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Oil prices...
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Topic: Oil prices... (Read 133571 times)
TAP
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Re: Oil prices...
«
Reply #420 on:
June 27, 2008, 12:37:06 PM »
Even unemployed Germans are feeling the pinch.....
http://www.cnn.com/2008/WORLD/europe/06/27/germany.gas.ap/index.html
BERLIN, Germany (AP) -- A German man doused his BMW with gasoline and torched it Friday in protest at skyrocketing fuel costs, police said.
The unemployed 30-year-old man drove a black 1995 BMW 3-series sedan
onto the lawn outside Frankfurt's convention center grounds at about 7:30 a.m., police spokesman Karlheinz Wagner said.
He then jumped out, emptied a canister of gas over the vehicle and set fire to it, Wagner said.
By the time the fire department got to the scene, the car was entirely burned out.
The Bavarian man, whose name was being withheld because he has not been charged with a crime, told police that
gas prices were so high he could no longer afford to drive the vehicle.
As in many countries, gasoline prices have risen steadily in Germany; a liter of regular gasoline now costs about euro 1.55, or $9.40 per gallon.
Police were investigating whether the man could be charged with violating German environmental laws with the stunt, Wagner said. Penalties range from fines to five years in prison.
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Now doesn't that make you feel better?
The pigs have won tonight
Now they can all sleep soundly
And everything is all right
SLCPUNK
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Re: Oil prices...
«
Reply #421 on:
June 27, 2008, 01:17:58 PM »
That thing will be on ebay as "lightly used" in no time.
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SLCPUNK
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Re: Oil prices...
«
Reply #422 on:
June 27, 2008, 11:20:19 PM »
Fox news business analyst claiming weak dollar, along with supply/demand issues are the leading cause of high oil prices, and speculators are near the bottom of reasons (based on futures markets.)
Maybe the first time I've ever agreed with Fox analysts, lol, it's what I've been saying the entire time.
Conserving (which so many here seem so offended by) gas, and leaning on car manufacturers to produce vehicles with higher mpg standards, would eliminate the need for offshore drilling. But we don't see our two oilmen in the White House advocating that, now do we?
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Smoking Guns
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Re: Oil prices...
«
Reply #423 on:
June 28, 2008, 02:49:11 AM »
Quote from: SLCPUNK on June 27, 2008, 11:20:19 PM
Fox news business analyst claiming weak dollar, along with supply/demand issues are the leading cause of high oil prices, and speculators are near the bottom of reasons (based on futures markets.)
Maybe the first time I've ever agreed with Fox analysts, lol, it's what I've been saying the entire time.
Conserving (which so many here seem so offended by) gas, and leaning on car manufacturers to produce vehicles with higher mpg standards, would eliminate the need for offshore drilling. But we don't see our two oilmen in the White House advocating that, now do we?
Are American Autos and Oil Companies in bed with each other? Bill O'Reilly says opposite of what that guys says. American demand is the lowest its been in 30 years. We have increased Supply from Saudi Arabia. Do we need to conserve? Yes. Does weakend demand and increased Supply make the price go up? Not unless you are a speculator.
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Layne Staley's Sunglasses
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Re: Oil prices...
«
Reply #424 on:
June 28, 2008, 03:20:30 AM »
Quote from: Smoking Guns on June 28, 2008, 02:49:11 AM
Quote from: SLCPUNK on June 27, 2008, 11:20:19 PM
Fox news business analyst claiming weak dollar, along with supply/demand issues are the leading cause of high oil prices, and speculators are near the bottom of reasons (based on futures markets.)
Maybe the first time I've ever agreed with Fox analysts, lol, it's what I've been saying the entire time.
Conserving (which so many here seem so offended by) gas, and leaning on car manufacturers to produce vehicles with higher mpg standards, would eliminate the need for offshore drilling. But we don't see our two oilmen in the White House advocating that, now do we?
Are American Autos and Oil Companies in bed with each other? Bill O'Reilly says opposite of what that guys says. American demand is the lowest its been in 30 years. We have increased Supply from Saudi Arabia. Do we need to conserve? Yes. Does weakend demand and increased Supply make the price go up? Not unless you are a speculator.
Hell yeah they're in bed together.
The technology to use natural sources of energy has been around for DECADES.
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SLCPUNK
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Re: Oil prices...
