Oil Thread 8-30-07:Oil climbing towards $80 again. Did they run out of gas for summer? Nope

[blackangst1]

Originally posted by: dmcowen674
4-4-07Oil prices slip to $64 a barrel on British soldiers release from Iran

Crude oil prices slipped to $64 a barrel Wednesday after Iran said it would release the 15 British sailors it has been holding captive, alleviating some fears about tensions escalating and prompting the country to block oil exports.

But gasoline prices rose on a government report that U.S. gasoline inventories declined for the eighth straight week and that demand is still strong.=========================================
Did the nutty traders actually believe Iran would block oil shipments???

and of course Refinery incompetence still gets rewarded.

No gas price drop for you.

Drive for Five still alive.

Wait what? Uncle Dave you told us gas prices had nothing to with supply and demand? You mean you lied?

 

[dmcowen674]

Originally posted by: blackangst1

Originally posted by: dmcowen674
4-4-07Oil prices slip to $64 a barrel on British soldiers release from Iran

Crude oil prices slipped to $64 a barrel Wednesday after Iran said it would release the 15 British sailors it has been holding captive, alleviating some fears about tensions escalating and prompting the country to block oil exports.

But gasoline prices rose on a government report that U.S. gasoline inventories declined for the eighth straight week and that demand is still strong.=========================================
Did the nutty traders actually believe Iran would block oil shipments???

and of course Refinery incompetence still gets rewarded.

No gas price drop for you.

Drive for Five still alive.

Wait what? Uncle Dave you told us gas prices had nothing to with supply and demand? You mean you lied?

Well look, they are literally overflowing with oil as in no where to pump or store it there is so much.

4-10-2007 Oil Prices Impacted By Oversupply In Cushing Oklahoma

Oil prices bounced back somewhat Tuesday morning a day after an oversupply at a delivery point in Oklahoma was blamed for prices dropping nearly $3 a barrel.

Light, sweet crude for May delivery rose 40 cents to $61.91 per barrel in midafternoon Asian trading on the New York Mercantile Exchange.

The price of crude fell $2.77 Monday following news of an oversupply at the delivery point in Cushing.

 

[dmcowen674]

This was not the original intent of the tax credit. Conoco |lobbied" Republicans to get the tax credit applied to them with this.

4-16-2007 ConocoPhillips and Tyson Foods get $1 per gal taxpayer money to make diesel from animal fat using existing refineries

HOUSTON - Oil major ConocoPhillips and Tyson Foods Inc., the world's largest meat producer, said Monday they're teaming up to produce and market diesel fuel for U.S. vehicles using beef, pork and poultry fat.

The companies said they've collaborated over the past year on ways to combine Tyson's expertise in protein chemistry and production with ConocoPhillips' processing and marketing knowledge to introduce a renewable diesel fuel with lower carbon emissions than conventional fuels.

But some renewable-fuel advocates say ConocoPhillips will be able to take unfair advantage of a tax credit designed to create new refining capacity for clean-burning fuels, even though they'll be using existing refineries.

ConocoPhillips said it planned to spend about $100 million over several years to produce the fuel, Chairman and Chief Executive Jim Mulva said at a news conference. It hopes to introduce the fuel at gas stations in the U.S. Midwest in the fourth quarter of this year.

Tyson said it will begin preprocessing animal fat at some of its North American rendering plants this summer. Tyson President and CEO Richard Bond said his company's potential investment would likely be less than that of ConocoPhillips.

The oil company and Tyson, based in Springdale, Ark., said the finished product will be renewable diesel fuel mixtures that meet all federal standards for ultra-low-sulfur diesel. They expect to ramp up production over the next couple of years to as much as 175 million gallons a year ? which Mulva said would amount to about 3 percent of ConocoPhillips' total U.S. diesel production.

"That doesn't sound like much, but it's very significant," Mulva said. "In a tight market, every incremental increase helps improve supply availability and reduces retail-price pressure."

The National Biodiesel Board, a trade association, noted Monday that ConocoPhillips and other large oil companies had successfully lobbied the Treasury Department to allow them to take advantage of a renewable diesel tax credit. That 2005 provision allows companies that create a type of renewable fuel from animal carcasses and other food wastes to qualify for a dollar-per-gallon tax incentive.

The board said the idea was to stimulate expansion of the technology needed to create that fuel and encourage development of new refining capacity. Two weeks ago, the trade association said, the Treasury Department expanded the provision so that companies like ConocoPhillips can produce diesel fuel from animal fats and vegetable oils using existing refining capabilities.

