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Thread: Oil prices approaching $65 a barrel

  1. #31
    Maple SERP savafan's Avatar
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    Jun 2000
    Cincinnati, Ohio

    Re: Oil prices approaching $65 a barrel

    It has happened.


    By Richard Valdmanis 18 minutes ago

    NEW YORK (Reuters) - Oil prices surged nearly two dollars a barrel on Wednesday after a U.S. government report ignited concerns that strong demand and a spate of refinery problems could trigger a crunch in gasoline stockpiles.

    The gains came against the backdrop of rising tensions in the energy-rich Middle East, after the United States closed its diplomatic missions in Saudi Arabia this week due to the threat of attacks by militants.

    U.S. light sweet crude futures soared $1.93 to $65.00 a barrel, the highest on record. London Brent jumped $2.08 to new peak of $64.06 a barrel.

    A U.S. government report issued on Wednesday showed crude stockpiles in the world's biggest energy consumer rose last week by 2.8 million barrels, due to hefty imports and slower refining activity.

    But the report from the Energy Information Administration also showed a 2.1 million barrel decline in gasoline stockpiles due to strong demand and slower domestic production -- bringing inventories 7.9 million barrels, or 3.7 percent, below last year's level.

    "Gasoline inventories are of greater concern, but the draw was smaller than in previous weeks, and we don't have that much time left in the driving season," said Timothy Evans, senior analyst at IFR Energy Services.

    U.S. gasoline demand has been running at a robust 1.4 percent higher than a year ago over the past four weeks, despite record high retail prices at the pumps -- a sign the economy is holding up against soaring energy costs.

    While crude prices are running at their highest on record in nominal terms, when adjusted for inflation they remain below their 1980 height over $82.


    Crude oil producers and refiners have struggled to keep up with demand growth over the past two years, reducing the cushion of spare capacity needed to make up for any sudden shortfall.

    Worries over that scenario grew this week when the United States temporarily shut its missions in Saudi Arabia because of a security threat in the world's top oil exporter and
    OPEC's second biggest producer
    Iran pressed ahead with its nuclear work in defiance of the
    European Union.

    OPEC producer nations, which control about 40 percent of the world's oil exports, have been pumping at their highest levels in decades in an effort to cool prices.

    Venezuela's oil minister said Wednesday the cartel has done all it can to boost oil supply, but global prices will probably hold at their current levels.

    "We have said that this is a structural issue, not a short-term factor, and the price is going to stay the same," Oil Minister Rafael Ramirez told reporters during a visit to Uruguay.

    On Tuesday, OPEC President Sheikh Ahmad al-Fahd al-Sabah of Kuwait blamed refinery bottlenecks for record oil prices.

    Adding to gains Wednesday, BP said its Schiehallion North Sea oilfield would be down until the end of the month as it repairs fire damage. Unplanned closures and scheduled maintenance have cut around 10 percent of North Sea output in August.

    In the United States, where refinery problems have pushed gasoline prices to historic highs, BP said it had shut a unit at its Texas City refinery.

    U.S. gasoline futures struck a record Wednesday of $1.8990 a gallon.
    My dad got to enjoy 3 Reds World Championships by the time he was my age. So far, I've only gotten to enjoy one. Step it up Redlegs!

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  3. #32
    Maple SERP savafan's Avatar
    Join Date
    Jun 2000
    Cincinnati, Ohio

    Oil surges to $66


    By Janet McBride and Peg Mackey 1 hour, 35 minutes ago

    LONDON (Reuters) - Oil charged to $66 to a new high on Thursday as
    Iran's nuclear work put it at odds with the United Nation's atomic watchdog and more U.S. refinery snags threatened gasoline supplies to the world's biggest consumer.

    Earlier the International Energy Agency said non-
    OPEC output was falling short of expectations, compounding supply concerns.

    U.S. light sweet crude was up $1 at $65.90 at 1540 GMT after hitting a record-high of $66.00. London Brent was up $1.55 at $65.54 after touching $65.66.

    "The presence of significant headline risk, most particularly from Iran's international relations, the Atlantic hurricane season and from tightness in refining, is continuing to support prices at higher levels," said Barclays Capital.

    In Vienna, the board of governors of the
    International Atomic Energy Agency approved a resolution demanding that Iran suspend all nuclear activities, a diplomat said.

    EU diplomats said if OPEC's second biggest producer failed to comply with the resolution they would push for Iran to be referred to the UN Security Council for punitive action.


    In the United States, where refinery problems have strained gasoline stocks during the peak demand season, BP shut several units at its Texas City refinery, a source familiar with the plant's operation said.

    And ConocoPhillips Wood River refinery suffered a power problem, market trading sources said.

    The news came on the heels of U.S. stock data on Wednesday that showed another fall in gasoline inventories in the world's biggest consumer.

