Home Mail MemberMap Chat (0) Wallpapers
Go Back   ChiefsPlanet > The Ed & Dave Lounge

Reply
 
Thread Tools Display Modes
Old 04-23-2007, 08:40 AM  
Donger Donger is offline
"Think BOOM!"
 
Donger's Avatar
 
Join Date: Nov 2003
Location: 33.675 N 106.475 W
Casino cash: $369
VARSITY
Gasoline at $4 Coming to a Pump Near You, Unfazed by Rising Tab

http://www.bloomberg.com/apps/news?p...d=afOlUzd30YOo

Pretty alarmist, IMO, but possible.

April 23 (Bloomberg) -- Whether it's $50 to fill up your Prius or $130 for the Ford Expedition, $4-a-gallon gasoline is coming to a pump near you.

Fuel prices are rising at a pace not seen since Hurricanes Katrina and Rita knocked out a third of the U.S. oil refining industry in 2005. Gasoline consumption is climbing twice as fast as last year and will accelerate when summer travel begins late next month.

``What we're surprised by is the increased demand,'' said James Mulva, chief executive officer at ConocoPhillips, whose refineries from California to New Jersey produce 56 million gallons of gas a day, enough to meet 14 percent of the country's needs. ``Even though the price of gasoline is up, the demand is up,'' he said in an April 12 interview in Houston.

Population gains and U.S. economic growth are causing an increase in fuel purchases, according to Orlando, Florida-based AAA, the nation's largest organization for motorists. The U.S. economy will expand at a 2.4 percent annual pace in the second quarter, up from 1.8 percent in the first three months, according to the median estimate of 74 economists surveyed by Bloomberg. Gasoline use is rising almost 5 percent above the five-year average.

Americans are resigned to higher prices, says David Pursell, a principal with Pickering Energy Partners, a consulting firm in Houston.

``Last year, we had pump prices well over $3 for the summer and gasoline demand was up,'' Pursell said in an interview. ``Would $4 gasoline cause demand contraction? I think it will, but I also thought $3 gasoline would.''

Pump Prices

Gasoline inventories, measured by the days of demand they will cover, are at the lowest level in two decades for this time of year because of refinery fires, power failures and maintenance work oil companies failed to complete in 2006. No new U.S. refinery has been built in three decades, increasing the strain on existing plants.

Pump prices in the U.S. may increase to $4 a gallon from a nationwide average of $2.87 today, especially if hurricanes threaten Gulf of Mexico refineries, says Peter Beutel, an analyst at Cameron Hanover Inc. in Stamford, Connecticut, who helps industrial consumers manage energy costs.

``Hurricanes are always the huge wild card,'' said Beutel. ``We're all praying for a year like 2006 rather than 2005.''

The June-to-November Atlantic Ocean hurricane season may produce 17 tropical storms, with nine reaching hurricane force and four becoming major hurricanes whose winds exceed 111 miles per hour (179 kilometers per hour), London-based forecasters at Tropical Storm Risk said. Some of the storms will strike the Gulf Coast this year after a benign 2006, AccuWeather.com predicted.

Inflation Risk

Higher pump prices will make winners of refinery owners such as ConocoPhillips, San Antonio-based Valero Energy Corp. and Royal Dutch Shell Plc of The Hague. Shares of Valero and Sunoco Inc., whose only business is refining, are rebounding after a decline at the end of last summer.

The increase in fuel costs threatens to quicken inflation and restrain consumer spending in the U.S. An appreciation to $4 a gallon would add more than $10 for a driver who fills the 12- gallon tank of a Toyota Motor Corp. Prius. The owner of an Expedition, a Ford Motor Co. sport-utility vehicle with a 34- gallon capacity, faces an increase of almost $40.

Many Americans have no choice but to drive more, says Christopher Knittel, an economist who studies fuel consumption at the University of California in Davis.

More Commuters

``We live farther from our jobs than we did in the 1970s, and with the rise of dual-income households, we now have two people who drive those distances every day,'' Knittel said.

Consumers also do more driving for things such as taking children to soccer practice, which they are unlikely to quit, he said. The U.S. population has increased 1 percent a year in the past decade to 301 million in 2007, adding to demand for gasoline, economists said.

