Oil prices...

[pilferk]

You all might find this interesting:

http://www.inventhp.com/Calculating-the-Fuel-Costs-of-Commuting-to-Work.html

For me, right now, my yearly commuting costs are $4922 per year, or about $410 a month. OUCH!

When I start working at home 2 days per week (in about 2 weeks....WORK IN MY JAMMIES!!! WOO HOO!!!)  that will drop to $2953 per year, or about $246 a month.

[AxlsMainMan]

Oil tops $145 ahead of U.S. July 4 holiday

Reuters, Thursday July 3 2008

* Pares gains after record above $145
* Dollar steadies after U.S. jobs data, ECB rate hike

(Updates prices, changes dateline to New York, pvs LONDON)
By Rebekah Kebede

NEW YORK, July 3 (Reuters) - Oil hit a record above $145 a barrel on Thursday ahead of the Independence Day holiday weekend in the United States before paring gains as the dollar recovered from a two-month low.

U.S. light sweet crude oil for August delivery was trading at $144.35 a barrel, up 78 cents at 1752 GMT after earlier hitting a record $145.85. London Brent was trading $1.03 higher at $145.29 after reaching $146.69 a barrel.

"We pushed to a new high early and then backed off from that on some light profit-taking ahead of the long weekend that was encouraged by the strength that we've seen in the U.S. dollar," said Tim Evans, energy analyst for Citi Futures Perspective in New York.

U.S. payroll data released Thursday suggested the job market had not deteriorated as much as many investors had feared, helping the dollar recover from a two-month low against the euro hit earlier in the day.

Comments from the head of the European Central Bank that suggested further interest rate increases in Europe could be put on hold also supported the greenback.

Oil has risen nearly 13 percent since the start of June on concerns about Middle East tensions, tight supplies and investors buying crude as a hedge against inflation and the falling value of the dollar.

Saudi Oil Minister Ali al-Naimi reiterated his belief on Thursday that the current rally in oil prices was being propelled by speculators rather than any shortage of crude oil.

Naimi repeated promises that Saudi Arabia would pump more oil if there was demand for it.

Oil refiners in the United States and Asia have said official Saudi prices make it uneconomical to buy more barrels.

Iran has threatened to block oil shipments through the Strait of Hormuz in the event it is attacked. Speculation has mounted in recent weeks that Israel may be preparing a preemptive strike against Tehran's nuclear program.

Approximately 40 percent of the world's seaborne crude oil trade passes through the Strait of Hormuz.

Tropical Storm Bertha, which formed on Thursday in the eastern Atlantic Ocean, was not expected to strengthen into a hurricane or threaten any U.S. oil and gas production facilities in Gulf of Mexico.

Hurricane experts have predicted an above-average number of storms and hurricanes through the U.S. hurricane season, which began June 1 and runs through the end of November.

http://www.guardian.co.uk/business/feedarticle/7628512

[SLCPUNK]

Keep fucking around with Iran and see what happens. We'll be phucked.

[Dr. Blutarsky]

Keep fucking around with Iran and see what happens. We'll be phucked.

How do you think we should handle Iran?

[SLCPUNK]

Talk.

[Dr. Blutarsky]

I agree. But talk needs to yield results.

We need to get as many countries behind us as we can to put the pressure on them. Isolate them to a point they have no choice but to come to the bargaining table. So far that has not yet happened.

[SLCPUNK]

I agree. But talk needs to yield results.

Yea, and what talks has Bush advocated over the last two terms?

[Dr. Blutarsky]

I agree. But talk needs to yield results.

Yea, and what talks has Bush advocated over the last two terms?

Kinda my point. Bush has not really accomplished much there. We are not focused enough on Iran.

Also, the President flying into Tehran to have a chat is not the solution either, this will lessen their isolation.

[TAP]

http://thinkprogress.org/2008/07/05/bin-laden-144-oil/

In a 1998 interview, Osama bin Laden ? the terrorist organizer of 9/11 who still roams free ? listed as one of his many grievances against the U.S. that Americans ?have stolen $36 trillion from Muslims? by purchasing oil from Persian Gulf countries at low prices. The real price of a barrel of oil should be $144, bin Laden demanded.

Ten years ago today, the price of a barrel of oil was just $11. Heading into this holiday weekend, the price of a barrel of oil rested at $144 ? a thirteen-fold increase.

One month after 9/11, the New York Times wrote of possible ?nightmare? scenarios that would deliver bin Laden?s goal. Neela Banerjee warned that among the ?misguided decisions? that would put oil supplies at risk would be ?that the United States attacks Iraq.? The Times included this quote in its story:

    ?If bin Laden takes over and becomes king of Saudi Arabia, he?d turn off the tap,? said Roger Diwan, a managing director of the Petroleum Finance Company, a consulting firm in Washington. ?He said at one point that he wants oil to be $144 a barrel? ? about six times what it sells for now.

