This thread has become large and at times outdated.
A new thread has been started.
Senior Anandtech Moderator
Common Courtesy
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???
How long have they been making gasoline?
How long will the permission for incompentence go on and continue to be rewarded?
Only a corrupt Industry and Government can approve such BS.
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."
=========================================================
4-25-2007 Refinery troubles raise Oil prices $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
==================================================
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.
===================================================
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.
4-4-07Oil prices slips 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.
=================================================
While P&N Oil Baron supporters bicker over a few cents per gallon of Oil I'd like to tahnk them for putting the final nail in the coffin that prices ever had anything to do with SUPPLY & DEMAND.
Oil Inventories and Gas inventories for that matter have never dipped below record levels in the past 5 years.
George Bush, Dick Cheney and all Republicans Et Al thank you for the record profits.
Clap Clap Clap They :heart: you American Sheeple :lips:
===================================================
Looks like U.S. invasions of Canada, Mexico and Cuba coming very soon:
3-4-2007 Cuba oil boom may complicate U.S. embargo
As Cuba's oil potential grows, a Canadian company has disclosed plans to export the island's petroleum and set up a possible clash with the U.S. trade embargo.
The discovery of oil in the Florida Straits and near the Cuban shoreline -- potentially billions of barrels of reserves -- has boosted Cuba's energy prospects and drawn the attention of the U.S. oil industry.
Now, a small Canadian energy company, Sherritt International, says it plans to export Cuban oil for the first time -- a move that could put the crude on a collision course with the U.S. trade embargo against Cuba.
Sherritt, which had revenue of about $1 billion U.S. in 2006, produces an estimated 68,000 barrels of crude oil in Cuba. Michael Minnes, company spokesman, said plans for exporting the oil are still under discussion.
Sherritt doesn't currently have offshore wells; instead, its onshore equipment drills horizontally into petroleum reservoirs located under the water.
Sherritt International, in a joint venture with the Cuban government, has been drilling for oil in Cuba for more than a decade, gradually increasing production to the point that domestic production provides almost half Cuba's petroleum needs. Venezuelan refined products make up the rest.
But what has tantalized the oil industry was a report that Spanish energy company Repsol-YPF struck offshore oil in 2005 -- even though it wasn't a commercially viable well.
In 2005, a U.S. Geological Survey report estimated Cuba's potential petroleum reserves could run some 4.6 billion barrels and natural gas reserves could total trillions of cubic feet.
''This would make Cuba a major oil player in the region''
U.S. OIL FIRMS OUT
The U.S. trade embargo bans American companies from doing business in Cuba, with exceptions for food and medicine, and the Bush administration has been increasingly aggressive about enforcing it.
''U.S. policy toward Cuba is to encourage a democratic, market-oriented transition,'' said Eric Watnik, State Department spokesman. The Treasury Department's Office of Foreign Assets Control has oversight over enforcing the embargo.
Last year, Sen. Larry Craig, R-Idaho, and Rep. Jeff Flake, an Arizona Republican, both critics of the embargo, introduced legislation to broaden the exemptions to allow the oil and gas industry to bid on Cuban contracts. But that effort went nowhere.
Legislators are currently discussing what form the bill should take to be reintroduced in the new Democratic-controlled Congress.
====================================================
1-28-2007 70 percent of Iraq's oil to be sold to U.S.
"Without a decisive military victory, the U.S. occupation of Iraq seems to be about to grab its oil prize by establishing a new sharing arrangement," the English-language Yemen Observer said Saturday, echoing a frequent criticism that the U.S.-led invasion was aimed in part at capturing Iraq's oil.
=====================================================
Latest excuse to raise prices after the Election:
11-6-2006 Oil prices climb amid Nigeria violence
Oil prices rose by more than $1 a barrel Monday after Nigerian oil minister and OPEC President Edmund Daukoru said the oil cartel may need to further cut its output, and as armed protesters shut down one of his country's oil facilities.
