Oil Slick Stuff

Sort by newest Sort by date
PessOptimist said:
Yeah Squalebear and they pump it for you too!
Click to expand...

At one point there was a push in N.J. to have self service. Claims that it
would lower the cost per gallon because the station could save money on
payroll, spread like wild fire. It was voted down. Pennsylvania did it. Now
they come to N.J. to get there gas by way of the Walt Whitman and Ben
Franklin Bridges. Kinda like N.J. residents going to Delaware for cigarettes.
 
Gas prices fall below $3:D

Gasoline prices breach the $3 level for the first time since January.

Last Updated: October 18, 2008: 9:59 AM ET

Drilling's big payday

EW YORK (CNNMoney.com) -- Gasoline prices continued to slip, tumbling below $3 a gallon for the first time in nearly nine months, according to a daily survey of credit card swipes released Saturday.
The average price of unleaded regular fell to $2.99 a gallon, down four and nine-tenths of a cent, according to the Daily Fuel Gauge Report issued by motorist group AAA. Prices have fallen 30 cents in the last week and 86.4 cents, or 22%, in the last 31 days.
The current national average is $1.12, or 27.3%, off the record high price of $4.11 that AAA reported July 17.
The decline comes as hurricane season winds down and oil prices drop over concerns that a prolonged economic slump would curb demand for energy.
The last time the average price for a gallon of regular unleaded gasoline dropped below $3 a gallon was Jan. 25, when it reached $2.99.
Alaska has the most expensive gas with prices averaging $3.92. The cheapest gas is found in Oklahoma with prices averaging $2.58.
http://money.cnn.com/2008/10/18/news/economy/gas_prices/index.htm?postversion=2008101808
 
nnuut said:
Gas prices fall below $3:D

Gasoline prices breach the $3 level for the first time since January.

Last Updated: October 18, 2008: 9:59 AM ET

Drilling's big payday

EW YORK (CNNMoney.com) -- Gasoline prices continued to slip, tumbling below $3 a gallon for the first time in nearly nine months, according to a daily survey of credit card swipes released Saturday.
The average price of unleaded regular fell to $2.99 a gallon, down four and nine-tenths of a cent, according to the Daily Fuel Gauge Report issued by motorist group AAA. Prices have fallen 30 cents in the last week and 86.4 cents, or 22%, in the last 31 days.
The current national average is $1.12, or 27.3%, off the record high price of $4.11 that AAA reported July 17.
The decline comes as hurricane season winds down and oil prices drop over concerns that a prolonged economic slump would curb demand for energy.
The last time the average price for a gallon of regular unleaded gasoline dropped below $3 a gallon was Jan. 25, when it reached $2.99.
Alaska has the most expensive gas with prices averaging $3.92. The cheapest gas is found in Oklahoma with prices averaging $2.58.
http://money.cnn.com/2008/10/18/news/economy/gas_prices/index.htm?postversion=2008101808
Click to expand...

It will probably be below $2 by year's end.
 
squalebear said:
At one point there was a push in N.J. to have self service. Claims that it
would lower the cost per gallon because the station could save money on
payroll, spread like wild fire. It was voted down. Pennsylvania did it. Now
they come to N.J. to get there gas by way of the Walt Whitman and Ben
Franklin Bridges. Kinda like N.J. residents going to Delaware for cigarettes.
Click to expand...

I was in NJ a few weeks ago, pulled into a gas station and started to pump my gas. MY GOD you would have thought I pulled out and automatic weapon and started firing.

They were on me like a fly on a swatter
Was is supposed to tip the Guy?
 
JOVARN said:
I was in NJ a few weeks ago, pulled into a gas station and started to pump my gas. MY GOD you would have thought I pulled out and automatic weapon and started firing.

They were on me like a fly on a swatter
Was is supposed to tip the Guy?
Click to expand...


Been there, done that Jovarn. The first time I ever got gas after moving there in '95. Had something to do with letting the guy do his job. Went mostly to that same gas station for the two years I lived there, never tipped the guy, and he seemed satisfied just to have my business.
 
My question is: Is this a real price that is determined by the market or is this an artificial price manipulated by someone (govm't, Opec, US automakers, etc) to keep US dependent on oil. Seems to me that prices have moved too fast and too far to be a result of the market forces.
 
RunningFool said:
My question is: Is this a real price that is determined by the market or is this an artificial price manipulated by someone (govm't, Opec, US automakers, etc) to keep US dependent on oil. Seems to me that prices have moved too fast and too far to be a result of the market forces.
Click to expand...

