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Gas: Under $4 a gallon and falling

Fuel prices decline for 11th consecutive day.

By Kenneth Musante, CNNMoney.com staff writer
July 28, 2008: 7:44 AM EDT

(CNNMoney.com) -- Gas prices declined for the 11th straight day on Monday, falling to a level not seen since May, according to a nationwide survey of filling station credit card swipes. Other fuel prices also continued to fall.


Gasoline: The price of regular unleaded gasoline at the pump slipped 1.2 cents to $3.958 a gallon on average, a daily survey from motorist advocacy group AAA revealed.
A second report from Lundberg Survey, Inc. showed that gasoline prices had slipped 12 cents over the past two weeks to an average of $3.9959 a gallon.
The latest Lundberg survey was conducted on July 25th.
High fuel prices have strained on American consumers and businesses, making transportation and shipping more expensive.
Average gasoline prices first crossed the $4 mark on June 7 when they hit $4.005 a gallon, according to the AAA survey. Prices rose to $3.952 a gallon on May 29 and continued to trend upward to a record high of $4.114 on July 16.
Prices stayed there for two days before beginning their retreat, following a double-digit decline in oil as investors worried that the high cost of fuel was leading to a slowdown in demand.
Ethanol: High fuel prices have caused many drivers, particularly those in states with strong agricultural industries, to switch to ethanol as their fuel of choice.
The price of E85, an 85% ethanol blend, which burns cleaner than pure gasoline and is made primarily from corn, fell 1.8 cents to $3.222 a gallon on average, AAA reported.
While ethanol is derived from renewable sources, it is less efficient than gasoline. As a result, a car running on E85 would pay the equivalent of $4.24 per gallon to get the same mileage as gas, the AAA survey estimated.
Diesel: The average price of diesel fuel, which is used to power most trucks and commercial vehicles, fell to $4.736 a gallon from $4.748, according to the AAA survey.
Diesel remained more than 60% higher than last year. And because of its use in transporting goods, high prices for diesel have affected the prices of other items.
Local prices: The AAA survey averages data from credit card swipes at 85,000 fuel stations around the country. The survey found that the number of states that suffer from gas prices above $4 a gallon fell to 14 on Friday.
Gas in Alaska, the state with the highest prices, fell to $4.643 a gallon from $4.68 last week Friday, according to AAA. The Lundberg survey, which measures gas prices by city, found the highest urban gas prices in Anchorage, Alaska at $4.43.
Hawaii, the state with the second highest prices, saw average prices fall to $4.479. California prices dipped to $4.316 on average, the AAA survey said.
Drivers in Oklahoma, the state with the cheapest gas, saw prices fall to $3.686 from $3.769 a gallon on Friday, AAA said. In Minnesota, the next cheapest state for gas, drivers paid $3.714 on average, followed by Ohio at $3.73.
Lundberg found the cheapest gas in Wichita, Kan. at $3.61 a gallon.
Drivers in Hawaii, the state with the most expensive diesel, saw prices fall to $5.372 a gallon, while diesel was cheapest in Oklahoma at $4.51, according to the AAA survey. http://money.cnn.com/2008/07/28/news/economy/gasoline/index.htm
 
Nigeria, i'm really sick of Nigeria!!:sick:


AP
Oil up on Nigerian attack, demand still a concern
Monday July 28, 11:24 am ET
By Pablo Gorondi, Associated Press Writer Oil rises after pipeline attack in Nigeria, but concerns of flagging US demand remain
Oil prices fluctuated Monday after an attack by militants on Nigerian oil pipelines and comments by Iran's president suggested a significant increase in the country's nuclear program. Concerns about flagging U.S. demand once again limited the gains.
Light, sweet crude for September delivery rose 77 cents to $124.03 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $2.23 to settle at $123.26 a barrel on Friday -- a drop of more than $20 in just weeks -- as investors questioned whether crude's decline reflects a serious deterioration in demand. Iranian President Mahmoud Ahmadinejad's announcement on Saturday that Iran now possesses 6,000 centrifuges raised concerns about an increase in tensions between Western powers and OPEC's second-largest producer over its nuclear program.[more]
http://biz.yahoo.com/ap/080728/oil_prices.html
 
nnuut said:
Nigeria, i'm really sick of Nigeria!!:sick:
Click to expand...

