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How much Exxon pays for oil

It doesn't cost big oil companies anywhere near $90 to produce a barrel of crude. But they buy more crude than they pump, so the rising cost of a barrel cuts both ways.

By Steve Hargreaves, CNNMoney.com staff writer
November 6 2007: 1:36 PM EST

NEW YORK (CNNMoney.com) -- Oil is selling for nearly $100 a barrel. Gasoline is near $3 a gallon. Oil companies are swimming in cash. But these record-high prices are both a boom and a burden for Big Oil.
Big oil companies refine more crude than they produce. That means they must buy crude to refine at market prices, which are now at record highs. Gasoline prices, meanwhile, have only made modest gains.
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Big oil doesn't pay $90 a barrel for all it's crude, but it's not getting a stellar deal either.

http://money.cnn.com/2007/11/05/news/companies/exxon_oil/index.htm?postversion=2007110613
 
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Crude $97.91 a barrel at 22:30 EST tonight in late trading, probably due to a fall in the dollar. Doesn't look good for tomorrow with Inventories at 10:30.:o
Watch out $100 a barrel!!:nuts:
 
Oil continues march toward $100

Record high above $98 as expectations of tight inventories and pipeline attack in Yemen drive prices higher.

November 7 2007: 6:12 AM EST

SINGAPORE (AP) -- Oil prices jumped to a new trading record above $98 a barrel Wednesday amid expectations of declining U.S. supplies and following news of an attack on a Yemeni oil pipeline.
"The oil market sentiment remains bullish ... there is an overall upward trend toward the $100 level," said Victor Shum, energy analyst with Purvin & Gertz in Singapore. "Meanwhile, we can expect extreme volatility where on the one hand some traders will take profit while others will buy back positions."

http://money.cnn.com/2007/11/07/markets/bc.oilprices.ap/index.htm?postversion=2007110706
 
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Right as rain Show_me! If we don't go over $100 for a barrel of crude today, we are missing a great chance. There seems to be no end to this thing. The reason Gas hasn't peaked like it did in the past is that Oil it's overbought, speculation and the falling dollar have driven it higher. When it turns around it's going to be fun.:D
 
FUTURES MOVERS
Crude oil surges to new record high at $98.62
Expectations of a drop in crude supplies and dollar weakness boost oil

By Polya Lesova, MarketWatch
Last Update: 9:39 AM ET Nov 7, 2007
NEW YORK (MarketWatch) -- Crude-oil futures surged to a fresh record at $98.62 a barrel Wednesday, propelled by expectations of a sharp drop in crude supplies and by a broad-based sell-off in the dollar.

Crude oil for December delivery rallied $1.05 at $97.75 a barrel on the New York Mercantile Exchange. Earlier, the contract hit a new record high of $98.62 a barrel in electronic trading.
http://www.marketwatch.com/News/Story/Story.aspx?guid={73060EA4-408D-4E12-90BC-006C9C64CF4D}
 
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A reprieve, maybe?

Oil's march to $100 stalls

Crude comes within $1.38 of triple digit levels, but gains tempered after U.S. inventories fall less than expected.

By Steve Hargreaves, CNNMoney.com staff writer
November 7 2007: 10:54 AM EST


NEW YORK (CNNMoney.com) -- Oil prices fell Wednesday after inventories in the United States dropped less than expected last week, but only after the push toward $100 a barrel got as close as it has ever come, to within $1.38.
U.S. light crude for December delivery fell 10 cents to $96.60 a barrel on the New York Mercantile Exchange, after setting a new trading high overnight of $98.62. The price stood at $97.60 just before the inventory report was released.

http://money.cnn.com/2007/11/07/markets/oil_eia/index.htm?postversion=2007110710
 
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Soaring fuel prices could ground United planes:mad:

As crude nears $100 a barrel, fares will be raised or capacity cut to avoid flying with empty seats.

November 7 2007: 5:20 PM EST

CHICAGO (AP) -- United Airlines could ground up to 100 or more of its airplanes if soaring fuel prices ultimately cause consumers to buy fewer tickets, a top executive said Wednesday.
As crude oil prices approach $100 a barrel, Chief Financial Officer Jake Brace said there has not yet been any evidence of a falloff in demand, which has been strong since the second quarter.

http://money.cnn.com/2007/11/07/news/companies/united_airlines.ap/index.htm?postversion=2007110717
 
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how much are you paying a gal at pump now Norm? i keep hearing people at work saying it may go up to 5.00 a gal by end of year shoot i hope not might have to get oleo (my mule, half ass half horse ) out and learn how to ride him to work :laugh::blink::eek:
 
CC are running from $2.93 to $3.05 around ther in Central Ga. I thought we would break $100 a barrel for Oil yesterday but had a temporary reprieve. I can't see Gas going down in the near term. The Big Boyss need to make more MONEY!!:mad::nuts:
http://www.gasbuddy.com/
 
California Gas Prices Reach $5 In Some Areas:mad:


POSTED: 4:45 pm PST November 7, 2007
UPDATED: 8:03 am PST November 8, 2007


SACRAMENTO, Calif. -- The American Automobile Association of California said some drivers are now paying up to $5 a gallon for regular unleaded gasoline.
Crude oil prices hit an all-time high Wednesday, above $98 a barrel and analysts said with worldwide oil demand rising -- it is still not clear just how high prices will go.

