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Old 06-21-2005, 10:54 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 06-21-2005, 12:23 PM   #16
Cochise Cochise is offline
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Pretty soon the market is going to die out for the huge azz 15mpg vehicles. I mean, I bet that if we did a poll, over half the board doesn't even get 20 mpg. It doesn't seem like capacity is insufficient for all the drivers we have, just that over the past 10 years or so the average vehicle's apetite has increased so much.

People adapt by means of necessity. Until the gas prices get high enough to where people have to make a change by necessity, I think consumers will just grin and bear it.
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Old 06-21-2005, 12:29 PM   #17
Amnorix Amnorix is offline
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Quote:
Originally Posted by Cochise
Ready for anwar yet?
Opening up ANWR won't make a huge impact. A big part of the problem is refining capacity, which opening up ANWR won't impact.

Also, as I've said before, I'm not morally opposed to opening ANWR. To me, ANWR is best saved as a huge, free, emergency national petroleum reserve.
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Old 06-21-2005, 12:30 PM   #18
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Quote:
Originally Posted by Cochise
Pretty soon the market is going to die out for the huge azz 15mpg vehicles. I mean, I bet that if we did a poll, over half the board doesn't even get 20 mpg. It doesn't seem like capacity is insufficient for all the drivers we have, just that over the past 10 years or so the average vehicle's apetite has increased so much.

People adapt by means of necessity. Until the gas prices get high enough to where people have to make a change by necessity, I think consumers will just grin and bear it.
Yup. I have 4 vehicles and only one gets about 20mpg.

Two things, Bush get off your azz and make alternative fuels a fricking higher priority then say going to Mars. The other is if everyone quit going to the Walmarts of the world China's manufacturing would slow down thus reducing the world wide demand.
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Old 06-21-2005, 12:30 PM   #19
Amnorix Amnorix is offline
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Quote:
Originally Posted by Cochise
Pretty soon the market is going to die out for the huge azz 15mpg vehicles. I mean, I bet that if we did a poll, over half the board doesn't even get 20 mpg. It doesn't seem like capacity is insufficient for all the drivers we have, just that over the past 10 years or so the average vehicle's apetite has increased so much.

People adapt by means of necessity. Until the gas prices get high enough to where people have to make a change by necessity, I think consumers will just grin and bear it.
Gotta agree with that.

What do those bigass Hummers get? Can't be much more than 10 mpg...
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Old 06-21-2005, 12:31 PM   #20
Mr. Kotter Mr. Kotter is offline
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Originally Posted by BIG_DADDY
I was going to say hell we are already seeing $2.59 here now.
That's gotta be "premium;" unbelievable....
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Old 06-21-2005, 12:37 PM   #21
Cochise Cochise is offline
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Quote:
Originally Posted by mlyonsd
Bush get off your azz and make alternative fuels a fricking higher priority then say going to Mars.
I have to agree with that. I dont understand some things that have been made priorities... not that this has, but if it was mentioned then some resources have to have been put into studying it or something.

Quote:
Originally Posted by Amnorix
Gotta agree with that.

What do those bigass Hummers get? Can't be much more than 10 mpg...
From what I can see around the web it gets 10 to 13 mpg. Bad, but not much worse than Excursion/Escalade or vehicles that size.

It has a 32 gallon tank though, in BD's neck of the woods that means $80+ fillups.
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Old 06-21-2005, 12:42 PM   #22
sd4chiefs sd4chiefs is offline
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We could drop the speed limit down to 55 like they did in the 70's. Boy, did that ever suck.
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Old 06-21-2005, 12:43 PM   #23
Radar Chief Radar Chief is offline
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Quote:
Originally Posted by Cochise
Pretty soon the market is going to die out for the huge azz 15mpg vehicles. I mean, I bet that if we did a poll, over half the board doesn't even get 20 mpg. It doesn't seem like capacity is insufficient for all the drivers we have, just that over the past 10 years or so the average vehicle's apetite has increased so much.

People adapt by means of necessity. Until the gas prices get high enough to where people have to make a change by necessity, I think consumers will just grin and bear it.
My advice, GET A MOTORCYCLE.
Even my hopped up ZX-9 will get ‘round 40 MPG, course that’ll quickly drop to under 15 MPG depending on how you treat the loud handle.
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Old 06-21-2005, 12:45 PM   #24
Cochise Cochise is offline
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Also, one thing I noticed on this topic is that I keep seeing ads from a local dealership on TV that (supposedly) has Expeditions discounted 10 grand, including a bunch of leftover models from last year. Sounds like they can't sell those guzzlers for crap right now.

The gas price thing doesn't bother me all that much since my commute is short and I've been starting to take the bike to work a lot more. The 45mpg+ you get on it doesn't suck.
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Old 06-21-2005, 12:47 PM   #25
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I'm afraid i'd fall off a motorcycle and die.
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Old 06-21-2005, 12:48 PM   #26
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Quote:
Originally Posted by Cochise
From what I can see around the web it gets 10 to 13 mpg. Bad, but not much worse than Excursion/Escalade or vehicles that size.

It has a 32 gallon tank though, in BD's neck of the woods that means $80+ fillups.
That’s probably for the H2, since it’s basically a reskined Yukon with an even heavier chassis the relatively small V-8 has to haul even more around.
The real hummers, H1’s, use a turbo diesel motor that gets a little better mileage than that.
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Old 06-21-2005, 12:50 PM   #27
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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.
I guess you enjoy it when we have to coddle the Saudis everytime we need more crude supply, no?
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Old 06-21-2005, 12:50 PM   #28
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Quote:
Originally Posted by Radar Chief
My advice, GET A MOTORCYCLE.
Even my hopped up ZX-9 will get ‘round 40 MPG, course that’ll quickly drop to under 15 MPG depending on how you treat the loud handle.
hah, I was posting about that as the exact same moment. I'm not sure what kind of gas mileage I get exactly, but it's at or over 40, and I am not careful about the RPMs that much. If you kept it under 5 grand I bet you could do even better.
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Old 06-21-2005, 12:51 PM   #29
Radar Chief Radar Chief is offline
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Quote:
Originally Posted by Cochise
Also, one thing I noticed on this topic is that I keep seeing ads from a local dealership on TV that (supposedly) has Expeditions discounted 10 grand, including a bunch of leftover models from last year. Sounds like they can't sell those guzzlers for crap right now.

The gas price thing doesn't bother me all that much since my commute is short and I've been starting to take the bike to work a lot more. The 45mpg+ you get on it doesn't suck.
From what I’ve read that’s exactly what’s going on. GM went and invested too much into the SUV market and that’s why they’re laying off 25,000 and offering “employee discount” pricing as incentive to get rid of this overstock.
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Old 06-21-2005, 12:52 PM   #30
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Originally Posted by Saulbadguy
I'm afraid i'd fall off a motorcycle and die.
You probably wouldn't die.

Really though, if you just wanted to save on gas and got a little one, and took a safety course, I am sure you would be fine. Most of the riders I meet are not rocket scientists or the most coordinated people in the world. Just takes some practice.
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