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TeamCasey
06-20-2005, 02:18 PM
Oil went to a record high today. Expect gas stations to respond as quick as they can.

Chip R
06-20-2005, 02:25 PM
I bought it on Saturday for $1.99.

Heath
06-20-2005, 02:31 PM
NEW YORK Crude oil prices marched to new heights of close to $60 a barrel Monday as worries about a possible winter fuel crunch stoked buying and forced OPEC to consider releasing extra crude.

Light sweet crude (search) for July delivery hit a record $59.23 per barrel on the New York Mercantile Exchange (search), before paring gains to stand up 33 cents at $58.80 in midday trading. Brent futures for August traded in London climbed 24 cents to $58 a barrel, having hit a fresh peak of $58.58..

NYMEX contracts for delivery in the last four months of the year, when oil demand seasonally picks up in the northern hemisphere, all traded above $60.

"The main reasons for the continued momentum remain the same as they have been throughout the strong push up over the past month --- the perception of a tight balance for the back end of this year in a market with limited slack," said Kevin Norrish of Barclays Capital.

OPEC (search) President Sheik Ahmed Fahd Al Ahmed Al Sabah said Monday that "if the prices continue to the end of this week at the same level, I will start consulting my colleagues to release the 500,000." Asked by reporters in Kuwait what he meant by the end of this week, the minister said Friday.


Last week the oil cartel agreed to raise its official production ceiling to 28 million barrels, but that failed to soothe traders because OPEC's output had already exceeded that level as producers seek to cash in on high prices. Including Iraq, which is not bound by the quota system, OPEC is pumping close to 30 million barrels a day, or about 35 percent of global demand.

"We have been expecting prices to come down for a while but this is clearly not the case. The rally is definitely sustained by gasoline demand in the United States, posting a 3 percent yearly growth, which is seen as extremely strong," said Deborah White, energy analyst with SG Securities in Paris.

"People are trying to push prices through $60," she added.

While Nymex oil futures are more than 50 percent higher than a year ago, they are still below the inflation-adjusted high above $90 a barrel set in 1980.

Analysts said unlike the record prices last year, which were driven largely by concern over geopolitical events in oil-producing countries such as Nigeria, Saudi Arabia, Iraq and Venezuela, this year's trend has more to do with speculative buying, continued supply fears and limited excess production capacity.

ANZ Bank energy analyst Daniel Hynes said the rise in oil prices last week was partly a reaction to the kidnapping of two German and four Nigerian Shell subcontractors who had been seized by gunmen on Wednesday. They were released Saturday. Nigeria exports some 2.5 million barrels of oil daily, making it the world's seventh-leading exporter and the fifth-biggest source of U.S. oil imports.

Heath
06-20-2005, 02:33 PM
High Oil Prices Causing No Panic -- Yet
Monday, June 20, 2005


NEW YORK U.S. consumers and corporations can cope with higher oil prices as long as crude prices stay clear of volatility, market strategists say.

In inflation-adjusted terms, oil prices remain well-below the roughly $90-a-barrel peak hit in the 1980s, according to calculations by the International Energy Agency (search).

"Oil prices on a real basis are not as expensive. The economy is more energy efficient. Volatile is more problematic than just high oil prices," said Chip Dickson, chief U.S. strategist at Lehman Brothers (LEH), speaking at the Reuters Investment Outlook Summit.

Oil prices have risen more than 27 percent this year, hitting a record high of $58.28 a barrel on April 4. U.S. crude futures on the New York Mercantile Exchange (search) on Friday hit a new record of $58.60 per barrel -- over the former record of $58.28 set on April.

"When energy prices rise, it is during that period (of rise) that we see a slowdown," said Abby Joseph Cohen, chief U.S. portfolio strategist at Goldman Sachs and Co (GS). "If energy prices stabilize at a certain level, the impact seems to abate a little bit as households and others adjust to that new level."