http://www.theksbwchannel.com/news/14536489/detail.html
 
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Oil discovery rocks Brazil


RIO DE JANEIRO, Brazil (AP) -- A huge offshore oil discovery could raise Brazil's petroleum reserves by a whopping 40 percent and boost this country into the ranks of the world's major exporters, officials said.
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A gas station worker refuels a taxi with natural gas at a Petrobras gas station Thursday in Rio de Janeiro, Brazil.

http://www.cnn.com/2007/WORLD/americas/11/08/brazil.oil.ap/index.html
 
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11/09/2007 - Updated 6:24 AM ET
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Oil futures rise as North Sea storm limits production:mad:
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By MarketWatch,

LONDON (MarketWatch) -- Oil futures briefly reclaimed the $96-a-barrel level on Friday as a storm in the North Sea limited production.
Crude futures rose as high as $96.48 a barrel on concerns about tidal surges hitting oil production installations along the Norwegian coast.
Oil futures settled back a bit as StatoilHydro [STO] said it would have to only shut in 110,000 barrels, rather than the 320,000 barrels it initially estimated. http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BB2D28ED3%2D5541%2D4BB5%2D86BD%2D7393938353D9%7D
 
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Import Prices Jump; Trade Deficit Narrows Unexpectedly

Soaring global oil costs helped drive U.S. import prices up at the steepest rate in nearly 1-1/2 years during October, according to a Labor Department report on Friday that was likely to heighten concern about energy-driven inflation.

Separately, the Commerce Department reported that the U.S. trade deficit narrowed unexpectedly in September to its lowest since May 2005 as exports set a record...

http://www.cnbc.com/id/21705941
 
This is what scares the heck out of me, and why I am so concerned with Oil prices. Bad stuff folks!!

Oil's long tail
Rising cost of crude oil pushes prices higher on a slew of consumer products

By Jennifer Waters, MarketWatch
Last Update: 9:18 PM ET Nov 8, 2007

CHICAGO (MarketWatch) - Let the consumer beware: Costs are going up on almost everything the average American family consumes.

Blame it on crude oil. The rocketing price of crude oil is not only sharply hiking the costs of fueling the car and heating the home, but is bidding up prices on the raw materials that go into goods from produce to perfume.
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http://www.marketwatch.com/news/sto...x?guid={BB5FACF8-DF6E-4E7F-A19F-E9F952002268}
 
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I think the Oil find in Brazil is Good, unless they try and pull a Hugo Chavez. More Oil in our hemisphere is better than overseas and Mexico's Oil seems to be drying up. Good timing if you ask me. Good article Paul, thanks.
Norman:D
 
No I don't like it because I don't own Oil stocks.:mad:

Oil inches higher as traders inhale

Midday trading slows after a record-breaking run; North Sea production is back online.

New YORK (AP) -- Oil prices crept slightly higher Friday as markets took a breather from the feverish trading that has fueled a race to record prices.

Light, sweet crude for December delivery on the New York Mercantile Exchange settled 86 cents higher at $96.32 - after reaching an intraday high of $96.65 in New York.
"We're out of adrenaline, the market's just a little fatigued," said Tim Evans, an analyst at Citigroup Inc. in New York. "We've run a long way and it's time for things to slow down a little bit."
http://money.cnn.com/2007/11/09/markets/bc.apfn.eu.fin.mkt.oilp.ap/index.htm?postversion=2007110915
 
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How $100 oil would cost you :mad:

Brace for record gas prices before the holidays and higher airfares.

By Steve Hargreaves and Keisha Lamothe, CNNMoney.com staff writers
November 9 2007: 4:40 PM EST

NEW YORK (CNNMoney.com) -- Even if the price of oil doesn't breach the $100 mark, its recent rise will soon start to bite - at the pump, the airline ticket counter and possibly in your home.
The price of a barrel of oil has pulled back in recent days, but even at a current $96, gas prices could soon top their all-time record from last May of $3.22 a gallon.
http://money.cnn.com/2007/11/09/news/economy/oil_pay/index.htm?postversion=2007110916
 
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Think we've got it bad? Shades of things to come?:mad:

Fuelling Bolivia's crisis?

By Lola Almudevar
Santa Cruz, Bolivia
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Chasing fuel is a lengthy process


In the midday heat, truckers hang out of the windows of their trucks or sit slumped behind their wheels, waiting.
They may have to queue for hours to fill their tanks with diesel at this petrol station in the city of Santa Cruz, eastern Bolivia.
"Sometimes you get to the front of the queue and the diesel has already run out," says Agapito Serviche from his pick-up truck. "The diesel does not last long enough for a day's work, so I have to stop working and come back to the queue just to put food on the table." Blame game [more]
http://news.bbc.co.uk/2/hi/business/7083724.stm
 
Still waiting to cash in on Iraq's oil

Bush officials originally said oil money could help pay for reconstruction. But with production lagging, these funds barely cover the cost of running the government.

By Steve Hargreaves, CNNMoney.com staff writer
November 9 2007: 12:40 PM EST


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Iraq's oil money was supposed to help rebuild the country, but war, squabbling and uncertainty leaves production lagging.
oil_iraq.jpg



NEW YORK (CNNMoney.com) -- With the war in Iraq now estimated to cost the United States nearly $2 trillion over the next ten years, many taxpayers are probably wondering what happened to all that oil money that was supposed to help pay for the war.
In selling the war to voters, Bush administration officials said overthrowing Saddam Hussein would cost as little at $50 billion, and that much of the reconstruction could be paid for with the Iraq's oil revenue.
http://money.cnn.com/2007/11/08/news/international/iraq_oil/index.htm?postversion=2007110912
 
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