A little green around the gills Norm, If its not Nigeria its Iran Tension.
Todays news coming out of Iran was good, so it stands to reason;
Nigeria will announce its intention to start nucular tests (just kidding).
If its not one thing,,,,its another at this point.
:sick:
 
Iran's President Says Oil Prices Are 'Not Realistic'
By Reuters | 28 Jul 2008 | 10:28 AM ET
World oil prices are overvalued and "not realistic" because the market is being manipulated, Iranian President Mahmoud Ahmadinejad said in an exclusive interview with NBC News...
http://www.cnbc.com/id/25885221
[thought bubble ->...oO(Of course they are being manipulated, and to prove it I'll mention nukes again, and watch the prices go up!):toung:]
 
Gasoline prices are down this month because of futures contract prices. Article from June...prices are on-target, and not due to drop in price of oil the last 2 weeks, we're seeing the $125-$135 oil at pumps now. Gas will go back up when the $140 oil gets to the pumps. Good news is that it should drop again to reflect this month's current low oil price.

http://www.usatoday.com/money/industries/energy/2008-06-20-oil-prices-friday_N.htm

Gas prices will likely hold steady near current levels, as long as oil continues trading in its current range between roughly $132 and $138, analysts say.
Diesel fuel, used to transport the vast majority of the world's food, consumer and industrial goods, fell 0.5 cents overnight to a national average of $4.786 a gallon. Diesel reached a record $4.797 on Monday.
In other Nymex trading Friday, July gasoline futures rose 8.64 cents to settle at $3.439 a gallon, while July heating oil futures rose 5.82 cents to settle at $3.7717 a gallon. July natural gas futures rose 13.3 cents to settle at $12.994 per 1,000 cubic feet.
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luv2read said:
Yet another reason for the drop in the price of oil - until the Olympics are over, China cuts consumption of fossil fuels. The reason is to cut air pollution but a side effect is conservation!
Click to expand...
As much as I would like to think it will lead to long term conservation, in a lot of ways its just "turn off the tap everyone near Beijing!"

.

"....Beijing's drastic pollution controls include pulling half the city's 3.3 million vehicles off the roads, closing factories in the capital and a half-dozen surrounding provinces, and halting most construction. Some 300,000 heavily polluting vehicles, such as aging industrial trucks, have been banned since July 1."
http://www.msnbc.msn.com/id/25874574/

Added to this theme: there were protests in the southern provinces because they were ordered to send a certain percentage of their clean water supplies up to Beijing for the Olympics.

What China is doing now is not sustainable, its just to make sure the air isn't so bad, you don't wear a new white shirt to the Olympics because by the end of the day it's going to have grey and black added(the usual state of affairs).
 
Oil rises on sabotage in Nigeria

Crude prices top $125 a barrel as militants attack a Royal Dutch Shell pipeline.


crude.bc.gif


(AP) -- Oil prices rose above $125 a barrel Tuesday on supply concerns sparked by the sabotage of two oil pipelines by militants in Nigeria.
Light, sweet crude for September delivery added 76 cents to $125.49 a barrel in electronic trading on the New York Mercantile Exchange by late afternoon in Singapore. The contract rose $1.47 to settle at $124.73 a barrel on Monday.
Monday's attack in Nigeria targeted two pipelines believed to be owned by a unit of Royal Dutch Shell PLC (RDS.A) and was the latest in a two-year campaign of attacks on the country's oil industry. Shell said a pipeline had been damaged in attacks and that some crude production had been shut down to prevent the oil from spilling into the environment. It gave no details.[more]
http://money.cnn.com/2008/07/29/markets/oil.ap/index.htm?postversion=2008072906
 
SHOW ME THE MONEY!!!:nuts: Oh BOY!:suspicious:


BP profit surges on high oil prices
Oil giant reports jump in profit, sales for the second quarter.

Last Updated: July 29, 2008: 7:25 AM EDT

LONDON (AP) -- BP PLC reported a 28% rise in second-quarter profit on Tuesday, exceeding analyst expectations, as crude oil soared to record levels and natural gas also made big gains.

