Oil prices...

[SLCPUNK]

You're missing the point.

[TAP]

http://www.msnbc.msn.com/id/24779216/

Bobby Lee Julien, who?s driven a fuel tanker for 27 years, was near the end of his route. It was 3 a.m. when he pulled up at a stop sign off State Highway 225 in Houston.

It took only a few seconds for the masked man to rip open the passenger door, jump in and point a gun at Julien, 52.

?I begged him not to shoot me,? Julien said. ?I feared for my life. The whole time he had a gun pointed at me.?

It wasn?t Julien?s life the gunman wanted that morning of May 5: ?He said he wanted the truck. He wanted the fuel.?

The truck was recovered three days later. Police said its fuel load would probably be sold on the black market, which is thriving as average pump prices approach $4 a gallon.

With siphons, pumps, saws ? and sometimes lethal weapons ? gasoline thieves are on the hunt.

Most gas thefts are still perpetrated by motorists who drive off without paying. After seeing declines in drive-offs earlier this decade, after many stores began requiring drivers to pre-pay, the National Association of Convenience Stores says they?re rising sharply again.

Convenience stores sell more than 80 percent of the fuel U.S. motorists put in their vehicles, and stores in high-traffic areas along Interstate highways are often hit several times a day, the association said. The average store will lose more than $1,000 in stolen fuel this year, it said ? and more than double that at stores that don?t require pre-payment.

?I had two of them for $131,? said Reggie Armendariz, manager of Murphy USA in Lubbock, Texas. He said he lost more than $600 last month thanks to drive-offs.

Retailers say gas thieves hurt them badly because they?re already operating at razor-thin margins of roughly 2 cents a gallon. A retailer would need to sell an extra 3,000 gallons to offset a $60 drive-off.

?If you have somebody steal $50, $60, $70 worth of gas, it?s going to take a lot of sales to make that up,? said Scot Imus, executive director of the Indiana Petroleum Marketers and Convenience Store Association.

Individual vehicles increasingly targeted
But with the average price of a gallon of gas having more than doubled in the last two years, thieves are branching out. Across the country, drivers are waking up to find their gas caps pried open and their tanks dry.

While there are no national statistics yet tracking an increase in gas thefts, police across the country say they?re investigating more reports than ever before:

    * Using an empty gas can and a siphon, thieves were able to suck 30 gallons of diesel from a bus in a Bethesda, Md., parking lot.
    * In Beaver Dam, Wis., ?they?re just going to cars at night and siphoning gas out of them,? said Stephanie Lehmann, who said several cars in her neighborhood had been hit.
    * Police in Evansville, Ind., said thieves drained all of the fuel this month from seven trucks belonging to a local office of JBM Inc., a metal fabrication chain. They put the loss at $700.
    * And police in Denver are investigating a rash of of incidents in which thieves drill small holes into gas tanks and siphon off the fuel. ?This is clearly not the way it?s been done in the past, by taking a hose and putting it in a gas tank,? police Detective John White said.

?I anticipate there will be more types of theft like this,? said Todd Nehls, sheriff of Dodge County, Wis. ?Either siphoning from other people?s equipment or siphoning from other people?s tanks.?

Many newer cars have locked gas caps, and if yours doesn?t, ?you should consider investing the $10 in a good-quality locking gas cap,? said Sgt. Dave Bursten of the Indiana State Police.

cont. at link

[Dr. Blutarsky]

Oil actually went down $2.00 per barrel due to lower demand by the US.

Let's see if the stations lower prices just as fast as they raise them when the price of a barrel of oil goes up.......

[TAP]

Government intervention 

http://news.bbc.co.uk/2/hi/europe/7421198.stm

The French president has suggested that the EU should consider capping value added tax on fuel to help countries deal with surging oil prices.

Nicolas Sarkozy warned there was no sign the oil price would dip and urged EU member states to consider his idea.

Fishermen across France are continuing to blockade ports and fuel depots in protest at rising diesel costs.

