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

[dmcowen674]

Originally posted by: CPA

Originally posted by: 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.

Why can't it continue? Why is this any different than any other commodity. The US economy has adjusted.

And while I hate to do it, I'll take a position a lot of libs take: Look at Europe!

Sorry but the Europe excuse is BS. and you know it.

Our smallest states are bigger than most of the Countries over there.

 

[Mardeth]

Originally posted by: dmcowen674

Originally posted by: CPA

Originally posted by: 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.

Why can't it continue? Why is this any different than any other commodity. The US economy has adjusted.

And while I hate to do it, I'll take a position a lot of libs take: Look at Europe!

Sorry but the Europe excuse is BS. and you know it.

Our smallest states are bigger than most of the Countries over there.

And? What does the size of the country have to do with anything? Look at Canada/Russia!

 

[BoomerD]

Eurpoe's gas prices are so high because of the tax levied on it. PERIOD. If we had the same amount of taxes on our gas that most other countries do, our prices would be about the same.


Odsdly enough, gas prices here are down about 8 cents/gallon over the past few days...(funny, since on Thursday, my English professor came in ranting that she had heard on the radio that gas prices were going up about $1/gallon because of the holiday. I tried to convince her it was just all BS, but of course, she has the Master's Degree and I don't...so I had to be wrong...

 

[Engineer]

Gas prices stable at most stations today. One station off the main path went down $0.10 today.

(Lexington, KY).

 

[blackangst1]

Topic Title Oil Thread 5-30-07il back up, swearing in of new Nigerian President in 8 years didn't keep prices down long

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Price is DOWN about a buck and a half since the swearing in of Umaru Musa Yar'Adua

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[dmcowen674]

Originally posted by: blackangst1
Topic Title Oil Thread 5-30-07il back up, swearing in of new Nigerian President in 8 years didn't keep prices down long

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Price is DOWN about a buck and a half since the swearing in of Umaru Musa Yar'Adua

LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIARLIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIARLIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIARLIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIARLIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIARLIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIARLIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR LIARLIAR LIAR LIAR LIAR LIAR LIAR LIAR LIAR

Do you work at CBS Tulsa?

5-30-2007 Tulsa CBS TV Station Web site error rocks global oil markets

World oil prices jumped briefly on Wednesday after a television station in Tulsa, Oklahoma -- the No. 62 U.S. media market -- posted an erroneous story about a refinery fire on its Web site.

At 10:14 EDT (1414 GMT), CBS affiliate KOTV reported that a lightning strike had caused a fire at an Oklahoma refinery -- sparking a flurry of excitement among energy traders and boosting U.S. crude prices 40 cents.

The refining company announced the story was "completely wrong" and the station withdrew the story.

"All it takes is a screw-up on a Web site to move the market. It just goes to show how tense this market is," said a Houston-based oil trader.

A string of refinery problems in the United States has propelled retail gasoline prices to record highs in recent weeks.

 

[EagleKeeper]

A perfect example of FUD.


And then people start spreading it around thicker and more believe it.

Becomes a living self-fulling nightmare.

 

[dmcowen674]

Originally posted by: EagleKeeper
A perfect example of FUD.

And then people start spreading it around thicker and more believe it.

Becomes a living self-fulling nightmare.

A market should not be able to be so influenced by FUD.

That is what cause the cascade that led to the 1929 crash.

Wasn't that supposed to be addressed?

If not then the market itself is FUD and a joke in itself.

 

[EagleKeeper]

Originally posted by: dmcowen674

Originally posted by: EagleKeeper
A perfect example of FUD.

And then people start spreading it around thicker and more believe it.

Becomes a living self-fulling nightmare.

A market should not be able to be so influenced by FUD.

That is what cause the cascade that led to the 1929 crash.

Wasn't that supposed to be addressed?

If not then the market itself is FUD and a joke in itself.

When people who claim to be responsible generate examples or extremes and purport them to be mainstream examples - what should the average Joe believe.

When people start stating that there will be a shortage; the traders need to cover their butts.

Of course, when the statements turn out to be false or fudged, then the damage is done and fingers get pointed.

 

[dmcowen674]

6-7-2007 Oil and gasoline futures jumped Thursday on concerns that U.S. refineries aren't making enough gasoline to meet domestic demand.

Those worries were fed by a government report Wednesday that showed refinery utilization fell 1.5 percent last week to 89.6 percent of capacity.

