Oil Slick Stuff

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nnuut said:
Obama Budget Hits Oil, Gas Cost with New Fees,Taxes :mad:

by Siobhan Hughes and Ian Talley Dow Jones Newswires Friday, February 27, 2009

WASHINGTON (Dow Jones Newswires), Feb. 27, 2009
The Obama administration Thursday proposed raising at least $31.5 billion over 10 years from oil and gas companies, reflecting a repeal of tax breaks for domestic production and new charges on oil and gas production in the Gulf of Mexico.

Among other things, the Obama budget plan calls for about $13 billion over 10 years in new charges on oil and gas companies from the repeal of a tax deduction for domestic production.

Oil companies have been fighting to maintain the tax treatment, which they say keeps jobs in the U.S. by encouraging domestic production.

The Obama administration also proposed a new excise tax on oil and gas production in the Gulf of Mexico, saying it would raise about $5 billion over the next 10 years. The White House said that the new tax, along with plans to charge user fees to oil companies for processing oil and gas drilling permits on federal lands, would "ensure that federal taxpayers receive their fair share" and "close loopholes that have given oil companies excessive royalty relief." The tax "will begin in 2011, after the economy has had time to recover,"
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Obama Budget Hits Oil, Gas Cost with New Fees,Taxes
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Okay take a deep breath..this not exactly a tax on us, the gas buyer directly...I read it that, the oil producers will not benefit from Tax exemptions and breaks and a tax will be put on them in 2011..What I also read from this is, although it's not said out right..Is that we the CONSUMER will probably pay more at the pump to the oil producers to offset their loses due to them having to pay more in tax, hence preserving their RECORD BREAKING PROFITS!!!!:mad:..But isn't that always the case with anything we buy?...The producer will simply pass on to the buyer, their costs of doing business, in order to stay status quo in their profit margins.
 
That's the fallacy of taxing a corporation. It sounds so good to go after the evil corporations and tax their evil profits but they just pass their taxes on to us the consumer in the form of higher prices. In the end we pay their taxes on top of our taxes, they are unaffected. But the politicians can get on tv and tell everyone that they have really put it to the evil corporations, when in reality they have really put it to us, the people who stupidly vote for them. :)
 
I think the current misAdministration thinks they can just shut down the Oil Companies and start up the solar panels and wind mills tomorrow and the problem is solved. How can they be this misinformed? Are they purposefully sabotaging our economy? It's time to storm the Bastille!!:nuts:
 
Democrats have been battling oil firms to get royalty payments from Gulf of Mexico leases signed in the late 1990s, years when the government apparently accidentally left price triggers out of contracts. Government auditors say that the omission could ultimately short change taxpayer coffers by billions of dollars.

The triggers are everywhere else for drilling in the U.S., just not for Gulf of Mexico oil. Why treat it differently than Alaska? The royalty payments haven't stopped Alaskan oil drilling, and it's a LOT harder to drill up there than in the Gulf. It's just making Gulf oil drilling get the same price triggers as everywhere else in the U.S.
 
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Refinery workers threaten strike

Workers at two Sunoco refineries in Pennsylvania will strike Sunday if a new contract is not approved, union says.

February 27, 2009: 5:41 PM ET

(Reuters) -- Workers at Sunoco Inc.'s two refineries in Pennsylvania will go on strike at noon ET Sunday if an agreement cannot be reached in line with a new national contract for refinery workers, the United Steelworkers union said Friday.

"Sunoco is the only refiner left that hasn't honored the national agreement," said USW International Vice President Gary Beevers. "If that doesn't happen by Sunday at noon, there will be a work stoppage Sunday at noon."
Sunoco and the USW are negotiating a work contract for the company's 1,100 workers at the 335,000-barrel-per-day Philadelphia refinery and 178,000 bpd Marcus Hook, Pa., refinery.
A Sunoco representative said the company has made an offer to the union "consistent with" the national agreement reached earlier this month between refiners and the USW.
"We are committed to negotiating in good faith to reach an agreement that works for the union and for Sunoco," said company spokesman Thomas Golembeski. "There is still time to reach an agreement."[more]
http://money.cnn.com/2009/02/27/news/companies/sunoco.reut/index.htm?postversion=2009022717
 
And I don't begrudge the workers a bit..I hope they get what they want..After all the record Breaking profits the Oil companies are making, they need to share in their wealth with the people that make it happen for them....
nnuut said:
Refinery workers threaten strike

Workers at two
Sunoco​
refineries in Pennsylvania will strike Sunday if a new contract is not approved, union says.

February 27, 2009: 5:41 PM ET

(Reuters) -- Workers at Sunoco Inc.'s two refineries in Pennsylvania will go on strike at noon ET Sunday if an agreement cannot be reached in line with a new national contract for refinery workers, the United Steelworkers union said Friday.

