Oil thread 9-7-06:Former BP head of Pipeline invokes 5th

[Engineer]

Oil jumps biggest one day jump ever ($4) on hurricane worries.

Pure speculation. I thought refining was the problem, not the supply of oil.

Gouge anyone?

 

[dmcowen674]

Originally posted by: Engineer
Oil jumps biggest one day jump ever ($4) on hurricane worries.

Pure speculation. I thought refining was the problem, not the supply of oil.

Gouge anyone?

The last month has really destroyed the Supply & Demand pundits.

At least I can take solice in that.

 

[dmcowen674]

How does more Oil help when they insist we are already oversupplied???



9-20-2005 OPEC Agrees to Offer Extra Crude Oil

We want to show everybody that we have the ability to provide oil in the future," said OPEC President Sheik Ahmed Fahd Al Ahmed Al Sabah, who is also Kuwait's oil minister. He said the 2 million extra barrels represented the group's entire spare capacity.

"We hope that this will reflect positively on prices," Sheik Ahmed added. "We are very keen to help the market. We know there are geopolitical and weather crises."

"It's tough to blame (OPEC) for higher oil prices. I think they're doing what they can," said Jason Schenker, an economist with Charlotte, N.C.-based Wachovia Corp., the fourth-largest U.S. bank.

OPEC said it adopted a long-term strategy plan designed to deal with most market conditions through 2020, and that its next meeting would be held on Dec. 12 in Kuwait. Daukoru will take over as OPEC president on Jan. 1, the group said.

He said OPEC was worried about a possible glut of crude in the second quarter of 2006 after winter demand subsides. "That's the period we have to watch," he said.

Most ministers maintain that the market is well supplied with crude and the problem lies with refining products.

 

[dullard]

Originally posted by: dmcowen674
He said the 2 million extra barrels represented the group's entire spare capacity.

And as of today, OPEC has absolutely no power, no effect on the oil price, and people can stop complaining about OPEC being any sort of problem*.





* Statement above is not intended to be true for all time, just for now.

 

[Engineer]

Originally posted by: dullard

Originally posted by: dmcowen674
He said the 2 million extra barrels represented the group's entire spare capacity.

And as of today, OPEC has absolutely no power, no effect on the oil price, and people can stop complaining about OPEC being any sort of problem*.





* Statement above is not intended to be true for all time, just for now.

I absolutely agree!

 

[catnap1972]

Rita now forecast to hit cat 4 (if not worse).

Watch those oil prices SOAR

 

[dmcowen674]

State Governments and schools begin to shut down due to lack of Gas and Diesel Fuel.

9-23-2005 Rita Weakens, Takes Aim at Oil Industry

A slowly weakening Hurricane Rita steamed toward the Texas and Louisiana coast with 125 mph winds Friday, menacing the nation's oil-refining industry.

In Port Arthur ? a poor, down-on-its-luck town with a largely population of minorities, including Vietnamese shrimp fishermen, and a downtown museum devoted to one of its most famous natives, Janis Joplin ? street lights were turned off. Stores were boarded up along with the homes, many of which sit up on cinderblocks.

9-23-2005 Georgia Gov. Sonny Perdue asks schools to cancel classes Monday and Tuesday to help conserve gasoline in response to Hurricane Rita.

 

[dirtboy]

The whole world will be shutting down soon... gather your guns... anarchy will rule the streets!!!

 

[wchou]

Originally posted by: MrYAK
You ppl pay for firewood:Q You guys must be from the city. My dad and I every summer find a few dead trees, cut'em down, chop'em up, pile'em in the shed, not pay a dime to heat our house in the winter. We have 2 stoves in the basement that heats the whole house. Sh1t, come on down to Nebraska and i'll help you cut some trees up for free.

And before yall start in on me saying i'm a tree killer, these trees are already dead.

**EDIT**
Here are some steps to ensure that you reduce the pollution from burning wood.
http://eesc.orst.edu/agcomwebf.../home/dryfirewood.html

everything produces pollution but natural pollution from tree or wood is at a minimal unlike fossil fuel that are most lethal if used excessively.

 

[dmcowen674]

I see I missed the $71 a barrel while under the wrath of Katrina.

Did the Georgia schools shutdown to conserve oil & gas???

 

[dmcowen674]

9-29-2005 Alternative energy set to replace fossil fuels except in U.S.

Oil production is falling in 33 of the 48 largest oil-producing countries. These include six of the 11 members of the Organization of Petroleum Exporting Countries.

New energy sources are attracting roughly $30 billion in investment annually, he added, with Brazil, China, Germany, Japan, and California leading the emerging market.