«
Reply #425 on:
June 28, 2008, 06:21:40 AM »
Quote from: Smoking Guns on June 28, 2008, 02:49:11 AM
Are American Autos and Oil Companies in bed with each other? Bill O'Reilly says opposite of what that guys says. American demand is the lowest its been in 30 years. We have increased Supply from Saudi Arabia. Do we need to conserve? Yes. Does weakend demand and increased Supply make the price go up? Not unless you are a speculator.
I wouldn't put much stock in what O'lielly says for starters.
Demand is lowest it's been in 30 years? I highly doubt that.
Supply increased from SA is a drop in the bucket, a joke.
Demand is not less, demand is up, not down.
You are all over the place, and if you're listening to OR, then you'll never understand.
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AxlsMainMan
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Re: Oil prices...
«
Reply #426 on:
June 28, 2008, 12:13:28 PM »
Oil futures gush higher as greenback dips
The Associated Press
NEW YORK
Oil futures climbed to a new record near $143 US a barrel yesterday as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude's rise, will extend its decline and add to oil's appeal.
U.S. retail gas prices are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly three weeks.
Light, sweet crude for August delivery rose as high as $142.99 a barrel before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21.
The market now believes the Federal Reserve is unlikely to raise interest rates in the near future.
Since higher rates tend to strengthen the dollar, traders are anticipating that it will continue to fall and, consequently, that investors will keep turning to commodities including oil as a hedge against inflation.
http://www.thespec.com/News/Business/article/394265
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Re: Oil prices...
«
Reply #427 on:
June 28, 2008, 12:58:58 PM »
What onions teach us about oil prices
Onions have no futures market, yet their recent price volatility makes the swings in oil and corn look tame.
By Jon Birger, senior writer
Fortune Magazine) -- Before the U.S. Commodity Futures Trading Commission starts scrutinizing the role that speculators may have played in driving up fuel and food prices, investigators may want to take a look at price swings in a commodity not in today's news: onions.
The bulbous root is the only commodity for which futures trading is banned. Back in 1958, onion growers convinced themselves that futures traders (and not the new farms sprouting up in Wisconsin) were responsible for falling onion prices, so they lobbied an up-and-coming Michigan Congressman named Gerald Ford to push through a law banning all futures trading in onions. The law still stands.
And yet even with no traders to blame, the volatility in onion prices makes the swings in oil and corn look tame, reinforcing academics' belief that futures trading diminishes extreme price swings. Since 2006, oil prices have risen 100%, and corn is up 300%. But onion prices soared 400% between October 2006 and April 2007, when weather reduced crops, according to the U.S. Department of Agriculture, only to crash 96% by March 2008 on overproduction and then rebound 300% by this past April.
The volatility has been so extreme that the son of one of the original onion growers who lobbied Congress for the trading ban now thinks the onion market would operate more smoothly if a futures contract were in place.
"There probably has been more volatility since the ban," says Bob Debruyn of Debruyn Produce, a Michigan-based grower and wholesaler. "I would think that a futures market for onions would make some sense today, even though my father was very much involved in getting rid of it."
http://money.cnn.com/2008/06/27/news/economy/The_onion_conundrum_Birger.fortune/
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SLCPUNK
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Re: Oil prices...
«
Reply #428 on:
June 30, 2008, 03:51:34 AM »
While the right wing dittoheads are curling up into victim mode and blaming speculators for their gas pump woes, let me offer one more refresher course and see if it sinks in.
Oil nears $142 on weak dollar, Israel-Iran tensions
By Fayen Wong 1 hour, 16 minutes ago
PERTH (Reuters) - Oil rose over $1 to near $142 a barrel on Monday, bolstered by a weak U.S. dollar and continuing tensions between Israel and Iran over Tehran's nuclear program.
U.S. light crude for August delivery was up $1.68 at $141.89 a barrel in Globex electronic trading by 0558 GMT, within range of the record of $142.99 struck on Friday.
London Brent crude rose $1.57 cents to $141.88.
"The U.S. dollar is down and there are many high-level geopolitical news items, particularly in the Middle East, that are pushing prices up," said Mark Pervan, a senior commodities analyst at the Australian & New Zealand (ANZ) Bank in Melbourne.
"Oil is now a very jittery and news-sensitive market that is running on rumors and concerns of future supply disruptions."
