Oil & Gas Prices:10-8-04 U.S. Crude over $53 Whitehouse says there will be no impact - Gas prices rising fast towards $3

[dmcowen674]

Oil inching closer to $50 ,new record nearly everyday. New record today at $47.17


I will state this again as many times I have and the P&N Rich Elite Neocons refute.

It is very clear the price at the pump has absolutely nothing to do with the true definition of Supply and Demand, it is 110% Political only.

The Conspiracy has to be cystal clear for all to see now.

Based on the incredible ramp up of prices overnight when Oil went from $25 to $35 a barrel, Gas should be at least $4 even close to $5 a gallon at this time in the U.S., but of course it is not. Why is it not??? Because all of the Thugs in Political power from the Saudi's, Oil Execs, to the President know the implications of crippling the World in an instant by doubling and trippling transportation costs.

8-18-2004Oil at New Record At $47.17, Inching Closer to Feared $50

LONDON (Reuters) - Oil prices surged to a new high above $47 a barrel on Wednesday

Leading OPEC power Saudi Arabia said this week it is pumping as much as possible in a bid to lower prices to $25-$30 a barrel but fears are that global production capacity is close to its limit.

Some Asian countries, increasingly worried about oil prices, are planning measures to conserve energy or to cushion its impact.

Thailand is drafting plans to encourage shops and cinemas to close early, while South Korea (news - web sites) may consider cutting oil tax rates at the end of August, in a bid to shield the economy from red-hot oil prices.

 

[Macro2]

Chevron (CVX), BP (BP), Exxon-mobil (XOM) are great buys right now. Go baby go, keep on sucking it up with SUV's...

 

[dmcowen674]

New day, New Record.

Only $2 from $50 now.

Will Gas jump to $4 a gallon when Oil reaches $50????

It should based on the jump to $2 we hit when Oil hit $35

 

[dmcowen674]

Oil close to $49 so far today.

May hit $50 either today or tomorrow as I predicted last week that it would hit $50 this week.

Actually I predicted it would hit $50 sometime this year while the Radical P&Nr's said I was nuts because the Saudi's kept saying they were going to hold it at $35.

Well the $50 and me being "nuts" part are the only things that has held to be true this year.

 

[EagleKeeper]

Oil prices are always based on irrational expectations, not logical conclusions.

Refined prices also work that way.

 

[ReiAyanami]

" new record high of $48.70, sparking renewed concern over the..."

frontpage of yahoo finance, thought it said $48.75 earlier but only sliver away from $50 now

 

[ReiAyanami]

http://biz.yahoo.com/ap/040820/wall_street_5.html

$49.28

only 72 cents away from peak oil. cheney's bush's oil buddies are livin' it up.

 

[conjur]

I remember thinking $50/barrel just wasn't going to happen. Wow...guess I was wrong.

So was Prince Bandar.

Remember this?

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4867352

WASHINGTON (Reuters) - A Saudi envoy has assured the Bush administration that it will keep oil prices in a range of $22 to $28 per barrel and will not take actions that would harm the U.S. economy, the White House said on Monday.
White House spokesman Scott McClellan declined to comment directly on remarks by journalist Bob Woodward saying that Saudi Arabia's ambassador to the United States, Prince Bandar bin Sultan, had promised President Bush the Saudis would cut oil prices before November to ensure the U.S. economy was strong on election day.

 

[GoPackGo]

Originally posted by: conjur
I remember thinking $50/barrel just wasn't going to happen. Wow...guess I was wrong.

So was Prince Bandar.

Remember this?

http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=4867352

WASHINGTON (Reuters) - A Saudi envoy has assured the Bush administration that it will keep oil prices in a range of $22 to $28 per barrel and will not take actions that would harm the U.S. economy, the White House said on Monday.
White House spokesman Scott McClellan declined to comment directly on remarks by journalist Bob Woodward saying that Saudi Arabia's ambassador to the United States, Prince Bandar bin Sultan, had promised President Bush the Saudis would cut oil prices before November to ensure the U.S. economy was strong on election day.

The problem isnt really with supply or demand....

Its kind of like the Tickle Me Elmo or Playstation 2 insanity.

If this causes people to drive less/ use less oil....eventually the price is going to crash, and people who bought oil futures at 40 to 50 dollars a barrel will have their investment realize in at much less.