Good question, I think it's a combo of all of those reasons and more. Nothing happens in the Market by accident. GREED!

http://en.wikipedia.org/wiki/Price_of_petroleum
http://glickreport.blogs.foxbusiness.com/2008/07/25/stopping-oil-manipulation/
http://royaldutchshellplc.com/2008/05/30/regulators-step-up-probes-of-trading-in-oil-markets/

After months of questions about oil speculation, the Commodity Futures Trading Commission, with public prodding, found that the Swiss energy firm Vitol had secured 11 percent of the oil contracts on the New York Mercantile Exchange. The CFTC data infers that financial firms comprised more than 80 percent of the oil contracts on that exchange. We will never know the full extent of participation by traders. The Enron loophole [more]had been exploited once again.
http://www.btnmag.com/businesstravelnews/headlines/frontpage_display.jsp?vnu_content_id=1003870225

McCain Credits Bush's Voodoo Magic For Lower Oil Prices
Posted by Jurassicpork, Brilliant at Breakfast at 9:39 AM on July 24, 2008.

"Amazingly, according to John McCain, George W. Bush is still our savior whenever luck infrequently wafts our way like a fragrant fart." [more]
http://www.alternet.org/blogs/peek/92556/mccain_credits_bush's_voodoo_magic_for_lower_oil_prices/
 
If the price of oil stabilizes at around $80 a barrel, it could represent effectively a $275 billion stimulus to the U.S. economy. What is happening now is that the economic slowdown is trumping the downturn in prices. How long will this last? About 35% of all miles driven are work related, so the higher the unemployment, the fewer miles driven. September saw the biggest job losses in five years, and the jobless rate, now at 6.1%, is all but certain to rise.
 
Birchtree said:
If the price of oil stabilizes at around $80 a barrel, it could represent effectively a $275 billion stimulus to the U.S. economy. What is happening now is that the economic slowdown is trumping the downturn in prices. How long will this last? About 35% of all miles driven are work related, so the higher the unemployment, the fewer miles driven. September saw the biggest job losses in five years, and the jobless rate, now at 6.1%, is all but certain to rise.
Click to expand...

Expect it to trickle down to the retail level, but it will take time. THAT IS A REALLY GOOD THING, I cant wait, the truckers are feeling it now!!!! jmanjmp.gif
 
Last edited:
Birchtree said:
If the price of oil stabilizes at around $80 a barrel, it could represent effectively a $275 billion stimulus to the U.S. economy. What is happening now is that the economic slowdown is trumping the downturn in prices. How long will this last? About 35% of all miles driven are work related, so the higher the unemployment, the fewer miles driven. September saw the biggest job losses in five years, and the jobless rate, now at 6.1%, is all but certain to rise.
Click to expand...
Course you can take it one step further..now that the price of fuel (whatever it maybe) is down and the small businesses and other employers are not feeling the crunch into profits from fuel costs..this could and should lead into more production and the need for more employees, hence more jobs again...My glass is half full..:)
 
JOVARN said:
Was is supposed to tip the Guy?
Click to expand...

Good question, Jovarn. I always tip the people, but they seem surprised at it and grateful. I just assume people don't usually tip. I just can't help it, since I've learned tipping etiquette in NYC.
 
A note from OPEC and our friends Chavez and Auckcrapamanajudad !!:nuts:

Oil rises to $74 on prediction of supply cuts

OPEC will have an emergency meeting late this week, plans a 'substantial' cut.

Last Updated: October 20, 2008: 7:04 AM ET

VIENNA, Austria (AP) -- Oil prices rose to $74 a barrel in Asia on Monday on expectations that OPEC will cut production quotas at an extraordinary meeting later this week.
Light, sweet crude for November delivery rose $2.39 to $74.24 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract Friday gained $1.53 to settle at $71.38.
Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said Sunday that members plan to announce a "substantial" cut at a meeting that begins Oct. 24 in Vienna. Khelil, who is also Algeria's energy minister, said OPEC may cut output again at a meeting in December, and that the group considers the oil market oversupplied by about 2 million barrels a day.
Venezuelan President Hugo Chavez said Sunday he would like prices between $80 and $90 a barrel. "The market is factoring in a big cut. It will likely be as much as 2 million barrels," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. "I think they will go pretty large just to change the sentiment."
Investors largely ignored an OPEC output reduction of about 520,000 barrels a day last month, focusing instead on weakening demand. Fears that turmoil in global financial markets will spark an economic slowdown in developed countries has helped push prices down from a record $147.27 in July.
Last week, news of rising U.S. oil inventories, falling retail sales and slowing housing starts fueled concerns that the world's largest economy may face a major recession that will undermine demand for crude.
"Oil demand in the U.S. will be a bellwether," Pervan said. "If the US, Europe and Japan go into a major recession, there's no reason we can't see $35, $40 a barrel."
In other Nymex trading, heating oil futures rose 4.39 cents to $2.16 a gallon, while gasoline prices gained 5.34 cents to $1.67 a gallon. Natural gas for November delivery jumped 14.9 cents to $6.94 per 1,000 cubic feet. In London, November Brent crude was up $1.20 to $70.80 a barrel on the ICE Futures exchange. http://money.cnn.com/2008/10/20/markets/oil.ap/index.htm?postversion=2008102007
 