Iran's foreign minister said on Sunday he did not believe Israel was in a position to attack his country over its nuclear program, while an Iranian general announced plans to prepare 320,000 graves for enemy soldiers.
The comments were the latest in an escalating war of words between the arch-foes that has helped fuel speculation of a possible Israeli attack on Iran, the world's fourth-largest oil exporter. The speculation has helped push oil prices to record highs.
Comments from Iran that it would impose controls on shipping on a vital Gulf oil route if the country was attacked also added to supply jitters.
The Straits of Hormuz, a narrow waterway separating Iran from the Arabian Peninsula, accounts for roughly 40 percent of the world's traded oil flows.
News that top Chinese oil firm CNPC would increase imports of refined oil products in the third quarter to boost supply to the domestic markets also lent support to prices.
Oil prices have jumped more than 45 percent this year, extending a six-year rally, as supply struggles to keep pace with rising demand from emerging economies such as China and India.
Additional support has come from a flood of cash from new investors buying up commodities to hedge against inflation and the weak U.S. dollar, which fell to three-week lows against the euro on Monday.
Analysts said dealers would be eyeing U.S. economic indicators due later on Monday as well as the European Central Bank's interest rates decision on Thursday for further guidance on the U.S. dollar.
U.S economic indicators due Monday include the New York National Association of Purchasing Managers' index for June and a similar report from Chicago, due at 9:00 a.m. EDT and 9:45 a.m. EDT respectively.
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Smoking Guns
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Re: Oil prices...
«
Reply #429 on:
June 30, 2008, 04:21:35 PM »
Quote from: SLCPUNK on June 30, 2008, 03:51:34 AM
While the right wing dittoheads are curling up into victim mode and blaming speculators for their gas pump woes, let me offer one more refresher course and see if it sinks in.
Oil nears $142 on weak dollar, Israel-Iran tensions
By Fayen Wong 1 hour, 16 minutes ago
PERTH (Reuters) - Oil rose over $1 to near $142 a barrel on Monday, bolstered by a weak U.S. dollar and continuing tensions between Israel and Iran over Tehran's nuclear program.
U.S. light crude for August delivery was up $1.68 at $141.89 a barrel in Globex electronic trading by 0558 GMT, within range of the record of $142.99 struck on Friday.
London Brent crude rose $1.57 cents to $141.88.
"The U.S. dollar is down and there are many high-level geopolitical news items, particularly in the Middle East, that are pushing prices up," said Mark Pervan, a senior commodities analyst at the Australian & New Zealand (ANZ) Bank in Melbourne.
"Oil is now a very jittery and news-sensitive market that is running on rumors and concerns of future supply disruptions."
Iran's foreign minister said on Sunday he did not believe Israel was in a position to attack his country over its nuclear program, while an Iranian general announced plans to prepare 320,000 graves for enemy soldiers.
The comments were the latest in an escalating war of words between the arch-foes that has helped fuel speculation of a possible Israeli attack on Iran, the world's fourth-largest oil exporter. The speculation has helped push oil prices to record highs.
Comments from Iran that it would impose controls on shipping on a vital Gulf oil route if the country was attacked also added to supply jitters.
The Straits of Hormuz, a narrow waterway separating Iran from the Arabian Peninsula, accounts for roughly 40 percent of the world's traded oil flows.
News that top Chinese oil firm CNPC would increase imports of refined oil products in the third quarter to boost supply to the domestic markets also lent support to prices.
Oil prices have jumped more than 45 percent this year, extending a six-year rally, as supply struggles to keep pace with rising demand from emerging economies such as China and India.
Additional support has come from a flood of cash from new investors buying up commodities to hedge against inflation and the weak U.S. dollar, which fell to three-week lows against the euro on Monday.
Analysts said dealers would be eyeing U.S. economic indicators due later on Monday as well as the European Central Bank's interest rates decision on Thursday for further guidance on the U.S. dollar.
U.S economic indicators due Monday include the New York National Association of Purchasing Managers' index for June and a similar report from Chicago, due at 9:00 a.m. EDT and 9:45 a.m. EDT respectively.
SLC, people would beleive your argument more if the profits remained the same with the increase... But they are actually making money at a greater rate than the product their selling costs to make. If I was building you home and the price of lumber went up, should I charge you more than the difference for the cost of lumber? No. How are they making more money than the cost difference? If they keep setting record profits, they are exploiting the situation. Or else their profits would be more consistant.
