Oil Slick Stuff

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They just don't care about Libya anymore, Japan has neutralized the Arab effect, for now.:blink:

IEA says Libyan oil exports halted

International Energy Agency says Libyan oil exports halted, production down to a 'trickle'



Tarek El-Tablawy, AP Business Writer, On Tuesday March 15, 2011, 8:26 am EDT

CAIRO (AP) -- Libya's oil exports have "ground to a halt" because of the fighting between rebels and pro-government forces, and it could be months before the country's crude resurfaces on world markets, the International Energy Agency said Tuesday.
http://finance.yahoo.com/news/IEA-s...96.html?x=0&sec=topStories&pos=3&asset=&ccode=
 
March 15, 2011, 9:27 a.m. EDT
Oil slides as radiation threatens Japan

By Sarah Turner and Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) — Oil futures fell below $98 a barrel on Tuesday as a steep slide in equities overseas, prompted by Japan’s struggle to contain radiation from damaged reactors, enveloped commodities.
Japanese Prime Minister Naoto Kan warned of a “substantial” radiation leak as the effects of last Friday’s earthquake and tsunami grew more grim.
Light, sweet, crude-oil futures for April delivery /quotes/comstock/21n!f:cl\j11 (CLJ11 97.60, -3.59, -3.55%) dropped $3.31, or more than 3%, to $97.88 a barrel on the New York Mercantile Exchange, accelerating its slide into the red in electronic trading earlier in the day.
http://www.marketwatch.com/story/oil-falls-as-radiation-threatens-japan-2011-03-15
 
03/15/2011 - Updated 3:21 PM ET
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Oil slides 4% as Japan’s nuclear crisis deepens
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By Claudia Assis, MarketWatch & Sarah Turner, MarketWatch

SAN FRANCISCO (MarketWatch) — Oil futures settled lower Tuesday, their largest one-day drop since October, as Japan struggled to contain radiation from damaged reactors and most major assets traded lower.
Japanese Prime Minister Naoto Kan warned of a “substantial” radiation leak as the effects of last Friday’s earthquake and tsunami grew grimmer.
A new blast and fire rocked a nuclear plant where workers were already trying to avert meltdowns in three reactors.
Light, sweet crude oil for April delivery [CLJ11] dropped $4.01, or 4%, to $97.18 a barrel on the New York Mercantile Exchange. http://markets.usatoday.com/custom/...S&guid={C12F7584-4EBC-11E0-B1C8-00212804637C}
 
03/16/2011 - Updated 10:46 AM ET
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Crude futures rebound after sharp selloff
Traders watch Japan situation, Bahrain turmoil
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By Claudia Assis, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures gained Wednesday, rebounding after their biggest one-day drop since October as traders monitored the situation at a damaged Japanese nuclear plant and political turmoil in Bahrain.
Crude for April delivery [CLJ11] rose $1.79, or 1.8%, to $98.92 a barrel on the New York Mercantile Exchange.
“It’s a reassessment of what’s happening in Japan,” said Christophe Barret, global oil analyst at Calyon. “Then you have the Middle East, with Saudi Arabia sending troops to Bahrain. It appears to be a dangerous move.”http://markets.usatoday.com/custom/...S&guid={61095DFC-4F69-11E0-B1C8-00212804637C}
 
Gas prices finally decline but there's still room for gains:o



Aaron Smith, staff writer, On Wednesday March 16, 2011, 10:53 am EDT

Gasoline prices dipped for a second straight day on Wednesday, providing a reprieve to motorists after a 20-day streak of gains, even though they're expected to rise again.
The nationwide average price for a gallon of regular unleaded gasoline slipped 0.3 cent to $3.533 on Wednesday, reported the motorist group AAA.
The nation's most expensive gas is in Hawaii, with a statewide average price of $4.029, and the cheapest is in Wyoming, with an average of $3.287, according to AAA.
http://finance.yahoo.com/news/Gas-p...tml?x=0&sec=topStories&pos=main&asset=&ccode=
 
Rebounding oil prices top $98 per barrel

International crises from Japan to the Middle East push oil above $98 per barrel





On Wednesday March 16, 2011, 12:05 pm EDT
NEW YORK (AP) -- Oil prices rebounded Wednesday as traders tried to gauge energy demand in the wake of numerous international crises.
Benchmark crude for April delivery gained $1.27 at $98.45 per barrel on the New York Mercantile Exchange. In London, Brent crude rose $2.03 to $110.55 per barrel on the ICE Futures exchange.
http://finance.yahoo.com/news/Rebou...00.html?x=0&sec=topStories&pos=6&asset=&ccode=
 
Palin blames Obama for pump prices
By: Andy Barr
March 15, 2011 10:24 PM EDT
Sarah Palin blamed Barack Obama for rising gas prices Tuesday and suggested that the president wants to see prices increase.

