I don't know.

As I understand it, there is now a lot of Canadian crude being shipped by rail.

That's true

http://thecable.foreignpolicy.com/po...in_afghanistan

http://rt.com/news/iran-petrol-afghan-army-247/

keep spreading the lies comrade.

for truth look here;

http://www.eia.gov/tools/faqs/faq.cfm?id=727&t=6

Oh, that. Yes, I was aware of that snafu. Do you happen to know what import means?

As to the EIA page, what do you think that shows?

$3.04 at the Costco by me. And I have to go to Costco later and need gas, so this is a good thing.

I'm not fluent on the Iran situation but I thought Iran is trying to negotiate a deal to sell their oil to the west.

I thought Iran was shutdown with sanctions when it comes to oil right now.

$2.62 this p.m. In JoMo.

No, but sanctions have more than halved their exports.

Diesel is way the **** overpriced

Went to Costco and got my $3.04 gas.

I really shouldn't go to Costco on Sunday afternoons right after the Bears game ends. :#

U.S. may be inching toward oil independence

http://www.usatoday.com/story/money/...ports/5268819/

U.S. oil imports fell sharply again in 2013 while petroleum exports rose, leading some analysts to proclaim that a new era of energy independence is just a few years away.

Experts largely credit new drilling techniques that have unearthed vast troves of previously inaccessible oil embedded in shale deposits in states such as North Dakota and Texas.

"We're at the beginning of a long upswing," says Citigroup analyst Eric Lee.

Crude oil imports declined 9% last year to 2.8 billion barrels and are down 17% since 2010, according to the Census Bureau.

Meanwhile, exports, mostly of refined gasoline and diesel, rose about 11%, narrowing the country's petroleum deficit by about $59 billion, or 20%, to $233 billion. Lee attributes the exports' increase to the abundance of U.S. oil and reduced U.S. consumption as fuel-efficient vehicles proliferate.

The shrinking petroleum gap was almost entirely responsible for a $63 billion decline in the nation's overall trade deficit last year to $471.5 billion, the lowest since 2009, Census said.

The nation's diminishing dependence on foreign oil doesn't insulate it from wild price swings, because oil prices are set by global markets. But growing U.S. production has added to the world's supply and prevented sharp price increases that could have resulted from political conflicts that reduced oil exports from Iran and Libya since 2012, analysts say.

"U.S. crude oil production has played a major role in offsetting disruptions elsewhere," says Jim Burkhard, an analyst with research firm IHS CERA.

U.S. crude oil production increased to an estimated 7.7 million barrels a day last year from 6.5 million barrels a day in 2012, according to the Energy Information Administration. The EIA expects production to rise another 16% by 2020. But Citigroup's Lee expects even more dramatic gains by then, leaving the U.S. a net exporter of oil and making it virtually self-sufficient in oil production.

Oil independence could safeguard the nation from more severe supply constraints, such as the 1973 oil embargo by Mideast nations that resulted in long gas lines in the 1970s, says analyst Fadel Gheit of Oppenheimer & Co.

Growing production and falling imports also means U.S. consumption increasingly benefits the nation's economy. "You're sending less money abroad, and that's a potential economic stimulus," says John Felmy, chief economist of the American Petroleum Institute.

The oil boom already created about 1.7 million U.S. jobs from 2008 to 2012, IHS CERA estimates. Citigroup expects it to spawn another 3 million jobs by 2020.

Rising production has led to recent calls by the oil industry to lift a 40-year-old ban on most crude oil exports. Last week, the Senate held its first hearing on the issue in 25 years.

When the ban was imposed after the oil embargo, "we believed we were dealing with energy and oil scarcity," Felmy says. "That's not true anymore."

Good news.

Crude now trading below $100 ($98.68) after being above for quite a while.

Gasoline at $3.48, which is $0.20 less than this time last year.

crude oil now at 100.03

http://www.oil-price.net/

That's yesterday.

oops, I thought it looked familiar.