Bin Laden didn?t have to become king of Saudi Arabia to achieve his goal; in fact, Bush?s policies delivered it for him. The Bush administration?s catastrophic decision to invade Iraq, sink the nation into debt to pay for that war, and consequently, weaken the dollar have all caused oil prices to soar astronomically.

Testifying before the House Foreign Affairs Committee last May, Anne Korin, the co-director of the Institute for the Analysis of Global Security, reminded Congress about bin Laden?s goal:

    [A]bout ten years ago, Osama bin Laden stated that his target price for oil is $144 a barrel and that the American people, who allegedly robbed the Muslim people of their oil, owe each Muslim man, woman, and child $30,000 in back payments. At the time, $144 a barrel seemed farfetched to most. [?]

    I would like to impress upon this Committee that $144 a barrel oil will be perceived as a victory for the Jihadist movement and a reaffirmation that the economic warfare component of its campaign against the West is a resounding success. There is no need to elaborate on the implications of such a victory in terms of loss of U.S. prestige and our ability to prevail in the Long War of the 21st century.

Indeed, ten years later, a mission accomplished for bin Laden.

[Dr. Blutarsky]

Bin Laden really does not deserve credit for the oil prices of today. Rather the rising demand of China & India on top of the inflated pricing by speculators and a weak dollar.

[AxlsMainMan]

Oil drops sharply as supply worries subside

By ADAM SCHRECK ? 2 hours ago

NEW YORK (AP) ? Oil prices tumbled nearly $4 a barrel Monday, erasing many of last week's record gains in a single session as concerns about potential supply disruptions eased.

Light, sweet crude for August delivery fell $3.92, or about 2.7 percent, to settle at $141.37 on the New York Mercantile Exchange. Earlier, the contract sank as low as $139.50, or $5.79 below Thursday's settlement price.

Traders drove prices sharply higher at the end of last week as they bet that conflict with Iran or some other event could cut supplies, and they didn't want to get caught unprepared over the long Independence Day weekend, analysts said. There was no floor trade Friday in the U.S. because of the July Fourth holiday.

As concerns about supply disruptions subsided, many traders on Monday sold off contracts they had bought as insurance last week.

"We got through the holiday without any major news," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. "No news is good news, or in this case, no news is bearish news."

After the last few weeks' run-up, however, analysts were skeptical that the drop signaled the start of a long-term decline. Prices set records in each of the previous six sessions.

"We're just moving into a new and higher trading range" of about $140 to $146 a barrel, said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "We'll probably consolidate there for a week or two ... then probably push back into new record territory."

In the U.S., record retail fuel prices edged even higher as Americans made their way home at the end of the long weekend, typically one of the busiest driving periods of the year.

A gallon of regular gasoline now costs $4.108, a tenth of a penny more than the previous day's high, according to AAA, the Oil Price Information Service and Wright Express. Diesel is also at a record, of $4.801, up nearly a penny.

Americans are now paying more than $1 billion more for gasoline per day than they did five years ago, according to an OPIS report Monday. In June, the world's largest oil consumer spent about $47.38 billion on the motor fuel ? nearly three times as much as in 2003.

Fred Rozell, retail pricing director at OPIS, said retail gas costs will likely continue to rise. He joined a number of analysts in predicting oil prices still have further to climb, and said that could push prices at the pump up by as much as 25 to 30 cents per gallon more before the end of summer.

"It doesn't look like there's anything that's going to drive (oil) prices down at this point, even reduced demand," Rozell said. "There's so much momentum with money going into commodities right now, it's going to continue to go up."

Fears that a fresh conflict in the Middle East could cut oil supplies eased over the weekend.

Javier Solana, the European Union foreign policy chief, said he received a letter from Iran on Friday responding to an offer of incentives meant to persuade Iran to halt enrichment. He also said he had a lengthy conversation with Iran's top nuclear negotiator, Saeed Jalili, that was "constructive in principle."

Iranian state media reported that Solana had agreed to talks in the second half of July, but the EU official could not confirm the accuracy of those reports. He did not rule out the possibility of a meeting, however.

Meanwhile, Tropical Storm Bertha was upgraded to become the first Atlantic hurricane this year. Fears that the storm might threaten oil and natural gas installations in the Gulf of Mexico subsided as the storm was expected to head far to the north.

Oil hit a trading record of $145.85 on Thursday in New York before settling at a record close of $145.29 a barrel.

A falling dollar has helped boost oil prices around 50 percent this year as investors often buy commodities such as oil as a hedge against inflation when the greenback weakens. Also, a struggling dollar makes oil less expensive to investors overseas.

