Oil Slick Stuff

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nnuut said:
We're losing ground today folks. hope this is just a bump?:cool:

11/24/08
07:55.........$51.67.......+1.74
09:54.........$50.60.........+.67
10:50.........$53.41.......+3.48
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as has been said before, nothing goes straight down or up...But if it stabilizes around $50-55.00/bbl...everyone should be happy..No need to run out and fill your swimming pool with gasoline right now..that would be stupid just because CITIgroup gets a helping hand:notrust:
 
More than one thing affecting Oil prices, I really don't think Citi had very much to do with it, but do agree that it should recover as it walks down the Wall Of Worry!!:cool: View attachment 5126
 
Silverbird said:
Trading Foreign Oil For Foreign Electric Car Parts?

by Richard Harris
NPRMorning Edition, November 21, 2008 ·
A rush to build electric cars could also mean a rush to get minerals that are produced in unstable parts of the world. Lithium-ion batteries require large amounts of cobalt, which comes primarily from the war-torn Democratic Republic of Congo, Tibet and Siberia. Easing dependence on foreign oil could mean increasing dependence on foreign minerals — from even less reliable trading partners than the Persian Gulf states.

http://www.npr.org/templates/story/story.php?storyId=97295913
[MP3/audio report. OK! I know some of you are about ready to fly away from this because it's NPR. But I can't find these kind of stories anywhere else these days - you have to think about ALL the raw materials you are using if you want to looks at alternatives and national security. Sure beats hearing incorrect rumors on possible picks for Secretary of Silly Walks, who's leaking information and prophesies of doom if the rumored one gets the job.]
Click to expand...

Thanks for sharing the thought, Silverbird. That's a great point I never thought of - the materials for "clean" products could be dependent on some seriously unstable parts of the world. Then again, if there is going to be a financial interest in this, there might be a stronger push for stabilizing these areas.
 
It's always something!

Oil rallies nearly $5

Crude advances as investors welcome the government's support of ailing financial firm Citigroup.

Last Updated: November 24, 2008: 1:38 PM ET



NEW YORK (CNNMoney.com) -- A rally in oil prices gained momentum Monday as investors cheered the federal government's massive rescue package for banking giant Citigroup.
Light, sweet crude for January delivery was up $4.66 at $54.59 a barrel. The contract fell 51 cents Friday to settle at $49.93 a barrel.
The advance came after the U.S. government announced plans Sunday to inject another $20 billion into Citigroup (C, Fortune 500) and guarantee losses on more than $300 billion in bank's troubled assets. (Full story)
Sunday's news lifted European markets and stocks in New York were up more than 3% in afternoon trading.
Monday's rally is "tied to the hope that equity markets will continue to recover," said Andrew Lebow, energy broker at MF Global in New York. Rising stock prices "add some positive sentiment to the oil market," he said.
Oil traders have closely followed world stock markets as a barometer of economic activity and future energy demand. As a result, oil prices tend to rise and fall in tandem with stock prices. [more]
http://money.cnn.com/2008/11/24/markets/oil/index.htm?postversion=2008112413
 
Oil gives back gains

Crude prices slide back near $50 a barrel as investors digest economic data.

By Ben Rooney, CNNMoney.com staff writer
November 25, 2008: 8:39 AM ET



NEW YORK (CNNMoney.com) -- The price of oil fell Tuesday, after a big rally in the previous session, as investors looked past the government's latest economic intervention to focus on the long-term economic outlook and waning energy demand.

Light, sweet crude for January delivery was down $2.00 at $52.50 a barrel in premarket electronic trade. On Monday, the contract surged $4.57 to settle at $54.50 a barrel as investors cheered the U.S. government's rescue plan for ailing financial services giant Citigroup.
Federal officials announced plans Sunday to inject another $20 billion into Citigroup (C, Fortune 500) and guarantee losses on more than $300 billion in the bank's troubled assets.
http://money.cnn.com/2008/11/25/markets/oil/index.htm?postversion=2008112508
 
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Oh My, say it isn't so:worried:...Now I will have to drain the swimming pool of all the gasoline I put in last night getting ready for 'the surge' on oil prices:rolleyes:
 
Buster said:
Oh My, say it isn't so:worried:...Now I will have to drain the swimming pool of all the gasoline I put in last night getting ready for 'the surge' on oil prices:rolleyes:
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Up Down, Up Down, Up Down, Up Down, Phew! I think my heart is racing?:rolleyes:
 
See, in Brazil they are doing the DRILL BABY DRILL thing!!