10/20/2008 - Updated 9:33 AM ET
1.gif


Crude rises over 2% as OPEC mulls production cut
1.gif
By Moming Zhou, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures rose more than 2% Monday, rallying for a second session as the chief of the Organization of Petroleum Exporting Countries said the cartel should cut production quotas at Friday's meeting.
OPEC should order a "substantial" cut in oil output at its emergency meeting in Vienna, Algerian Energy Minister and current OPEC President Chakib Khelil said Saturday, according to media reports.
Crude for November delivery rose $1.74, or 2.4%, to $73.58 a barrel in early electronic trading. It rallied to $74.28 overnight. Crude had lost 8% last week on increasing concerns that the global financial crisis will lead to a decline in oil demand.
Oil was rising "on heightened expectations that OPEC would reduce production," wrote Nimit Khamar, an energy analyst at Sucden Research. Speculation that "financial crisis may be easing" also contributed to the rally.
OPEC, the cartel that controls 40% of the world's oil production, last Thursday brought forward its meeting, originally scheduled on Nov. 18, to Friday.
Pressures have been mounting within the 13-member group to cut production as crude prices have slumped by more than 50% from its all-time high of $147.27 hit in July.
"There will be a reduction in production at the next extraordinary meeting of OPEC, and it will have to be a substantial one to get the balance right between supply and demand," Khelil said, according to AFP.
Potentially adding more downward pressures on oil prices, the economy of China, which accounts for the bulk of growth in global oil demand, decelerated more than expected in the third quarter, marking the fifth straight quarterly slowdown.
Also on Nymex to start the week, the other energy futures rallied. November reformulated gasoline rose 2.49 cents, or 1.4%, to $1.6910 a gallon, and November heating oil gained 5.34 cents, or 2.5%, to $2.1863 a gallon.
November natural-gas futures climbed 14.9 cents, or 2.2%, to $6.9350 per million British thermal units. http://markets.usatoday.com/custom/...S&guid={4C7DECC5-C987-4BB4-B326-3A5F87BCF8AB}
 
Now another OPEC for Natural Gas? Looks like the Three Stooges want to control NG prices?:mad:

OPEC cartel for Iran, Russia, Qatar?

Countries will 'seriously' persue' an organization for gas exporting.

October 21, 2008: 6:56 AM ET

TEHRAN, Iran (AP) -- Iran's oil minister says the Islamic republic, Russia and Qatar discussed the formation of an OPEC-style cartel of gas exporting countries.
Iranian Oil Minister Gholam Hossein Nozari says that the top three countries with natural gas reserves will "seriously pursue the formation of an organization of gas exporting countries."
Nozari spoke on state TV Tuesday after a joint meeting with his Qatari counterpart Abdulla Bin Hamad al-Attiya and the head of Russia's Gazprom Alexei Miller.
He said the three parties decided to further discuss the cartel at the next meeting of their foreign ministers. The idea of formation of the gas cartel was first raised by Iran when then-president of Russia Vladimir Putin visited Tehran in 2007.
http://money.cnn.com/2008/10/21/news/international/iranopec.ap/index.htm?postversion=2008102106

Same, but more info:
http://money.cnn.com/2008/10/21/markets/oil.ap/index.htm?postversion=2008102108
 
Last edited:
Bah! What are they thinking? I guess they are getting tired of wasting natural gas and burning it out in the air. Maybe the U.S. should enter the market. :nuts: Undercut by the U.S., now that would be hilarious. And it's not like we'd get tied in this time, unless those clowns try to use our Natural Gas selling price like they do with Oil, and even if they do, I think the US is a big enough player to be the bull in the china closet this time. Wonder which price they are going to use, only Qatar has a strong currency in the bunch.
 
You must log in or register to reply here.
Back
Top