Oil Slick Stuff

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I'm sure the stockpiles of other Distillates will go down by the end of New Years eve..
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Oil falls on inventory drop

Crude stocks fall unexpectedly, according to government report.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: December 24, 2008: 10:52 AM ET


'No way' did oil demand plunge


NEW YORK (CNNMoney.com) -- Oil prices continued to fall in a shortened trading session Wednesday after the government reported an unexpected decline in crude inventories.
U.S. crude for February delivery fell $1.54 to $37.44 a barrel in electronic trading. Prices had been down $1.60 just before the report's release. Oil trading closes at 1 p.m. ET because of the holiday.
The government said Wednesday that supplies of crude oil fell by 3.1 million barrels for the week ended Dec. 19.
A decline in crude stocks could be a sign that U.S. refiners may need to purchase more oil in the current week to replenish supplies.
Analysts had expected crude supplies to rise by 1.5 million barrels last week, according a survey by information firm Platts.
However, the government also said that fuel supplies had risen more than expected. Supplies of motor gasoline rose by 3.3 million barrels, and stocks of distillates, which are used to make diesel fuel and home heating oil, rose by 1.8 million, according to the report.
Investors were expecting a 900,000-barrel increase in gasoline supplies, and a 1.4 million barrel increase in supplies of distillates, according to the Platts survey. http://money.cnn.com/2008/12/24/markets/oil/index.htm?postversion=2008122410
 
A 50-cent gas tax?


Posted: 12/22/2008 10:04:41 PM PST

CAR TALK's Tom and Ray say yes....


`Car Talk' co-host is in good company as he delivers a `rant.'
When pundits as diverse as New York Times columnist Thomas Friedman and "Car Talk" co-host Ray Magliozzi propose hiking the gas tax, maybe it's time for America to give a listen.

Ray Magliozzi, with his brother Tom (the "Click and Clack" brothers) normally give listeners humorous advice about such problems as malfunctioning Plymouth starter motors. Ray is prone to rant on things automotive on the brothers' show on National Public Radio. But Sunday's rant was serious. Ray, acknowledging that they last time he called for a national gas tax he was called a Commie, and much worse, said the time has come for a 50-cent increase in the national gasoline tax.

The time is right, he said, since the price of gas is still south of $2 a gallon. He said Sunday that raising the price of gas to $2.50 a gallon "would generate between 50 and 100 billion dollars every year for the U.S. Treasury. That money could be used to help rebuild our crumbling roads and bridges, and develop new technologies for more fuel-efficient cars ... further decreasing demand for oil. This is a way for us to get on the wagon, and stop sending money to countries that don't like us. We could become energy-independent.

(More: http://www.presstelegram.com/opinions/ci_11291559 )
 
James48843 said:
A 50-cent gas tax?


Posted: 12/22/2008 10:04:41 PM PST

CAR TALK's Tom and Ray say yes....


`Car Talk' co-host is in good company as he delivers a `rant.'
When pundits as diverse as New York Times columnist Thomas Friedman and "Car Talk" co-host Ray Magliozzi propose hiking the gas tax, maybe it's time for America to give a listen.

Ray Magliozzi, with his brother Tom (the "Click and Clack" brothers) normally give listeners humorous advice about such problems as malfunctioning Plymouth starter motors. Ray is prone to rant on things automotive on the brothers' show on National Public Radio. But Sunday's rant was serious. Ray, acknowledging that they last time he called for a national gas tax he was called a Commie, and much worse, said the time has come for a 50-cent increase in the national gasoline tax.

The time is right, he said, since the price of gas is still south of $2 a gallon. He said Sunday that raising the price of gas to $2.50 a gallon "would generate between 50 and 100 billion dollars every year for the U.S. Treasury. That money could be used to help rebuild our crumbling roads and bridges, and develop new technologies for more fuel-efficient cars ... further decreasing demand for oil. This is a way for us to get on the wagon, and stop sending money to countries that don't like us. We could become energy-independent.

(More: http://www.presstelegram.com/opinions/ci_11291559 )
Click to expand...
Great hope for dope....anytime you raise the costs of doing business which raising gas taxes is .....it costs more to do to buy to.....we just went through this....

DUH!!
 
Why don't they TAX TEA or something?:mad:

Oil falls more than $3

Crude stocks fall unexpectedly, according to government report, but big build in fuel supplies points to lower demand.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: December 24, 2008: 1:40 PM ET

Click the chart to track the latest commodity prices.

