Oil Slick Stuff

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I would expect a steady rise in the price of Gasoline due to the YEARLY supposed increase in Summer Driving and Obama's decision to stop new drilling and exploration in the Gulf of Mexico. Brace yourselves $5.00+ a gallon could very well be on the way, then the INFLATION STARTS. Just IMHO!!:cool:
 
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China And The Deepwater Horizon: Oil’s Inexorable Move To $100

Posted: May 3, 2010 at 6:00 am

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Oil trades up near $87 today, and it is bound to move toward $100 this month. The estimates for the Deepwater Horizon incident now range as high as 100,000 barrels a day if the pressure from crude moving from under the ocean floor breaks off another section of pipe.
Some experts expect the slick to hurt or shut down production from larger refineries along the coast of Mississippi, Alabama, and Louisiana. Bloomberg BusineessWeek reports that the spill could also affect Valero (NYSE: VLE) and Royal Dutch Shell. Each operates large refining operations which sit on the Gulf coast.
http://247wallst.com/2010/05/03/china-and-the-deepwater-horizon-oils-inexorable-move-to-100/
 
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Oil Slick Causes Production Shut-in
Rigzone Staff
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Saturday, May 01, 2010

Two platforms have stopped production and one has been evacuated as a safety measure due to the oil slick caused by the blow-out of the Macondo well. Approximately 6.2 million cubic feet of natural gas is shut-in. This is less than one-tenth of a percent of daily gas production in the Gulf of Mexico.
http://www.rigzone.com/news/article.asp?a_id=92026&hmpn=1
 
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http://www.msnbc.msn.com/id/36912754/ns/us_news-environment/

Story notes that BP is requiring signatures on forms by those involved in cleanup (that agree to limited company liability) and uses the phrase "'legitimate and objectively verifiable' claims" when committing to pay for losses.

Maybe BP only likes fraud in developing nations and doesn't like the reputation of fraud in our Medicare, AFDC, Katrina, etc. programs. :D
 
05/03/2010 - Updated 9:58 AM ET
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Crude oil futures rise as Gulf leak gets wider
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By Nick Godt, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures advanced in volatile dealings Monday, with traders keying on developments surrounding the Gulf of Mexico oil spill, while U.S. economic reports remain upbeat and some investors turn to commodities as hedges against uncertainty over European credit.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BE9EE0551%2DCF26%2D40B2%2D8D7C%2DD0E813C26751%7D
 
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Thanks, Seems to be an uptrend!!
I have the weekly settles for 2 months, current hourly prices and a link to CME Group on the Oil Slick Home Page for RBOB Gas if you need an update.:D
 
This won't be good for your wallet!!:mad: Inflation!

Oil spill could sap appetite for Obama's offshore drilling plans

By Kristi Keck, CNN
May 3, 2010 10:27 a.m. EDT

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President Obama says the federal government will "spare no effort" to respond to the oil spill.


(CNN) -- A month after announcing plans to expand offshore drilling, President Obama visited ground zero of the Gulf Coast oil disaster and warned that residents could be facing a "potentially unprecedented environmental disaster."
for drilling.CNNMoney: Oil spill may threaten offshore drilling plans
 
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Economic data -- not spill -- push oil prices higher

Oil traders watch Gulf of Mexico as economic data sends crude prices toward 18-month high



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Members of the U.S. Army National Guard B Company 711 put Hesco containers along the beaches of Dauphin Island, Ala. Sunday, May 2, 2010. The containers are designed to absorb oil through a fibrous material which reacts with a non-harmful material that changes the sheen to a more solid state which can be recycled. (AP Photo/Michelle Rolls-Thomas)

Related Quotes

SymbolPriceChangeUNG6.97+0.11
USO41.69+0.36

Mark Williams, AP Energy Writer, On Monday May 3, 2010, 12:03 pm
Oil and retail gasoline prices moved higher Monday, as traders watched whether the massive crude spill in the Gulf of Mexico will curtail imports if the oil slick shuts down a key shipping lane.
http://finance.yahoo.com/news/Econo...70.html?x=0&sec=topStories&pos=3&asset=&ccode=
 
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05/04/2010 - Updated 7:10 AM ET
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Oil futures drop more than 1% on expected rise in supplies American Petroleum Institute will report data on inventories at 4:30 p.m. Eastern
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By Polya Lesova, MarketWatch

FRANKFURT (MarketWatch) -- Oil futures dropped below $85 a barrel on Tuesday, as the dollar's strength and expectations of build-ups in U.S. petroleum supplies weighed on prices.
http://markets.usatoday.com/custom/...-4F60-A2FE-BA4AEA13EA53}&loc=interstitialskip
 
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Dollar up, Oil/Gas down Big Time today, I know you have noticed that the Market follows Gas and Oil, or Versa Visa.:D
 
nnuut said:
Dollar up, Oil/Gas down Big Time today, I know you have noticed that the Market follows Gas and Oil, or Versa Visa.:D
Click to expand...
Like it's been said many times before...OIL needs to come off the
commodity market.:suspicious:
 
Buster said:
Like it's been said many times before...OIL needs to come off the
commodity market.:suspicious:
Click to expand...
A good idea, but I think I wouldn't hold my breath on that one!!
Gas $2.81 in Boiled Peanut GA today!! :nuts:
 
BP Spuds Relief Well for Oil Spill
BP plc
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Tuesday, May 04, 2010

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Booming prep in the Port of Venice​




BP today announced that work has begun to drill a relief well to intercept and isolate the oil well that is spilling oil in the US Gulf of Mexico. The drilling began at 15:00CDT (21:00BST) on Sunday May 2.
The new well, in 5,000 feet of water, is planned to intercept the existing well around 13,000 feet below the seabed and permanently seal it. The new drill site is about half a mile on the seabed from the leaking well in Mississippi Canyon block 252, and drilling is estimated to take some three months. [more]
http://www.rigzone.com/news/article.asp?hpf=1&a_id=92524
 
BP Attacks Oil Spill from Multiple Angles
Rigzone Staff
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Monday, May 03, 2010

Inc_DWHoriz_Hdr.jpg

On Sunday BP said that a third rig, the GSF Development Driller II, is going to be deployed at Mississippi Canyon 252 to drill a second relief well and that both relief wells will be drilled simultaneously. The GSF Development Driller III spudded the first relief well yesterday. The Discoverer Enterprise, which is also on location, will be used as part of the containment operations. Currently, plans call for this rig to install a cofferdam measuring 14' x 24' x 40' on the seabed over the BOPs to capture the oil and funnel it to the surface. It is estimated to take approximately a week to install the cofferdam.

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http://www.rigzone.com/news/article.asp?hpf=1&a_id=92064
 
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