Pre-Salt to Make Brazil's Reserves World's 9th Biggest
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by Bernd Radowitz Dow Jones Newswires Monday, November 24, 2008

MADRID (Dow Jones Newswires), November 24, 2008
About $400 billion will be needed to develop Brazil's promising pre-salt oil area over a 10-year period, according to a preliminary estimate, Haroldo Lima, the president of Brazil's National Petroleum Agency, or ANP, said Monday.
The estimate is based on calculations by the ANP, Brazil's state-run oil firm Petroleo Brasileiro SA, or Petrobras, and Brazil's government, Lima said. He spoke to Dow Jones Newswires ahead of the Brazil-Spain Investment Forum in Madrid.
Related Pictures
Fields and Basins of Brazil
(Click to Enlarge)
Oil found in the area lies usually at water depths of 2,000 meters or more, and then several thousand meters further under layers of salt, rocks and sand, which makes production expensive and challenging.
According to preliminary estimates, the pre-salt could contain between 50 billion and 70 billion barrels of oil, Lima said.
Due to recent discoveries, Brazil's proven oil reserves likely jumped to about 14 billion barrels in 2008 from 12.6 billion barrels in 2007, Lima also said, adding that the 2008 figure still isn't consolidated. The ANP usually gives its annual reserve estimates in January.
Spanish oil company Repsol-YPF, Portugal's Galp Energia SPGS SA, BG Group, ExxonMobil Corp., and Royal Dutch Shell PLC., have significant stakes in Brazil's pre-salt area.


http://www.rigzone.com/news/article.asp?a_id=69936
 
What is interesting about the Brazil thing, is that they already are about 90% to 95% Ethanol rich anyways....Guess they will be joining OPEC before it's all said and done..:rolleyes:
 
I think USA, Canada, Mexico and Barzil should get together and create "FOAOA" and do some price fixin' ourselves!!! :p
 
That's it, Comon DOWN Baby, Comon DOWN!!!:D
11/25/08
07:26.........$52.87.......-1.63
08:35.........$53.01.......-1.49
09:53.........$52.25.......-2.25
11:35.........$50.82.......-3.68
 
Silverbird said:
Trading Foreign Oil For Foreign Electric Car Parts?

by Richard Harris
NPRMorning Edition, November 21, 2008 ·
A rush to build electric cars could also mean a rush to get minerals that are produced in unstable parts of the world. Lithium-ion batteries require large amounts of cobalt, which comes primarily from the war-torn Democratic Republic of Congo, Tibet and Siberia. Easing dependence on foreign oil could mean increasing dependence on foreign minerals — from even less reliable trading partners than the Persian Gulf states.
Click to expand...

I'm telling ya- Ethanol is the way to go.

E85 forever.

Grow baby grow.

Funds to farmers, not to foreign hot spots...

Cures trade deficit problems too.
 
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Saudi Gov't Won't Shrink Investments Amid Lower Oil Prices
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by Tahani Karrar Dow Jones Newswires Tuesday, November 25, 2008

MUSCAT, Oman(Dow Jones Newswires), November 25, 2008

Saudi Arabia's government won't reduce spending even if crude oil prices fall below what it had budgeted for in 2009, the kingdom's Finance Minister Ibrahim Abdulaziz Al-Assaf said Tuesday.
"Even if the oil price is lower, we are not going to shrink our investment program or expenditure," Al Assaf told Zawya Dow Jones in an exclusive interview,
"If oil reserves are less than what would cover the total budget then we will resort to our reserves," Al Assaf, who is attending a meeting of Gulf Cooperation Council states' finance and economy ministers in Oman's capital Muscat, said.
http://www.rigzone.com/news/article.asp?a_id=69964
 
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Ethanol production needs to be more efficient to be a good alternative. We don't have the right climatic conditions to grow sugar cane, and that takes slash and burn clearing to work (in Brazil's defense this includes already slashed and burned). As for corn, 85/15 still has lots of petroleum in it, and production of corn ethanol still uses...petroleum fertilizer and fossil fuel run plants. :(

Distribution isn't working either, I can only get Ethanol at one station 20 miles away, run by our friends Venezuela Takeover (CITGO).
 
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