"The broader interpretation creates a tax loophole for large integrated refineries to subsidize to the tune of $1 per gallon their existing refinery capacity in a way that most likely will not result in new refinery capacity," said Joe Jobe, CEO of the National Biodiesel Board.
=====================================================

"That doesn't sound like much, but it's very significant," Mulva said. "In a tight market, every incremental increase helps improve supply availability and reduces retail-price pressure."

How many people actually believe diesel price would go down and "supply" availability up because this?

Raise hands

I'll add to poll just for this.

I don't believe for a millisecond prices would come down, in fact I would bet that they would use this as an excuse somehow for raising the price.

 

[dmcowen674]

4-25-2007 ConocoPhillips 1Q profit rises

ConocoPhillips, the nation's third-largest oil and gas producer, said Wednesday its first-quarter profit rose 7.7 percent as income from asset sales helped offset lower commodity prices and higher operating costs.

Net income for the Houston-based company rose to $3.55 billion, or $2.12 a share, for the January-March period from $3.29 billion, or $2.34 a share, in the year-ago quarter.

Lower year-over-year oil prices hurt results at the company's exploration and production arm, where income fell to $2.33 billion from $2.55 billion to start 2006.

In addition to lower commodity prices, the company cited higher operating costs and taxes as hindrances.

Income was better at the refining and marketing arm, which saw net income rise to $1.14 billion from $390 million a year ago.
============================================
So they nearly triple their profit on refining but complain about taxes at same time.

There's your excuse folks.

 

[dmcowen674]

4-25-2007 Oil prices hover near $66

Oil prices were steady Thursday after rising in the previous session on a midweek U.S. fuel supplies report that showed a large, unexpected drop in gasoline stockpiles and a fall in refinery utilization.

U.S. gasoline stocks have fallen in recent weeks in part because of low production by refiners, which continued to report trouble.

Refinery utilization dropped 2.6 percent, Wednesday's U.S. Department of Energy's petroleum supply report showed.

Gasoline inventories fell by 2.8 million barrels in the week ending Friday, which left inventories at their lowest level since October 2005, the report said.

Analysts had expected a 200,000-barrel increase.

But crude oil inventories rose 2.1 million barrels to 334.5 million barrels
==================================================
Anyone seen gas stations out of gas yet???

Still overflowing in oil but they claim refinery problems and that is the excuse for raising prices???

Only a corrupt Industry and Government can approve such BS.

 

[imported_Shivetya]

Originally posted by: dmcowen674
4-25-2007 Oil prices hover near $66

Oil prices were steady Thursday after rising in the previous session on a midweek U.S. fuel supplies report that showed a large, unexpected drop in gasoline stockpiles and a fall in refinery utilization.

U.S. gasoline stocks have fallen in recent weeks in part because of low production by refiners, which continued to report trouble.

Refinery utilization dropped 2.6 percent, Wednesday's U.S. Department of Energy's petroleum supply report showed.

Gasoline inventories fell by 2.8 million barrels in the week ending Friday, which left inventories at their lowest level since October 2005, the report said.

Analysts had expected a 200,000-barrel increase.

But crude oil inventories rose 2.1 million barrels to 334.5 million barrels
==================================================
Anyone seen gas stations out of gas yet???

Still overflowing in oil but they claim refinery problems and that is the excuse for raising prices???

Only a corrupt Industry and Government can approve such BS.

Its called a corrupt government and special interest groups preventing the creation of new refineries. How many boutique gasoline blends are there? I know when ours comes in force in March the price of gasoline jumps 10 to 15c a gallon.

You can have all the oil you want, but until you can refine it your just ****** out of luck. Who can you blame for lack of refineries? Easy, special interest groups and their pet politicians.

We haven?t built a new refinery in this country in about 30 years? and over the past 10 years, about 50 refineries have shut down. The growing demand for gasoline and other refinery products is straining our refining capacity to its limits.But regulatory hurdles and unpredictable rule changes make siting and building new refineries and power lines and generation plants costly, complicated and time-consuming. Political opposition makes it even worse. All this creates investment risk? driving the already-high cost of capital for these very capital-intensive projects even higher.

