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

[Londo_Jowo]

WTI Drops $1.73/barrel ($87.38/barrel) in trading today.

http://money.cnn.com/data/commodities/

 

[dmcowen674]

2-7-2011

http://www.azcentral.com/business/articles/2011/02/07/20110207biz-oilfutures0207.html

Oil back above $89 a barrel


Oil prices inched back above $89 a barrel Monday as mixed signals from the U.S. about economic growth and crude demand combined with concerns about instability in Egypt.


By early afternoon in Europe, benchmark crude for March delivery was up 26 cents at $89.29 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, the contract fell to $88.51, after losing $1.51 to settle at $89.03 on Friday.

http://www.azcentral.com/business/articles/2011/02/07/20110207biz-oilfutures0207.html#ixzz1DJOnva1Z
​

Shipping through Egypt's Suez Canal has not been disrupted, but investors are also concerned political instability could spread to oil rich countries in the Middle East.

"That means that geopolitics was always likely to re-establish itself in 2011 as a major component of the oil market."

​

​

 

[Londo_Jowo]

Do you ever check the dates/time on your links?

 

[Londo_Jowo]

WTI Light Crude has lost another $2/gallon and is trading at $86.48.

http://money.cnn.com/data/commodities/

Dave, make sure you find a good link to refute the latest data.

 

[dmcowen674]

2-9-11

http://news.yahoo.com/s/yblog_thelo...helookout/wikileaks-saudis-running-out-of-oil

WikiLeaks: Saudis running out of oil


The new cables detail a meeting between a [COLOR=#366388 ! important][COLOR=#366388 ! important]U.S. [COLOR=#366388 ! important]diplomat[/COLOR][/COLOR][/COLOR] and Sadad al-Husseini, a geologist and former head of exploration for Saudi oil monopoly Aramco, in November 2007. In that conversation, [COLOR=#366388 ! important][COLOR=#366388 ! important]Husseini[/COLOR][/COLOR] told the American official that the Saudis are unlikely to keep hewing to their target oil output of 12.5 million barrels per day output in order to keep prices stable. Husseini also indicated that Saudi producers are likely to hit "peak oil"--the point at which global output hit its high mark--as early as 2012.

Saudis could dramatically underdeliver on output by as soon as next year, sending fuel prices soaring.

 

[TheSlamma]

2-9-11

http://news.yahoo.com/s/yblog_thelo...helookout/wikileaks-saudis-running-out-of-oil

WikiLeaks: Saudis running out of oil

The latest startling revelation to come via documents leaked to Julian Assange's muckraking website and published by The Guardian should give pause to every suburban SUV-driver

This would be a dream come true for me.. so basically that means it's prolly not true.

 

[Londo_Jowo]

WikiLeaks: Saudis running out of oil

I guess the traders choose to ignore this news as oil trading was flat. WTI is still below $87/barrel.

 

[Scotteq]

I guess the traders choose to ignore this news as oil trading was flat. WTI is still below $87/barrel.

The (obvious) potential reason why is that the Traders (who's business relies on knowing this stuff better/faster/sooner than their competitors) may well have already been well aware of it. And therefore that risk/knowledge is already "priced into" the commodity.

There's an old stock market adage saying to buy on rumor, sell on News. The lesson in that adage is that, by the time it's actually "news", the real players are already positioned to take profit.

 

[zephyrprime]

Read this interesting piece today:
http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

Apparently, in WikiLeaks, there is a memo from a diplomant who was told by the former head of exploration at the Saudi oil monopoly Aramco that Saudi Oil reserve estimates are overstated by nearly 40%. This is really big news in my opinion and of course conventional media is failing to report it.

 

[Doppel]

Read this interesting piece today:
http://www.guardian.co.uk/business/2011/feb/08/saudi-oil-reserves-overstated-wikileaks

Apparently, in WikiLeaks, there is a memo from a diplomant who was told by the former head of exploration at the Saudi oil monopoly Aramco that Saudi Oil reserve estimates are overstated by nearly 40%. This is really big news in my opinion and of course conventional media is failing to report it.

there have been reports for years that the Saudis were overestimating, so this isn't really anything new. some think they are overestimating and others do not.

the probability of peak oil in the near future is quite high, but also appears less likely to cause Mad Max end of world type scenarios. prices will climb and suppress demand's growth, while forcing further R&D into alternatives and also expanding the interest in high-cost oil such as tar sands.

even the wikileak talks of a long plateau.