Just went up to $3.75 a gallon here in eastern Kentucky. So going under $100 a barrel doesn't mean squat!

Weather is starting to get nicer. People are out driving more. Time to hike them prices back up.

The price of gasoline doesn't drop immediately after a drop in crude prices.

Supply and demand, yes.

You say that, yet the supply has never been higher. It was reported on the news today that the US is likely gonna be producing more barrels of oil per day than Saudi Arabia by the end of the year. Yet prices continue to increase.

http://www.thenewamerican.com/tech/e...oil-production

I'm not sure what you are getting at here. Yes, our domestic supply is going up dramatically but crude is a globally-traded commodity.

Still trolling with oil prices.

I'm not trolling.

:spock:

I don't know what that means with respect to what I just wrote.

Need more oil refineries, just saying.

What really pisses me off is that the average gas price has been $1.75 - $2.00 MORE per gallon over the last 5 years since Obama took office and nobody seems to care.

That equates to roughly $1.1 TRILLLION dollars EXTRA that Americans have spent on gas since 2008 and is is any wonder why the economy has so many obstacles. It is a direct hit to consumers.

Add on top of that all the companies and businesses that have raised prices like food, trucking, and airlines and it's no wonder we can't get out of our own way these days.

The biggest problem is that the Federal Reserve has DESTROYED the US Dollar and oil is traded in dollars, so oil is artificially high by at least 35-40%.

Oil should be around $60 a barrel and gasoline should be no more than $1.50 a gallon. Factor in all the stupid gas blends that states and the EPA mandate and this whole thing is a giant Ponzi scheme sucking money out of Americans.

The government loves it because all the god damn taxes they get.

We have enough oil and natural gas in this country to tell everyone to go "F" themselves.

POTUS can do very little to change the price of crude (and thereby the price of gasoline), regardless of party.

For the most part I agree but the POTUS does have influence on the value of US dollars and drilling permits domestically and in the gulf

I'm in 100% agreement w both comments. I don't blame Obama, just find it ironic that people and the media haven't said jack shit about gas prices for the last 5 years. It is a BIG burden and drag on the economy.

Most people are pretty clueless when it comes to gasoline and crude pricing. So, I suppose it's understandable to complain when "an oil man" is POTUS and crude prices are high and not when POTUS is a lawyer.

I've been arguing about the core of your argument for years. It is no Obama's fault but moreso the fault of The Fed and their super low interest rates which in turn keep the value of the $ low which in turn causes $-denominated commodities, like oil, to go up in price.

Actually it's the Federal Reserve that has the influence on the value of the $. The Fed right now and for the last several years has been more concerned with taking care of Wall St. and not Main St.

With the exception of the crisis period, the value of the dollar has remained roughly stable since 2008.

http://research.stlouisfed.org/fred2...ate=2014-03-13

Similarly, the price of crude oil has remained roughly stable since then.

http://research.stlouisfed.org/fred2...ate=2014-03-13

Stop dumping this crap into the ocean and cheapen it please....I want to buy a muscle car!

Why $100 Oil Is the New $20 Oil

http://finance.yahoo.com/news/why-10...161540672.html

When Chevron Corp. (CVX) CEO John Watson told a Houston audience earlier this month that crude oil costing $100 a barrel is becoming the new $20 in the oil and gas industry, he added, "If $100 is the new $20, consumers will pay more." The inference we might draw from that is that oil prices have finished falling and can only rise from this point on.

There will, of course, be ups and downs in crude oil, just as there are with all commodities -- volatility comes with the territory. But the trend is up and to the left, and Watson's point is that based on rising production costs, the oil companies need prices no lower than $100 a barrel in order to pay the ever-rising costs associated with getting crude from ultradeep water and tight shale formations on land. One hundred dollars a barrel is a floor; no one knows where the ceiling is.

Decreasing demand for crude oil in developed countries has been offset by swelling demand from emerging countries, particularly China. But that growth is relatively small, and globally supply and demand are currently able to remain roughly in synch. In order to maintain a reasonable profit, the oil companies need demand to rise to cover the higher costs they are paying for production. But even in China demand growth is slowing down.