 

[dmcowen674]

Originally posted by: Shivetya

Originally posted by: dmcowen674
4-25-2007 Oil prices hover near $66

Oil prices were steady Thursday after rising in the previous session on a midweek U.S. fuel supplies report that showed a large, unexpected drop in gasoline stockpiles and a fall in refinery utilization.

U.S. gasoline stocks have fallen in recent weeks in part because of low production by refiners, which continued to report trouble.

Refinery utilization dropped 2.6 percent, Wednesday's U.S. Department of Energy's petroleum supply report showed.

Gasoline inventories fell by 2.8 million barrels in the week ending Friday, which left inventories at their lowest level since October 2005, the report said.

Analysts had expected a 200,000-barrel increase.

But crude oil inventories rose 2.1 million barrels to 334.5 million barrels
==================================================
Anyone seen gas stations out of gas yet???

Still overflowing in oil but they claim refinery problems and that is the excuse for raising prices???

Only a corrupt Industry and Government can approve such BS.

Its called a corrupt government and special interest groups preventing the creation of new refineries. How many boutique gasoline blends are there? I know when ours comes in force in March the price of gasoline jumps 10 to 15c a gallon.

You can have all the oil you want, but until you can refine it your just ****** out of luck. Who can you blame for lack of refineries? Easy, special interest groups and their pet politicians.

We haven?t built a new refinery in this country in about 30 years? and over the past 10 years, about 50 refineries have shut down. The growing demand for gasoline and other refinery products is straining our refining capacity to its limits.But regulatory hurdles and unpredictable rule changes make siting and building new refineries and power lines and generation plants costly, complicated and time-consuming. Political opposition makes it even worse. All this creates investment risk? driving the already-high cost of capital for these very capital-intensive projects even higher.

How many gas stations do you see out of gas?

If none then why would additional refineries be needed???

 

[dmcowen674]

4-26-2007 Exxon Mobil 1Q profit rises 10 percent

Exxon Mobil Corp., the world's largest publicly traded oil company, said Thursday its net income grew 10 percent in the first quarter, as higher refining, marketing and chemical profit margins overcame lower crude oil and natural gas prices.

Exxon Mobil said it will spend some of that money on more than 20 new global projects in the next three years, investments expected to add 1 million oil-equivalent barrels a day to the company's volumes at peak production.

The company said its spending tab for capital and exploration projects in the first quarter was $4.3 billion.

"In the first quarter, Exxon Mobil continued to actively invest, bringing additional crude oil, finished products and natural gas to market," Exxon Mobil Chairman and Chief Executive Rex Tillerson said in a statement.
============================================
Yeah right, like that has done us consumers any good the last few years while they rank in billions of extra profits under BushCo Oil rule.

 

[GoPackGo]

Dave...its all a scam
The democrats are getting rich.
The republicans are getting rich.

Darth Cheney is getting rich.
The King of the Wicker People is getting rich.

We are getting poor. My dollar gets worth less and less every day.

And I mean every day.

And since ALL POLITICIANS are getting rich, they wont do anything about it. PERIOD!

 

[dmcowen674]

Originally posted by: GoPackGo
Dave...its all a scam
The democrats are getting rich.
The republicans are getting rich.

Darth Cheney is getting rich.
The King of the Wicker People is getting rich.

We are getting poor. My dollar gets worth less and less every day.

And I mean every day.

And since ALL POLITICIANS are getting rich, they wont do anything about it. PERIOD!

There's only one reasonable solution then.

 

[blackangst1]

Originally posted by: dmcowen674

Originally posted by: blackangst1

Originally posted by: dmcowen674
4-4-07Oil prices slip to $64 a barrel on British soldiers release from Iran

Crude oil prices slipped to $64 a barrel Wednesday after Iran said it would release the 15 British sailors it has been holding captive, alleviating some fears about tensions escalating and prompting the country to block oil exports.

But gasoline prices rose on a government report that U.S. gasoline inventories declined for the eighth straight week and that demand is still strong.=========================================
Did the nutty traders actually believe Iran would block oil shipments???

and of course Refinery incompetence still gets rewarded.

No gas price drop for you.

Drive for Five still alive.

Wait what? Uncle Dave you told us gas prices had nothing to with supply and demand? You mean you lied?

Well look, they are literally overflowing with oil as in no where to pump or store it there is so much.

4-10-2007 Oil Prices Impacted By Oversupply In Cushing Oklahoma

Oil prices bounced back somewhat Tuesday morning a day after an oversupply at a delivery point in Oklahoma was blamed for prices dropping nearly $3 a barrel.

