Got Gas? U.S. Economy to Worsen as Gas Prices Skyrocket

[dmcowen674]

7-26-2012

Looks like a wild ride day for oil set for today

Already a $6 swing

http://finance.yahoo.com/q?s=clu12.nym

Crude Oil Sep 12 (CLU12.NYM)

-NY Mercantile

89.86

0.89(1.00%) 7:45AM EDT




Day's Range:84.25 - 90.15

 

[dmcowen674]

This deserves its own thread

7-23-2012

http://www.bloomberg.com/news/2012-...exen-for-15-1-billion-to-expand-overseas.html

Cnooc Buys Nexen for in China’s Top Overseas Acquisition



Cnooc Ltd. (883) agreed to pay $15.1 billion in cash to acquire Canada’s Nexen Inc. (NXY) in the biggest overseas takeover by a Chinese company.



Nexen is one of two major Chinese energy acquisitions announced yesterday. China Petrochemical Corp. agreed to spend $1.5 billion for a 49 percent stake in Calgary-based Talisman Energy Inc. (TLM)’s U.K. unit after spending $2.2 billion last year to buy Daylight Energy Ltd., also of Calgary.



The Nexen takeover comes as Canadian companies prepare to build new pipelines for transporting Canadian fossil fuel to Asia in an effort to reduce its dependence on the U.S. market, which has depressed prices for crude produced in Alberta’s oil sands and the Bakken in Saskatchewan.



Cnooc will add 900 million barrels of oil equivalent reserves at $19.94 per barrel through the deal, according to a document posted to the company’s website. Cnooc plans to boost output by as much as 2.7 percent this year to the equivalent of as much as 930,000 barrels of oil a day.


“Cnooc did a nice job in adding oil reserves at less than $20 a barrel,” said Shi Yan, a Shanghai-based energy analyst at UOB-Kay Hian Ltd. “It’s really a good time to buy assets while crude prices are low and energy firms shed values in stock markets.”


Calgary will become one of Cnooc’s international headquarters and the operations hub for overseeing an additional $8 billion in assets in North and Central America. The Chinese company will also list its shares on the Toronto exchange, it said in the statement.

Canada has become a fertile area for Chinese oil producers seeking to add oil and gas reserves to meet demand in the world’s largest energy-consuming country. After yesterday’s deal, Chinese companies will have spent about $49 billion on buying Canadian fields and oil companies

The deal will cement Cnooc’s position in Canada’s oil sands after last year’s $2.4 billion purchase of Opti Canada. When the transaction closes, Cnooc will own all of Long Lake, which plans to produce 72,000 barrels a day using steam to melt the tar-like oil out of the sands.

Bank of Montreal and Citigroup Inc. provided financial advice to Cnooc, while Stikeman Elliott LLP and Davis Polk & Wardwell LLP acted as legal counsel. Nexen’s financial advisers are Goldman Sachs Group Inc. and Royal Bank of Canada, while its legal advisers are Blake Cassels & Graydon LLP and Paul Weiss Rifkind Wharton and Garrison LLP. Richard A. Shaw Professional Corp. and Burnet, Duckworth & Palmer LLP also served as legal advisers to Nexen’s board.

 

[dmcowen674]

7-29-2012

http://news.yahoo.com/u-probes-enbridge-wisconsin-oil-pipe-spill-line-002837236.html

Enbridge races to clean up Wisconsin oil spill, restart line



Canada's Enbridge Inc. raced on Sunday to repair a major pipeline that spilled more than 1,000 barrels of oil in a Wisconsin field, provoking fresh ire from Washington over the latest in a series of leaks.


Enbridge said two landowners had been affected and that one family had been relocated


"The house right next to where the pipeline broke got covered with oil," said Patrick Swadish, who lives just about a mile northwest of the spill site in a rural area of mostly farmland about 80 miles north of the college town of Madison.


Oil trucks, Enbridge vehicles and about a dozen crews were working in the area, which had been cordoned off by sheriff deputies. Local law enforcement officials said they had been told it may take up to 30 days to clean the area.


PREVIOUS SPILLS


Just weeks ago, the U.S. National Transportation Safety Board blasted Enbridge's handling of the July 2010 rupture of its Line 6B near Marshall, Michigan, which led to more than 20,000 barrels of crude leaking into the Kalamazoo River.