"That's the really big story," said Michael Davies, an analyst at Sucden Ltd., a commodities brokerage firm. "There are going to be concerns whether the U.S. can cope with gasoline over (the) summer."
=================================================
How long have they been making gasoline?

How long will the permission for incompentence go on and continue to be rewarded?

 

[Blain]

"Record gas doesn't crimp Big 3 sales

Sales of some pickup, SUV models up despite record gas prices as GM posts big gain; Toyota tops Ford for No. 2 spot in U.S. sales."

Those mean, greedy oil companies have brainwashed us into gas guzzlers.
Maybe they're paying water companies to add something to our water supplies. :laugh:

 

[EagleKeeper]

Originally posted by: dmcowen674
6-7-2007 Oil and gasoline futures jumped Thursday on concerns that U.S. refineries aren't making enough gasoline to meet domestic demand.

Those worries were fed by a government report Wednesday that showed refinery utilization fell 1.5 percent last week to 89.6 percent of capacity.

"That's the really big story," said Michael Davies, an analyst at Sucden Ltd., a commodities brokerage firm. "There are going to be concerns whether the U.S. can cope with gasoline over (the) summer."
=================================================
How long have they been making gasoline?

How long will the permission for incompentence go on and continue to be rewarded?

Are you now in favor of government interference/intervention?

Government mandates on what you can sell, when, where and at what cost?

 

[dmcowen674]

Originally posted by: Blain
"Record gas doesn't crimp Big 3 sales

Sales of some pickup, SUV models up despite record gas prices as GM posts big gain; Toyota tops Ford for No. 2 spot in U.S. sales."

Those mean, greedy oil companies have brainwashed us into gas guzzlers.
Maybe they're paying water companies to add something to our water supplies. :laugh:

I'd love to see the breakdown of who is buying those gas guzzlers.

I bet it's the rich at a lame attempt to shore up their Monopoly game.

 

[dmcowen674]

Originally posted by: EagleKeeper

Originally posted by: dmcowen674
6-7-2007 Oil and gasoline futures jumped Thursday on concerns that U.S. refineries aren't making enough gasoline to meet domestic demand.

Those worries were fed by a government report Wednesday that showed refinery utilization fell 1.5 percent last week to 89.6 percent of capacity.

"That's the really big story," said Michael Davies, an analyst at Sucden Ltd., a commodities brokerage firm. "There are going to be concerns whether the U.S. can cope with gasoline over (the) summer."
=================================================
How long have they been making gasoline?

How long will the permission for incompentence go on and continue to be rewarded?

Are you now in favor of government interference/intervention?

Government mandates on what you can sell, when, where and at what cost?

I've been saying for years there needs to be a at least a temporary take over of the Oil/Gas Industry.

At a minimum it must be taken off the "Commodity" market and placed as a neccesity like Electric/Natural Gas/Water.

Take the greed factor out of the equation permanently.

 

[Blain]

I'm pretty sure Venezuela, Cuba and North Korea control their oil/gas industries.

 

[EagleKeeper]

Originally posted by: dmcowen674

Originally posted by: EagleKeeper

Originally posted by: dmcowen674How long have they been making gasoline?

How long will the permission for incompentence go on and continue to be rewarded?

Are you now in favor of government interference/intervention?

Government mandates on what you can sell, when, where and at what cost?

I've been saying for years there needs to be a at least a temporary take over of the Oil/Gas Industry.

At a minimum it must be taken off the "Commodity" market and placed as a neccesity like Electric/Natural Gas/Water.

Take the greed factor out of the equation permanently.

How would it be regulated. At the state level? Local Level?

If you bring in the government to run it; you are creating a large overhead that will ahve to be paid for and incompetence to run it. Unless you want to leave those that currently are in charge, still in charge.

The GSA is very inefficient/sluggish - such possiblities can be passed onto the energy industry

 

[dmcowen674]

Oil back to $70

6-19-2007 Oil prices top $69 a barrel

Oil prices inched up Tuesday, setting a nine-month closing high, after labor unions in Nigeria rejected the government's efforts to avert a nationwide strike.

"In a bullish market, every thimble full of oil counts," said Peter Beutel, president of U.S. energy risk management firm Cameron Hanover. "Every little bullish feature will loom large."
===========================================
Pay no mind to the fact oil inventories have never dropped below 5 year highs.