Light, sweet crude for May delivery rose 40 cents to $61.91 per barrel in midafternoon Asian trading on the New York Mercantile Exchange.

The price of crude fell $2.77 Monday following news of an oversupply at the delivery point in Cushing.

Huh? In one article you post invetories are declining then in another they are overflowing? Perhaps you should admit in the articles you posted they nothing to do with each other? Youre the definition of a troll. Posting crap, even if it contridicts itself, in the same thread, and attack those who disagree. What a tool.

 

[blackangst1]

Originally posted by: dmcowen674

Originally posted by: GoPackGo
Dave...its all a scam
The democrats are getting rich.
The republicans are getting rich.

Darth Cheney is getting rich.
The King of the Wicker People is getting rich.

We are getting poor. My dollar gets worth less and less every day.

And I mean every day.

And since ALL POLITICIANS are getting rich, they wont do anything about it. PERIOD!

There's only one reasonable solution then.

We're waiting with baited breath Dave...TELL US! WE NEED A SAVIOR!!!

 

[dmcowen674]

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: blackangst1

Originally posted by: dmcowen674
4-4-07Oil prices slip to $64 a barrel on British soldiers release from Iran

Crude oil prices slipped to $64 a barrel Wednesday after Iran said it would release the 15 British sailors it has been holding captive, alleviating some fears about tensions escalating and prompting the country to block oil exports.

But gasoline prices rose on a government report that U.S. gasoline inventories declined for the eighth straight week and that demand is still strong.=========================================
Did the nutty traders actually believe Iran would block oil shipments???

and of course Refinery incompetence still gets rewarded.

No gas price drop for you.

Drive for Five still alive.

Wait what? Uncle Dave you told us gas prices had nothing to with supply and demand? You mean you lied?

Well look, they are literally overflowing with oil as in no where to pump or store it there is so much.

4-10-2007 Oil Prices Impacted By Oversupply In Cushing Oklahoma

Oil prices bounced back somewhat Tuesday morning a day after an oversupply at a delivery point in Oklahoma was blamed for prices dropping nearly $3 a barrel.

Light, sweet crude for May delivery rose 40 cents to $61.91 per barrel in midafternoon Asian trading on the New York Mercantile Exchange.

The price of crude fell $2.77 Monday following news of an oversupply at the delivery point in Cushing.

Huh? In one article you post invetories are declining then in another they are overflowing? Perhaps you should admit in the articles you posted they nothing to do with each other? Youre the definition of a troll. Posting crap, even if it contridicts itself, in the same thread, and attack those who disagree. What a tool.

Oil is overflowing and has never dropped. You're confusing the gasoline reports.

The gas reports are obviously FUD because no one has reported any stations out of gas yet.

 

[dmcowen674]

4-27-2007 Al-Qaida's number one priority is to hit an oil field in Saudi Arabia - Oil above $66

Oil prices pushed above $66 a barrel Friday after Saudi Arabia announced the arrests of 172 Islamic militants, some of whom planned to attack oil fields.

The concern is that we know al-Qaida's number one priority is to hit an oil field in Saudi Arabia," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. "They're just not going to quit."
===========================================
Please just let them attack the oil fields, at least then there would be a valid excuse.

 

[dmcowen674]

4-28-2007 Chevron 1Q profit surges 18 percent

The 18 percent increase in Chevron's first-quarter profit delivered another reminder of the oil industry's moneymaking prowess while motorists dig deeper into their pocketbooks to fuel their cars. The economic disparity has renewed calls for a windfall tax on the industry to help raise money for alternative energy.

Chevron's first-quarter refining margin climbed to $26.69 per barrel, a 46 percent increase from the same time last year.

Those kinds of hefty refining margins eventually trickle down to the gasoline pump, where prices have soared beyond $3 per gallon in some parts of the country.

If prices remain at these levels, "the oil industry won't be in the oil business much longer. It will be in the money business," Gheit said.

The favorable market conditions have enabled Chevron to earn $45 billion during the past three years, with its profit growing progressively higher each year.

Chevron's stock price has increased by more than 80 percent over the same period, creating about $75 billion in shareholder wealth.

 

[dmcowen674]

Originally posted by: dmcowen674
4-28-2007 Chevron 1Q profit surges 18 percent

Chevron's stock price has increased by more than 80 percent over the same period, creating about $75 billion in shareholder wealth.

