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Old 06-21-2005, 11:54 AM  
sd4chiefs sd4chiefs is offline
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$60 a barrel! Now its getting scary.

http://news.yahoo.com/news?tmpl=stor.../oil_prices_30


NEW YORK - With oil prices marching to new heights of close to $60 a barrel, the president of OPEC said Monday the group will consider raising its output ceiling by half a million barrels as early as this week.

The Organization of Petroleum Exporting Countries raised its output target by that amount just last week. The move appeared to have little impact on prices, which have risen by almost $12 a barrel in the past month because of concerns about limited refining capacity and rising demand for gasoline and diesel.

Light sweet crude for July delivery climbed 38 cents to $58.85 a barrel in afternoon trade on the New York Mercantile Exchange. Earlier, prices hit $59.23, an intraday record on Nymex, where oil futures have been traded since 1983.

Gasoline prices in the U.S. average about $2.13 a gallon, an increase of more than 40 percent over the past two years, but government data released last week showed that demand is up almost 3 percent from a year ago over the past four weeks at nearly 9.5 million barrels a day — a growth rate that surprised many analysts.

While soaring jet fuel costs have been a major problem for the airline industry, higher energy prices have not taken as much of a toll on the broader economy as analysts had previously feared. In the first three months of the year, the U.S. economy grew at a 3.5 percent annual rate, according to the Commerce Department, slightly slower than the 4.5 percent pace a year earlier.

The prospect of another attempt by OPEC to cool prices did not impress brokers, who said the effort could actually backfire by highlighting the group's dwindling excess production capacity.

Still, "it looks like we might have difficulty holding these levels," said Mike Fitzpatrick, an oil broker at Fimat USA in New York. "You're seeing a great deal of reluctance among buyers to pay these higher prices."

Oil analyst Andrew Lebow at Man Financial in New York said "once we're in this $55-$60 area, it's been kind of hard to justify. But it is what it is. It seems like we'll hit $60 at this point."

Brent crude for August delivery broke the $57.65 per barrel peak it reached last April to set a new high of $58.58 Monday on London's International Petroleum Exchange. It later fell back to $58.01 a barrel, up 25 cents.

OPEC President Sheik Ahmed Fahd Al Ahmed Al Sabah said Monday that "if the prices continue to the end of this week at the same level, I will start consulting my colleagues to release the 500,000." Asked by reporters in Kuwait what he meant by the end of this week, the minister said Friday.

Last week the oil cartel agreed to raise its official production ceiling to 28 million barrels, starting July 1, but that failed to soothe traders because OPEC's output is already exceeding that level as producers seek to cash in on high prices. Including Iraq, which is not bound by the quota system, OPEC is pumping close to 30 million barrels a day, or about 35 percent of global demand.

Another development brokers were watching on Monday was the threat of a strike by oil workers in Norway, the world's third-largest exporter. A strike could begin as soon as Wednesday because of a salary dispute, potentially slicing the country's daily output of 3 million barrels by a third.

"If you take off 1 million barrels a day in this market, it's going to get ugly," said oil broker Tom Bentz of BNP Paribas Commodity Futures in New York. "Let's just hope it doesn't happen."

While Nymex oil futures are more than 50 percent higher than a year ago, they are still below the inflation-adjusted high above $90 a barrel set in 1980.

Analysts said unlike the record prices last year, which were driven largely by concern over geopolitical events in oil-producing countries such as Nigeria, Saudi Arabia, Iraq and Venezuela, this year's trend has more to do with speculative buying, continued supply fears and limited excess production capacity.

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Old 06-23-2005, 03:23 AM   #76
BigMeatballDave BigMeatballDave is offline
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Quote:
Originally Posted by Donger

Anyway, regardless, we simply don't have the refining capacity any longer. It's not been since 1978 (IIRC) that we built a new refinery in this country.
You were close, 1976...
Quote:
12-06-01 No new refineries have been built in the US in the past 25 years. And petroleum industry experts say anyone would have to be crazy to launch such an effort -- even though present refineries are running at nearly 100 % of capacity and local gasoline shortages are beginning to crop up.

Why does the industry appear to have built its last refinery?
Three reasons: Refineries are not particularly profitable, environmentalists fight planning and construction every step of the way and government red-tape makes the task all but impossible. The last refinery built in the US was in Garyville, Louisiana, and it started up in 1976.
Energy proposed building a refinery near Portsmouth, Virginia, in the late 1970s, environmental groups and local residents fought the plan -- and it took almost nine years of battles in court and before federal and state regulators before the company cancelled the project in 1984.