BP (BP), Europe's second biggest oil producer behind Royal Dutch Shell PLC, posted profit of $9.47 billion for the three months ending June 30, up from $7.38 billion in the same period a year ago. Revenue jumped 49% to $110.98 billion as the price of a barrel of oil rose by around 35% over the quarter.
Profit would have been even higher without changes imposed by accounting rules, prompting unions to renew calls for a windfall tax on the profits of both BP and Shell.
"These are another set of exceptionally strong numbers, echoing the first quarter performance," said Hargreaves Lansdown stockbroker David Hunter. "Given the tailwind of historically high energy prices, this is somewhat to be expected, although such a strong successive quarterly performance could signal a marked turnaround in the group's fortunes."
BP Chief Executive Tony Hayward has made operational improvements his priority since he took over the top job over a year ago.
Hayward, who replaced John Browne, has focused on bringing new production and refining capacity on line to improve earnings, which have lagged behind rivals such as Exxon Mobil Corp. (XOM, Fortune 500) and Shell (RDS.A).
The company's closely watched replacement cost profit jumped 5.5% to $6.85 billion, from $6.49 billion.
The replacement cost figure is viewed by many analysts as the best measure of an oil company's underlying performance because it excludes changes in the value of crude inventories, measuring the amount it would cost to replace assets at current prices.
BP makes the bulk of its profits in its upstream business, which incorporates exploration for and production of oil. Pretax profits in that division rose 52% to $10.8 billion.
In contrast, the downstream business, which includes refining oil and selling it at BP's 24,000 gas stations worldwide, it made a profit of just $539 million, a significant drop from the $2.7 billion it made in the same period a year earlier.
BP's shares rose 2.7% to $10.62 on the London Stock Exchange, with analysts suggesting the increase was tempered by problems surrounding the company's Russian joint venture TNK-BP.
The unit's American CEO Robert Dudley left Russia last week after being called in for questioning by prosecutors.
His departure followed months of pressure on the TNK-BP, which is under attack from its Russian shareholders and the Russian government. The business' profit nearly doubled to $1.35 billion pounds over the quarter.
Charles Stanley analyst Tony Shepard said BP's operational improvements "should start to come into focus for investors and more than outweigh the disappointing events surrounding TNK-BP."
The strong results were less popular with union leaders, after the company earlier this year announced plans to lay off 5,000 of its 97,000 employees. Unions also point out that the huge profits come as consumers face the worst economic conditions in years, including higher energy prices to light and heat their homes.
"It is high time our government moved to stop the fuel corporates picking the pockets of the poor and needy," said Tony Woodley, a spokesman for the Unite, Britain's biggest union. "A windfall tax now would ensure the money was there to help the old and vulnerable through these tough times."
BP, however, argues that it makes less than 1 pence in profit on every liter of petrol it sells at its 1,300 filling stations across Britain. It adds that it paid $14.5 billion in taxes worldwide last year.
http://money.cnn.com/2008/07/29/news/international/bp_earnings.ap/index.htm?postversion=2008072904
 
Shame, Shame ! Making such profits while we're stretching our budgets !
Makes me feel kinda insignificant. Trying to find the bright side of things,
I've finally had a conversation with my local gas attendant. I don't think
he understood me, but I love someone who says "yes" to me after every
sentence. Now, If I could only get the wife to learn that ! :nuts:
 
I have no problem with companies make huge profits. Supply and demand. I am starting to have a problem with companies that make huge profits on product that most citizens can not do without to function daily. We have adapted the consumption of energy into every fabric of out lives. We can not do anything without the use of oil, gasoline, diesel, natural gas, electric, coal, propane, butane, methane, etc. Not even the Amish could function without the use of commodities type energy.
 
Show-me said:
I have no problem with companies make huge profits. Supply and demand. I am starting to have a problem with companies that make huge profits on product that most citizens can not do without to function daily. We have adapted the consumption of energy into every fabric of out lives. We can not do anything without the use of oil, gasoline, diesel, natural gas, electric, coal, propane, butane, methane, etc. Not even the Amish could function without the use of commodities type energy.
Click to expand...

I'm sure you remember when the price of MILK jumped through the roof
and the Government decided to regulate its price. Kinda like the same
thing. Everyone needs MILK but their decision to control the price was
IMHO, the wrong one. Thats it ! I'm growing a beard and moving to PA !
;)
 
Show-me said:
New hurricane center interactive page. Click on the map and you get a satellite view. Click on the event and get a close up of the event.

http://www.nhc.noaa.gov/
Click to expand...