Rising fuel prices make it less likely that Federal Reserve policy makers, who have cited inflation risks for the past year, will cut interest rates to spur economic growth. Before the hurricane-induced peak in 2005, U.S. gasoline topped out at $1.42 a gallon in March 1981, or $3.21 when adjusted for inflation, according to the Energy Department.

Economies in Europe and Asia are less likely to be hurt by gasoline prices because fuel already is subject to high taxes designed to encourage conservation. A gallon of unleaded costs about 3.25 pounds a gallon ($6.49) in the U.K., and in Japan it's 130.3 yen per liter ($4.16 a gallon).

$4 Barrier

U.S. consumers will get little relief on gasoline prices from Europe this year, unlike 2005, when oil companies shipped more across the Atlantic after the hurricanes. Europe's gasoline inventories in February were 114.2 million barrels, down 11 percent from two years earlier, according to the International Energy Agency in Paris. The drop in Europe was almost twice the 5.7 percent decline in U.S. supplies in that time.

``Just as we used to think $3 a gallon was an impenetrable barrier, now it's $4,'' said Peter Morici, a professor at the University of Maryland School of Business in College Park and former chief economist for the U.S. International Trade Commission. Gasoline at $3.50 is likely, Morici said, and a conflict with Iran or any event that disrupts crude supplies may push it to $4.

Pump prices rose 33 percent in the past 11 weeks, the fastest rate of gain since a six-week, 34 percent rally to the record $3.069 in September 2005, Energy Department data show.

Bodman's `Worry'

U.S. Energy Secretary Samuel Bodman in an interview last week said the national average pump price could break the record this summer. While his agency's official forecast is for gasoline to peak next month at about where it is today, hurricanes, refinery closures or crude oil supply cuts may send prices higher, he said.

Higher prices are ``a legitimate worry,'' Bodman said. ``We have trouble spots all over the world'' that could boost crude oil prices. ``We're in a very tight situation.''

Spending on fuel in the U.S. consumes half as much household income as in the early 1980s, which means gasoline would need to reach almost $6 a gallon to have the same effect on the economy as in 1981, according to the Federal Reserve Bank of Dallas.

Storage tanks at U.S. refineries, terminals and ports hold enough gasoline to cover almost 22 days of domestic demand, 8.2 percent less than the five-year average and the lowest for this time of year since the 1980s, Energy Department figures show.

Shortages

Valero-owned filling stations in Denver and Colorado Springs, Colorado, ran dry after a Feb. 16 explosion and fire shut the company's McKee refinery in Sunray, Texas. A day earlier, a blaze at an Exxon Mobil Corp. plant in Nanticoke, Ontario, slashed output, resulting in shortages and higher prices across eastern Canada.

The McKee shutdown strained supplies so much that ConocoPhillips postponed maintenance at its Borger, Texas, refinery north of Amarillo to prevent shortages in the region.

``Refineries are becoming more complex,'' Mulva said in the Houston interview. ``What we're finding is it's more difficult keeping reliability up with more sophisticated pieces of equipment that are highly integrated.''

Tesoro Corp. of San Antonio, the second-largest refiner in the western U.S., said first-quarter refinery use dropped because oil companies delayed until this year maintenance that could have been done in 2006. The portion of U.S. refining capacity that was in operation in the first quarter declined to 87.3 percent from 88.9 percent a year earlier, according to Energy Department data.

`Refineries Blow Up'

``Prices will depend entirely on whether we have a couple of refineries blow up,'' said Philip K. Verleger, an economist who runs a consulting firm in Newport Beach, California. ``It's almost impossible we'll get to $4 a gallon if all the refineries run well this summer. But if something happens and there are problems, then anything's possible.''

The average share gain for Valero, Tesoro and six other oil-refining companies is 26 percent this year, outperforming the 4.1 percent gain for Exxon Mobil and a 4.7 percent increase for the Standard & Poor's 500 index.

The shares will continue to rally, said Paul Carlson, who helps manage $3 billion at HGK Asset Management in Jersey City, New Jersey.