On Friday, a bomb hoax at a huge BP PLC refinery in Whiting, Ind., rattled the market. Prices also jumped after U.S. diplomats warned that militants in Nigeria were preparing a major new wave of attacks and kidnappings across the country's oil-rich delta region.
"The market is clearly oversupplied, clearly oversupplied," Daukoru told reporters during a visit to South Korea.
Last week, U.S. crude oil inventories rose by 2 million barrels to 334.3 million barrels.
=====================================================
9-18-2006 OPEC says it doesn't like $64 per barrel Oil so it says they will cut production to get Oil back over $70 barrel.
Will they and the GOP hold gas around $2 in time for the Elections?
==========================================
This is a continuation of a long running Oil Thread:
Oil Thread started 1-5-2005
Everyday there is proof that Oil & Gas has nothing to do with Supply & Demand.
U.S. Oil inventories have been the highest in nearly 5 years all the while the Bullsh!t price increases since Hurricane Katrina and invading Iraq.
Now even Gasoline inventories are overflowing.
Rewarding the incompetent and negligent is now America's biggest asset.
===============================================
9-15-2006
Oil drops to $62 Gas back to $2 in time for Nov Elections
Nothing has changed except it is Election time.
Make the Sheeple forget about paying all that extra and get re-elected.
CNN - 81% of Republicans paid by Oil Industry
==============================================
9-8-2006 Oil slides toward $66 on BP, ample US stocks
NEW YORK - Oil fell more than a dollar to fresh five-month lows Friday after rising U.S. fuel inventories and the potential early recovery of full output at BP's giant Alaska oil field eased supply concerns.
Oil's under a lot of pressure at the moment," said Bruce Evers, analyst at Investec Securities.
"There's a lot of distillate and gasoline about, and crude supplies are ample."
U.S. distillate stocks, including heating oil, rose 3.1 million barrels to 139.9 million barrels in the week of September 1, the highest level since January 2002
====================================================
Edit:9-11-06 Inventories highest since 1998
A new thread has been started.
Senior Anandtech Moderator
Common Courtesy
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???
How long have they been making gasoline?
How long will the permission for incompentence go on and continue to be rewarded?
Only a corrupt Industry and Government can approve such BS.
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."
=========================================================
4-25-2007 Refinery troubles raise Oil prices $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
==================================================
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.
===================================================
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.
4-4-07Oil prices slips 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.
=================================================
While P&N Oil Baron supporters bicker over a few cents per gallon of Oil I'd like to tahnk them for putting the final nail in the coffin that prices ever had anything to do with SUPPLY & DEMAND.
Oil Inventories and Gas inventories for that matter have never dipped below record levels in the past 5 years.
George Bush, Dick Cheney and all Republicans Et Al thank you for the record profits.
Clap Clap Clap They :heart: you American Sheeple :lips:
===================================================
Looks like U.S. invasions of Canada, Mexico and Cuba coming very soon:
3-4-2007 Cuba oil boom may complicate U.S. embargo
As Cuba's oil potential grows, a Canadian company has disclosed plans to export the island's petroleum and set up a possible clash with the U.S. trade embargo.
The discovery of oil in the Florida Straits and near the Cuban shoreline -- potentially billions of barrels of reserves -- has boosted Cuba's energy prospects and drawn the attention of the U.S. oil industry.
Now, a small Canadian energy company, Sherritt International, says it plans to export Cuban oil for the first time -- a move that could put the crude on a collision course with the U.S. trade embargo against Cuba.
Sherritt, which had revenue of about $1 billion U.S. in 2006, produces an estimated 68,000 barrels of crude oil in Cuba. Michael Minnes, company spokesman, said plans for exporting the oil are still under discussion.
Sherritt doesn't currently have offshore wells; instead, its onshore equipment drills horizontally into petroleum reservoirs located under the water.