If you check out page 2 of the Oil Slick Home Page I have that link and many others that effect energy prices. Don't see a new CANE tho, that's GOOD!!!:D
 
Good NEWS saves the OPEN!!:D

Oil resumes slide on OPEC comments

Cartel president says there is adequate supply and prices are much too high.

By Kenneth Musante, CNNMoney.com staff writer
July 29, 2008: 9:45 AM EDT

v2-cnnmoney-chart1.mkw.gif
Oil prices have fallen more than 15% since setting a record on July 11, but prices remain nearly 65% higher than a year ago.

NEW YORK (CNNMoney.com) -- Oil prices fell below $124 a barrel Tuesday after OPEC's president said crude prices were abnormally high and that high prices did not result from lack of supply.

Light sweet crude for September delivery fell 86 cents to $123.87 a barrel in electronic trading after Chakib Khelil, president of the Organization of Petroleum Exporting Countries, told reporters in Jakarta, Indonesia, that the oil markets were being adequately supplied, and that prices were being inflated by geopolitical tensions.
"If the dollar continues to strengthen and the political situation [with Iran] improves, then the long-term prices will be about 78 dollars (a barrel)," said Khelil, according to reports.
Khelil, who is also the oil minister for Algeria, spoke to reporters while visiting Indonesia's energy minister.
The threat of a conflict between the West and Iran has raised major concerns about supply from the Middle East. However, there has been little saber rattling from either side since they met to discuss the oil producer's nuclear program over a week ago.
"Comments out of somebody like this definitely carry a lot of weight, especially with the market so nervous," said Neal Dingmann, senior energy analyst at Dahmlan Rose & Co.
Price drop: Crude prices have fallen by double digits over the past two weeks as oil investors worried that high prices for fuel made from crude oil have seriously damaged demand.
Average prices for regular gasoline in the U.S., the world's largest oil consumer, fell for the 12th straight day Tuesday, but remained near $4 a gallon - more than 36% higher than they were a year ago.
Oil has fallen 15% from its trading peak of $147.27 set July 11, though prices remained nearly 65% higher than they were 12 months ago.
"The market is more focused on the fundamental economics aspects than the geopolitical aspects," said Tom Orr, head of research at Weeden & Co.
Nigeria: Worries about a demand slide also overshadowed disruption in demand from Nigeria, Africa's largest oil producer.
Prices spiked in early trading after reports revealed that militants in Nigeria had damaged two oil pipelines operated by Royal Dutch Shell (RDS.A), but then retreated.
Rebel attacks on Nigeria's oil infrastructure have been a constant concern for oil investors, and a factor that some analysts believe is already included in the market price. http://money.cnn.com/2008/07/29/markets/oil/index.htm?postversion=2008072909
 
pffft. OPEC (and me) has been saying that for 7 months while BA was putting out the "supply/demand" dog & pony show. People are finally realizing that OPEC was telling the truth and BA spin was all smoke & mirrors to cover up speculation by big boys, oils and financials. Baaaaaa, lamb chops, anyone?:cheesy:
 
nnuut said:
I like STEAK!!! Now were cookin'! :D View attachment 4360
11:09........$121.47...........-3.26
Oil is drivin' the Market today!!View attachment 4361
Click to expand...
When OIL gets below $120..it will not have much of an inverse reaction on the market..Which is a good thing.

However, it is my opinion that OPEC don't want the US to be self sufficient and have our own vast reserves tapped into , cuz we won't be needing theirs...So I expect the Price/bbl to drop still below $100.00/bbl very soon as the rhetoric here ramps up about drilling more around the US.


Go McCain!
 
buster said:
when oil gets below $120..it will not have much of an inverse reaction on the market..which is a good thing.

However, it is my opinion that opec don't want the us to be self sufficient and have our own vast reserves tapped into , cuz we won't be needing theirs...so i expect the price/bbl to drop still below $100.00/bbl very soon as the rhetoric here ramps up about drilling more around the us.


Go mccain!
Click to expand...
xaztly!! :D
 
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