By one estimate, in the decade to 2012, production costs rose fourfold in nominal terms while production rose just 11%. The economics of such a situation cannot last forever -- and they didn't.

When demand for crude was strong, say seven or eight years ago, oil companies could absorb the higher costs to boost production and still turn in record profits. Then, as the old saying predicts, the best cure for high prices was high prices.

Chevron, Exxon Mobil Corp. (XOM) and Royal Dutch Shell PLC (RDS-A) have all announced significant reductions in capital spending over the next several years as they work to bring spending in line with revenues. Initially the price increases will be moderate, but eventually demand will outstrip supply again and crude prices could easily take off once more.

U.S. oil producers argue that removing the ban on oil exports will help them to recover their rising costs because they can charge more for the crude. That will be true for two or maybe three years, but again crude prices will settle around a level where demand and supply once more become roughly equivalent.

There is also an argument that proposed changes in the crude futures market in the United States make it increasingly risky for oil companies to spend on new production. Non-commercial traders (aka, speculators) will soon be subject to position limits and to capital requirements that have already chased some of them from the futures market. Without traders willing to take the long side of the trade, the oil companies have no ability to hedge production. That means that the companies must absorb virtually 100% of the price risk on forward barrels.

Investors in Chevron and Exxon will be the short-term beneficiaries here, just as investors in mining companies have benefited from the sharp pullbacks in the capital spending of miners. Less spending and reduced costs translate into more share buybacks and dividend increases as the oil and mining companies work to keep stock prices high in order to maintain access to the capital markets.

For consumers there is no chance that we will ever see gasoline pump prices below $2.50 a gallon, and only a very slim chance that prices will ever again fall below $3.00 a gallon for an extended period. That is the message Chevron CEO John Watson had for consumers.

Crude closed at $106.33 on Friday. If things get worse in Iraq, that'll be going higher.

we gotta open up more public lands to drillers. once technology gets to the level of being able to produce the green river formation in northern colorado US will be set.

the supers are all heading for brazil and Australia cus they need huge production levels to pay for their ridiculous costs. that's why the mid majors are taking over production in the US. or am I wrong

Peak oil, brother.

far from it brother

Nothing pads the pockets of the oil futures people like a good Middle Eastern armed conflict!

Don't shoot the messenger.

I don't look for oil to go down anytime soon probably get higher.
We have enough oil in America to take care of our needs and more.

Why we buy from the Middle East anymore is beyond me.

How much net profit did the big oil companies make last year? The whole "oil prices have to be at this level for us to make a reasonable profit" is a huge pile of bullshit.

Actually, no, we can't meet our needs with just domestic crude. Not yet, anyway.

****ing Bush and his friends/Libtards

Net profit or profit margin?

Paid like $3.69 last night. Good lord.......Bushs fault!

$3.42 a gallon here when I filled up today. It was $3.32 last week.

Filled up Sunday for $3.52/gal.

Monday it jumped up to $3.67/gal.

I paid $3.59 today, and my average since the first of the year is $3.60. It was in the $3.60s for most of april and may. Price has been pretty stable around here.

Time to pay those "special blend" summer prices! Throw in unrest in the Middle East and you get a double whammy!

yep; there's always a 'reason'.
holy shit...It's Tuesday! better bump it up for the next time we have to fill our tanks (Gas station owners)

You can blame the gubmint for that one. Refiners would much rather have one formulation year-round.

http://fuelgaugereport.aaa.com/high-...uly-4-holiday/

Drivers Stuck Paying Highest Gas Prices in Six Years for Independence Day

U.S. drivers will pay the most expensive Independence Day gas prices since 2008, primarily because Iraqi violence has increased global petroleum costs. AAA predicts that 34.8 million Americans will travel 50 miles or more by car during the holiday weekend despite high gas prices.