 

[conjur]

Yeah...that's what I'm thinking. This fear of threats to the oil supply sounds like a prime way for the Sauds and others to reap huge windfalls in oil profits. There's no way quantity demanded has shot up 2/3 in just a few months!

 

[dmcowen674]

Originally posted by: GoPackGo

The problem isnt really with supply or demand....

Originally posted by: conjur

There's no way quantity demanded has shot up 2/3 in just a few months!

Ah sweet vindication from the Elite especially the ones on here.

For the past few weeks it's been a barage of excuses from "China driving up demand for Oil", now today it's "Escation of Violence in IraQ".

How long have we been in IraQ???

 

[dmcowen674]

8/20/04 Countdown to $50

11 am $49.28

12 noon $49.40

Closes at $48.95

 

[catnap1972]

Originally posted by: conjur
Yeah...that's what I'm thinking. This fear of threats to the oil supply sounds like a prime way for the Sauds and others to reap huge windfalls in oil profits. There's no way quantity demanded has shot up 2/3 in just a few months!

In most of the articles I read, the US only gets mentioned in a passing breath...seems like India and China are the ones really causing the demand (if the demand really is there and not just "manufactured" to prop the price up).

Speaking of which, anyone know if there's a breakdown of the percentage of oil imported into the US gets broken down (used) by various uses (gasoline for cars, heating oil, etc)? I've heard repeatedly that gasoline usage is down somewhat but then someone else claims that it's up 3.5%.

 

[dmcowen674]

OPEC officials blame disruption worries for oil overpricing

VIENNA, Austria (AP) ? The Organization of Petroleum Exporting Countries is pumping ample supplies of oil and concern about tension in Iraq and other oil-producing countries has added as much as $10 to prices, officials from Iran and Libya said.
The officials were speaking after OPEC's board of governors met in Vienna this week to review the oil market and discuss the agenda for a Sept. 15 meeting of the group's oil ministers, which will decide supply policy for the fourth quarter.

Crude oil has risen almost 52 percent this year in New York and reached a record $49.29 a barrel today, boosted by concern of disruptions in Iraq and rising consumption in the United States and China. OPEC, which supplies more than a third of world supply, has little capacity to boost production, the group has said.

"The market is now oversupplied," said Hossein Kazempour Ardebili, the OPEC governor for Iran, the group's second-largest producer.

OPEC's oil output will average 1.8 million barrels a day more than demand this year, Kazempour said.

"The problem is mainly what's going on in Iraq,'' Hammouda El- Aswad, Libya's OPEC governor. "The oil price right now has nothing to with fundamentals. It's mainly the geopolitics, which are getting everybody mad.''

Iraqi oil exports ended a second week at half their normal levels, following clashes in the south between U.S. troops and fighters loyal to Shiite Muslim cleric Moqtada al-Sadr.

A measure of oil prices monitored by OPEC also set a new high, reaching $42.60 when last assessed on Thursday, the group's news agency reported. That's the highest in the 17 years since OPEC introduced the reference price, known as the OPEC basket.

 

[ReiAyanami]

to put in comparison, china uses 6million /bpd while we use like 22-23mil bpd.

we are 1/20th's of the worlds population using 1/6th's of the world energy with only 3% of our own reserves.

 

[dmcowen674]

This is absolutely incredulous. I hope that History Books reflect back on this period accurately and shows the daily lies and corruption of all involved in this bullsh!t.

For the past few weeks it's been "China is causing overdemand, we can't keep up, we're 1 million Barrels from being at Peak Oil" to today they saying "The Market is Oversupplied".

It can't be both.

This is sickening and wholly endorsed by the P&N Elitists. So sad

 

[ReiAyanami]

yeah, they're being scaegoated sorta, but the reason why they are is that their oil demand has grown 50% year on year.

they are still 1/5th of the worlds population using about 1/15th of the oil. but if they were to be as consumption as americans, it would be 600%

for those pointing that its not a supply problem, actually it is, because its the fact that OPEC has only 2mil capacity left (historical all-time low) which means just next year we could be seeing oil shortages worldwide.

because any country that grows can take that 2mil capacity, and then we'll be living off emergency reserves and walking to work

 

[dmcowen674]

Originally posted by: ReiAyanami
yeah, they're being scaegoated sorta, but the reason why they are is that their oil demand has grown 50% year on year.

they are still 1/5th of the worlds population using about 1/15th of the oil. but if they were to be as consumption as americans, it would be 600%

for those pointing that its not a supply problem, actually it is, because its the fact that OPEC has only 2mil capacity left (historical all-time low) which means just next year we could be seeing oil shortages worldwide.

because any country that grows can take that 2mil capacity, and then we'll be living off emergency reserves and walking to work

" we'll be living off emergency reserves and walking to work"

Cool :thumbsup:

Be great to see hulks of SUV's rotting.