 

[dmcowen674]

6-28-2007 Oil rises above $70 a barrel

In its weekly inventory report on Wednesday, the U.S. Energy Department's Energy Information Administration said gasoline inventories dropped 700,000 barrels in the week ended June 22. Analysts polled by Dow Jones Newswires had expected a 1.1 million barrel gain.

"The market is reacting to the surprising result," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

Crude inventories are at 9-year highs
==============================================

Crude inventories are at 9-year highs

Crude inventories are at 9-year highs

Crude inventories are at 9-year highs

Crude inventories are at 9-year highs

Crude inventories are at 9-year highs

When will the incompetence ever be addressed?

 

[ElFenix]

there are multiple types of oil. the inventory of the one that rose above $70 fell by 1.4 million barrels.

 

[dmcowen674]

Originally posted by: ElFenix
there are multiple types of oil. the inventory of the one that rose above $70 fell by 1.4 million barrels.

So what are you trying to suggest?

Are you trying to save the Supply & Demand Bullsh!t?

Are you saying they don't have enough oil despite Oil inventories at 9 year highs?

Come on spit it out, support your colluding heroes fully or not at all.

 

[ElFenix]

Originally posted by: dmcowen674
<div class="FTQUOTE"><begin quote>Originally posted by: ElFenix
there are multiple types of oil. the inventory of the one that rose above $70 fell by 1.4 million barrels.</end quote></div>

So what are you trying to suggest?

Are you trying to save the Supply & Demand Bullsh!t?

Are you saying they don't have enough oil despite Oil inventories at 9 year highs?

Come on spit it out, support your colluding heroes fully or not at all.

there are various types of oil out there. just like there are various types of cars and toothpaste. unlike toothpaste, which always works about the same with your toothbrush and mouth, refineries are set up to use one type of oil in specific. it is very expensive to change over the catalysts, etc. so, if the supply of a particular type of oil decreases, the price of that oil will go up. the supply of the oil we're talking about here fell by 1.4 million barrels

Domestic crude historically has traded at a premium to Brent, but prices reversed as crude stocks built up at the Nymex delivery point of Cushing, Okla.

"You had a glut of (West Texas crude), which depressed the price," Halff said.

Now, those Cushing stocks are falling as domestic refineries come back online, supporting crude prices, Halff said.

but don't let facts get in the way of your sensationalism.

 

[dmcowen674]

6-6-2007 Oil prices rise above $72 a barrel

Oil prices rose above $72 a barrel on Friday amid worries about renewed violence and kidnappings in Nigeria, Africa's biggest oil producer.

Kidnappers in Nigeria Thursday snatched a 3-year-old British girl as she was being taken to school in the country's troubled southern oil region, officials said.

Crude oil inventories, which were expected to fall 500,000 barrels last week, instead rose by 3.1 million barrels.

Refiners have reported a number of outages this week, which means overall refinery runs aren't likely to increase anytime soon, possibly clouding the outlook for inventories in weeks ahead.

 

[WhipperSnapper]

The prices have come down to about $3.05 in my area. Now that people are acclimated to the new, higher prices, the refining oligopoly will probably come up with a way to pump up the prices again. Heck, I still see lots of thirsty and passengerless Hummers, SUVs, and pickup trucks on the road. So why not find a way to jack up the price some? It's not as though people have started modifying their behavior and purchasing less gasoline.

 

[blackangst1]

Meanwhile pump prices have fallen again...2nd time this week in Phoenix...to 2.71 at various places around my place.

 

[Engineer]

Originally posted by: blackangst1
Meanwhile pump prices have fallen again...2nd time this week in Phoenix...to 2.71 at various places around my place.

Well, Lexington, KY offset yours by going from $2.66 to $2.99 from Wednesday night to Thursday morning. This is not suprising however as Lexington always (and I mean always) adjust their price to just above national average when the new national average is released.

Two other (sad) points:

Gasoline rose for the first time in several weeks (IIRC, up $0.11 nationally)..

and

With oil closing above $72.xx per barrell (apparantely some technical level per CNBC), it's expected to test the old $78.xx highs. Oil inventories are 5% higher this year than the same time last year, by the way.

Finally, it will be interesting to see if those on here will admit it if oil goes to $80 as there were several on here that said that oil would go to $30 before $80. It went to $78 right after that and has fallen all the way to the low $50's before rebounding to the current $72.xx.