearish," said Peter Beutel, oil analyst with energy risk management firm Cameron Hanover.
On Friday the Labor Department reported that U.S. employers cut 533,000 jobs in November, the most since December 1974, and indicated that the unemployment rate skyrocketed to 6.7%, the highest since October 1993.
Falling prices: The oil market has been hammered by a series of dour economic reports since the summer, and concern about the resulting decline in demand has sent crude spiraling down more than $100 from a record high of $147.27 a barrel in mid-July.
On Thursday an analyst from Merrill Lynch predicted crude could fall as low as $25 a barrel in 2009 if the global recession expands to China.
The plummeting price of oil has sent the price of gasoline in the U.S. sliding [more]
http://money.cnn.com/2008/12/05/markets/oil/index.htm?postversion=2008120509
 
:cool:Wow, their scaring the GRITS out of that $40 mark today!! Dollar UP!!!:cool:
12/05/08
07:52.........$43.77........+.10
08:49.........$42.38.......-1.29
09:49.........$42.74.........-.93
11:20.........$41.67.......-2.00
 
Buster said:
YIKES!!!

Oil to Plunge Below $25 Next Year, Merrill Lynch Says

http://www.foxnews.com/story/0,2933,462284,00.html
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Guess Kuwait is the only one making money next year:
http://www.tsptalk.com/mb/showpost.php?p=195199&postcount=4871
nnuut said:
If that happens there is nothing we can do to change it. Oil has been there before, maybe they can live on the TRILLIONS of DOLLARS they made, at our expense over the last 6 years, burn Dubai? Now is the time for the Government to refuse to buy any Oil from CITGO and H. Chavez, close down his refinery in Louisiana and sell it to the highest bidder. :suspicious:
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Who do you think owns all our MBS's?

side note: 1000 posts and growing! Look out Norm!
 
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