The dollar fell marginally against the euro Monday.

In other Nymex trade, heating oil futures fell by 13.64 cents to settle at $3.9696 a gallon while gasoline futures sank 8.83 cents to settle at $3.4827 a gallon. Natural gas futures fell 60 cents to settle at 12.977 poer 1,000 cubic feet.

In London, August Brent crude fell $2.55 to settle at $141.87 a barrel on the ICE Futures exchange.

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD91P6LE81

[Smoking Guns]

What fear do we have with Iran right now we haven't had the past 3 years?  It was 4th of July, a busy travel weekend, and price went up.  WHAT THE FUCK IS THE BIG MYSTERY HERE.  Now everyone is back in town and won't be driving as much.  Maybe labor day it will increase again!

[AxlsMainMan]

I'm getting used to only putting $20-$30 in my car these days

[SLCPUNK]

Oil drops sharply as supply worries subside

By ADAM SCHRECK ? 2 hours ago

NEW YORK (AP) ? Oil prices tumbled nearly $4 a barrel Monday, erasing many of last week's record gains in a single session as concerns about potential supply disruptions eased.

It will go down, and then it will go up.

Then it will repeat.

[Smoking Guns]

Oil drops sharply as supply worries subside

By ADAM SCHRECK ? 2 hours ago

NEW YORK (AP) ? Oil prices tumbled nearly $4 a barrel Monday, erasing many of last week's record gains in a single session as concerns about potential supply disruptions eased.

I will go down, and then it will go up.

Then it will repeat.

Its unpredictability is so predictable.

[TAP]

What fear do we have with Iran right now we haven't had the past 3 years? 

I think it's more about the fear of what we'll do in Iran, what with Israel doing practice bombing runs and the New Yorker story of last week. But really (as SLC has said more than once), what we are seeing now are the effects not the causes. The price of gasoline isn't going down...it's something you'll have to adapt to.

[SLCPUNK]

The price of gasoline isn't going down...it's something you'll have to adapt to.

See the generic thread for more details...

[Smoking Guns]

The price of gasoline isn't going down...it's something you'll have to adapt to.

See the generic thread for more details...

Are we going to make generic gas?  Forgot, we already have that...   

[AxlsMainMan]

Oil extends slide into 2nd day, losing over $5

By ADAM SCHRECK ? 45 minutes ago

NEW YORK (AP) ? Oil tumbled more than $5 a barrel Tuesday in its second big drop this week, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cashed in gains from oil's recent rally.

Light, sweet crude for August delivery fell $5.33 to settle at $136.04, after earlier slumping as low as $135.14. The decline followed a $3.92 slide on Monday, bringing oil's two-day drop to more than $9.

The market's bearish turn this week erases, at least for the time being, the effect of a rally that pushed prices past $145 in a string of record-setting sessions before the Fourth of July.

Analysts attributed much of the recent sell-off to profit-taking, saying traders were cashing in on the previous week's gains. A stronger dollar also helped keep prices lower by discouraging investors from pumping more money into commodities.

At the same time, concerns about global oil supply disruptions subsided and fears that the economic slowdown is spreading moved to the forefront.

"Sagging global equities, which are tipping a lack of confidence in economic growth in both developed and emerging economies, helped trigger the retreat in the energy markets," Addison Armstrong, director of market research at Tradition Energy, said in a research note.

Still, analysts warned the pullback could be fleeting.

"For the time being it's what we call corrective. ... It's a profit-taking pullback that could still be followed by fresh highs down the road," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.

Ritterbusch said Tuesday's decline may have gained added momentum when computer models used by large investment funds automatically sold oil contracts once prices fell to a pre-set threshold.

"A significant part of it's technical," he said of the day's trading. "A lot of these funds don't watch supply and demand fundamentals."

A decline in oil prices wouldn't translate into relief at the gas pump for some time. Retail gasoline prices in the U.S. held steady at a record $4.108 a gallon, according to AAA auto club, the Oil Price Information Service and Wright Express. Diesel continued to advance, rising more than half a penny to a record $4.807 a gallon.

Oil hit a trading record of $145.85 on last week before settling at a record close of $145.29 a barrel.

Concern over the unruly oil market was a top priority Tuesday at a summit of industrialized powers in Rusutsu, Japan with leaders calling on petroleum suppliers to boost production and refining and to increase investment in oil exploration and output over the medium term.

The G-8 ? which groups the U.S., Britain, Japan, France, Germany, Canada, Russia and Italy ? also called for diversifying sources of energy and further efforts to improve energy efficiency.

"We remain positive about the long-term resilience of our economies and future global growth," the communique said, noting that growth in emerging economies remained strong. "However, the world economy is now facing uncertainty and downside risks persist."