    Edward Meir of Man Energy said oil price forecasts were running the gamut. "In markets like these, it is best to let things run their course, especially given the fact that there are no resistance 'signposts' to guide us."

    The International Energy Agency, adviser to 26 industrialized nations, earlier nudged up its world oil demand growth forecasts for this year and next, leaving already stretched OPEC to fill the supply void.

    The IEA cut non-OPEC supply growth this year by 205,000 barrels per day, with production problems in the U.S. Gulf, Mexico, Norway and Britain accounting for most of the shortfall. Russia is also pumping less than expected.

    "The extent to which (the IEA) felt compelled to cut its estimates of non-OPEC production is a bullish factor," said Deborah White, senior energy analyst at SG Commodities.

    Even with U.S. crude averaging above $53 a barrel for the year to date, in real terms prices are still below the $80 a barrel average of 1980, after the Iranian revolution.
    My dad got to enjoy 3 Reds World Championships by the time he was my age. So far, I've only gotten to enjoy one. Step it up Redlegs!

  4. #33
    Join Date
    Apr 2000
    San Marcos, CA

    Re: Oil prices approaching $65 a barrel

    Rumblings Increase About Trucking Protest To High Gas Prices

    August 12, 2005

    By Bryan Johnson

    SEATTLE - Trucks drivers are telling KOMO 4 News they are hearing increasing discussion about parking rigs to protest high diesel prices.

    Several drivers say the talk is "all over the CB" across the country.

    This week, log truck drivers in southwestern Washington parked their rigs to try to force additional fuel allowance from timber companies. In the Miami area, truck drivers formed a 20-mile long protest caravan.

    At the North Bend truck stop, diesel hit about $2.91 a gallon and even at a Costco membership gas station, the price of regular gasoline was priced at just under $2.58 a gallon.

    At that gas station, Paul Sockwell filled, up saying he expects to pay much more soon: "This is cheaper gas right now." Asked if he thinks it's going to go higher, Sockwell said: "Of course, it's supply and demand."

    Right now demand remains high.

    And many pay the piper. Neda Nessirian drives a Suburban. Her reaction to $2.58 a gallon: "It's almost like a car payment, like a brand new Mercedes $400-$500 gas."

    Neda's upset her gas bill now averages close to $500 a month. P> Pity the truckers, the cost of diesel: $2.90 a gallon. Mike Fox spent $1,700 between Indiana and North Bend. His wife, Caroline, told KOMO 4 news: "Right now we are running in the red. We are putting out more on the trucks that what we are making."

    Asked why he continued to drive, Fox said: "Because there's nothing else to it. It's all we do. It's all I've ever done."

    The truckers have heard of logging trucks parking in protest in Grays Harbor. Quietly, not openly yet, they are talking of parking their rigs.

    Mike said: "I don't know (if) we can bring the price of fuel down by doing that; but, hopefully, it would get the government's attention. Something has to be done about it."

    The wife of another long-haul driver, Judy Looney said: "That'd get a message to just about everyone -- when your grocery store start running out of food."

    And driver Owen Adams said: "You would be hungry if you didn't get your food, if you didn't eat; and that's what I do, I haul produce." Adams isn't ready to park just yet, although he got a shock when he checked the pump. His total bill after buying fuel for the truck and the refrigerator was $352.

  5. #34
    Join Date
    Apr 2000
    San Marcos, CA

    Re: Oil prices approaching $65 a barrel

    Posted on Thu, Aug. 11, 2005_krdDartInc++;document.write(''); http://[img]http://ad.doubleclick.ne...641?[/img] R E L A T E D C O N T E N T CHUCK FADELY/HERALD STAFF FUELING CONTROVERSY: Truck drivers parked at Miami City Hall to encourage Congress to pass a mandatory fuel surcharge law that would automatically pay truckers more as diesel prices rise.More photos R E L A T E D L I N K S • CBS4 Video | See footage of the convoy and protestif (typeof(krd_topix_property) != 'undefined') {document.write('var topixcats = new Array();');}var topixcats = new Array();M O R E N E W S F R O M Truckers

    Truckers protest heavy load

    Truckers demanded mandatory fuel surcharges in a protest convoy along South Florida's freeways



    Hundreds of towering truck cabs streamed down South Florida's freeways on Wednesday in a protest convoy to demand mandatory fuel surcharges, snarling traffic and irritating travelers across the Miami metropolitan region in the process.

    Trucker Marvin Palacios had grievances as broad as the wide-brimmed cowboy hat that topped his 6-foot-2-inch frame.

    ''Oil is becoming more expensive every day and the owners of the trucking companies don't want to pass fuel surcharge to the drivers,'' said Palacios. ``I have a family. The cost of living is going up and we aren't earning any more.''