The NTSB said it found a complete breakdown of company safety measures, and that Enbridge employees performed like "Keystone Kops" trying to contain it. The rupture went undetected for 17 hours.
U.S. pipeline regulators fined it $3.7 million for the spill, their largest ever penalty.


The incidents, plus the most recent spill in Alberta, have caused furor just as the company seeks approval for its C$6 billion Northern Gateway pipeline to Canada's West Coast amid staunch opposition from environmental groups and native communities that warn against oil spills.

 

[Londo_Jowo]

This deserves its own thread

So why didn't you start a new thread? Afraid it would be ignored?

 

[Londo_Jowo]

7-29-2012

http://news.yahoo.com/u-probes-enbridge-wisconsin-oil-pipe-spill-line-002837236.html

Enbridge races to clean up Wisconsin oil spill, restart line

Sounds like they're not running pigs down the lines to detect issues.

 

[dmcowen674]

Did President Romney declare war on Iran yesterday?

Gas jumped ~20 cents from ~$3.65 to ~$3.85 here the burbs, ~$4.09 in the city.

 

[dmcowen674]

Did President Romney declare war on Iran yesterday?

Gas jumped ~20 cents from ~$3.65 to ~$3.85 here the burbs, ~$4.09 in the city.

Gas in burbs jumped another 10 cents last night, now ~$3.95

Guys telling me stations in the city around ~$4.25

It's only August 1st so at this rate will be well over ~$5 in Chicago again.

 

[Londo_Jowo]

Have you written a letter to the State's Attorney? How about Rahm? There's got to be someone who can help lower the prices in the Chicago region.

 

[dmcowen674]

Have you written a letter to the State's Attorney? How about Rahm? There's got to be someone who can help lower the prices in the Chicago region.

Negative, need gas to go to at least ~$8 preferably closer to ~$20 to get people into trains, buses etc.

Interesting thing is that Diesel was running about the same, maybe a few cents higher than gas and now diesel has not moved.

Diesel is still around ~$3.65 at most stations.

 

[Born2bwire]

Have you written a letter to the State's Attorney? How about Rahm? There's got to be someone who can help lower the prices in the Chicago region.

If only Dave would move out of the state so that the gas prices can return to normal.

 

[dmcowen674]

Originally Posted by Londo_Jowo
Have you written a letter to the State's Attorney? How about Rahm? There's got to be someone who can help lower the prices in the Chicago region.

If only Dave would move out of the state so that the gas prices can return to normal.

Apparently this is true.

People tell me gas here has gone up to the highest in the country only since I moved here.

I am in the process of possibly moving to a new state so hang in there Illinois your wish may come true soon enough.

 

[werepossum]

Sounds like they're not running pigs down the lines to detect issues.

I know what you mean, but that image still made me laugh as I pictured actual pigs running down the lines.

Then I pictured unionized pigs. "Fvck you, I'm on break, you evil capitalist - Wait a minute, that's not going to come out right."

Now I'm thinking about trains . . .

 

[dmcowen674]

Is the Journalists lying or the expert P&Ners?

The P&Ners insist Refiners are not making money and there is no profit margins:

8-1-12

http://finance.yahoo.com/news/gasoline-demand-weak-us-refiners-190919056.html

Gasoline demand is weak, but US refiners shine



Boom in US oil production means US refineries get access to cheap crude, boosting profits



U.S. refiners are getting high prices for their gasoline and diesel while paying less for the crude and natural gas needed to make it.


This is leading to big profits even though demand for gasoline is down in the U.S. as the economy plods along and more efficient cars than ever are zipping along the nation's highways.


Paul Cheng, an analyst at Barclays Capital, calls it a "new golden age" for U.S. refiners.

The reason is a surprising dynamic in world oil markets: There's a relative glut of crude in the U.S., the world's biggest oil consumer.



Demand for gasoline and other fuels is as low as it's been in a decade, while oil production is booming in the middle of North America at newly-prolific fields in North Dakota, the Rockies, Texas and Canada's oil sands.


This surplus means refiners such as Valero Energy Corp., Phillips 66 and Marathon Petroleum Corp., along with the refinery divisions of oil giants ExxonMobil Corp. and Chevron Corp. have to pay less for their crude.