“Most drivers are paying about 15-20 cents more per gallon than expected heading into the busy Independence Day weekend due to market fear about Iraq,” said Avery Ash, AAA spokesman. “It is frustrating that events overseas will make it more expensive to celebrate Fourth of July here at home.”

With Independence Day only a few days away, today’s national average price of gas is $3.68 per gallon. This average is considerably more expensive than recent years for the holiday. The national average on July 4 in previous years was: $3.48 (2013); $3.34 (2012); $3.57 (2011); $2.74 (2010); $2.62 (2009); and $4.10 (2008).

AAA does not believe that high gas prices will have a significant impact on the number of people traveling, but it could result in some consumers cutting back on dining, shopping or other trip activities. AAA’s full Independence Day forecast can be found here.

The monthly average price of gas in June was $3.67 per gallon, which was the most expensive for June since 2011, and it was the highest average for any month since March 2013. Last year gas prices averaged $3.60 per gallon in June.

Gas prices often decline in June as refineries complete maintenance and increase gasoline production in anticipation of the summer driving season. During the previous three years, the national average price of gas declined in June by an average of 21 cents per gallon. A month ago, AAA predicted the national average could decline 10-15 cents per gallon in June, but this did not happen due to the unexpected events in Iraq.

On June 10, insurgents known as the Islamic State of Iraq and the Levant (ISIL), captured Mosul, which is Iraq’s second largest city. Following this attack, there were concerns in the market that the rebels would take Baghdad or disrupt the southern oil producing regions of the country. These concerns helped drive up global oil prices, which made it more expensive to produce gasoline. Iraq is the second largest oil producer in OPEC, and any decline in exports could impact global oil supplies.

Where's the Obama outrage over this ?

Not that I think it's his fault, but the media and Libs were always hammering Bush on gas prices.

OH no, not again, just market prices, right?? What a Joke.

Price is $3.28 in Nixa today. $3.41 in Springfield. Not sure why such a big difference in neighboring cities but I buy in Nixa since it's on my way to work.

Teflon President

All you stupid ****s that live 30+ miles out of town have gotta be annoyed....

In Tulsa, it's priced about 2.00 bucks too much at 3.36, save.

Haha well I'm not traveling this weekend so you can go **** yourself Donger.

The U.S. will remain the world’s biggest oil producer this year after overtaking Saudi Arabia and Russia as extraction of energy from shale rock spurs the nation’s economic recovery, Bank of America Corp. said.

U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter, the bank said in a report today. The country became the world’s largest natural gas producer in 2010. The International Energy Agency said in June that the U.S. was the biggest producer of oil and natural gas liquids.

“The U.S. increase in supply is a very meaningful chunk of oil,” Francisco Blanch, the bank’s head of commodities research, said by phone from New York. “The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable.”

Oil extraction is soaring at shale formations in Texas and North Dakota as companies split rocks using high-pressure liquid, a process known as hydraulic fracturing, or fracking. The surge in supply combined with restrictions on exporting crude is curbing the price of West Texas Intermediate, America’s oil benchmark. The U.S., the world’s largest oil consumer, still imported an average of 7.5 million barrels a day of crude in April, according to the Department of Energy’s statistical arm.

Why do people always tell me that?

Bring back $2/gal gas and I'll stop.

I sometimes wonder if the EPA under this administration will put regulations on the shale oil producers. I wouldn't put it past them.

Here in my town its at 3.99.

Because you control all the oil prices and stuff...duh!

I'm afraid barring another global recession/depression, that isn't going to happen.

Paid $4.23 yesterday, and wasnt happy about it.

here we go again...

The national retail average is $3.65, by the way, which it's been for about a month.

Gasoline we cant quit you!!!

'Murica!

Crude is approaching the $100 mark. I think it's pretty likely it will cross it, barring a few things.

People are being dragged kicking and screaming into altering their lifestyles to save fuel or getting more fuel efficient vehicles.

I saw 3.19 in Mississippi a few days ago.

Must not use the special "summer blend" down there.