NEW YORK (CNNMoney.com) -- Oil prices fell more than $3 a barrel toward the end of a shortened trading session Wednesday after the government reported energy supplies indicating that demand is waning.
U.S. crude for February delivery fell $3.50 to $35.48 a barrel from the previous day's close of $38.98. Prices had been down $1.60 just before the report's release. Oil trading closed at 1:30 p.m. ET because of the holiday.
A buildup in supplies of gasoline and distillates points to falling demand as cash-strapped consumers and businesses cut back on spending.
"The economic slowdown is just doing a lot more than people thought," said James Cordier, founder of commodities brokerage OptionSellers.com.
Consumer spending slowed in November for the fifth month in a row, and jobless claims reached a 26-year high last week, according to government reports.
Supplies: The Energy Department said Wednesday that supplies of crude oil fell by 3.1 million barrels for the week ended Dec. 19.
Analysts had expected crude supplies to rise by 1.5 million barrels last week, according a survey by information firm Platts.
However, the government also said that fuel supplies had risen more than expected. Supplies of motor gasoline rose by 3.3 million barrels, and stocks of distillates, which are used to make diesel fuel and home heating oil, rose by 1.8 million, according to the report.
Investors were expecting a 900,000-barrel increase in gasoline supplies, and a 1.4 million barrel increase in supplies of distillates, according to the Platts survey.
The large build up in gasoline and distillate supplies indicates that demand continues to deteriorate. "There's just no reason for refineries to chase oil, as we have much more than we need," Cordier said.
Crude prices may continue to fall and could go as low as $35 a barrel unless the economy starts to turn around, he added.
http://money.cnn.com/2008/12/24/markets/oil/index.htm?postversion=2008122413
 
nnuut said:
Why don't they TAX TEA or something?:mad:

Oil falls more than $3
Click to expand...
I wanted to add something to my post earlier Norman. You know, you can keep raising the costs of doing things as the govt seems to do...but sooner or later you have to say enough is enough.

"My pocket book isn't your piggy bank." as someone once said....but all our representation seems to do is find a way to take more and more and more from the citizen, instead of being a good watchdog for wasteful spending.....something you might find in past history as in the Romans.

The economy today will remind most of us of being accountable for what you spend, I hope it is reflected in Washington myself.

Merry Christmas, Jesus knew how our fellow men should live together.
 
ENOUGH is ENOUGH Carnac!! I think WE will pay dearly in the future for our Government's ineptitude!!

BUT Oh! MAGNIFICENT ONE, I predict that this and next week would be a great time to take a trip or something on our friends in OPEC!!!!!!!!!carsonCarnac.jpg

Gas prices fall to 4-1/2 year low

National average price for unleaded gas hits $1.648, says AAA, falling nearly 60% from this summer's record highs.

By David Goldman, CNNMoney.com staff writer
Last Updated: December 25, 2008: 10:23 AM ET

NEW YORK (CNNMoney.com) -- Christmas travelers haven't paid this little for gasoline in nearly five years.
Gas prices declined for the sixth straight day on Thursday, falling below the $1.65 per gallon, according to a national survey of credit card swipes at gasoline stations.
The nationwide average price dropped to $1.648 a gallon, down 0.7 cents from Wednesday's $1.655, according to motorist group AAA. The survey bases its information on credit card swipes from up to 100,000 service stations across the nation.
Gas prices were at their lowest national average since Feb 20, 2004 AAA reported.
The plunge in the nationwide average price comes as welcome news to Americans who are traveling for the Christmas holiday.
Still, motor travel has continued to fall off even as gas prices have plummeted nearly $2.50 since this summer's record highs. Americans drove 100 billion fewer miles during the 12-month period between November 2007 and October 2008 compared with the prior year, according to the a recent report from the Department of Transportation.
As this year's recession deepened, demand for fuel waned, sending oil prices down more than $110, or 76% from July 11. Gas prices have dropped off 60% since they hit a record-high of $4.114 on July 17.
Now, average gas prices are below $2 a gallon in all 48 contiguous states. Utah had the cheapest gas, averaging $1.463.
Alaska continued to have the highest price at $2.591 per gallon, followed by Hawaii, which stands at $2.37.
http://money.cnn.com/2008/12/25/news/economy/gas_prices/index.htm
 
nnuut said:
]

Gas prices fall to 4-1/2 year low

- Christmas travelers haven't paid this little for gasoline in nearly five years.
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However as nice as the low gasoline prices are..and I thank my lucky stars everyday that I have a job to be able to afford the gas...but Like The Guy From Boston says..So what, ...the poor people that lost their jobs and livelyhood due to the economy crash..can't afford the gas anyway..
 
Oil rises after more supply cuts

Crude prices jumped 2% after the United Arab Emirates joined the Saudis in curbing their oil production.