''Already, 35 million homes in China get their hot water from solar collectors. That is more than the rest of the world combined''

Renewable sources account for 25 percent of Sweden's energy use and 45 percent in Norway. The United States lagged behind, with only 4.2 percent of its energy consumption coming from renewable sources.

Energy companies and governments were driving growth in renewables, Flavin said, with firms including Royal Dutch Shell Group, BP, and Mitsubishi among the major players.

Additionally, 48 countries now have policies and incentives promoting renewable energy, he added.

 

[conjur]

The utility company here, LG&E (owned by a British firm now), is requesting a 64% rate hike this winter (thru at least Jan. 31) for natural gas.
http://www.wlky.com/money/5040265/detail.html

<---- glad he has electric heat.

 

[zendari]

Originally posted by: dmcowen674
9-29-2005 Alternative energy set to replace fossil fuels except in U.S.

Oil production is falling in 33 of the 48 largest oil-producing countries. These include six of the 11 members of the Organization of Petroleum Exporting Countries.

New energy sources are attracting roughly $30 billion in investment annually, he added, with Brazil, China, Germany, Japan, and California leading the emerging market.

''Already, 35 million homes in China get their hot water from solar collectors. That is more than the rest of the world combined''

Renewable sources account for 25 percent of Sweden's energy use and 45 percent in Norway. The United States lagged behind, with only 4.2 percent of its energy consumption coming from renewable sources.

Energy companies and governments were driving growth in renewables, Flavin said, with firms including Royal Dutch Shell Group, BP, and Mitsubishi among the major players.

Additionally, 48 countries now have policies and incentives promoting renewable energy, he added.

Great! More oil for us.

 

[Zebo]

Originally posted by: dmcowen674
9-29-2005 Alternative energy set to replace fossil fuels except in U.S.

Oil production is falling in 33 of the 48 largest oil-producing countries. These include six of the 11 members of the Organization of Petroleum Exporting Countries.

New energy sources are attracting roughly $30 billion in investment annually, he added, with Brazil, China, Germany, Japan, and California leading the emerging market.

''Already, 35 million homes in China get their hot water from solar collectors. That is more than the rest of the world combined''

Renewable sources account for 25 percent of Sweden's energy use and 45 percent in Norway. The United States lagged behind, with only 4.2 percent of its energy consumption coming from renewable sources.

Energy companies and governments were driving growth in renewables, Flavin said, with firms including Royal Dutch Shell Group, BP, and Mitsubishi among the major players.

Additionally, 48 countries now have policies and incentives promoting renewable energy, he added.

Norway and Sweden have some unique geological features which make this possible. Like thousands of rivers they can dam up and essentially get free power after that. Also thier populations are small like 5-6 million each so they have no where near the energy demands of the united states. Basically what they have we or anybody else can't have.

 

[NoSmirk]

Originally posted by: conjur
The utility company here, LG&E (owned by a British firm now), is requesting a 64% rate hike this winter (thru at least Jan. 31) for natural gas.
http://www.wlky.com/money/5040265/detail.html

<---- glad he has electric heat.

You do realize that most new power plants that are actually approved are natural gas right? Oops..

 

[Mardeth]

Originally posted by: Zebo

Originally posted by: dmcowen674
9-29-2005 Alternative energy set to replace fossil fuels except in U.S.

Oil production is falling in 33 of the 48 largest oil-producing countries. These include six of the 11 members of the Organization of Petroleum Exporting Countries.

New energy sources are attracting roughly $30 billion in investment annually, he added, with Brazil, China, Germany, Japan, and California leading the emerging market.

''Already, 35 million homes in China get their hot water from solar collectors. That is more than the rest of the world combined''

Renewable sources account for 25 percent of Sweden's energy use and 45 percent in Norway. The United States lagged behind, with only 4.2 percent of its energy consumption coming from renewable sources.

Energy companies and governments were driving growth in renewables, Flavin said, with firms including Royal Dutch Shell Group, BP, and Mitsubishi among the major players.

Additionally, 48 countries now have policies and incentives promoting renewable energy, he added.

Norway and Sweden have some unique geological features which make this possible. Like thousands of rivers they can dam up and essentially get free power after that. Also thier populations are small like 5-6 million each so they have no where near the energy demands of the united states. Basically what they have we or anybody else can't have.

True, they do have a lot of water they can utilize but you on the other hand have good enviroment to use solar and wind. And besides, it shouldnt stop you from trying...

 

[conjur]

Originally posted by: NoSmirk

Originally posted by: conjur
The utility company here, LG&E (owned by a British firm now), is requesting a 64% rate hike this winter (thru at least Jan. 31) for natural gas.
http://www.wlky.com/money/5040265/detail.html

<---- glad he has electric heat.