 

[Londo_Jowo]

This information was known in 2007 guess re-releasing old information didn't have the impact they expected.

 

[dmcowen674]

Trump addressed the oil/gas scam in his introductory speech today at CPAC.

He said gas is $4.54 in DC and expect $7-$9 by the end of the year.

 

[bfdd]

Just an FYI, BP is probably getting rid of two refineries in the States soon. Texas City and the Carson refinery. Rumor is Exxon is interested in the Carson refinery.

 

[Londo_Jowo]

BP Texas City is go through a turn around right now. Not sure how easy it will be to sell the refinery after the problems in the past several years.

 

[Londo_Jowo]

Trump addressed the oil/gas scam in his introductory speech today at CPAC.

He said gas is $4.54 in DC and expect $7-$9 by the end of the year.

Blah, blah, blah......yak, yak, yak!!!

Come back when you have some truthful information.

http://fuelgaugereport.opisnet.com/DCmetro.asp

 

[bfdd]

BP Texas City is go through a turn around right now. Not sure how easy it will be to sell the refinery after the problems in the past several years.

Same, but that's what I've been told. They have owned the Carson Arco refinery for 10 years now I think and they've been working on trying to get rid of it for like the last two years. Just heard that Texas City was on the block as well. They could probably sell it, but they most likely won't get a great value for it.

 

[Londo_Jowo]

Valero has sold off several recently after they purchased so many in a few years. I've hear it has to do with the low profit margins and high benefit costs (pension payouts)

 

[dmcowen674]

2-11-11

http://news.yahoo.com/s/ap/20110211...DeW5faGVhZGxpbmVfbGlzdARzbGsDb2lscmlzZXNhYm92

Oil prices rose above $87 a barrel Friday in Asia as Egyptian President Hosni Mubarak clung to power amid growing protests calling for his resignation.

Egypt is not a major oil producing country, but it controls the Suez Canal and a nearby pipeline. Egypt's political crisis, which is entering its 18th day, hasn't disrupted oil supplies, but traders are concerned the upheaval could spread to other countries in the oil-rich region.

=============================================
Like Trump said "and this is a reason to raise prices why?"

 

[Tom]

"but traders are PRAYING the upheaval could spread to other countries in the oil-rich region."

fixed.

 

[Doppel]

Trump addressed the oil/gas scam in his introductory speech today at CPAC.

He said gas is $4.54 in DC and expect $7-$9 by the end of the year.

Moderator, why is continual lying allowed? dmcowen states obvious lies and is challenged on them and ignores. Is this not classic trolling?

 

[dmcowen674]

Moderator, why is continual lying allowed? dmcowen states obvious lies and is challenged on them and ignores. Is this not classic trolling?

I'm Donald Trump? Wow, thanks

WWYBYWB?

 

[Londo_Jowo]

I'm Donald Trump? Wow, thanks

No, but you're a compulsive lying troll.

95% of what dmcowen674 posts is lies, the other 5% is utter bullshit.

 

[allisolm]

Trump addressed the oil/gas scam in his introductory speech today at CPAC.
He said gas is $4.54 in DC and expect $7-$9 by the end of the year.

Moderator, why is continual lying allowed? dmcowen states obvious lies and is challenged on them and ignores. Is this not classic trolling?

I just listened to that speech and what Trump said was that gas was $4.54 at one station they passed on their way to CPAC (about 6:50 min in.) I think he had his numbers wrong and it should have been $3.54, but $4.54 is what he said. He also said (about 8:00 in) that a year or two from now we're going to be paying 7,8,9 $ a gallon for gas.

 

[Londo_Jowo]

BTW Dave Oil is trading under $87/barrel again.

 

[airdata]

I don't pay attention to price per barrell...

But i've noticed gas spike up to 2.99/gallon twice in the past week before dropping 10 cents or so.


Can somebody in europe post what they're paying for gas and do liter to gallon conversions for us americans?