"Sunoco is the only refiner left that hasn't honored the national agreement," said USW International Vice President Gary Beevers. "If that doesn't happen by Sunday at noon, there will be a work stoppage Sunday at noon."
Sunoco and the USW are negotiating a work contract for the company's 1,100 workers at the 335,000-barrel-per-day Philadelphia refinery and 178,000 bpd Marcus Hook, Pa., refinery.
A Sunoco representative said the company has made an offer to the union "consistent with" the national agreement reached earlier this month between refiners and the USW.
"We are committed to negotiating in good faith to reach an agreement that works for the union and for Sunoco," said company spokesman Thomas Golembeski. "There is still time to reach an agreement."[more]
http://money.cnn.com/2009/02/27/news/companies/sunoco.reut/index.htm?postversion=2009022717
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Carbon Sciences Reports CO2-to-Fuel Tech Breakthrough
by Carbon Sciences, Inc.
March 02, 2009

Carbon Sciences Inc., the developer of a technology to transform carbon dioxide (CO2) emissions into gasoline and other fuels, on Monday announced the completion of its prototype, engineered to demonstrate the company's proprietary biocatalytic CO2-to-Fuel process.
Applying Carbon Sciences' patent-pending technology in a laboratory scale prototype, the company reported that it has successfully transformed a stream of CO2 gas into methanol fuel. The demonstration prototype uses Carbon Sciences' innovative biocatalytic process to break down CO2 and water, then combines the carbon and hydrogen to form methanol, a low level liquid fuel. The resulting methanol is directly usable as a fuel, or it can be used to build higher-level fuels such as gasoline, butanol and jet fuel. The company is currently underway with the design and development of expanded biocatalytic process technologies to create these higher-level fuels from CO2. "This is a major milestone for Carbon Sciences," said Byron Elton, President and COO of Carbon Sciences. "The prototype demonstrates that our CO2-to-Fuel concept works. More importantly, it provides our technology team evidence that we are headed in the right direction. We can now successfully demonstrate what we have always believed -- that CO2, the very cause of the problem, provides the solution to the world's energy and climate challenges." [more]
http://www.downstreamtoday.com/news/article.aspx?a_id=15398
 
This development is indeed good news. Like ethanol tho, the kicker is whether they can create more available energy than they use in the creation. Laws of Thermodynamics and all that. Hope it works out. They've got a good start.
 
Looks promising to me and may stop them from making it out of FOOD?:nuts:
 
alevin said:
This development is indeed good news. Like ethanol tho, the kicker is whether they can create more available energy than they use in the creation. Laws of Thermodynamics and all that. Hope it works out. They've got a good start.
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Exactly what I was thinking..

I know I've read here and there about an upcoming a break through in perpetual motion machines..Science is on the brink of getting more out of a machine than what is put in...Something along the line of Cold Nuclear Fusion..

Cold fusion is a phenomenon that occurs when ordinary hydrogen and an isotope of hydrogen called deuterium — both of which are abundant in ordinary water — are brought together with metals such as palladium, titanium and lithium. Cold fusion releases enormous quantities of energy — hundreds to thousands of times more than ordinary chemical reactions could possibly yield, and significantly more than nuclear fission. Cold fusion, in contrast to hot fusion, occurs in a relatively simple apparatus roughly the size of a postage stamp, and does not emit neutron radiation. It also gives off very little, if any, of the radiation common to fusion and fission.

atomic-symbol-thumb128149.jpg


http://www.share-international.org/archives/Science-tech/sci_chcoldfusion.htm
 
Nothing new here actually, I just like coping and Pasting stuff about oil..

As recession saps demand, a world awash in oil:
​


NEW YORK – Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

http://news.yahoo.com/s/ap/20090303/ap_on_bi_ge/awash_in_oil
 
Buster said:
Nothing new here actually, I just like coping and Pasting stuff about oil..

As recession saps demand, a world awash in oil:​



NEW YORK – Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.


http://news.yahoo.com/s/ap/20090303/ap_on_bi_ge/awash_in_oil
Click to expand...

Then my Gas Price should be $0.839 per gallon. Why doesn't Supply and
Demand work both ways. You can bet your ass that if there was a shortage
of oil, the price would be $4.059 per gallon. This makes me ill ! :sick:
 
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March Oil Prices Marked by OPEC, SPR Wild Cards by David Bird Dow Jones Newswires Tuesday, March 03, 2009