December 25, 2008: 9:21 PM ET

TOKYO (Reuters) -- Oil climbed above $36 a barrel on Friday, after the UAE joined Saudi Arabia in deepening oil supply curbs to comply with OPEC's biggest-ever output cut last week, telling refiners it would stiffen shipping limits on exports of its main grades.
Crude for February delivery was trading up 82 cents at $36.17 a barrel by 0203 GMT. It settling down 9.3 percent, or $3.63, on Wednesday, not far off the more than 4-½ year low struck a week ago. London Brent crude was up 75 cents at $37.36, after settling down $3.75 on Wednesday.
Markets were closed on Thursday for Christmas Day.
Oil prices have dropped about $110 a barrel since their mid-July peak as the global financial crisis chipped away at fuel demand, spurring OPEC producers to cut 5 percent of global oil production to stem the slide.
The Abu Dhabi National Oil Co (ADNOC), the main producer in the United Arab Emirates, the world's fifth-largest oil exporter, will continue to supply its customers of flagship Murban crude with 15 percent less than normal contractual supplies in January, while Upper Zakum supplies will be reduced by 3 percent from the norm.[more]
http://money.cnn.com/2008/12/25/news/economy/oil_rises.reut/index.htm?postversion=2008122521
 
You gotta figure- at some point in this process, the price of oil will fall enough for big oil to turn off some of those pumps, and leave it in the ground for later.

I think we ought to be close to that point now...
 
I think that could happen, if it goes lower they will do what is necessary to survive.
You know I've flown over this part of the country when returning from a trip to Salt Lake City, do you know what's out there,,, NOTHING!!! No electricity, now towns, not a tree to hug, no houses (a shack every once in a while), uninhabited thousands and thousands of NO MANS LAND!! If we are to fight this WORLD WIDE energy crisis we have to use what we have until REAL substitutes are developed that will take the place of petroleum. As of now there is nothing developed that will do the job. Let them DRILL we need the OIL, but regulate them, don't let them trash the wilderness, don't let them contaminate the aquifers it can be done. I'm really tired of listening to protests when it means our economic survival. I really think that cheap energy is necessary for us to get out of this fix. Oil/Gas are down and it's already stimulating the economy, let it work and we will be OK, turn it around and we will be a Third World Country!! We must be practical and do what's necessary, it's great to be idealistic, but now isn't the time.:cool:
 
This whole thing with oil exemplifies how ungrateful Americans really are. 6 months ago, mobs of idiots wanted to hang somebody, whether it was speculators, Exxon Mobil employees, or Congressmen about the high price of gas impeding on their illusion of the American Dream. Haven't heard much lobbying or parading in regards to energy consumption lately either.

I won't be surprised to see some major cutbacks in Oil, ie: surpise OPEC meeting in the months ahead, to cut the supply. Are you telling me those rebels just stopped attacking oil wells in Nigeria over night? Maybe they are in the Christmas spriit for now and spending their time shopping at WalMart in what's being called the new Black Friday, Dec 26th. There's gotta be a walmart somewhere near Nigeria wouldn't you think?

Contango within the markets is currently indicating higher prices in 2009 and higher anyway. Enjoy it while it lasts...
 
The_Technician said:
Great hope for dope....anytime you raise the costs of doing business which raising gas taxes is .....it costs more to do to buy to.....we just went through this....

DUH!!
Click to expand...

Really. And do you think the Government has the discipline to cut that tax out when gas prices really do rise to over $4 again? Roads, bridges- Ha! Let's be honest here. How about Medicare/Medicaid, Welfare first, then as far as infrastructure goes- some of the recent proposals include building the NY Yankees a new stadium, building bigger shopping malls, renovating Surfer's Beach in CA, improving a cruise ship terminal in Puerto Rico.... insert sound bite of the Tappet brother's laugh here
 
Only one thing I can say , for what motive? :worried:


RUSSA Gazprom to control Serbia's oil


_45326551_nisoil226body.jpg
Serbia is being offered a secure gas supply in return for its oil monopoly

Russia and Serbia have signed a controversial energy deal that will hand Russian gas giant Gazprom control of NIS, Serbia's oil monopoly.
Under the deal, Gazprom is to build a gas pipeline through Serbia and an underground gas storage facility there.
Russia's President Dmitry Medvedev and his Serbian counterpart Boris Tadic signed the agreement in Moscow.
The plan is for Serbia to host part of a new pipeline called South Stream, to deliver Russian gas to southern Europe.
Gazprom is taking a 51% stake in NIS for 400m euros (£380m; $560m), officials say.
Diplomatic tensions
Both countries signed an energy co-operation agreement in January, but the details have only just been finalised. Belgrade had delayed signing because a small party in Serbia's ruling coalition had argued that the terms on offer to Gazprom were too generous.
Critics say Russia's pledges to build South Stream by 2015 are not firm enough, given the current economic downturn.
South Stream is designed to take Russian gas under the Black Sea to Bulgaria and then to Serbia for transit towards the lucrative markets of southern Europe.
Washington and the European Union are backing a rival pipeline project called Nabucco, to bring gas from Central Asia, which would bypass Russia.
Correspondents say the planned pipeline could undermine the European efforts, which aim to reduce European dependency on Russian gas.
Serbia's energy diplomacy is complicated by the fact that Nabucco has EU backing - yet Serbia wants to join the EU.
Political tensions over Kosovo are also a complicating factor, with the EU supporting Kosovo's independence, while Belgrade and Moscow insist the territory remains part of Serbia.
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http://news.bbc.co.uk/2/hi/europe/7799396.stm
 
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