Sherritt International, in a joint venture with the Cuban government, has been drilling for oil in Cuba for more than a decade, gradually increasing production to the point that domestic production provides almost half Cuba's petroleum needs. Venezuelan refined products make up the rest.
But what has tantalized the oil industry was a report that Spanish energy company Repsol-YPF struck offshore oil in 2005 -- even though it wasn't a commercially viable well.
In 2005, a U.S. Geological Survey report estimated Cuba's potential petroleum reserves could run some 4.6 billion barrels and natural gas reserves could total trillions of cubic feet.
''This would make Cuba a major oil player in the region''
U.S. OIL FIRMS OUT
The U.S. trade embargo bans American companies from doing business in Cuba, with exceptions for food and medicine, and the Bush administration has been increasingly aggressive about enforcing it.
''U.S. policy toward Cuba is to encourage a democratic, market-oriented transition,'' said Eric Watnik, State Department spokesman. The Treasury Department's Office of Foreign Assets Control has oversight over enforcing the embargo.
Last year, Sen. Larry Craig, R-Idaho, and Rep. Jeff Flake, an Arizona Republican, both critics of the embargo, introduced legislation to broaden the exemptions to allow the oil and gas industry to bid on Cuban contracts. But that effort went nowhere.
Legislators are currently discussing what form the bill should take to be reintroduced in the new Democratic-controlled Congress.
====================================================
1-28-2007 70 percent of Iraq's oil to be sold to U.S.
"Without a decisive military victory, the U.S. occupation of Iraq seems to be about to grab its oil prize by establishing a new sharing arrangement," the English-language Yemen Observer said Saturday, echoing a frequent criticism that the U.S.-led invasion was aimed in part at capturing Iraq's oil.
=====================================================
Latest excuse to raise prices after the Election:
11-6-2006 Oil prices climb amid Nigeria violence
Oil prices rose by more than $1 a barrel Monday after Nigerian oil minister and OPEC President Edmund Daukoru said the oil cartel may need to further cut its output, and as armed protesters shut down one of his country's oil facilities.
On Friday, a bomb hoax at a huge BP PLC refinery in Whiting, Ind., rattled the market. Prices also jumped after U.S. diplomats warned that militants in Nigeria were preparing a major new wave of attacks and kidnappings across the country's oil-rich delta region.
"The market is clearly oversupplied, clearly oversupplied," Daukoru told reporters during a visit to South Korea.
Last week, U.S. crude oil inventories rose by 2 million barrels to 334.3 million barrels.
=====================================================
9-18-2006 OPEC says it doesn't like $64 per barrel Oil so it says they will cut production to get Oil back over $70 barrel.
Will they and the GOP hold gas around $2 in time for the Elections?
==========================================
This is a continuation of a long running Oil Thread:
Oil Thread started 1-5-2005
Everyday there is proof that Oil & Gas has nothing to do with Supply & Demand.
U.S. Oil inventories have been the highest in nearly 5 years all the while the Bullsh!t price increases since Hurricane Katrina and invading Iraq.
Now even Gasoline inventories are overflowing.
Rewarding the incompetent and negligent is now America's biggest asset.
===============================================
9-15-2006
Oil drops to $62 Gas back to $2 in time for Nov Elections
Nothing has changed except it is Election time.
Make the Sheeple forget about paying all that extra and get re-elected.
CNN - 81% of Republicans paid by Oil Industry
==============================================
9-8-2006 Oil slides toward $66 on BP, ample US stocks
NEW YORK - Oil fell more than a dollar to fresh five-month lows Friday after rising U.S. fuel inventories and the potential early recovery of full output at BP's giant Alaska oil field eased supply concerns.
Oil's under a lot of pressure at the moment," said Bruce Evers, analyst at Investec Securities.
"There's a lot of distillate and gasoline about, and crude supplies are ample."
U.S. distillate stocks, including heating oil, rose 3.1 million barrels to 139.9 million barrels in the week of September 1, the highest level since January 2002
====================================================
Edit:9-11-06 Inventories highest since 1998