NEW YORK (Dow Jones Newswires), Mar. 3, 2009
Oil traders puzzling over the near-term direction of crude prices may be wise to heed the advice given Julius Caesar: Beware the Ides of March.
OPEC's March 15 oil output policy meeting is chief among wild cards that will steer the market.
Saudi Arabia, the world's biggest oil exporter and de facto leader of the Organization of Petroleum Exporting Countries, hasn't

tipped its hand ahead of the talks. The Saudis, who already have tightened the taps by some 2 million barrels a day in an attempt to curb the supply glut that continues to cap prices, face a limit over how much more than can cut and for how long. Saudi Arabia relies heavily on natural gas to fuel its petrochemical industry and for electricity generation. Cutbacks in crude output directly impact gas supplies, and as spring approaches, warmer temperatures will spike cooling demand in the desert kingdom.
OPEC has shown strong adherence to pledges made since the autumn to slash production by 4.2 million barrels a day, and further cuts could spark a sustained rally.
So far, OPEC cuts are only starting to dent the huge overhang in global oil inventories and haven't set a firm floor price at $40, widely thought to be group's new minimum.
The global economy has soured even as OPEC has reduced output, with shrinking oil demand, and ballooning stockpiles. With each cut, OPEC creates more idle production capacity, which some analysts said could trickle back into the market at the first sign of recovery in demand or price, effectively capping any rallies.

Weakest Price Since June 2004

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http://www.rigzone.com/news/article.asp?a_id=73576
 
Early Signs of Petroleum Demand Revival in U.S.
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by G. Allen Brooks Parks Paton Hoepel & Brown Tuesday, March 03, 2009

Crude oil prices had a good week last week, closing up $5.82 to $44.76 a barrel on the futures market. This rise amounted to a healthy 14.95% increase, although oil prices had actually advanced higher during the week, but fell on Friday when both the details of the Obama administration's budget impact on the energy industry became clear and the nation's GDP estimate for the fourth quarter was revised sharply lower.

For the week, the oil price rise was driven by a number of factors -- surprising strength in domestic oil inventory data, a positive report about OPEC's cutback compliance and signs that oil demand is rising. When the U.S. Department of Energy reported its weekly oil inventory data last Wednesday, crude oil inventories only rose by 717,000 barrels, about half the 1.2 million barrel rise anticipated by analysts. Gasoline inventory fell by a surprising 3.3 million barrels, although refinery capacity utilization was down reflecting industry efforts to take advantage of weak petroleum demand to undertake refinery turnaround operations early.
Another positive was the report from Petrologistics, a tanker tracking company, suggesting that OPEC members were achieving about an 89% compliance with the cartel's December 2.2 million barrel a day production cutback. At the same time, Dubai announced it was reducing further the amount of oil it will supply to refiners in Asia in March, which has revived hope that OPEC may be positioning to institute another production quota cutback at the body's March 15 meeting.
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[more] http://www.rigzone.com/news/article.asp?a_id=73582
 
Oil rises to $44 as investors eye inventories

Oil rises to $44 as investors look to US crude inventories for signs of demand:mad:

  • Pablo Gorondi, Associated Press Writer
  • Wednesday March 4, 2009, 9:27 am EST
Oil prices jumped over 5 percent to near $44 a barrel Wednesday as global stock markets rallied and investors looked to a U.S. crude inventory report later in the day for signs of demand amid the worst recession in decades.

Benchmark crude for April delivery rose $2.37 to $44.02 a barrel by late early afternoon in Europe on the New York Mercantile Exchange. Prices increased $1.50 to settle at $41.65 on Tuesday.

Asian stock markets rebounded Wednesday as hopes China would expand measures to revive its economy countered growing signs of economic decay in the U.S. and other major countries. European shares also gained, as investors bought stocks at what were seen as bargain prices.
By 1400 GMT, London's FTSE 100 index was up 1.5 percent while Germany's DAX had gained 2.8 percent.
The upward move followed heavy selling over the last two days and bucked a fifth-straight day of declines on Wall Street.
Traders awaited Wednesday's release of crude inventory data by the U.S. Energy Department's Energy Information Administration, with analysts expecting oil stocks to rise by 2.2 million barrels for the week ended Feb. 27, and gasoline stocks to fall by 600,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The EIA said last week that U.S. crude inventories rose by 700,000 barrels for the week ended Feb. 20. Analysts expected crude stocks would grow by 2.25 million barrels, and the smaller increase helped boost prices to over $45 a barrel before they fell on Monday.
The week before, the EIA said that inventories fell after rising more than 30 million barrels over the previous six weeks, suggesting crude demand, which had been dropping for months, may be stabilizing.[more]
http://finance.yahoo.com/news/Oil-rises-to-44-as-investors-apf-14539339.html
 
Oil remains higher on China and supply

Weekly inventory report says crude stocks decreased by 700,000 barrels last week.

By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: March 4, 2009: 10:49 AM ET




NEW YORK (CNNMoney.com) -- Oil prices remained higher Wednesday as a government report that supplies of crude oil fell unexpectedly last week added to indications of improvement in China's economy. [more]
http://money.cnn.com/2009/03/04/markets/oil/index.htm?postversion=2009030410
 
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