Industry officials estimate the cost of building a new refinery at between $ 2 bn and $ 4 bn -- at a time the industry must devote close to $ 20 bn over the next decade to reducing the sulphur content in gasoline and other fuels -- and approval could mean having to collect up to 800 different permits. As if those hurdles weren't enough, the industry's long-term rate of return on capital is just 5 % -- less than could be realized by simply buying US Treasury bonds.
"I'm sure that at some point in the last 20 years someone has considered building a new refinery," says James Halloran, an energy analyst with National City Corp. "But they quickly came to their senses," he adds.
...a little red tape...
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Old 06-23-2005, 03:53 AM   #77
ENDelt260 ENDelt260 is offline
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Not a chance.
I've paid $2.50+ for a gallon already. I fail to see what makes $3 so unrealistic.
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Old 06-23-2005, 03:56 AM   #78
ENDelt260 ENDelt260 is offline
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Originally Posted by Mr. Kotter
That's gotta be "premium;" unbelievable....
Not all of us live in South Dakota. I only buy the cheap stuff.
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Old 06-23-2005, 03:58 AM   #79
ENDelt260 ENDelt260 is offline
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Originally Posted by Cochise
It has a 32 gallon tank though, in BD's neck of the woods that means $80+ fillups.
And, as I found out recently, some pumps shut off after $60. I don't have a problem w/ that, but my neighbor's truck has a bigger tank than mine and I was with him a couple weeks ago when he had to make two transactions to fill up. Pure silliness.
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Old 06-23-2005, 04:01 AM   #80
ENDelt260 ENDelt260 is offline
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My advice, GET A MOTORCYCLE.
And get killed by soccer mom Judy in her Escalade while she runs a red light she didn't see while slapping the shit out of li'l Johnny in the backseat.
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Old 06-23-2005, 07:46 AM   #81
Radar Chief Radar Chief is offline
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Originally Posted by ENDelt260
And get killed by soccer mom Judy in her Escalade while she runs a red light she didn't see while slapping the shit out of li'l Johnny in the backseat.
And run’n her flap on her cell phone, believe me I know.
As a motorcyclist you’ve got to learn what to look for when spotting idiot drives and avoid them.
An easy one to spot is blue hair. If the driver in a vehicle is wearing it, avoid’em.
Another is if you see someone doing something stupid, they’re more than likely gonna do something else stupid soon. Avoid them also.
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Old 08-29-2005, 07:53 PM   #82
Saulbadguy Saulbadguy is offline
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Originally Posted by Mr. Kotter
I like crow, remember?
Time to eat a plate! Prices are over $3.00 in California.
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Old 08-29-2005, 09:38 PM   #83
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Originally Posted by Donger
Personally, I don't believe that the world's supply is going to run out within the next 25 to 50 years. They'll find more.

But, as pointed out, finding supply means nothing without increased refining capacity. That's the bottleneck right now, and it's only going to get worse.

If "alternative" includes nuclear, I'm all for it. Throw in geothermal and wind generation, too.



hmmm, for once I hope you are right..
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Old 08-30-2005, 11:03 AM   #84
Donger Donger is offline
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Originally Posted by chiefs4me
hmmm, for once I hope you are right..
Your hoping for it to be so is irrelevant.
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Old 03-22-2013, 03:40 PM
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Old 03-23-2013, 11:00 AM   #85
Comrade Crapski Comrade Crapski is offline
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Yeah, like that little gift to Bush's oil cronies is really gonna' make a difference at the pump. Wake up.
Wake up! at your stupid ass.

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Old 03-23-2013, 12:27 PM   #86
Bowser Bowser is offline
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Why is this drunk bastard bumping irrelevant threads?
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Old 03-23-2013, 01:02 PM   #87
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I dunno, but the idea that the president controls the price of oil is nuts. It was nuts under Bush and its still nuts under Obama.
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Old 03-23-2013, 01:16 PM   #88
go bowe go bowe is offline
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aw shit, is he gonna start bumping useless old threads again?

somebody get a pitchfork!!
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Old 03-23-2013, 01:35 PM   #89
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He's looking for old penchief posts because penchief reappeared after a long absence and the two of them had words.
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Old 03-23-2013, 01:43 PM   #90
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He's looking for old penchief posts because penchief reappeared after a long absence and the two of them had words.
oh come on, shitsprayer has had words with just about everybody at one time or another...
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