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SLCPUNK
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Re: Oil prices...
«
Reply #430 on:
June 30, 2008, 06:06:40 PM »
What price point do you believe these oil companies bought their reserves at before eventually selling it? A profit is made when you sell something for more than you bought it. If the value of crude oil is accelerating, that doesn't negate a companies original purchase price, and leaves them with record profits.
Quit listening to Bill O.
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Smoking Guns
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Re: Oil prices...
«
Reply #431 on:
June 30, 2008, 07:03:51 PM »
Quote from: SLCPUNK on June 30, 2008, 06:06:40 PM
What price point do you believe these oil companies bought their reserves at before eventually selling it? A profit is made when you sell something for more than you bought it. If the value of crude oil is accelerating, that doesn't negate a companies original purchase price, and leaves them with record profits.
Quit listening to Bill O.
Look, they are exploiting the situation. Why you "trust" oil companies is beyond me. Is the current pres you hate an "oil man". Just as much as the weak dollar is a cause, the corruption and collusion is a bigger one. And the Speculators are not clear and objective with no outside pressure... Should Oil be more because of weak dollar? Yes. Is the increase more than the effect of a weak dollar should be? Damn right.
Again, this is the same thing as copper, my electrician buys copper when its low. If he has some in his stock pile when price increase, I don't pay extra. If he has to buy more copper during increase I only pay the increase he incurs. He doesn't just make the stuff up. If the price goes down, but the wire he bought when it was high is used, I still pay what he bought for it at the time. He is fair and isn't fucking me. I all washes out. I don't see how this is "washing" out. Things are just they way investors want them.
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SLCPUNK
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Re: Oil prices...
«
Reply #432 on:
June 30, 2008, 07:09:10 PM »
Quote from: Smoking Guns on June 30, 2008, 07:03:51 PM
Again, this is the same thing as copper, my electrician buys copper when its low. If he has some in his stock pile when price increase, I don't pay extra. If he has to buy more copper during increase I only pay the increase he incurs. He doesn't just make the stuff up. If the price goes down, but the wire he bought when it was high is used, I still pay what he bought for it at the time. He is fair and isn't fucking me. I all washes out. I don't see how this is "washing" out. Things are just they way investors want them.
If big oil paid 35/barrel for reserves a few years ago, and is selling
that oil
on the market today (for current market price) how is that exploiting anybody?
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Smoking Guns
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Re: Oil prices...
«
Reply #433 on:
June 30, 2008, 11:53:58 PM »
Quote from: SLCPUNK on June 30, 2008, 07:09:10 PM
Quote from: Smoking Guns on June 30, 2008, 07:03:51 PM
Again, this is the same thing as copper, my electrician buys copper when its low. If he has some in his stock pile when price increase, I don't pay extra. If he has to buy more copper during increase I only pay the increase he incurs. He doesn't just make the stuff up. If the price goes down, but the wire he bought when it was high is used, I still pay what he bought for it at the time. He is fair and isn't fucking me. I all washes out. I don't see how this is "washing" out. Things are just they way investors want them.
If big oil paid 35/barrel for reserves a few years ago, and is selling
that oil
on the market today (for current market price) how is that exploiting anybody?
Because they aren't. They change gas every day based on the barrel price. Every day the gas station gets a phone call or email based off what oil did the previous day. It takes 18 months for oil to go from barrell to pump. However, we aren't paying $2.15. Right now they have a huge spread because like you said, the pump gas was purchased at a lower cost, yet they are charging high cost wich means until the expensive oil is used, they are killing the fucking spread big time. Its a great plan. I wish I had some oil stock.
I use premium gas. In one town its $4.40 per gallon. 10 miles away its $4.30. 20 miles away its $4.07. All three are Shell Gas Stations all on the same road. Is this odd to you?
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Re: Oil prices...
«
Reply #434 on:
July 01, 2008, 12:30:26 AM »
Quote from: Smoking Guns on June 30, 2008, 11:53:58 PM
It takes 18 months for oil to go from barrell to pump.
Huh! It takes about a week from the time it reaches the refinery, until it is delivered.
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Re: Oil prices...