You do realize that most new power plants that are actually approved are natural gas right? Oops..

And that affects me how?

http://www.lgeenergy.com/lge/lge_plant_info.asp


Oops, indeed.


Moran.

 

[Engineer]

Oil shale....ready to go? Estimated 1 trillion barrels .....getting a new look.

 

[dmcowen674]

Originally posted by: Engineer
Oil shale....ready to go? Estimated 1 trillion barrels .....getting a new look.

Hydrogen is the answer, period.

 

[dmcowen674]

What a load of BULL:

10-5-2005 Oil Hits Two-Month Low on Falling Demand

The price of oil fell to its lowest level in two months on Wednesday as evidence builds that the high cost of gasoline and other fuels is sapping demand.

New data from the Energy Department show that fuel consumption over the past month declined by almost 3 percent compared with last year.

Analysts attributed the trend to soaring pump prices and a slowdown in economic activity, particularly among Gulf Coast states that were affected by Hurricanes Katrina and Rita.

"Maybe there is some elasticity to petroleum demand after all," said analyst Andrew Lebow of Man Financial Inc. in New York. The decline in oil prices coincided with an even more pronounced selloff of gasoline futures, which Lebow attributed in part to momentum trading.

It is too soon to tell whether the dropoff in demand will hold or was a short-term phenomenon, analysts said. But it definitely has the market's attention for the moment, overshadowing government data that show crude oil and gasoline supplies are shrinking.
=======================================================
Folks are driving more than ever down here, having to drive back and forth between Baton Rouge and Houston.

Spin Spin Spin by the Spinmeisters

 

[Engineer]

Who believes people are driving less? I do. I am for one. My wife is. Many people at work, some who spend $1,000 per month in gasoline costs between two (man and wife) are. Many people are. Not saying that that's the reason for the price drop as I think the price was "speculated" anyway. I'm saying that people I know are indeed driving less.

 

[mect]

Actually, I know a lot of people who have made concious efforts to reduce their driving. And no, Hydrogen is not "the answer, period". It is one possibility. For hydrogen to work, we need to about double current storage capacities. Just for some perspective, it needs too be at a higher density then liquid hydrogen. This is being attempted by using salts like NH4BH4 and similar things, often attached to highly porous scaffolds. While progress is being made, we are not there yet, and there is no guarentee that we will make the government imposed goals for a hydrogen economy. I think it is very important for the US to keep the options open for the transportable fuel of the future. One idea that is very interesting is a hybrid car with a battery that can be plugged in to recharge at home. It could basically run off the battery for a typical days driving, but then has the gas motor kick in for longer drives. Sounds like an interesting idea to me. Not a permanent solution, but possibly a way to step up from current hybrids.

 

[TastesLikeChicken]

Buck up, Dave. You can always claim the drop in demand is from the poor people that can't afford it, because only the rich can afford gas now.

Dude, you're slackin'.

 

[sandorski]

The drop in demand probably has to do(partially) with the amount of Refinery capacity offline right now, I'm guessing.

 

[Whoozyerdaddy]

Originally posted by: dmcowen674
What a load of BULL:

10-5-2005 Oil Hits Two-Month Low on Falling Demand

The price of oil fell to its lowest level in two months on Wednesday as evidence builds that the high cost of gasoline and other fuels is sapping demand.

New data from the Energy Department show that fuel consumption over the past month declined by almost 3 percent compared with last year.

Analysts attributed the trend to soaring pump prices and a slowdown in economic activity, particularly among Gulf Coast states that were affected by Hurricanes Katrina and Rita.

"Maybe there is some elasticity to petroleum demand after all," said analyst Andrew Lebow of Man Financial Inc. in New York. The decline in oil prices coincided with an even more pronounced selloff of gasoline futures, which Lebow attributed in part to momentum trading.

It is too soon to tell whether the dropoff in demand will hold or was a short-term phenomenon, analysts said. But it definitely has the market's attention for the moment, overshadowing government data that show crude oil and gasoline supplies are shrinking.
=======================================================
Folks are driving more than ever down here, having to drive back and forth between Baton Rouge and Houston.

Spin Spin Spin by the Spinmeisters

Well I don't have access to any of the statistics or anything but it seems to me that when you have an entire city (more like an entire section of the US) that wasn't consuming anything... electricity, gas, hot water... for 2-3 weeks you're going to have a small drop in demand vs. last year.

So never fear Dave. I'm sure as things get back up and running and consumption gets back to normal levels gas will once again begin climbing toward that $20/gallon level you've been fantasizing over.

Keep the faith!