``Refiners are doing very well these days,'' said Carlson, whose holdings include ConocoPhillips, the second-biggest U.S. refiner. ``There will be lots of demand for any new refining stocks.''

`Back in Favor'

As recently as August, investors were selling oil refiners on concern an economic slowdown would slash fuel demand in the U.S., the world's largest energy market. During seven weeks last August and September, Valero shares fell 29 percent, wiping out $12 billion in market value.

``Refining is very much back in favor,'' said Douglas Ober, who helps oversee $2.3 billion at Baltimore-based Adams Express Co. ``Even with higher prices, we haven't seen any substantial cutback in demand. They're cranking out as much of this stuff as they can, and we're throwing it in our tanks as fast as we can.''

The margin earned from processing crude oil into fuels rose to $24.68 a barrel on April 11, the highest since right after the hurricanes in September 2005. The margin has since retreated to $22.12 a barrel, still about double the five-year average.

``It'll be a fairly tight gasoline market all through the summer,'' said Robert Hinckley, an analyst at Rochdale Securities in New York.
Posts: 76,008
Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
  Reply With Quote
Old 04-25-2007, 11:09 PM   #46
Frazod Frazod is offline
Banned
 
Frazod's Avatar
 

Join Date: Aug 2000
Location: my own personal pig hell
Casino cash: $1001212
Gas is now at $2.99 9/10ths at the cheaper stations by my house. (And BTW, here's a GREAT BIG **** YOU for that 9/10ths of a cent bullshit - Can I pay for that with 9/10ths of a penny? ****ers ). So basically, its $3.00 a gallon by me, higher the closer you get to Chicago.

I don't even want to think about how expensive it'll be by the end of June. Good God.
Posts: 91,125
Frazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < Cassel
  Reply With Quote
Old 04-25-2007, 11:25 PM   #47
Pitt Gorilla Pitt Gorilla is online now
Banned!
 
Pitt Gorilla's Avatar
 

Join Date: Sep 2000
Location: NOT Columbia, MO 65201
Casino cash: $112297
Gas went up 9 cents this evening.
__________________

That rabbit is crazy; I'm Brian Waters!

Kotter: "You are lucky I'm truly not the vindictive or psycho type...I'd be careful from now on, and I'd just back the hell off if I were you....otherwise, the Mizzou "extension office" life might get exciting"

Kotter: "You're just gay. G-A-Y. Gay."
Posts: 21,126
Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.Pitt Gorilla is too fat/Omaha.
  Reply With Quote
Old 04-25-2007, 11:28 PM   #48
Jenson71 Jenson71 is offline
fides quaerens intellectum
 
Jenson71's Avatar
 

Join Date: Oct 2003
Location: Iowa
Casino cash: $17125
Quote:
Originally Posted by frazod
Gas is now at $2.99 9/10ths at the cheaper stations by my house. (And BTW, here's a GREAT BIG **** YOU for that 9/10ths of a cent bullshit - Can I pay for that with 9/10ths of a penny? ****ers ). So basically, its $3.00 a gallon by me, higher the closer you get to Chicago.

I don't even want to think about how expensive it'll be by the end of June. Good God.
And you have nice public transportation you use.
Posts: 5,342
Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.Jenson71 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  Reply With Quote
Old 04-25-2007, 11:38 PM   #49
Frazod Frazod is offline
Banned
 
Frazod's Avatar
 

Join Date: Aug 2000
Location: my own personal pig hell
Casino cash: $1001212
Quote:
Originally Posted by Jenson71
And you have nice public transportation you use.
True, but it's not like the let me ride for free. A monthly pass from my stop, 35 miles from downtown Chicago, is nearly $130 a month. And public transportation in the suburbs isn't like the city - I drive everywhere else.
Posts: 91,125
Frazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < CasselFrazod < Cassel
  Reply With Quote
Old 04-26-2007, 12:16 AM   #50
HMc HMc is offline
from the very deep south.
 