Mad Max comes to life

 

[conjur]

It's all Yukos' fault!

 

[sandorski]

Originally posted by: cougarls88

Originally posted by: conjur
Yeah...that's what I'm thinking. This fear of threats to the oil supply sounds like a prime way for the Sauds and others to reap huge windfalls in oil profits. There's no way quantity demanded has shot up 2/3 in just a few months!

In most of the articles I read, the US only gets mentioned in a passing breath...seems like India and China are the ones really causing the demand (if the demand really is there and not just "manufactured" to prop the price up).

Speaking of which, anyone know if there's a breakdown of the percentage of oil imported into the US gets broken down (used) by various uses (gasoline for cars, heating oil, etc)? I've heard repeatedly that gasoline usage is down somewhat but then someone else claims that it's up 3.5%.

FRom what I understand, it is not a either/or situation when it comes to Heating Oil vs Gaseline. Heating Oil is a byproduct produced when making Gaseline.

 

[Darkhawk28]

I see a lot of people downing SUV's... but for myself, I chose an SUV (Ford Escape, not a big one) because it certainly looked better than a minivan. Plus my SUV gets the same MPG as a minivan. Now the big hulking things like the Hummers and the Yukons and whatnot are rediculously big.

Oh btw, I needed a minivan or suv because I have two young kids that have car seats and such that take up a lot of room.

 

[conjur]

Originally posted by: Darkhawk28
I see a lot of people downing SUV's... but for myself, I chose an SUV (Ford Escape, not a big one) because it certainly looked better than a minivan. Plus my SUV gets the same MPG as a minivan. Now the big hulking things like the Hummers and the Yukons and whatnot are rediculously big.

Oh btw, I needed a minivan or suv because I have two young kids that have car seats and such that take up a lot of room.

I've had two car seats in the back of a Honda Civic. Some of those smaller SUVs have NO rear legroom. Heck, the first Explorers had very little rear legroom and not much in the way of storage behind the rear seats.

 

[Darkhawk28]

Originally posted by: conjur

Originally posted by: Darkhawk28
I see a lot of people downing SUV's... but for myself, I chose an SUV (Ford Escape, not a big one) because it certainly looked better than a minivan. Plus my SUV gets the same MPG as a minivan. Now the big hulking things like the Hummers and the Yukons and whatnot are rediculously big.

Oh btw, I needed a minivan or suv because I have two young kids that have car seats and such that take up a lot of room.

I've had two car seats in the back of a Honda Civic. Some of those smaller SUVs have NO rear legroom. Heck, the first Explorers had very little rear legroom and not much in the way of storage behind the rear seats.

Surprisingly, the Escape has good legroom in back. Also it came down to... what can I, myself, fit into.. I'm a big guy (not huge, but big) and squeezing into a Civic just isn't an option. :laugh:

Also, for the price I got my Escape, most 4-dr sudans were out of my price range as well. I get decent gas mileage (21/27) as well. Most normal cars don't get that or at least don't beat it by much, maybe 1 or 2 MPG.

 

[dmcowen674]

Breaking News:

Sand Ministers call for Worldwide Oil Rationing

8-23-2004 "There is no extra capacity. Those that consume oil, they should decrease demand, that is the only solution." said Mohammad Hadi Nejad Hosseinian of OPEC.

"The real threat is that the only way to control the oil price is to push oil to a level that rations global growth," said Andrew Garthwaite of CSFB bank in a report.

 

[GoPackGo]

Originally posted by: dmcowen674
Breaking News:

Sand Ministers call for Worldwide Oil Rationing

8-23-2004 "There is no extra capacity. Those that consume oil, they should decrease demand, that is the only solution." said Mohammad Hadi Nejad Hosseinian of OPEC.

"The real threat is that the only way to control the oil price is to push oil to a level that rations global growth," said Andrew Garthwaite of CSFB bank in a report.

Decrease Demand != Worldwide Oil Rationing.