    The caravan, organized by the International Brotherhood of Teamsters and the International Longshoremen's Association, was staged to encourage Congress to pass a mandatory fuel surcharge law that would automatically pay truckers more as diesel prices rise.

    ''¡No Mas! [No More]'' said posters showing a gasoline nozzle stabbing drivers in the back that were held aloft by demonstrators. They were also were plastered on the cabs of several hundred semis that traveled from Hialeah Gardens to Miami City Hall for a mid-day rally.

    Honking horns punctuated the air as the truck cabs -- minus their trailers and container loads -- straggled into Coconut Grove for several hours. Most of the drivers haul containers to and from the Port of Miami-Dade and the large majority of them are immigrants from Cuba and Central America.

    Even when shippers pay a fuel surcharge, the money often is not passed along to the drivers.

    ''This isn't fair,'' Teamsters Local 769 President Mike Scott told the noontime rally. ``But nothing about this business is fair when it comes to the way truck drivers are treated.''


    Trucker Pedro A. Ramos showed a Department of Energy fuel surcharges schedule showing fuel surcharges of 28 percent when the price of diesel is at $2.45, as it is today. But such surcharges are not mandatory. ''Companies might pay us 5 percent instead of 28 percent,'' Ramos said. Other truckers might receive the full amount or no surcharge payment at all.

    The protest convoy along state roads 836 and 826 and down Southwest 27th Avenue to Coconut Grove created bottlenecks on several main highways throughout South Florida.

    The situation could have been a lot worse, said Rory Santana, a traffic operations manager for the Florida Department of Transportation in Miami.

    Santana said the truckers would have caused much lengthier delays if they had decided to leave Hialeah Gardens around 6 a.m. or 7 a.m. instead of 10 a.m., after the morning rush hour was over.

    They arrived at Miami City Hall just before the lunchtime rush. The convoy of semis then headed to their work at the port after lunchtime was over.


    Ron Carver, assistant director of the Teamsters' port division, said that 639 trucks left Okeechobee Road but many of them were turned away by police before arriving in Coconut Grove.

    ''We delivered petitions with thousands of signatures to Commissioner Tomas Regalado who said he would deliver them to the congressional delegation for South Florida, including the two U.S. senators, and urge them to sponsor legislation that would create a mandatory fuel surcharge,'' Carver said.

    Truck drivers for the port are identified as independent contractors because they own the truck cabs that haul the trailers. But they work for trucking companies that receive contracts from shippers for the containers they want transported.

    The drivers staged a nearly two-week work stoppage in July 2004 to protest delays at the port and other problems.

    While the port confrontation has ended, Wednesday's protest convoy showed that truck drivers still have complaints that they don't benefit more from the recent U.S. trade boom.

  6. #35
    Baseball card addict MrCinatit's Avatar
    Join Date
    Feb 2005

    Re: Oil prices approaching $65 a barrel

    Quote Originally Posted by Heath
    also for you oil heads - map of crude oil locations determined by the department of energy.....
    intresting that it seems the area covered most by oil reserves is the U.S. - unless i was just looking at i wanted to look at.

    that said, it is times like this when i am very glad i walk to and from work, and i mean that with all honesty.

    Roy Tucker's earlier post about Florida and the look in the future might not only be prophetic, but also a leap into a dark past few of us want to remember, during the oil embargos of the 1970s - who remembers the long gas lines of that period, and the make-shift "out of gas" signs hanging on pumps. our family lived in Dayton at the time, and as a child, i actually thought it was status quo for the whole family to jump in the station wagon, then sit in the car for hours, waiting for a tank of gas - i thought everyone did this, i thought it had always been like that, and i thought it was going to be like that forever in the future.
    here, we got another glimpse of that on Sept. 11, 2001, when people panicked that night, filling up on as much gas as they could. i remmeber one guy rushing into our store, buying every gallon gas container he could find. naturally, the gasoline companies being the helpful, honest, ungreedy souls they are hiked prices that night as a result.
    someday, though, this will end. the oil reserves are not eternal. it might not happen in our lifetime, or the next generation, but it will happen. i only hope we are better prepared than now.

  7. #36
    Titanic Struggles Caveat Emperor's Avatar
    Join Date
    Dec 2004
    The 513

    Re: Oil prices approaching $65 a barrel

    Now that it has been established that consumers will pay $2.50 a gallon for gas, there is no way that the price will ever drop much lower than this.

    The scary thing is, once gas hits $3.00-$3.50 a gallon (which some are predicting it will within the next year or so), it'll actually become cheaper for me to buy a more fuel-efficient car and carry a car payment than it will for me to continue to drive around my paid-off Jeep Cherokee.
    Cincinnati Here We Go.
    26 Years and Counting...

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