Oil Slick Stuff

Sort by newest Sort by date
nnuut said:
Yeah, that would run the price up, but I wouldn't like my laptop to explode, or my car for that matter!!:worried:
Click to expand...
That's why the Japanese companies are directly going in, they want to be able to monitor what's happening to their supplies, even though it means they take the risk of getting their mining facility taken over by Bolivia tommorow. It's not a nice Catch 22 to be in, and one we need to be aware of with Hybrids/batteries.
 
PRICE FIXING?:mad: AGAIN!
Supply and Demand?:mad:
Oil edges higher

Indications of OPEC production cuts overshadow surprise surge in U.S. crude stockpile.

By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: February 4, 2009: 12:35 PM ET

NEW YORK (CNNMoney.com) -- Oil prices remained higher Wednesday, but off their peaks, as indications of OPEC production cuts overshadowed a bigger-than-expected increase in the nation's crude supply.

U.S. light crude for March delivery was up 38 cents to $41.16 a barrel.
Prices rose as high as $41.92 after a report that OPEC production declined by about a million barrels a day last month.
The Organization of Petroleum Exporting Countries pumped an estimated 26.23 million barrels per day in January, down from 27.24 million the previous month, according to a Reuters oil company survey released Tuesday.
OPEC, whose members produce about 40% of the world's crude, has been pressured to put a floor under prices as stockpiles grow. OPEC's recent 2.2 million barrel per day cuts, which were announced in December, come on top of a previously announced cut of 2 million barrels per day in 2008.
OPEC hasn't always had a good track record in meeting proposed production cuts, said Mike Fitzpatrick, vice president of energy at MF Global.
"But when prices are under pressure like this, OPEC tightens up," he said. "In 1998 we saw similar levels, and they cut production pretty quickly. They'll likely do that again now."
The troubled global economy has sunk demand, which in turn has caused a large buildup in crude supplies. Oil prices have plummeted from a record high of $147.27 a barrel last summer.
Inventory data [more] http://money.cnn.com/2009/02/04/markets/oil/index.htm?postversion=2009020412
 
Oil hovers near $40 a barrel

Crude trades in a narrow range ahead of government's jobs reports and after a weekly supply report.

Last Updated: February 5, 2009: 6:56 AM ET

LONDON (Reuters) -- Oil held around $40 a barrel Thursday after U.S. crude stocks swelled to an 18-month high and investors anticipated more bleak economic data out of the world's biggest fuel consumer.
The outlook for more huge job losses in the United States darkened the demand prospects there. The government was scheduled to report initial weekly unemployment claims Thursday and the monthly unemployment rate Friday.
A global financial slowdown has cut demand and swollen fuel stocks, knocking more than $100 a barrel off the price of crude since its July 2008 peak of $147.
U.S. crude inventories jumped by 7.2 million barrels to an 18-month high last week, data from the Energy Information Administration showed, twice what analysts expected and the sixth straight weekly rise.
U.S. light crude for March delivery ticked up 26 cents to $40.58 a barrel at 5:49 a.m. ET.[more] http://money.cnn.com/2009/02/05/markets/oil.reut/index.htm?postversion=2009020506
 
peterson82 said:
Saw this on a Metro car in Washington, DC. Thought you might like it.
Click to expand...
Yeah..I liked that about as much as I like this...:rolleyes:

610x.jpg
 
Received this EMAIL!! DRILL BABY DRILL!!:D

http://www.usgs.gov/newsroom/article.asp?ID=1911
The U. S. Geological Service issued a report in April ('08) that only
scientists and oil men knew was coming, but man was it big. It was a
revised report (hadn't been updated since '95) on how much oil was in
this area of the western 2/3 of North Dakota; western South Dakota; and
extreme eastern Montana .... check THIS out:
The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe
Bay, and has the potential to eliminate all American dependence on fore
ign oil. The Energy Information Administration (EIA) estimates it at 503
billion barrels. Even if just 1 0% of the oil is recoverable... at $107
a barrel, we're looking at a resource base worth more than $5.3
trillion.
'When I first briefed legislators on this, you could practically see
their jaws hit the floor. They had no idea.' says Terry Johnson, the
Montana Legislature's financial analyst.
'This sizable find is now the highest-producing onshore oil field found
in the past 56 years.' reports, The Pittsburgh Post Gazette. It's a
formation known as the Williston Basin, but is more commonly referred to
as the 'Bakken.' And it stretches from Northern Montana, through North
Dakota and into Canada. For years, U. S. oil exploration has been
considered a dead end. Even the 'Big Oil' companies gave up searching
for major oil wells decades ago. However, a recent technological
breakthrough has opened up the Bakken's massive reserves... and we now
have access of up to 500 billion barrels. And because this is light,
sweet oil, those billions of barrels will cost Americans just $16 PER
BARREL!