HMc's Avatar
 

Join Date: Dec 2005
Location: Sydney, Australia.
Casino cash: $15772
Quote:
Originally Posted by Bowser
True. But the problem is that's the top of the hill where the snowball starts rolling. Cut out movies or eating out, those industries feel it, so they charge their vendors more, in return the vendors charge more for their services...on and on.

It is somewhat scary to think about gas potentially getting that expensive.
You're linking inflation to DECREASED demand?
Posts: 2,763
HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.HMc has just been standing around suckin' on a big ol' chili dog.
  Reply With Quote
Old 04-26-2007, 06:07 AM   #51
Saggysack Saggysack is offline
MVP
 

Join Date: May 2001
Casino cash: $11252
Apathy of oil companies greed isn't just part of the problem. It is the problem.

Would people be up in arms if bread had risen to $6.50 a loaf since late 2001? Would people be up in arms is milk was up to $8 a gallon since 2001? Would people be up in arms if a steak from the grocery store cost $15 a pound since the last mad cow scare? WOuld people be up in arms if chicken would have raised to $12 per pound because of the avian virus?

Simply put, oil companies take advantage of us cause they can. I don't care about if their profit margin falls with the % of other services. They make billions in record profits. Yet somehow fail to find a way to pass some savings to the already strained consumer, who BTW puts those billions in record profits in their pockets. I'm more concerned with the single mother or low income family who may have to decide in paying their rent or putting gas in their car to get to work and food on their table for their children. Oil exec's on their apologist's excuses on their blatant price gouging don't cut it with me anymore.
Posts: 11,336
Saggysack has disabled reputation
  Reply With Quote
Old 04-26-2007, 06:22 AM   #52
Miles Miles is offline
MVP
 
Miles's Avatar
 

Join Date: Mar 2004
Location: Dallas, TX
Casino cash: $4934
Quote:
Originally Posted by Donger
If gasoline reaches $4.00, the government would almost certainly hit the SPR and eliminate the federal tax. States probably would as well.
The revenue from the taxes would be made up somewhere. It would make people less alarmed about what they are paying for petrol but they would pay in other ways.
Posts: 12,269
Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.Miles must have mowed badgirl's lawn.
  Reply With Quote
Old 04-26-2007, 07:00 AM   #53
cadmonkey cadmonkey is offline
Please no Vick!!!!!!
 
cadmonkey's Avatar
 

Join Date: Jan 2004
Location: Boston, Ma
Casino cash: $3080
Quote:
Originally Posted by TrickyNicky
This just in from the newsroom... Bicycles are still fairly inexpensive.
Because those are pretty useful on the highway.............
__________________
Posts: 13,118
cadmonkey is a favorite in the douche of the year contest.cadmonkey is a favorite in the douche of the year contest.
  Reply With Quote
Old 04-26-2007, 07:01 AM   #54
Ugly Duck Ugly Duck is offline
Proof: ChargerFanz DO exist!
 
Ugly Duck's Avatar
 

Join Date: Aug 2000
Location: Petaluma, CA, USA
Casino cash: $42832
Quote:
Originally Posted by Donger

Pretty alarmist, IMO, but possible.
Heck.... I've already seen it at $4.39 here in the Bay Area. It was just a blip, but I expect to be pay 4 real soon....
__________________
Posts: 9,840
Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.Ugly Duck is blessed with 50/50 Hindsight.
  Reply With Quote
Old 04-26-2007, 07:06 AM   #55
ROYC75 ROYC75 is online now
Time For Your Wake Up Call !!!
 
ROYC75's Avatar
 

Join Date: Oct 2000
Location: Barn Yard
Casino cash: $10021754
You can rest assure that if fuel goes up this much the transportation industry will raise rates causing shipping to go up, consumers will pay the rate increase at the cash register with everything you buy.
__________________
Current record when watching Royals games, 49 wins & 19 loses.
Game threads started, 4 - 4
Posts: 26,183
ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.ROYC75 Forgot to Remove His Claytex and Got Toxic Shock Syndrome.
  Reply With Quote
Old 04-26-2007, 07:42 AM   #56
Bowser Bowser is offline
Eff an A, Cotton!!
 