But this oil "glut" is not turning into a glut of gasoline. U.S. refiners are using their cost advantage over foreign competitors to export record amounts of gasoline.

But the lower costs for U.S. refiners means they can ship the fuel that Americans don't want abroad and still make a good profit. Exports of petroleum products reached a record 914 million barrels last year, and were the biggest U.S. export

=======================================
Meanwhile Americans that "don't want" the gasoline are paying the highest ever for the gas especially in the midwest market of Chicago.

This is the coolest scam ever on Americans and they love it.

 

[dmcowen674]

Originally Posted by dmcowen674
Did President Romney declare war on Iran yesterday?

Gas jumped ~20 cents from ~$3.65 to ~$3.85 here the burbs, ~$4.09 in the city.

Gas in burbs jumped another 10 cents last night, now ~$3.95

Guys telling me stations in the city around ~$4.25

It's only August 1st so at this rate will be well over ~$5 in Chicago again.

Up another 10 cents here in the burbs to ~$4.06

Must be approaching ~$4.50 if not already at it in the city

 

[dmcowen674]

Listen to the Newsman in the video.

Gas has gone up in Chicago 61 cents since July 25th.

8-2-2012

http://chicago.cbslocal.com/2012/08/02/gas-prices-expected-to-jump-as-much-as-35-cents/

Gas Prices Expected To Jump As Much As 35 Cents



Chicago drivers should expect to see some sticker shock at the gas pump very soon, as prices are expected to jump by as much as 35 cents.


As CBS 2’s Kris Habermehl reports, the gas prices in Chicago are already the second highest in the nation. At the Shell station at Route 53 and I-55 in Bolingbrook Thursday morning, the price was $3.99, which matches up to most of the area.


The spot price for gasoline – the price gas stations pay before taxes – rose 21 cents just Wednesday morning.


Experts say a number of factors are to blame.



Among them are pipeline problems – including an Enbridge pipeline that carries crude from Chicago to Canada and has been shut down, and three regional refineries that have sustained setbacks in their operations.
================================================

All those problems are the people of Chicago area fault of course.

Pay up Chicagoans you apparently deserve it

 

[werepossum]

Is the Journalists lying or the expert P&Ners?

The P&Ners insist Refiners are not making money and there is no profit margins:

8-1-12

http://finance.yahoo.com/news/gasoline-demand-weak-us-refiners-190919056.html

Gasoline demand is weak, but US refiners shine



Boom in US oil production means US refineries get access to cheap crude, boosting profits



U.S. refiners are getting high prices for their gasoline and diesel while paying less for the crude and natural gas needed to make it.


This is leading to big profits even though demand for gasoline is down in the U.S. as the economy plods along and more efficient cars than ever are zipping along the nation's highways.


Paul Cheng, an analyst at Barclays Capital, calls it a "new golden age" for U.S. refiners.

The reason is a surprising dynamic in world oil markets: There's a relative glut of crude in the U.S., the world's biggest oil consumer.



Demand for gasoline and other fuels is as low as it's been in a decade, while oil production is booming in the middle of North America at newly-prolific fields in North Dakota, the Rockies, Texas and Canada's oil sands.


This surplus means refiners such as Valero Energy Corp., Phillips 66 and Marathon Petroleum Corp., along with the refinery divisions of oil giants ExxonMobil Corp. and Chevron Corp. have to pay less for their crude.


But this oil "glut" is not turning into a glut of gasoline. U.S. refiners are using their cost advantage over foreign competitors to export record amounts of gasoline.

But the lower costs for U.S. refiners means they can ship the fuel that Americans don't want abroad and still make a good profit. Exports of petroleum products reached a record 914 million barrels last year, and were the biggest U.S. export

=======================================
Meanwhile Americans that "don't want" the gasoline are paying the highest ever for the gas especially in the midwest market of Chicago.

This is the coolest scam ever on Americans and they love it.

This is all great news. American gasoline demand is down, we're buying more efficient cars and trucks, and we're consequently able to export gasoline, keeping jobs, bringing money into our economy, and helping our horrendous trade deficit. Even the high gas prices in Chicago are good news, as they provide an important lesson to any other city tempted to be so stupid as to demand its own boutique formulation.