Mr Sarkozy said France, due to hold the EU's rotating presidency from July, was not alone in suffering high fuel costs.

Fighting inflation

"If the barrel continues to rise, must we maintain a VAT rate that is proportional to the price in the same conditions?" Mr Sarkozy said in an interview with French radio station RTL.

French consumers pay almost 20% VAT on the price of oil, which has risen to more than $130 (?65; 82 euros) per barrel.

Mr Sarkozy has indicated that he would like the sales tax brackets within the EU to be reviewed.

"Naturally, I can't decide it on my own," he said. "But I gather that France is not the only country confronted by the rise in the price of oil."

In Spain's north-eastern ports of Barcelona, Rosas and Port de la Selva, some 350 fishermen went on strike, mirroring the wider protests in France.

Meanwhile, in the UK, some 300 lorry drivers demanding a fuel tax rebate blocked a major route into the capital during the morning rush hour in protest.

Fishermen in Portugal and Belgium are also reported to be planning protests and Italy's Federation of Fishing Co-operatives is due to meet on Wednesday to discuss possible strike action.

The EU said such proposals would not be the best way to respond to high energy prices.

Commission taxation spokeswoman Maria Assimakopoulou said any change to the way VAT was calculated on fuel would need a proposal by the EU executive and a unanimous vote by member states.

"The question of taxes comes up very often but still we have doubts if it is the best way to react in these cases," she told Reuters.

A commission spokesman on energy said the best way to offset increased fuel costs would be to enable the fishing industry to pass on the increases to consumers.

Fishermen's friend?

The cost of a litre of diesel fuel for fishing boats in France has risen from 0.45 euros (70 US cents; 35p) to 0.70 euros ($1.10; 55p) in the past six months.

Fishermen in Channel ports including Calais, Dunkirk, Dieppe and Boulogne are continuing their strike, blockading access into the ports.

They say the increase in diesel fuel costs will push them out of business.

Depleted fish stocks mean trawlers have to use more fuel to sail further out to sea, and strict EU fishing quotas mean the fishermen are limited in the amount they can catch and sell for profit.

Mr Sarkozy also said he was looking into how money from sales taxes on oil could be channelled back towards those hardest hit by the price rises.

The French president suggested this might amount to as much as 170m euros ($268m) each quarter.

"I would like to use all this money to finance aid," Mr Sarkozy said, adding that while haulage firms could put up their prices for customers, those in the fishing industry were in a more difficult position.

[SLCPUNK]

Oil actually went down $2.00 per barrel due to lower demand by the US.

Let's see if the stations lower prices just as fast as they raise them when the price of a barrel of oil goes up.......

Contrary to popular belief the gas stations usually have to buy from a distributor and their profit margin is very thin. They make the majority of their money inside the store. If they've already bought X amount of gas at a set price, they are going to try and hold the price so they don't lose even more money. Once you factor in CC fees, and payroll, they can be upside down on their pumps.

Government intervention 

LOL, whatever are you insinuating?

[Howard2k]

Oil is run by a cartell.  It is not a "free market".  Until a cartell stops limiting supply while demand increases, we are fucked.

This has very little to do with "Bush."

OPEC is a fucking scam.

The shit will go down after the elections, like clockwork.

Many say India and China are driving the price up.  Their expansion is not Bush's fault.

Increased demand, limited supply.  Has nothing to do with bush. 

Countries that try to sell Oil outside of cartel can't hang.

Has anyone seen the house of that Saudi Prince?  Its fucking disgusting.  Anyone seen Dubai? 

This is all about money and greed and stock share holders.   They are all loving it. 

Oil needs to be taken off futures market maybe.  Its fucking rediculous.  Why should fear dictate oil prices.  Adjust when bad shit happens.  How is fuel in a barrell raised and the price at the pump goes up instantly?  It takes 18 months for fuel to go from barrel to pump.  18 fucking months.  But it only takes 2 second for the price to go up.  Look at that spread.  They are fucking killing it. 