Bowser's Avatar
 

Join Date: Jan 2004
Location: In Transition
Casino cash: $50404987
Quote:
Originally Posted by HMc
You're linking inflation to DECREASED demand?
No, I'm saying prices will raise across the board for everyone with most things, just not at the pump.
Posts: 51,809
Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.Bowser is obviously part of the inner Circle.
  Reply With Quote
Old 04-26-2007, 07:52 AM   #57
Donger Donger is offline
"Think BOOM!"
 
Donger's Avatar
 

Join Date: Nov 2003
Location: 33.675 N 106.475 W
Casino cash: $369
VARSITY
Quote:
Originally Posted by Saggysack
Apathy of oil companies greed isn't just part of the problem. It is the problem.

Would people be up in arms if bread had risen to $6.50 a loaf since late 2001? Would people be up in arms is milk was up to $8 a gallon since 2001? Would people be up in arms if a steak from the grocery store cost $15 a pound since the last mad cow scare? WOuld people be up in arms if chicken would have raised to $12 per pound because of the avian virus?

Simply put, oil companies take advantage of us cause they can. I don't care about if their profit margin falls with the % of other services. They make billions in record profits. Yet somehow fail to find a way to pass some savings to the already strained consumer, who BTW puts those billions in record profits in their pockets. I'm more concerned with the single mother or low income family who may have to decide in paying their rent or putting gas in their car to get to work and food on their table for their children. Oil exec's on their apologist's excuses on their blatant price gouging don't cut it with me anymore.
If oil companies controlled the price of crude, then I would agree with you. Since they don't, I don't. You may have emotion on your side, but you certainly don't have the facts.
__________________
I think the young people enjoy it when I "get down," verbally, don't you?
Posts: 76,008
Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
  Reply With Quote
Old 04-26-2007, 07:53 AM   #58
Donger Donger is offline
"Think BOOM!"
 
Donger's Avatar
 

Join Date: Nov 2003
Location: 33.675 N 106.475 W
Casino cash: $369
VARSITY
Quote:
Originally Posted by Ugly Duck
Heck.... I've already seen it at $4.39 here in the Bay Area. It was just a blip, but I expect to be pay 4 real soon....
National retail average for regular unleaded, not spot pricing.
__________________
I think the young people enjoy it when I "get down," verbally, don't you?
Posts: 76,008
Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
  Reply With Quote
Old 04-26-2007, 07:56 AM   #59
Donger Donger is offline
"Think BOOM!"
 
Donger's Avatar
 

Join Date: Nov 2003
Location: 33.675 N 106.475 W
Casino cash: $369
VARSITY
Quote:
Originally Posted by Pitt Gorilla
Gas went up 9 cents this evening.
I know that people only care about the prices they see at their corner store, but the national average actually dropped last week.
__________________
I think the young people enjoy it when I "get down," verbally, don't you?
Posts: 76,008
Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
  Reply With Quote
Old 04-26-2007, 08:04 AM   #60
oldandslow oldandslow is offline
Veteran
 

Join Date: Apr 2004
Casino cash: $44720
Futures markets went up about 7 cents/gallon yesterday. Based on the persistent falling trend gasoline inventories, my expectation now is that most of the US and Canada will be seeing record retail prices this summer.


Even optimists have now turned pessimistic:


Quote:
Large Draw in Gasoline Stocks
Boosts Crude Futures Higher
By MASOOD FARIVAR
April 25, 2007 4:33 p.m.

ConocoPhillips CEO Jim Mulva said he was concerned about the refining industry's ability to meet summer gasoline demand.

"We really have to run well," Mr. Mulva said during a first-quarter earnings conference call. "If you look at the supply-demand situation -- and hopefully we don't have weather-related issues -- the concern we have is whether we're going to be able to run and provide the supply we need during the summertime period."

Mr. Flynn of Alaron called the statement "a huge admission by a major refiner."

"This is something an analyst can say but when it comes from the CEO of Conoco, it makes you wonder how desperate the situation is becoming," he said.



WSJ
Posts: 3,783
oldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitellioldandslow 's adopt a chief was Sabby Piscitelli
  Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On

Forum Jump




All times are GMT -6. The time now is 07:36 PM.


Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.