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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 ó 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, 01:26 PM   #46
beavis beavis is offline
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Originally Posted by penchief
Yeah, like that little gift to Bush's oil cronies is really gonna' make a difference at the pump. Wake up.
Thanks for your contribution Corky.
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Old 06-21-2005, 01:29 PM   #47
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Originally Posted by beavis
Yep. OPEC could send unlimted barrels at us and it wouldn't matter. Until we start building new refineries, gas is never going to go down.


Nice idea, but I've heard it will take up to 10 years to get it pumping anything. Maybe we'd want to think a little bit ahead of that time?
Look to the left side of Congress to find the root of both those problems....
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Old 06-21-2005, 01:34 PM   #48
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Originally Posted by mikey23545
Look to the left side of Congress to find the root of both those problems....
Well, of course.
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Old 06-21-2005, 01:39 PM   #49
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Quote:
Originally Posted by beavis
Nice idea, but I've heard it will take up to 10 years to get it pumping anything. Maybe we'd want to think a little bit ahead of that time?
Yeah, but I don't think anyone foresees a major energy crunch for 2015.

And, again, our current problem is more refining capacity than anything else.

Although, with the booming demand in the Far East, perhaps we should get ANWR rolling sooner rather than later. 10 years from now $3.00 per gallon might seem like a deal.
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Old 06-21-2005, 01:41 PM   #50
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Originally Posted by mikey23545
Look to the left side of Congress to find the root of both those problems....
I believe that, in your mind anyway, the left side of Congress is at the root of every problem we ever have had, currently have, or will have.

Not to be Captain Obvious, but you're not exactly Mr. Moderate or anything...
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Old 06-21-2005, 01:43 PM   #51
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Ok, question. Why have no new refineries been built?

Is it the same reason no power plants have been built in California since what, the 70s?
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Old 06-21-2005, 01:57 PM   #52
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That's cool. Different strokes.

I wonder what a big twin like a 999 or an RC51 would feel like. I wish I would have occasion to try one out.
Havenít ridden either of them, but from everything Iíve read theyíre comparatively powerful motorcycles. Though Iíve heard from several places that the RC51 is a bit cantankerous for a street bike. It prefers wide-open throttle or none at all.
I like Ducatiís for their style and exclusivity, but the noise coming from the valve train scares me. It sounds like itís gonna grenade at any moment, though they keep running and doing so very well.
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Old 06-21-2005, 01:59 PM   #53
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Quote:
Originally Posted by Amnorix
I believe that, in your mind anyway, the left side of Congress is at the root of every problem we ever have had, currently have, or will have.
You mean they arenít?
Color me shocked.
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Old 06-21-2005, 02:00 PM   #54
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Originally Posted by Cochise
Ok, question. Why have no new refineries been built?

Is it the same reason no power plants have been built in California since what, the 70s?
If youíre referring to legislation prohibiting there construction, I think thatíd be a yea.
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Old 06-21-2005, 02:04 PM   #55
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Originally Posted by Radar Chief
If youíre referring to legislation prohibiting there construction, I think thatíd be a yea.
I'd like to know the answer to Cochise's original question because I'd like to know if there's regulations prohibiting refinery construction.

IMO however I don't see building refineries as being a high priority item for the oil companies....I mean they're making money hand over fist right now aren't they? Why would they spend money to reduce their profit?
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Old 06-21-2005, 02:19 PM   #56
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Originally Posted by mlyonsd
I'd like to know the answer to Cochise's original question because I'd like to know if there's regulations prohibiting refinery construction.

IMO however I don't see building refineries as being a high priority item for the oil companies....I mean they're making money hand over fist right now aren't they? Why would they spend money to reduce their profit?
As for Cochiseís original question, I donít know for sure. Iíd have to Google it up myself.

Though if they were allowed to build new refineries theyíd be able to take advantage of advances in technology that could stream line the process and increase profitability.
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Old 06-21-2005, 02:29 PM   #57
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Old 06-21-2005, 02:31 PM   #58
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Originally Posted by Radar Chief
As for Cochiseís original question, I donít know for sure. Iíd have to Google it up myself.

Though if they were allowed to build new refineries theyíd be able to take advantage of advances in technology that could stream line the process and increase profitability.
You see my point though. I don't see them pushing for new refineries bacause at least from a profit point of view, they don't need to.
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Old 06-21-2005, 02:39 PM   #59
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You see my point though. I don't see them pushing for new refineries bacause at least from a profit point of view, they don't need to.
Sure, I knew what you were sayín, but I still think itís been legislated. Seems Iíve read it before on the Planet but itís been a while and Iíve slept since then.
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Old 06-21-2005, 02:47 PM   #60
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I read a report a few days ago that suggested that the price of oil may presently be FAR overvalued, and that it could come crashing down. We'll see, I guess.

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.
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