This statement struck me this morning.

Any American doing business with these Companies I consider TRAITORS.

Why should they be rewarded for not only the Refinery incompetence but for importing Terrist Country Oil to begin with???

What happened to not doing business with Terrists?

 

[dmcowen674]

Once Chavez cuts off the flow of oil to the U.S. you will see the U.S. attack Venezuela gauranteed.

5-1-2007 Venezuela takes operations from big oil companies

Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects on Tuesday, a vital move in President Hugo Chavez's nationalization drive.

U.S. companies ConocoPhillips, Chevron, Exxon Mobil, Britain's BP, Norway's Statoil and France's Total agreed to obey a decree to transfer operational control on Tuesday, although the OPEC nation complained ConocoPhillips was somewhat resistant.

The anti-American leader was also in a festive mood before a rally marking what he called the end of an era of U.S.-prescribed policies that opened up the largest oil reserves in the hemisphere to foreign investment.

"Open investment will never return," he said late on Monday to thousands of cheering workers dressed in the signature red of his self-styled leftist revolution at a rally for workers rights.

"We are sealing up that open investment era and burying it deep down in the Orinoco oil reserve," he added.

Buoyed by an oil price bonanza in the No. 5 crude exporter to the United States, Chavez is popular among the majority poor for spending freely on schools, clinics and food handouts.

As he shrinks the private companies' role, Chavez has formed joint ventures with allies such as China, Belarus and Iran involving many state entities that are unfamiliar with developing such crude.

Still, Chavez hailed Tuesday's takeovers as the South American nation reclaiming its sovereignty.

 

[GoPackGo]

Sounds like its time for us to build up our navy...protect our oil platforms and take out theirs.

 

[brandonbull]

It's way past time for the US to pull out of Iraq and spend that money on something more useful like energy conservation and oil alternatives instead of destroying buildings and then rebuilding them. Those oil sheiks only understand thing in terms of money and when we put a big dent in their pockets books, it will force them to deal with their terrorists.

 

[ScottFern]

This is getting ridiculous we are on the eve of matching the highest oil prices of last summer and there isn't a REAL cause in sight. It's obvious these prices are artificially inflated and OPEC knows they can continue to push the envelope and there is nothing we can do or willing to do. Profits are all that matters and lord knows our president or government aren't doing anything AT ALL to help reduce this huge rise in prices. This can't continue, and something has to be done to by our government to stop these free floating prices.

 

[mithrandir2001]

Today I discussed with my co-workers the possibility of biking into work. It's feasible for me but not exactly practical. The distance is not a big problem - 12.4 mile one-way, elevation varies mostly between 200 and 350 feet - it's the danger involved with riding on heavily-traveled roads as well as the problem of coming into work all sweaty.

Biking would be a "nice" contingency plan, though if we had some kind of gas crisis we could shift to a 4 day workweek perhaps.

 

[GoPackGo]

Well..Gas finally hit 2.999 here today. Thats $1.10 increase in less than 4 months.

you know...this is utter crap.

 

[dmcowen674]

Early storm FUD

5-26-2007 Gulf Storms expected to put gas prices over $4

If you think gasoline prices are high now, consider the eye-popping possibilities if another monster storm pummels the Gulf of Mexico this hurricane season, the way Katrina and Rita battered the petroleum-rich waters in 2005.

Those storms destroyed 113 of the Gulf's 4,000 oil and gas platforms and damaged 52 others.

The petroleum industry has spent nearly two years trying to repair the damage from those historic Gulf hurricanes, rebuilding the complex web of platforms, pipelines and refineries in a region that produces roughly 25 percent of the nation's oil and 15 percent of its natural gas.

Katrina provided one of its biggest blows to Shell's enormous Mars production platform, the Gulf's most prolific producer. The storm's 175-mph winds and 75-foot waves broke the steel clamps that attached the 1,500-ton rig structure to the platform and knocked a 200-foot derrick into the water. The surge caused the rig to rise up and slam into the platform, causing heavy damage.

The rig is now held on to the primary structure with clamps Shell says are four times stronger than the ones previously used.

The platform resumed operation in May 2006 and is currently producing 190,000 barrels of oil equivalent a day, 20 percent more than pre-Katrina levels.

 

[nergee]

...paid $2.959 in Rochester, N.H. yesterday. I can live with that.........

 

[blackangst1]

$3.05 or $2.90 at Costco...fine with me