 

[Engineer]

After falling all the way to $3.03 in Lexington about 4 to 5 weeks ago, gas has rebounded to $3.79 today. It "was" about $0.50 cheaper about 25 miles south of here a few days ago (Richmond).

And while I agree with werepossum that high prices is pushing us in other directions, I still think the premise of the OP is still correct in that the high prices are kicking our economy in the nuts.

 

[dmcowen674]

Stations that were ~$4.06 this morning in the burbs are now ~$4.15 tonight.

 

[werepossum]

After falling all the way to $3.03 in Lexington about 4 to 5 weeks ago, gas has rebounded to $3.79 today. It "was" about $0.50 cheaper about 25 miles south of here a few days ago (Richmond).

And while I agree with werepossum that high prices is pushing us in other directions, I still think the premise of the OP is still correct in that the high prices are kicking our economy in the nuts.

Oh, that's inarguable. Modern civilization is built on cheap energy, and most of the people denying the bad effect of high gas prices on our economy are simply bashing Dave (in spite of the fact that it's Whippersnapper's thread.)

So more accurately, I should say that all Dave's news had elements of good. The facts that we're exporting gasoline, buying more efficient vehicles, and doing less driving, are all good things. But the high prices (anywhere) are good only insofar as they are driving us to more efficient vehicles, less driving, and thus emitting fewer pollutants and CO2 - and for Chicago, a useful lesson for other cities' management.

 

[dmcowen674]

Modern civilization is built on cheap energy, and most of the people denying the bad effect of high gas prices on our economy are simply bashing Dave (in spite of the fact that it's Whippersnapper's thread.)

So more accurately, I should say that all Dave's news had elements of good. The facts that we're exporting gasoline, buying more efficient vehicles, and doing less driving, are all good things.

But the high prices (anywhere) are good only insofar as they are driving us to more efficient vehicles, less driving, and thus emitting fewer pollutants and CO2 - and for Chicago, a useful lesson for other cities' management.

Last night was ~$4.15, this morning ~$4.34

It's Friday so we may go into the city for something and I'll see what it is in the downtown core stations.

 

[dmcowen674]

Oil cranking up today

8-3-2012

http://finance.yahoo.com/q?s=clg13.nym

Crude Oil Feb 13 (CLG13.NYM)

-NY Mercantile

91.17

1.98(2.22%) 9:16AM EDT


Prev Settlement:N/AOpen:90.20Bid:91.56Ask:91.59Day's Range:90.00 - 91.17Volume:1,213Open Interest:

Looks like gas will be ~$4.50 in the burbs by end of the weekend and well over ~$5 in Chicago

 

[dmcowen674]

http://chicagogasprices.com/

The following stations in the city are at $4.59 on this website at 9:30am 8-3-2012

Marathon 5200 N Cicero Ave & Foster Ave & Edens Expy


Chicago - NW octothorp

2 hours ago
update BP 1600 N Elston Ave & North Ave


Chicago - Central doncolon
11 minutes ago
update Shell 3510 S Ashland Ave & 35th St


Chicago - South RogueWoj

3 hours ago
update Shell 130 W North Ave & LaSalle Blvd


Chicago - Central wojoman

3 hours ago
update BP 1647 N LaSalle Blvd & Clark St


Chicago - Central RachelBaby83

9 hours ago
update BP 1201 N Harlem Ave & Division St


Oak Park

 

[Londo_Jowo]

Looks like gas will be ~$4.50 in the burbs by end of the weekend and well over ~$5 in Chicago

Still around $3.25/gal here.

 

[xj0hnx]

Still around $3.25/gal here.

Yip, we have a couple that have broken the $3.50 mark, but most are pretty stable at $3.24-$3.27.

http://corpuschristigasprices.com/

 

[dmcowen674]

8-3-2012

http://finance.yahoo.com/q;_ylt=Ai3...NhdANob21lBHB0A3NlY3Rpb25z;_ylv=3?s=clg13.nym

Crude Oil Feb 13 (CLG13.NYM)

-NY Mercantile

93.08

3.89(4.36%) 11:45AM EDT





Prev Settlement:N/AOpen:90.20Bid:93.34Ask:93.37Day's Range:90.00 - 93.08Volume:5,895Open Interest:N/ASession:
Exp. Date:N/A