In a post to her Facebook page, the former Alaska governor made a three-pronged argument tying oil prices to Obama's policies.

"The evidence of the President's anti-drilling mentality and his culpability in the high gas prices hurting Americans is there for all to see," Palin said.
http://dyn.politico.com/printstory.cfm?uuid=BC7A5470-F541-6DF4-30D1AD11D166A1D4
 
"We need to continue to boost domestic production of oil and gas, " Obama said. "Last year, American oil production reached its highest level since 2003. Let me repeat that. Our oil production reached its highest level in seven years. Oil production from federal waters in the Gulf of Mexico reached an all-time high. For the first time in more than a decade, imports accounted for less than half of what we consumed. So any notion that my administration has shut down oil production might make for a good political sound bite, but it doesn’t match up with reality,"-- President Obama
Click to expand...

truth.

Source: http://www.politifact.com/truth-o-meter/article/2011/mar/16/checking-gauge-oil-claims/
 
You should read the entire article:
Next, we looked at the picture specifically in the Gulf of Mexico, and Obama's claim that "oil production from federal waters in the Gulf of Mexico reached an all-time high" in 2010. We found that while Obama's statistic is correct --due in part to permits awarded three or more years earlier -- it ignored a a downward trend that began in 2010 and that is projected to fall further over at least the next two years. And so we rated Obama’s statement Half True.
Click to expand...
We concluded that the impact of the bill -- if there is an one -- would be years away. And there's no proof that the law would actually stop gas prices from rising. The added regulations now being planned may hamper U.S. refiners, but the international free market could just as easily end up keeping refining costs low. And it’s hardly assured that any changes in refining costs -- up or down -- will influence gasoline prices, which are subject to a wide array of influences. We found their claim False.
Click to expand...
:rolleyes:
http://www.politifact.com/truth-o-meter/article/2011/mar/16/checking-gauge-oil-claims/
 
Lawmakers doubt Obama on oil, gas

Republicans say he blocked new drilling

  • By Trish Choate
  • Times Record News
  • Posted March 12, 2011 at midnight
WASHINGTON –North Texas Republican lawmakers generally reacted with skepticism to President Barack Obama's pledge Friday to support increased domestic oil production and the claim his administration has not blocked U.S. petroleum drilling.
"I think nobody seriously believes that the Obama administration has been pro-oil and gas drilling," said U.S. Rep. Mac Thornberry, a Republican from Clarendon.
U.S. Sen. John Cornyn, R-Texas, said Obama is trying to take credit for policies in place before he was elected.
"But the reality is that when it comes to domestic energy production, President Obama's words and actions don't match up," Cornyn said.
Tom Taylor, president of the Texas Alliance of Energy Producers, said the Obama administration hasn't directly stood in the way of oil and gas drilling.
http://www.timesrecordnews.com/news/2011/mar/12/lawmakers-doubt-obama-on-oil-gas/
 
And the point is- if the Gulf of Mexico companies that wish to drill for oil, cannot submit a proper application, and/or if they do not have the equipment and expertise to stem a spill should they have a blowout, (the new requirement for all deep water companies is that they actually have contracts in place to help if something goes wrong, and they actually have the capability to clean up things if everything goes wrong)....


Then they SHOULDN'T be granted a permit.

If they meet the requirements, sure. If they DON'T meet the requirements- then NO WAY.

It's that simple.

(I think it's time to move this to Beltway-- paid $2.99 for E85 last night.:D)
 
You are wrong and know it.
This thread was started over 9,000 posts ago [02-18-2006, 10:39 AM] to discuss Oil,Gas and Energy and that's EXACTLY what I do, You are the one bringing Politics into it with your Agenda, if you don't like it don't post your views here, it's not going anywhere but I wish you would.:)
 
03/17/2011 - Updated 5:17 AM ET
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Crude-oil futures rise back above $99
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By Simon Kennedy, MarketWatch

LONDON (MarketWatch) — Crude-oil futures turned higher in electronic trading Thursday as Japan stepped up efforts to cool the reactors at its stricken nuclear plant and as officials reportedly said power could be restored to the plant in hours.
Light sweet crude for April delivery [CLJ11] rose $1.20 to $99.18 a barrel on the Globex market.http://markets.usatoday.com/custom/...S&guid={C4D6B706-506F-11E0-B1C8-00212804637C}
 
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