That's enough crude to fully fuel the American economy for 41 years
straight.
2. And if THAT didn't throw you on the floor, then this next one should
- because it's from TWO YEARS AGO!
U. S. Oil Discovery- Largest Reserve in the World!
Stansberry Report Online - 4/20/2006

Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the
largest untapped oil reserve in the world is more than 2 TRILLION
barrels. On August 8, 2005 President Bush mandated its extraction.
They reported this stunning news: We have more oil inside our borders,
than all the other proven reserves on earth.

Here a re the official estimates:
- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq
- 21-times as much oil as Kuwait
- 22-times as much oil as Iran
- 500-times as much oil as Yemen

- and it's all right here in the Western United States .
HOW can this BE? HOW can we NOT BE extracting this? Because the
environmentalists and others have blocked all efforts to help America
become independent of foreign oil!
James Bartis, lead researcher with the study says we've got more oil in
this very compact area than the entire Middle East -more than 2 TRILLION
barrels untapped. That's more than all the proven oil reserves of crude
oil in the world today, reports The Denver Post.
----
Don't think 'OPEC' will drop its price - even with this find? Think
again! It's all about the competitive marketplace, - it has to.
----
Got your attention/ire up yet? Hope so! Now, while you're thinking
about it ... and hopefully P.O'd, do this:
3. Pass this along.. If you don't take a little time t o do this, then
you should stifle yourself the next time you want to complain about gas
prices .. because by doing NOTHING, you've forfeited your right to
complain.
--------
Now I just wonder what would happen in this country if every one of you
sent this to every one in your address book.
 
This is Great "I told you so" kind of stuff..I knew about this and mentioned it here sometime ago, just not with such absolute detail..As I recall mentioning that an Oil Producer I know told me this last Spring along with the TAR sands of Canada..
I hope we the US act on this soon and bulldoze over the tree-huggers that are standing in the way of this independent wealth this country has, because it might cause some Prairie Dog to lose it's home...Yeah that's right, the same Prairie Dog that carried the Bubonic Plague flea .

Nice find Norm.;)
 
Yes Buster there comes a time where you just have to do what you have to do, this is one of those times!!:o
Speaking about OIL!!:rolleyes:

Oil dips to $40 a barrel

Weak economy cuts into global demand, keeping a weight on prices, even as OPEC limits supply.

February 6, 2009: 5:59 AM ET


crudeoil.mkw.gif

Obama's with environmentalistsjavascript:cnnVideo('play','/video/news/2009/02/05/news.energyfix.020509.cnnmoney');




​


LONDON (Reuters) -- Oil slipped towards $40 a barrel Friday as the weakening economic outlook overshadowed OPEC's attempts to curb crude supplies and boost prices.
U.S. light crude for March delivery fell $1.01 to $40.16 a barrel by 5:52 a.m. ET.
Inventories in Cushing, Okla.-- the delivery point for the U.S. light crude contract -- are at record levels. U.S. light crude for delivery in two months time is trading above $45 a barrel. [more]
http://money.cnn.com/2009/02/06/markets/oil.reut/index.htm?postversion=2009020605
 
Yes Buster there comes a time where you just have to do what you have to do, this is one of those times!!:o SKIDADDY!!!!!:nuts:
Speaking about OIL!!

Oil dips to $40 a barrel

Weak economy cuts into global demand, keeping a weight on prices, even as OPEC limits supply.

February 6, 2009: 5:59 AM ET

crudeoil.mkw.gif

Obama's with environmentalists

I can't watch this now but when I get home it's the first thing I'm going to do!!

LONDON (Reuters) -- Oil slipped towards $40 a barrel Friday as the weakening economic outlook overshadowed OPEC's attempts to curb crude supplies and boost prices.
U.S. light crude for March delivery fell $1.01 to $40.16 a barrel by 5:52 a.m. ET.
Inventories in Cushing, Okla.-- the delivery point for the U.S. light crude contract -- are at record levels. U.S. light crude for delivery in two months time is trading above $45 a barrel. [more]
http://money.cnn.com/2009/02/06/markets/oil.reut/index.htm?postversion=2009020605
 
NYMEX Sweet Light Crude
02/06/09
08:11.........$39.79.........-1.38 Whoa!!! Lowa!!
09:18.........$38.87.........-2.30 Look out below!!
 
Oil slips to $39 after jobs report

Government unemployment report adds to fears that the weak economy will cut into global demand, keeping a weight on prices, even as OPEC limits supply.

Last Updated: February 6, 2009: 9:55 AM ET

LONDON (Reuters) -- Oil fell $2 a barrel towards $39 on Friday after news of more job losses in the United States heightened the prospect for still weaker demand in the world's biggest oil consumer.
Nearly 600,000 workers lost their jobs in the United States last month - more than Wall Street economists had expected.
The global economic slowdown has curbed demand for fuel around the world, knocking oil prices sharply lower since they peaked at almost $150 in July.
"It gets worse and worse and worse," said Greg Salvaggio of Tempus Consulting in Washington. "The economy is just falling into oblivion."
U.S. light crude for March delivery fell $1.93 to $39.24 a barrel by 9:43 a.m. ET.[more]
http://money.cnn.com/2009/02/06/markets/oil.reut/index.htm?postversion=2009020609
 
Gas went up another .08 last night here..I have a student in class right now saying gas cost more here in OKC than in Virginia, near DC...Go figure:suspicious:
 
Looks like OILPIT is at it again!!:worried:

OPEC mulls further output cut

The group's secretary-general says OPEC would consider 'more action to stabilize the market,' depending on full compliance with existing curbs.

LONDON (Reuters) -- OPEC is willing to cut oil output further at a meeting in March, the group's secretary-general said on Monday, adding he would like to see full compliance with existing curbs first.
Abdullah al-Badri also told reporters in a briefing that OPEC's compliance with existing oil supply curbs of 4.2 million barrels per day (bpd) was about 80%, based on preliminary data, higher than some estimates.
"If we think we still need more action, I'm sure the conference will take more action to stabilize the market," Badri said, referring to OPEC's meeting to set supply policy on March 15 in Vienna.
OPEC's president and oil ministers from member countries Iraq, Venezuela and Iran have also raised the prospect of the group lowering supply further as the global downturn erodes oil demand and pressures prices.
The Organization of the Petroleum Exporting Countries still needs to lower supply by about 900,000 bpd in order to be fully compliant with the existing supply curbs of 4.2 million bpd, Badri said.
"Let's fulfill that first and then go to another amount if required," he said.
"We need to work hard to cut the rest of the amount."
Oil has risen to about $40 a barrel from levels below $34 touched in December, the lowest in more than four years. OPEC officials say the price remains too low to give producers enough income or encourage investment in new supply.
Badri, who spoke to reporters on the sidelines of a conference in London, said OPEC members had delayed 35 of 150 planned medium to long-term upstream oil projects to beyond 2013.
In addition, he said OPEC lost $356 billion in revenue from July 2008 to January 2009 as oil prices fell.
"That's a stimulus package OPEC member countries have contributed to the world," he said.
The oil minister for the United Arab Emirates, who was also attending the conference, expressed OPEC's worry that low prices could lead to lower future supplies, potentially causing prices to surge when demand recovers.
However, Mohammed al-Hamli said he saw no sign yet of an upturn.
"This crisis has rapidly gained global proportions and we do not yet see light at the end of the tunnel," Hamli said in a speech. http://money.cnn.com/2009/02/09/news/economy/opec_oil.reut/index.htm?postversion=2009020908
 
If this Oil embargo is successful and the price of Gas raises to the levels it was last year it will probably be the straw that breaks the Camel's Back!! To me this a greater threat to our country than any weapons of mass distruction. The countries in OPEC are waging war against the USA along with other countries. How do we fight them, DRILL DRILL DRILL!!:mad:
Oil prices rise as OPEC delays production projects
Oil rises above $41 as OPEC announces it's postponing 35 of 150 new oil and gas projects

  • Chris Kahn, AP Energy Writer
  • Monday February 9, 2009, 11:54 am EST
NEW YORK (AP) -- Oil prices rose sharply Monday as OPEC announced member nations will delay dozens of planned oil production projects due to falling prices.

Light, sweet crude for March delivery rose $1.35 to $41.52 a barrel on the New York Mercantile Exchange.
OPEC Secretary General Abdalla el-Badri said the group would postpone 35 of 150 new oil and gas projects and would likely fall short of its goal to raise production capacity by 5 million barrels per day by 2012, according to a research note by analyst Addison Armstrong.
El-Badri also said that OPEC is close to completing its previously announced cut of 4.2 million barrels per day, Armstrong said.
The announcement may boost crude prices, but "they're only hurting themselves," said Phil Flynn, an analyst at Alaron Trading Corp.
Any spike in crude prices because of production declines from the Organization of Petroleum Exporting Countries will make it harder for economies to recover and for demand to pick up naturally, Flynn said.
"And when demand picks up, they won't have the production capacity to meet it," he said.
OPEC produces about 40 percent of the world's crude oil.[more]
http://finance.yahoo.com/news/Oil-prices-rise-as-OPEC-apf-14295531.html
 
You must log in or register to reply here.
Back
Top