The U.S. dollar was stronger against the euro and the pound, but lost ground against the Japanese yen and the Swiss franc. A falling dollar has helped boost oil prices about 50 percent this year, with investors often buying commodities such as oil as a hedge against inflation when the greenback weakens.

Along with some signs of life from the dollar, fears that fresh conflict in the Middle East could cut oil supplies eased over the weekend after Iran gave an undisclosed response to an international offer of incentives if it suspends a central part of its nuclear program.

In other Nymex trade, heating oil fell by 14.94 cents to settle at $3.8202 a gallon and gasoline futures sank by about 12 cents to end at $3.3631 a gallon. Natural gas futures dropped 60.9 cents to settle at $12.368 per 1,000 cubic feet.

August Brent crude also lost heavily, dropping $5.44 to settle at $136.43 barrel on the ICE Futures exchange in London.

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD91PTCT04

[Smoking Guns]

Oil extends slide into 2nd day, losing over $5

By ADAM SCHRECK ? 45 minutes ago

NEW YORK (AP) ? Oil tumbled more than $5 a barrel Tuesday in its second big drop this week, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cashed in gains from oil's recent rally.

Light, sweet crude for August delivery fell $5.33 to settle at $136.04, after earlier slumping as low as $135.14. The decline followed a $3.92 slide on Monday, bringing oil's two-day drop to more than $9.

The market's bearish turn this week erases, at least for the time being, the effect of a rally that pushed prices past $145 in a string of record-setting sessions before the Fourth of July.

Analysts attributed much of the recent sell-off to profit-taking, saying traders were cashing in on the previous week's gains. A stronger dollar also helped keep prices lower by discouraging investors from pumping more money into commodities.

At the same time, concerns about global oil supply disruptions subsided and fears that the economic slowdown is spreading moved to the forefront.

"Sagging global equities, which are tipping a lack of confidence in economic growth in both developed and emerging economies, helped trigger the retreat in the energy markets," Addison Armstrong, director of market research at Tradition Energy, said in a research note.

Still, analysts warned the pullback could be fleeting.

"For the time being it's what we call corrective. ... It's a profit-taking pullback that could still be followed by fresh highs down the road," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.

Ritterbusch said Tuesday's decline may have gained added momentum when computer models used by large investment funds automatically sold oil contracts once prices fell to a pre-set threshold.

"A significant part of it's technical," he said of the day's trading. "A lot of these funds don't watch supply and demand fundamentals."

A decline in oil prices wouldn't translate into relief at the gas pump for some time. Retail gasoline prices in the U.S. held steady at a record $4.108 a gallon, according to AAA auto club, the Oil Price Information Service and Wright Express. Diesel continued to advance, rising more than half a penny to a record $4.807 a gallon.

Oil hit a trading record of $145.85 on last week before settling at a record close of $145.29 a barrel.

Concern over the unruly oil market was a top priority Tuesday at a summit of industrialized powers in Rusutsu, Japan with leaders calling on petroleum suppliers to boost production and refining and to increase investment in oil exploration and output over the medium term.

The G-8 ? which groups the U.S., Britain, Japan, France, Germany, Canada, Russia and Italy ? also called for diversifying sources of energy and further efforts to improve energy efficiency.

"We remain positive about the long-term resilience of our economies and future global growth," the communique said, noting that growth in emerging economies remained strong. "However, the world economy is now facing uncertainty and downside risks persist."

The U.S. dollar was stronger against the euro and the pound, but lost ground against the Japanese yen and the Swiss franc. A falling dollar has helped boost oil prices about 50 percent this year, with investors often buying commodities such as oil as a hedge against inflation when the greenback weakens.

Along with some signs of life from the dollar, fears that fresh conflict in the Middle East could cut oil supplies eased over the weekend after Iran gave an undisclosed response to an international offer of incentives if it suspends a central part of its nuclear program.

In other Nymex trade, heating oil fell by 14.94 cents to settle at $3.8202 a gallon and gasoline futures sank by about 12 cents to end at $3.3631 a gallon. Natural gas futures dropped 60.9 cents to settle at $12.368 per 1,000 cubic feet.

August Brent crude also lost heavily, dropping $5.44 to settle at $136.43 barrel on the ICE Futures exchange in London.

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD91PTCT04

Profit taking?  Stonger Dollar?  Weakend Demand?  Lessend Supply worries?  Can't be, just can't be... THIS IS ALL TOO FUCKING PREDICTABLE.    Yet, gas at pump still increases.  As if all these signs weren't evident last week.  It was 4th of july weekend, lets run it up high, sell off on Monday.  These people are fucking brilliant.