But Cohen said if prices jump dramatically above Goldman's near-term target range of $45 to $50, it could hurt consumers, particularly lower-income households, and that could hit the margins of discount retailers.

In March, Goldman Sachs said in a research report that oil markets have entered a "super-spike" period that could see 1970s-style price surges as high as $105 a barrel. Cohen said that is the level at which Goldman's analysts expect oil to be "totally disruptive."

Investors worry about the negative impact of oil prices on stocks but at least one market strategist said there's reason to relax.

"I don't think I would draw any kind of connection between equities in general and the oil market," said Rick Bensignor, executive director and chief technical strategist at Morgan Stanley.

While oil prices have risen about 70 percent over in the last year and a half, the S&P 500 index has also risen, although by a far lower 8.6 percent.

"Now you are talking longer term and clearly there is no correlation there. Crude, if anything, is stopping the stock market from being much higher," Bensignor said.

One of the main reasons high oil prices don't seem to send shockwaves through the U.S. stocks markets in recent years is the high services component in the U.S. economy and relatively efficient manufacturing processes, the strategists said. The services sector comprises about 80 percent of the U.S. economy.

"From a global standpoint we know that there are other countries more afflicted by higher energy prices than we are," Cohen of Goldman Sachs added. "I'd like to say that this is because the growth in our economy has come not from heavy duty, metal-bending manufacturing but from more sophisticated manufacturing that is not as energy intensive and also because a good deal of our growth has come from services."

Heath
06-20-2005, 02:34 PM
Greenspan: Economy Will Weather Oil Prices
Friday, May 20, 2005

WASHINGTON The economy, which had hit a temporary soft patch from surging energy prices, probably will weather the situation well, Federal Reserve (search) Chairman Alan Greenspan (search) suggested Friday.

"The effect of the current surge in oil prices, though noticeable, is likely to prove less consequential to economic growth and inflation than in the 1970s," the Fed chief said in a speech to the Economic Club of New York (search).

A copy of his speech was distributed in Washington.

Greenspan, in a largely upbeat assessment, noted that oil and gas prices have calmed down a bit recently.

As he did in April, the Fed chief expressed hope that high energy prices would spur conservation by businesses and consumers and greater energy exploration by energy companies. That should also help moderate prices.

Oil prices skyrocketed into record territory in March and closed at a new peak of $57.27 a barrel at the beginning of April. Prices have since retreated and now are above $47 a barrel.

President Bush has called on Congress to produce a comprehensive energy bill by August. The House passed a bill last month, but its prospects in the Senate where energy legislation died two years ago remain uncertain.

Greenspan also repeated his interest in letting market forces help to stabilize prices. He said any response by policy-makers should not "distort or stifle the meaningful functioning of our markets," he said.

GIK
06-20-2005, 02:42 PM
$2.31 on Saturday (93 octane)

CTA513
06-20-2005, 03:19 PM
Buy gas? theres plenty of cars on my street with gas in them.

;)

Reds4Life
06-20-2005, 03:20 PM
They already raised it here, up to $2.25/gallon for regular, up from $1.99 yesterday.

TC81190
06-20-2005, 03:23 PM
Filled up when it was 2.04. Drove by 'bout an hour later, 2.25. Score.

KronoRed
06-20-2005, 03:35 PM
Buy gas? theres plenty of cars on my street with gas in them.

;)

Only problem is you have to fill up at 3am ;)

RBA
06-20-2005, 04:31 PM
Only problem is you have to fill up at 3am ;)

Just don't try to use an electric vacuum while the car is running to get to it.

LawFive
06-20-2005, 05:39 PM
Driving down the AA thru Wilder, it's 2.05 at Ameristop and up to 2.25 at the UDF. Guess which place had a line?

Chip R
06-20-2005, 05:53 PM
Filled up when it was 2.04. Drove by 'bout an hour later, 2.25. Score.Isn't it amazing when we are actually happy that we got gas for $1.99 or $2.04?