Then you will hear all this bs about refinery capacity and other shit.  Its all bull shit.  People are getting so rich off this cartel produced rigged  market. 

What other industry can change the price by screaming "fire" or increase demand by limiting output (supply) to increase price.  I mean what if our power company or water companies did this?  Holy fucking shit.  How about we put water on the futures market and say, "Oh, terrorists are going to pollute our water supply with toxins" and the price sky rocket.  What other market can price go up of "speculation" alone and very little fact needed?  This is the biggest scam in the history of the world. 

Dude, have YOU seen Dubai?  Clearly you know very little about it.

And it's supply and demand.  The US has the power to change this. 

[Smoking Guns]

Oil is run by a cartell.  It is not a "free market".  Until a cartell stops limiting supply while demand increases, we are fucked.

This has very little to do with "Bush."

OPEC is a fucking scam.

The shit will go down after the elections, like clockwork.

Many say India and China are driving the price up.  Their expansion is not Bush's fault.

Increased demand, limited supply.  Has nothing to do with bush. 

Countries that try to sell Oil outside of cartel can't hang.

Has anyone seen the house of that Saudi Prince?  Its fucking disgusting.  Anyone seen Dubai? 

This is all about money and greed and stock share holders.   They are all loving it. 

Oil needs to be taken off futures market maybe.  Its fucking rediculous.  Why should fear dictate oil prices.  Adjust when bad shit happens.  How is fuel in a barrell raised and the price at the pump goes up instantly?  It takes 18 months for fuel to go from barrel to pump.  18 fucking months.  But it only takes 2 second for the price to go up.  Look at that spread.  They are fucking killing it. 

Then you will hear all this bs about refinery capacity and other shit.  Its all bull shit.  People are getting so rich off this cartel produced rigged  market. 

What other industry can change the price by screaming "fire" or increase demand by limiting output (supply) to increase price.  I mean what if our power company or water companies did this?  Holy fucking shit.  How about we put water on the futures market and say, "Oh, terrorists are going to pollute our water supply with toxins" and the price sky rocket.  What other market can price go up of "speculation" alone and very little fact needed?  This is the biggest scam in the history of the world. 

Dude, have YOU seen Dubai?  Clearly you know very little about it.

And it's supply and demand.  The US has the power to change this. 

Howard, this post was over a month old.  The US has power to change things, but why would the oil companies want that?  They are making a killing right now. 

The weak dollar is a factor, but lets list all the reasons just to be clear...

Increased demand from China and India
George Bush (Tap and SLCPUNK)
Cartel (Smoking Guns)
Limiting Supply (Opec)
Weaker US Dollar (Yet Euro nations have higher oil prices)
Futures/Speculative Markets (Terrorism, war in Iraq, etc)
Loyalty to Stock shareholders for Gas Companies (In fairness, the obligation is to the shareholders, so you can't be too mad at Exxon and BP etc)
The rare natural disaster like Katrina which limited suppy short term in the US.

Did I leave anything out that contributes to the increased price?

[Smoking Guns]

Oil actually went down $2.00 per barrel due to lower demand by the US.

Let's see if the stations lower prices just as fast as they raise them when the price of a barrel of oil goes up.......

Contrary to popular belief the gas stations usually have to buy from a distributor and their profit margin is very thin. They make the majority of their money inside the store. If they've already bought X amount of gas at a set price, they are going to try and hold the price so they don't lose even more money. Once you factor in CC fees, and payroll, they can be upside down on their pumps.

Government intervention 

LOL, whatever are you insinuating?

Its takes 18 months for fuel to get from refinery to pump.  Sooo, 18 months ago gas at pump was $1.87. 

[SLCPUNK]

Weaker US Dollar (Yet Euro nations have higher oil prices)

PC said the same thing. You both mean higher gas prices, which is something else entirely.

[Smoking Guns]

Weaker US Dollar (Yet Euro nations have higher oil prices)

PC said the same thing. You both mean higher gas prices, which is something else entirely.

Sorry SLC, you are right about that.  How was the rest of the list?  But yes, their gas from the Oil is more than the US's.   We have the ability to produce gasoline from oil found in the United States.  Can France, Italy, and Great Britain say the same thing??  Do the us have leverage becuase we have our own reserves and buy so much?

[Howard2k]

Oil is run by a cartell.  It is not a "free market".  Until a cartell stops limiting supply while demand increases, we are fucked.

This has very little to do with "Bush."

OPEC is a fucking scam.

The shit will go down after the elections, like clockwork.

Many say India and China are driving the price up.  Their expansion is not Bush's fault.

Increased demand, limited supply.  Has nothing to do with bush. 

Countries that try to sell Oil outside of cartel can't hang.

Has anyone seen the house of that Saudi Prince?  Its fucking disgusting.  Anyone seen Dubai? 

This is all about money and greed and stock share holders.   They are all loving it. 

Oil needs to be taken off futures market maybe.  Its fucking rediculous.  Why should fear dictate oil prices.  Adjust when bad shit happens.  How is fuel in a barrell raised and the price at the pump goes up instantly?  It takes 18 months for fuel to go from barrel to pump.  18 fucking months.  But it only takes 2 second for the price to go up.  Look at that spread.  They are fucking killing it. 

Then you will hear all this bs about refinery capacity and other shit.  Its all bull shit.  People are getting so rich off this cartel produced rigged  market. 

What other industry can change the price by screaming "fire" or increase demand by limiting output (supply) to increase price.  I mean what if our power company or water companies did this?  Holy fucking shit.  How about we put water on the futures market and say, "Oh, terrorists are going to pollute our water supply with toxins" and the price sky rocket.  What other market can price go up of "speculation" alone and very little fact needed?  This is the biggest scam in the history of the world. 

Dude, have YOU seen Dubai?  Clearly you know very little about it.

And it's supply and demand.  The US has the power to change this. 

Howard, this post was over a month old.  The US has power to change things, but why would the oil companies want that?  They are making a killing right now. 

The weak dollar is a factor, but lets list all the reasons just to be clear...

Increased demand from China and India
George Bush (Tap and SLCPUNK)
Cartel (Smoking Guns)
Limiting Supply (Opec)
Weaker US Dollar (Yet Euro nations have higher oil prices)
Futures/Speculative Markets (Terrorism, war in Iraq, etc)
Loyalty to Stock shareholders for Gas Companies (In fairness, the obligation is to the shareholders, so you can't be too mad at Exxon and BP etc)
The rare natural disaster like Katrina which limited suppy short term in the US.

Did I leave anything out that contributes to the increased price?

Yes you did.

I don't think that Dubai has changed THAT much in the last month.   There IS competition in oil.  OPEC is not the be all and end all.   Local currency strength is not the only factor in the price of fuel at the consumer level.  

I'm not pretending that I know more about this stuff than you do, but I do know that Dubai is not funded predominantly by oil and that the OPEC, while powerful, are not the only factor in oil prices.  Canada is not a member of OPEC, yet Canadian oil is heading to the US at a huge rate.  

And to be honest, as consumers we have a choice too.  I'm really quite amazed how much fuel I can personally save by making minor changes to my driving habits.  If everyone did this, demand would decrease.  We don't all have to go and by Hybrids, but we should be taking more responsibility for what we use. 

[Smoking Guns]

Oil is run by a cartell.  It is not a "free market".  Until a cartell stops limiting supply while demand increases, we are fucked.

This has very little to do with "Bush."

OPEC is a fucking scam.

The shit will go down after the elections, like clockwork.

Many say India and China are driving the price up.  Their expansion is not Bush's fault.

Increased demand, limited supply.  Has nothing to do with bush. 

Countries that try to sell Oil outside of cartel can't hang.

Has anyone seen the house of that Saudi Prince?  Its fucking disgusting.  Anyone seen Dubai? 

This is all about money and greed and stock share holders.   They are all loving it. 

Oil needs to be taken off futures market maybe.  Its fucking rediculous.  Why should fear dictate oil prices.  Adjust when bad shit happens.  How is fuel in a barrell raised and the price at the pump goes up instantly?  It takes 18 months for fuel to go from barrel to pump.  18 fucking months.  But it only takes 2 second for the price to go up.  Look at that spread.  They are fucking killing it. 

Then you will hear all this bs about refinery capacity and other shit.  Its all bull shit.  People are getting so rich off this cartel produced rigged  market. 

What other industry can change the price by screaming "fire" or increase demand by limiting output (supply) to increase price.  I mean what if our power company or water companies did this?  Holy fucking shit.  How about we put water on the futures market and say, "Oh, terrorists are going to pollute our water supply with toxins" and the price sky rocket.  What other market can price go up of "speculation" alone and very little fact needed?  This is the biggest scam in the history of the world. 

Dude, have YOU seen Dubai?  Clearly you know very little about it.

And it's supply and demand.  The US has the power to change this. 

Howard, this post was over a month old.  The US has power to change things, but why would the oil companies want that?  They are making a killing right now. 

The weak dollar is a factor, but lets list all the reasons just to be clear...

Increased demand from China and India
George Bush (Tap and SLCPUNK)
Cartel (Smoking Guns)
Limiting Supply (Opec)
Weaker US Dollar (Yet Euro nations have higher oil prices)
Futures/Speculative Markets (Terrorism, war in Iraq, etc)
Loyalty to Stock shareholders for Gas Companies (In fairness, the obligation is to the shareholders, so you can't be too mad at Exxon and BP etc)
The rare natural disaster like Katrina which limited suppy short term in the US.

Did I leave anything out that contributes to the increased price?

Yes you did.

I don't think that Dubai has changed THAT much in the last month.   There IS competition in oil.  OPEC is not the be all and end all.   Local currency strength is not the only factor in the price of fuel at the consumer level.  

I'm not pretending that I know more about this stuff than you do, but I do know that Dubai is not funded predominantly by oil and that the OPEC, while powerful, are not the only factor in oil prices.  Canada is not a member of OPEC, yet Canadian oil is heading to the US at a huge rate.  

And to be honest, as consumers we have a choice too.  I'm really quite amazed how much fuel I can personally save by making minor changes to my driving habits.  If everyone did this, demand would decrease.  We don't all have to go and by Hybrids, but we should be taking more responsibility for what we use. 

Howard 2k, I explained that people outside of OPEC that try to go to low end up suffering and have no incentive to.  They can make more money by mirroring the Cartel.  Its the winners curse.   There actually has to be zero cartel for the true competition.  The other members don't have the supply that OPEC has to hang on a truly global scale by themselves.  As far as Dubai, a lot of Oil Money is invested there for sure.  Its the banking capital of that region.  Why wouldn't some Oil Money make it there?  I am no expert either.  You can relate this to all kind of monopolies/cartels.  We could always drive the price down on demand if we used our own oil, but how long would that last? 

Howard, I don't think its individual demand going up, its more people driving that makes demand go up.  I used to think like you did.  But we have so many more people driving each year, so we can all cut back, the demand will likely still rise anyway as more 15 year olds turn 16.  Also these damn hybrids cost a shit load.  In my car I get 34 mpg at 80 mph with the AC on high and I have a sports car.  I bought a k and n air filter and a borla exhaust and a chip for my turbo engine.  I think I did all I could for the time being.  I have to drive my work truck, but its not a real gas guzzler.

[fuckin crazy]

We get it....you hate Bush. 

Perhaps, he loves the "Rule Of Law". Have you ever considered that?

[Layne Staley's Sunglasses]

Traffic isn't as heavy as it used to be around here....

[Howard2k]

Oil is run by a cartell.  It is not a "free market".  Until a cartell stops limiting supply while demand increases, we are fucked.

This has very little to do with "Bush."

OPEC is a fucking scam.

The shit will go down after the elections, like clockwork.

Many say India and China are driving the price up.  Their expansion is not Bush's fault.

Increased demand, limited supply.  Has nothing to do with bush. 

Countries that try to sell Oil outside of cartel can't hang.

Has anyone seen the house of that Saudi Prince?  Its fucking disgusting.  Anyone seen Dubai? 

This is all about money and greed and stock share holders.   They are all loving it. 

Oil needs to be taken off futures market maybe.  Its fucking rediculous.  Why should fear dictate oil prices.  Adjust when bad shit happens.  How is fuel in a barrell raised and the price at the pump goes up instantly?  It takes 18 months for fuel to go from barrel to pump.  18 fucking months.  But it only takes 2 second for the price to go up.  Look at that spread.  They are fucking killing it. 

Then you will hear all this bs about refinery capacity and other shit.  Its all bull shit.  People are getting so rich off this cartel produced rigged  market. 

What other industry can change the price by screaming "fire" or increase demand by limiting output (supply) to increase price.  I mean what if our power company or water companies did this?  Holy fucking shit.  How about we put water on the futures market and say, "Oh, terrorists are going to pollute our water supply with toxins" and the price sky rocket.  What other market can price go up of "speculation" alone and very little fact needed?  This is the biggest scam in the history of the world. 

Dude, have YOU seen Dubai?  Clearly you know very little about it.

And it's supply and demand.  The US has the power to change this. 

Howard, this post was over a month old.  The US has power to change things, but why would the oil companies want that?  They are making a killing right now. 

The weak dollar is a factor, but lets list all the reasons just to be clear...

Increased demand from China and India
George Bush (Tap and SLCPUNK)
Cartel (Smoking Guns)
Limiting Supply (Opec)
Weaker US Dollar (Yet Euro nations have higher oil prices)
Futures/Speculative Markets (Terrorism, war in Iraq, etc)
Loyalty to Stock shareholders for Gas Companies (In fairness, the obligation is to the shareholders, so you can't be too mad at Exxon and BP etc)
The rare natural disaster like Katrina which limited suppy short term in the US.

Did I leave anything out that contributes to the increased price?

Yes you did.

I don't think that Dubai has changed THAT much in the last month.   There IS competition in oil.  OPEC is not the be all and end all.   Local currency strength is not the only factor in the price of fuel at the consumer level. 

I'm not pretending that I know more about this stuff than you do, but I do know that Dubai is not funded predominantly by oil and that the OPEC, while powerful, are not the only factor in oil prices.  Canada is not a member of OPEC, yet Canadian oil is heading to the US at a huge rate. 

And to be honest, as consumers we have a choice too.  I'm really quite amazed how much fuel I can personally save by making minor changes to my driving habits.  If everyone did this, demand would decrease.  We don't all have to go and by Hybrids, but we should be taking more responsibility for what we use. 

Howard 2k, I explained that people outside of OPEC that try to go to low end up suffering and have no incentive to.  They can make more money by mirroring the Cartel.  Its the winners curse.   There actually has to be zero cartel for the true competition.  The other members don't have the supply that OPEC has to hang on a truly global scale by themselves.  As far as Dubai, a lot of Oil Money is invested there for sure.  Its the banking capital of that region.  Why wouldn't some Oil Money make it there?  I am no expert either.  You can relate this to all kind of monopolies/cartels.  We could always drive the price down on demand if we used our own oil, but how long would that last? 

Howard, I don't think its individual demand going up, its more people driving that makes demand go up.  I used to think like you did.  But we have so many more people driving each year, so we can all cut back, the demand will likely still rise anyway as more 15 year olds turn 16.  Also these damn hybrids cost a shit load.  In my car I get 34 mpg at 80 mph with the AC on high and I have a sports car.  I bought a k and n air filter and a borla exhaust and a chip for my turbo engine.  I think I did all I could for the time being.  I have to drive my work truck, but its not a real gas guzzler.

6%.    That's the percentage of revenues in Dubai that come from oil.  
35%.   That's the percentage of the world's oil that comes from OPEC.

And sure, you could argue that it's not individual consumerism that is driving up the demand, and I'd agree.  But that doesn't mean that individual consumers cannot reduce demand.

As a nation, you Americans like to drive around in your big heavy cars with big thirsty engines.   I'm not knocking it, I'm just suggesting that you acknowledge that this is a choice.  You don't HAVE to have a 5.7l V8 to get your groceries for the supermarket to the house. 

[Dr. Blutarsky]

 AP
Oil prices fall below $127 a barrel
Wednesday May 28, 7:55 am ET
By George Jahn, Associated Press Writer
Oil prices sink below $127 a barrel, extending decline of more than $3 in previous session

VIENNA, Austria (AP) -- Oil prices fell below $127 a barrel Wednesday, extending a decline of more than $3 in the previous session on a growing sense that record-high costs have cut demand for gasoline and other fuel.

The summer driving season in the U.S. began with the just-ended Memorial Day weekend, and some analysts are predicting that data will show a lackluster start.

U.S. Energy Department data covering the weekend won't be released until next week. But even ahead of those figures, other statistics indicated Americans are driving less because of bloated prices at the pump.

The Schork Report, edited by Stephen Schork, cited the latest statistics from the Federal Highway Administration, noting that "estimated vehicle miles traveled ... on all U.S. public roads for March 2008 fell 4.3 percent, or 11 billion miles, compared with March 2007.

"In fact, this is the first time estimated March travel fell since 1979 and the largest year-on-year drop in the history of the report, which dates back to 1942," said the newsletter.

Sweet crude for July delivery was down $2.45 at $126.40 a barrel in electronic trade on the New York Mercantile Exchange by afternoon in Europe. The contract fell $3.34 to settle at $128.85 a barrel Tuesday, the first day of trade after the Memorial Day holiday.

The front-month contract is now close to $9 off its all-time peak of $135.09 a barrel, hit last Thursday.

Analysts said early indications suggest Americans are spending less time on the road.

"It definitely was lower than (previous) Memorial Day weekends," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service.

In a research note, Edward Meir, an analyst at MF Global UK Ltd. said if trends continue "we could be heading for the first annual drop in gasoline consumption in some 17 years."

The United States is the world's largest energy consumer and fluctuations in consumer demand can impact international oil prices.

Michael Lynch, president of Strategic Energy & Economic Research Inc. in Winchester, Mass., thinks energy investors are selling on recent data suggesting Americans are driving less. That includes the weekly Energy Department reports that show gasoline demand is falling, and the Federal Highway Administration data.

Oil prices were also pressured by the dollar, which gained ground against the yen and euro. Investors who buy commodities such as oil as a hedge against inflation when the dollar falls tend to sell when the greenback strengthens. Also, a rising dollar makes oil more expensive to overseas investors.

Investors shrugged off a number of events that could have sent oil prices higher, including news that crude oil production in Mexico fell 13 percent in April compared with the previous year, the temporary shutdown of a North Sea oil platform and the latest in a spate of oil-pipeline bombings in Nigeria.

Investors also ignored continued strength in heating oil futures, which have over the last month helped send crude oil smashing through a string of new record highs. Distillate supplies worldwide are seen as strained due to strong demand for diesel from Europe and Asia.

In other Nymex trading, June heating oil futures fell nearly 4 cents to $3.7601 a gallon, while gasoline futures slipped by more than 2 cents to $3.3592 a gallon. Natural gas futures fell by just over 8 cents to $11.7190 per 1,000 cubic feet.

July Brent crude fell $2.12 to $126.17 a barrel on the ICE Futures exchange in London.

AP Business Writer Thomas Hogue contributed to this report from Bangkok, Thailand.

http://biz.yahoo.com/ap/080528/oil_prices.html

[Smoking Guns]

Howard, I agree with you 100% about gas guzzlers used to haul kids to soccer and grocery store.  You are right about on a personal level you can make changes. 

