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WOAH!!! Do I like this or not? I like it!!:D

Oil falls below $38 - OPEC cut ignored

Slowing global economy and waning fuel demand continue to weigh on market.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: December 18, 2008: 10:26 AM ET


Trader sees oil at $25-$30http://javascript<b></b>:cnnVideo('play','/video/news/2008/12/17/news.energyfix.121708.cnnmoney');


NEW YORK (CNNMoney.com) -- Oil prices fell below $40 a barrel Thursday, reaching levels not seen since June 2004.

Investors continued to shrug off an upcoming OPEC production announced on Wednesday, after which oil closed at a 4 1/2 year low.
U.S. crude for January delivery, which ceases trading on Friday, fell $2.10 to $37.96 a barrel in early trading, but not before touching a trading low of $37.71. The February contract, which begins its front-month run next week, fell $1.50 to $43.11.
On Wednesday, the Organization of Petroleum Exporting Countries, an international trade organization whose members supply about 40% of the world's oil, elected to cut production by 2.2 million barrels a day in January.
But investors were concerned about the slowing global economy's impact on crude demand, and that sent the price down $3.54 to $40.06 a barrel Wednesday, its lowest close since July 2004.
"They're wondering whether OPEC can enforce this cut," because the budgets of many OPEC nations are already stretched incredibly thin, said Nimit Khamar, analyst with Sucden Financial in London.
Investors had also largely ignored other OPEC production cuts made since September, totaling an additional 2 million barrels a day.
Falling demand: Oil prices have shed more than $100 a barrel since hitting a record high of $147.27 a barrel in July as worldwide demand began to decline.
In the United States, the world's largest oil consumer, Americans cut back drastically on driving over the past year, according to a government report.
"We're seeing demand slip everywhere, including China," said Khamar.
Rapidly expanding export-based economies of nations such as China and India are beginning to suffer as much as their counterparts in the developed world, where cash-strapped citizens are consuming less of everything.
Looking long-term, the Energy Department said Wednesday that crude oil could rise again, reaching $130 a barrel in 2030 as global supplies diminish. But it also predicted that demand for fuel would rise by only 1 million barrels a day during that time period.
http://money.cnn.com/2008/12/18/markets/oil/index.htm?postversion=2008121810
 
Just saw oil at $36.60 down 3.46. This foolish stock market will eventually react to this price in a positive manner.
 
You're right Birchie just settled at $36.22 a barrel!! Too bad the DOW doesn't like it when Oil and Gas shares fall!!!:cool:

Energy is the weakest performer. It is down 4.6%, as January oil futures drop 9.4% to $36.30 per barrel, which is a multiyear low. Contracts for January delivery expire after tomorrow's close.
http://finance.yahoo.com/marketupdate/overview?u
 
In electronic premarket trading this morning on the New York Mercantile Exchange, light, sweet crude fell $2.67 to $33.55 a barrel.
 
Oil and gas seem to be on a slow rise this morning, that could stimulate the Markets if it continues. I will be out of the loop until after lunch today, retirement lunch for a friend.:)
 
Oil ended up this afternoon at nearly a five year low, where will it go next?:worried:

Oil settles below $34

Economic slowdown continues to weigh on demand in the final day of the January contract; oil drops to $33.87.

By Lara Moscrip, CNNMoney.com contributing writer
Last Updated: December 19, 2008: 3:16 PM ET

Trader sees oil at $25-$30



chart_opec_production.gif



NEW YORK (CNNMoney.com) -- Oil prices fell sharply Friday, on the last day of the January contract, as the global economic slowdown continues to clamp down on demand.
The price of crude for January delivery fluctuated mid-afternoon, before shedding $2.35 to settle at $33.87, nearly a five-year low.
The last time oil traded this low was Feb. 10, 2004, when it settled at the same price.
The February contract, which begins its front-month run on Monday, rose 69 cents to $42.36 a barrel in a trading day with very little price movement.
The February contract had nearly 10 times the volume of trades as compared to the January contract, according to Tom Pawlicki of MF Global Research in Chicago.
The low closing price of oil could set the pace for a rebound. That, in turn, could push up the price of oil in February, according to Pawlicki.
"If a price bottom is, in fact, formed, February crude could advance toward the $49.40 to $52.95 resistance range within the next one to two weeks," he wrote.
Stocks pared earlier gains Friday as investors weighed the pros and cons of the Bush Administration's plan to bail out the auto industry.
However, oil prices showed little reaction to the bailout plan for Detroit announced Friday, which makes $13.4 billion in federal loans available to General Motors (GM, Fortune 500) and Chrysler LLC almost immediately.
Investors continued to shrug off an OPEC production cut announced earlier in the week, which will take effect in January.
On Wednesday, the Organization of Petroleum Exporting Countries, an international trade organization whose members supply about 40% of the world's oil, elected to cut production by 2.2 million barrels a day, starting next month.
OPEC's action, and investor concern about the slowing global economy's impact on crude demand, sent the price down $3.54 to $40.06 a barrel on Wednesday.
"They're wondering whether OPEC can enforce this cut," because the budgets of many OPEC nations are already stretched incredibly thin, said Nimit Khamar, analyst with Sucden Financial in London.
Investors have largely ignored other OPEC production cuts made since September, totaling an additional 2 million barrels a day.
Falling demand: [more]
http://money.cnn.com/2008/12/19/markets/oil/index.htm?postversion=2008121915
 
From the BBC
Have your say!!
How can we stabilise oil prices?

UK Prime Minister Gordon Brown has warned that volatile oil prices remain a threat to the global economy. How can the oil market be calmed?

Despite recent falls in the price of oil, Mr Brown said there was still a threat of the cost of a barrel rising sharply again once the economy recovered and it was in everyone's interest to have a more stable price.

He called for a "new partnership" between oil producing and consuming nations, saying the "visionary internationalism" shown over the global banking crisis must be applied to the world's future energy challenges.

But Abdalla Salem El-Badri of oil producers body Opec said the PM should focus more on cutting UK petrol taxes.

Read the full story
http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=5830&edition=2&ttl=20081220025934
 
But Abdalla Salem El-Badri of oil producers body Opec said the PM should focus more on cutting UK petrol taxes.
Click to expand...
Damn Straight!!

I was at a closed down Sinclair gas station tonight waiting on a secret rendezvous with someone..I happened to notice that the pumps still had power on them...the prices were still locked in from this summer.

87- $3.999

89- $4.109

91- $4.19

ekk.gif
 
Buster said:
Damn Straight!!
I was at a closed down Sinclair gas station tonight waiting on a secret rendezvous with someone..I happened to notice that the pumps still had power on them...the prices were still locked in from this summer.

87- $3.999

89- $4.109

91- $4.19
______________________________________
I've told you a Million times, quit eggagerating...
Click to expand...
Secret rendezvous??? :laugh:

Buster - just a "subtle" friendly suggestion about your signature...:D

View attachment 5264

​
 
Last edited:
That's a start, DRILL BABY DRILL!!:D

'Drill, baby, drill' process has begun

  • Bush administration finished first step toward offshore drilling off Virginia coast
    Environmentalists say Navy, NASA and endangered whales would be threatened
  • Sierra Club's counting on the incoming president to stop Virginia drilling
WASHINGTON (CNN) -- Remember "drill, baby drill"? In its last weeks in office, the Bush administration is starting to make it happen by quietly starting the process of exploration and drilling off the coast of Virginia.
art.gas.prices.gi.jpg
As the price of gas surged past $4 a gallon this summer, U.S. drilling became a hot political issue.

The move means that President-elect Barack Obama and brand new interior secretary nominee Ken Salazar -- a Democratic senator from Colorado -- will have to jump feet-first into the decades-old debate over offshore oil drilling. It's an issue where the two disagreed at one point.
Wait. Virginia?
The state is ground zero for the drilling debate because of possible reserves off the coast and what energy experts see as a friendlier government than elsewhere.
The U.S. Interior Department has completed the first step, closing a public comment period on the proposal to lease 2.9 million acres of ocean to natural gas and oil companies. The pie-shaped area begins 50 miles off Virginia's coast, straight out from Virginia Beach on the south and across from Virginia's boundary on the Delmarva peninsula to the north.
"The East Coast really has not been looked at for 30 years," said Randall Luthi, who heads up the drilling plan as director of Interior's Minerals Management Service. Luthi spoke from his Washington office to CNN Radio.
"Our best guess is that area could contain about 130 million barrels of oil and 1.14 trillion cubic feet of natural gas," he said.
Don't Miss

Such an oil find would be small compared with the estimated 40 billion barrels in the Gulf Coast. The natural gas is more substantial. But both are symbolic of a rare window of opportunity for the energy industry.
A two-fold ban on Outer Continental Shelf drilling ended in just the past two months. [more]
http://www.cnn.com/2008/POLITICS/12/20/oil.drilling/index.html
 
Well it's a step in the right direction..they need to go after the gulf oil before Russia and Cuba get it..:worried:
 
Speaking of a gaseous condition::sick::laugh:

Gas prices continue to slip
Average price of unleaded falls to $1.668, according to AAA survey.

December 21, 2008: 10:01 AM ET

A gas tax, minus the gas




NEW YORK (CNNMoney.com) -- Gasoline prices dropped for their second day in a row after four straight days of increases, according to a daily survey of gas station credit card swipes.


Regular unleaded fell 0.03 cents to a national average of $1.668 a gallon from the previous day's $1.671, according to motorist group AAA.
Prices started rising a week ago, for their first time in nearly three months, before resuming their slide. Gasoline prices have followed the price of crude oil, which has lost more than $100 a barrel since hitting a record high of $147.27 in July. Gas prices also hit a record of $4.114 a gallon in July.
In the United States, the world's largest oil consumer, drivers have cut back while supplies have risen. According to a Transportation Department report earlier this month, Americans drove 100 billion fewer miles between November 2007 and October 2008, compared with a year earlier.
Local prices: Gas is selling below $2 a gallon in every state in the Lower 48, but in Alaska, prices averaged $2.622 a gallon, and in Hawaii, they were $2.391.
Wyoming continued to post the cheapest prices, at $1.475 a gallon, according to AAA. Other states with gas below $1.50 a gallon included Utah and Missouri.
Out of major U.S. cities, Anchorage, Alaska, had the highest average gas prices, at $2.399 a gallon, according to GasBuddy.com, a service that lets motorists post local fuel prices online. Salt Lake City, Utah, had the lowest average, at $1.383.
Diesel: The price of diesel fuel, which is used in most trucks and commercial vehicles, fell by 0.09 cents from the previous day to a national average of $2.504 a gallon, according to AAA.[more]
http://money.cnn.com/2008/12/21/news/economy/gas_prices/index.htm?postversion=2008122110
 
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