Reds/Flyers Fan
06-23-2005, 10:14 PM
Saw gas for $2.01 across from Tri-County Mall today (Kemper and 747). Anyone from Cincinnati that finds cheap gas sites should post the locations on here :thumbup:

LawFive
07-01-2005, 03:48 PM
As I was lamenting the fact that it took $26 to fill up my Civic this afternoon, the manager of a local UDF said he has been instructed to raise the price to $2.60 on Tuesday.

Hello, TANK??...

Reds4Life
07-01-2005, 03:51 PM
As I was lamenting the fact that it took $26 to fill up my Civic this afternoon, the manager of a local UDF said he has been instructed to raise the price to $2.60 on Tuesday.

But there is no price fixing going on. Riiiiiiiiiiiiiiiiight.

redsfan#1
07-01-2005, 04:14 PM
But there is no price fixing going on. Riiiiiiiiiiiiiiiiight.
I thought price gouging (sp?) was illegal! Maybe I'm wrong but this doesn't seem right! :angry:

savafan
07-01-2005, 05:16 PM
http://news.yahoo.com/s/usatoday/20050701/ts_usatoday/theftofgasrisesaspricegoesup;_ylt=AoxJwECbT4sE2PyQ Sec_x0F34T0D;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl



By William M. Welch, USA TODAY Fri Jul 1, 6:31 AM ET

Thefts of fuel from service stations are rising with the price of gasoline, and states are cracking down with stiffer penalties for pump-and-run pirates.

As the average price of a gallon of regular gas, $2.21, stands near record levels this holiday weekend, gas station owners say thefts are soaring. In response, at least 10 states have stiffened penalties this year or are considering it. (Related item: State-by-state gas prices)

"Our drive-offs are up probably 100%" this year, says Jeff Miller of Norfolk, Va., president of a company that operates 88 gas stations and convenience stores selling gas. "We're on track to lose about a quarter of a million dollars" in 2005.

Gas retailers lost $234 million to theft in 2004, more than double the amount in 2003, the National Association of Convenience Stores reports. The annual loss averaged $2,141 per store.

Catching drive-away thieves is difficult, even in states that allow judges to suspend drivers' licenses on top of criminal penalties. "It's a huge problem," says Jeff Lenard, an association spokesman. "It's something you see when the prices increase."

Lenard notes another alarming trend: theft of fuel by the tank load. In Alabama, a man was arrested when his specially designed truck blew up while he was pumping gas into it from an underground storage tank. In Miami, 55 have been arrested in a theft ring that siphoned fuel from tanks.

At least 28 states have toughened penalties so judges can yank licenses for gas-and-dash drivers, starting with Georgia in 1998.

"When you've got 10 states ... looking at this issue, it's pretty clear it's in response to something. It's rising prices," says Christie Rewey of the National Conference of State Legislatures.

Requiring a cash or credit card payment before pumping would prevent gas theft, but Lenard says some retailers oppose that because it discourages drivers from going inside to buy more profitable items.

Cities are looking at requiring prepayment to reduce the time law officers spend on the crime.

Oklahoma state Rep. Paul Roan sponsored a bill to do that but saw it changed to a stiffer penalty. Roan, 62, a former Oklahoma state trooper, says cops don't like gas-and-dash calls. "You've got more things to do than be a bill collector for a service station," he says.

M2
07-01-2005, 05:46 PM
Cheapest gas in town, $2.29 for regular.

Would ketchup be this expensive if Kerry were president?

westofyou
07-01-2005, 05:51 PM
Would ketchup be this expensive if Kerry were president?

I bet imported french mustard would be cheaper than it is too.

M2
07-01-2005, 06:09 PM
I bet imported french mustard would be cheaper than it is too.

Dammit Mr. President, we've got a dijon gap!

http://digilander.libero.it/stanleykubrick/stranamore/images/ds-turgidson.jpg

GAC
07-02-2005, 06:06 PM
Paid $2.14 today. Wonder what it will be tommorrow, the day before the 4th?

We still pay more for bottled water. :lol: