Oil prices...

[D]

anyone else hear about how people are running out of gas on purpose to get that free gallon?

[Layne Staley's Sunglasses]

That HAS to be good for the engine....

[Cornell]

anyone else hear about how people are running out of gas on purpose to get that free gallon?

Yeah, their time must not be worth much.

[russkwtx]

Drive slower, and less often.
If demand drops, so will the price.
Not too hard to figure out.

[Smoking Guns]

Drive slower, and less often.
If demand drops, so will the price.
Not too hard to figure out.

Demand did drop.  Greatest drop since 1979.  Prices still went up. 

[Dr. Blutarsky]

anyone else hear about how people are running out of gas on purpose to get that free gallon?

Don't try that with a diesel engine.....

[SLCPUNK]

anyone else hear about how people are running out of gas on purpose to get that free gallon?

I saw that, that's just stupid.

[Dr. Blutarsky]

 AP
UN chief: Saudi to boost oil production
Sunday June 15, 4:19 pm ET
UN chief says Saudi Arabia plans to increase oil production by 200,000 barrels a day

RIYADH, Saudi Arabia (AP) -- Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman.

The U.N. secretary-general met with Oil Minister Ali al-Naimi in the port city of Jiddah during a one-day trip to the world's largest oil producer.

Farhan Haq, a spokesman who is traveling with Ban, said in an e-mail that the U.N. chief said al-Naimi told him Saudi Arabia would increase oil production by 200,000 barrels a day from June to July. In May, the kingdom increased its production by 300,000.

By July, production should be at 9.7 million barrels a day, Haq said.

Ban also said Saudi Arabia understands that the current price of oil, which topped $139 per barrel earlier this month, is not normal, according to the official Saudi Press Agency.

"The king believes that the current oil prices are abnormally high, and he is ready to restore prices to their appropriate levels," SPA quoted Ban as telling reporters in Jiddah. The report carried by SPA was in Arabic, and it did not say what language Ban spoke in.

Saudi Arabia is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.

The kingdom has called for a meeting of oil producing and consuming countries on June 22 in Jiddah to discuss ways of dealing with soaring energy prices.

The New York Times reported on Saturday, citing unnamed analysts and oil traders briefed by Saudi officials, that a production increase of about 500,000 barrels per day was to be announced following the meeting.

On Saturday, al-Naim's adviser told The Associated Press that the minister would address the production increase reports the next day. But on Sunday, the adviser, Ibrahim al-Muhanna, said there was no meeting scheduled.

Further attempts to reach al-Muhanna by phone later Sunday went unanswered.

Saudi Arabia, the world's largest oil producer, is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.

Crude prices have reached record highs, surpassing $139 per barrel on June 6 after surging nearly $11 in the biggest single-day price leap ever.

The prices had receded by Friday, with the benchmark light, sweet crude for July delivery falling $1.88 to settle at $134.86 on the New York Mercantile Exchange. In London, July Brent crude lost $1.84 to settle at $134.25 on the ICE Futures exchange.

The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna. OPEC ministers often follow the lead of the Saudis when discussing whether to increase production to take the pressure off rising prices.

http://biz.yahoo.com/ap/080615/saudi_oil.html

[Dr. Blutarsky]

^ with this news speculators should price oil lower at this point since there will be more oil on the market in the coming month.  If they don't,  then legal action on the basis of corruption should be taken.

[SLCPUNK]

Boy, you really sound like a crybaby liberal.

What type of legal action do you suggest? 

I doubt the increase in production will make much of a difference anyway.

[Dr. Blutarsky]

Boy, you really sound like a crybaby liberal.

What type of legal action do you suggest? 

I doubt the increase in production will make much of a difference anyway.

I'm not a lawyer, so forgive me if I don't quote any particular statute.

What we are paying for oil now is not based on supply and demand, a barrel of oil would be $50 less if that was the case. Price gouging does come to mind on the part of the speculators.

[SLCPUNK]

Your anger is misdirected.

But feel free to start a petition to sue Opec if you'd like.

[Jim Bob]

the source for this is a myspace bulletin, so take it with a grain of salt, but its interesting.

These companies import Middle Eastern oil:

Shell.................................... 205,742,000 barrels
Chevron/Texaco................... 144,332,000 barrels
Exxon /Mobil........................ 130,082,000 barrels
Marathon/Speedway............. 117,740,000 barrels
Amoco................................ 62,231,000 barrels

And CITGO oil is imported from Venezuela by Dictator Hugo Chavez who hates America and openly avows our economic destruction!
(We pay Chavez's regime nearly $10 Billion per year in oil revenues!)

The U.S. currently imports 5,517,000 barrels of crude oil per day from OPEC.

If you do the math at $95 per barrel, that's over $524 million PER DAY ($191 BILLION per year!) handed over to OPEC, many of whose members are our confirmed enemies!!!!!

Here are some large companies that do not import Middle Eastern oil:
Sunoco........................ 0 barrels
Conoco....................... 0 barrels
Sinclair....................... 0 barrels
BP / Phillips................ 0 barrels
Hess. .................................................. 0 barrels
ARC0......................................... 0 barrels
Maverick..................... 0 barrels
Flying J. ........................................... 0 barrels
Valero........................... 0 barrels


--

right down the street from my house is a Shell station and a Sinclair station right across from each other.  The Shell station is usually anywhere from 10 to 20 cents higher.

[Layne Staley's Sunglasses]

Arco gasoline will fuck your car up REEEEEAL goooooood!

[AxlsMainMan]

Stocks head for moderately higher open

By TIM PARADIS ? 29 minutes ago


NEW YORK (AP) ? U.S. stocks headed for a moderately higher open Monday as investors awaited a regional manufacturing report and examined a change at the top of insurer American International Group Inc.

Treasury prices advanced following steep declines last week.

Wall Street is awaiting the New York Federal Reserve Bank's Empire State index, which is due before the opening bell, for insights into the health of the region's industrial sector. The report is the earliest of several monthly regional snapshots that investors look to for insights on economic activity.

Beyond the otherwise light economic calendar Monday, investors were reviewing AIG's decision to name former Citigroup Inc. executive Robert Willumstad as chief executive. Willumstad replaces Martin Sullivan after AIG logged billions in losses on bad bets in the mortgage market.

Dow Jones industrial average futures rose 31, or 0.25 percent, to 12,333. Standard & Poor's 500 index futures rose 4, or 0.29 percent, to 1,359.70 and Nasdaq 100 index futures rose 2.50, or 0.13 percent, to 1,977.00.

Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 4.22 percent from 4.26 percent late Friday. The dollar was mixed against other major currencies, while gold prices rose.

Light, sweet crude rose 53 cents to $135.39 in premarket electronic trading on the New York Mercantile Exchange.

Investors will also likely examine comments from Federal Reserve Chairman Ben Bernanke, who is scheduled to appear at the Senate Finance Committee's Health Reform Summit to discuss challenges for changes to health care.

Overseas, Japan's Nikkei stock average rose 2.72 percent. In morning trading, Britain's FTSE 100 rose 0.24 percent, Germany's DAX index rose 0.20 percent, and France's CAC-40 fell 0.10 percent.

http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD91B4G480

[Dr. Blutarsky]

Light, sweet crude rose 53 cents to $135.39 in premarket electronic trading on the New York Mercantile Exchange.[/b]


http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD91B4G480

How is oil rising on speculation now that the Saudis are increasing output? Bullshit!

I wish Congress would get off their asses and take action. How long is their so called investigation been going on?

[Dr. Blutarsky]

Some good news....it's a start....

Honda Begins Production of Zero-Emission Hydrogen Cars

Monday, June 16, 2008



June 16: Honda President Takeo Fukui steers a Honda FCX Clarity with actress Laura Harris at a Honda plant in Takanezawa, Japan.

TAKANEZAWA, Japan ?  Honda Motor Co. has begun commercial production of its new zero-emission, hydrogen fuel cell car, called the FCX Clarity.

The midsize four-seat sedan, which runs on hydrogen and electricity, emits only wator vapor and none of the gases believed to be responsible for global warming.

Honda says the vehicle offers two times better fuel efficiency than a gas-electric hybrid and three times that of a traditional gasoline-powered vehicle.

The car will initially be available for lease starting July to a limited number of customers in southern California and then in Japan later this year.

One of the biggest obstacles standing in the way of wider adoption of fuel cell vehicles is cost and the lack of hydrogen fueling stations.

http://www.foxnews.com/story/0,2933,367244,00.html

[pilferk]

Boy, you really sound like a crybaby liberal.

What type of legal action do you suggest? 

I doubt the increase in production will make much of a difference anyway.

200k barrels per day is something like less than 1% of their total daily output.

Of the 80 some odd million barrels of oil used per day, it's almost literally a drop in the bucket.

[Ulises]

Don't worry for Oil prices americans...

When you don't have oil you launch missiles to countries that have it, so...is not a big deal  .

Don't worry.

[TAP]

Don't worry for Oil prices americans...

When you don't have oil you launch missiles to countries that have it, so...is not a big deal  .

Don't worry.

Your village is missing you.