«
Reply #435 on:
July 01, 2008, 12:34:07 AM »
Quote from: fuckin crazy on July 01, 2008, 12:30:26 AM
Quote from: Smoking Guns on June 30, 2008, 11:53:58 PM
It takes 18 months for oil to go from barrell to pump.
Huh! It takes about a week from the time it reaches the refinery, until it is delivered.
That is not what a former oil exec told me 6 months ago. Was he bullshitting me? How long does it take to get from barrel to pump? He was telling me it was bullshit and he is one of them.
Here is a good link for our Canadian friends...
http://www.shell.com/home/Framework?siteId=ca-en&FC2=/ca-en/html/iwgen/zzz_lhn.html&FC3=/ca-en/html/iwgen/pricing/gasoline_today_shared/energy_gasoline.html#8
«
Last Edit: July 01, 2008, 12:36:49 AM by Smoking Guns
»
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SLCPUNK
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Re: Oil prices...
«
Reply #436 on:
July 01, 2008, 12:55:18 AM »
Quote from: Smoking Guns on June 30, 2008, 11:53:58 PM
Because they aren't. They change gas every day based on the barrel price. Every day the gas station gets a phone call or email based off what oil did the previous day. It takes 18 months for oil to go from barrell to pump. However, we aren't paying $2.15. Right now they have a huge spread because like you said, the pump gas was purchased at a lower cost, yet they are charging high cost wich means until the expensive oil is used, they are killing the fucking spread big time. Its a great plan. I wish I had some oil stock.
I use premium gas. In one town its $4.40 per gallon. 10 miles away its $4.30. 20 miles away its $4.07. All three are Shell Gas Stations all on the same road. Is this odd to you?
You are getting confused. The change is what the stations are paying the broker based on price (The brokers are paying close to todays market prices, which is why gas stations operate on such a thin profit margin.) While the record profits are from buying reserves at a particular price point and selling in todays markets.
Gas station prices fluctuate for a number of reasons, but one of the most simple is the tax based on the assessed area. Gas in the Westshore district of Tampa is going to cost more than gas in the suburbs of Tampa, just like property taxes will be higher.
«
Last Edit: July 01, 2008, 01:02:19 AM by SLCPUNK
»
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SLCPUNK
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Re: Oil prices...
«
Reply #437 on:
July 01, 2008, 01:02:54 AM »
Quote from: Smoking Guns on July 01, 2008, 12:34:07 AM
http://www.shell.com/home/Framework?siteId=ca-en&FC2=/ca-en/html/iwgen/zzz_lhn.html&FC3=/ca-en/html/iwgen/pricing/gasoline_today_shared/energy_gasoline.html#8
This does more to hurt your argument, rather than validate it.
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Re: Oil prices...
«
Reply #438 on:
July 01, 2008, 01:03:09 AM »
Quote from: Smoking Guns on July 01, 2008, 12:34:07 AM
Quote from: fuckin crazy on July 01, 2008, 12:30:26 AM
Quote from: Smoking Guns on June 30, 2008, 11:53:58 PM
It takes 18 months for oil to go from barrell to pump.
Huh! It takes about a week from the time it reaches the refinery, until it is delivered.
That is not what a former oil exec told me 6 months ago. Was he bullshitting me? How long does it take to get from barrel to pump? He was telling me it was bullshit and he is one of them.
Here is a good link for our Canadian friends...
http://www.shell.com/home/Framework?siteId=ca-en&FC2=/ca-en/html/iwgen/zzz_lhn.html&FC3=/ca-en/html/iwgen/pricing/gasoline_today_shared/energy_gasoline.html#8
As one who was educated in the Geological Sciences, I can assure you that he was "pulling you leg".
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Re: Oil prices...
«
Reply #439 on:
July 01, 2008, 02:08:53 PM »
Quote from: SLCPUNK on July 01, 2008, 01:02:54 AM
Quote from: Smoking Guns on July 01, 2008, 12:34:07 AM
http://www.shell.com/home/Framework?siteId=ca-en&FC2=/ca-en/html/iwgen/zzz_lhn.html&FC3=/ca-en/html/iwgen/pricing/gasoline_today_shared/energy_gasoline.html#8
This does more to hurt your argument, rather than validate it.
It is from an oil company. Nowhere do they mention the rising dollar. Must not be a factor then...
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