[AxlsMainMan]

World oil prices swing back towards 130 dollars

LONDON (AFP) ? World oil prices rebounded towards 130 dollars per barrel on Wednesday, reversing earlier losses in volatile trade amid lingering worries about stretched global energy supplies, analysts said.

New York's main oil futures contract, light sweet crude for July delivery, gained 64 cents to 129.49 dollars after earlier sliding as low as 125.96.

Brent North Sea crude for July rallied 66 cents to 128.97 dollars, having earlier touched an intra-day low of 126.04.

"The market still remains well supported by persistent supply concerns due to rising energy demand and limited spare capacity on the supply side," said Sucden analyst Andrey Kryuchenkov.

Both contracts had hit historic peaks above 135 dollars last Thursday as speculative trade was driven by tight global supplies and a weak dollar, which makes commodities priced in the US unit cheaper for foreign buyers.

But prices tumbled by more than three dollars on Tuesday because of profit-taking and growing jitters about demand in the United States -- which is the world's biggest consumer of energy.

The market slid "following the release of poor (US) economic data and fears that high fuel prices may curb demand," wrote analysts at energy consultancy John Hall Associates.

"Poor economic data increases the chances of a recession, potentially curbing demand for oil related products."

However, sky-high oil prices continue to spark international concern and have prompted protests worldwide over soaring fuel and food costs.

Britain's Prime Minister Gordon Brown warned on Wednesday that the world faced a "great oil shock" that could only be addressed by urgent action on a global scale.

"The global economy is facing the third great oil shock of recent decades," Brown wrote in the The Guardian newspaper. "It is now understood that a global shock on this scale requires global solutions."

Oil prices have risen more than fourfold in the last five years, underpinned by growing demand in China and other emerging economies.

The price of oil on international markets has surged by about a third since the start of 2008 and traded at 50 dollars per barrel 18 months ago -- and just 10 dollars a decade ago.

The market was also supported by unrest in crude-producing countries -- particularly Nigeria -- and OPEC's reluctance to hike output.

Indonesia said Wednesday that it would withdraw from the Organisation of Petroleum Exporting Countries (OPEC) after years of declining exports.

The only Southeast Asian member of the cartel has become a net oil importer and will not bother to renew its OPEC membership at the end of this year, Energy and Mineral Resources Minister Purnomo Yusgiantoro said.

OPEC, which pumps 40 percent of the world's oil, is reluctant to bend to US-led demands for it to pump more crude to help cool prices.

http://afp.google.com/article/ALeqM5ghcSh3dYZwEiquwkmhknsk8j21xg

[SLCPUNK]

Sorry SLC, you are right about that.  How was the rest of the list?  But yes, their gas from the Oil is more than the US's.   We have the ability to produce gasoline from oil found in the United States.  Can France, Italy, and Great Britain say the same thing??  Do the us have leverage becuase we have our own reserves and buy so much?

Their gas is more expensive because their health care, and retirement systems are included in the price. But I'm not talking about prices at the pump. I'm talking about price per barrel in American currency. Because the dollar is so weak, we are paying 130/barrel, but much of the world is actually paying half of that.

Much of your list is the effect, not the cause, as I stated earlier.

[Perfect Criminal]

We get it....you hate Bush. 

Perhaps, he loves the "Rule Of Law". Have you ever considered that?

I'm sure he loves the rule of law.  I wouldn't question that at all.  My point is that we all know he hates Bush, so why post twice a day with vehemeent attacks on the guy when all 10 people here know how much he hates Bush (and most agree he's a horrible president).  I debated with SLC the other night and enjoyed it because the aggressive attacks and insults were absent.  It was fun.  My point is that the discussion here would be better if he (any everyone else who does it) would just leave that insults out of it.  *PC gets off his pedestal

He thinks I'm dumbing downing a personal attack on him, but I really just think the debates suffers from the insults.  Only an honest opinion.