How high will Oil Price climb today? (again over $50, $50.95 now)

bigcharts.c ^ | Feb. 22, 2005

[Truth666]

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[Truth666]

Place your bets. There's a lot at stake today.

[Glenn]

There's a lot at stake today

Could you say more? I've been distracted lately and am clueless about why it is rising again now that a relatively mild Winter is nearly behind us.

[AdamSelene235]

50 day MA on the dollar is being taken out.

[writer33]

It's Halliburton screwing the little guy!

:) HA! Denote sarcasm.

[TexasCajun]

Anyone needing a complete land drilling rig or drilling equipment, please freepmail me.

[Moonman62]

Disappointment in GWB's budget. Same spending, different day.

[JustAnAmerican]

Just another nail in the "Supply/Demand" myth for oil pricing.

[NYorkerInHouston]

There's alot going on that is encouraging volatility in the market.

The primary one is that there is very little excess supply- average daily world consumption was 83 million barrels a day (mbd) in 2004 with world production at 85 mbd. The US consumes just over 20 mbd itself of which 7.8 mbd was domestic (2003) production and the remainder imported- the top 4 sources for imported oil in the US: Canada, Mexico, Venezuela and Saudi Arabia.

http://www.eia.doe.gov/emeu/cabs/usa.html

Add to that the fact that demand from China and India is sharply rising. Both countries are looking for other sources of oil. China for instance is looking to make deals with Iran, Russia, Canada and Venezuela.

Drilling ANWR would help but given the estimated size of the field (13-18 billion barrels) would produce less than 1.5 mbd, no where near what would be needed to dramatically reduce import dependency.

[Glenn]

Thanks. That tunes me in.

[funkywbr]

If oil is an issue of national security then why is Bush in Europe instead of the ME?

[redgolum]

bookmark

[Logic n' Reason]

I'm hoping we can push this sucker up around $75 per barrel...at least!

[oceanview]

the south korean central bank said today it was going to reduce its dollar holdings. this will begin a wave of similar activity in central banks around the world. the dollar is going lower, perhaps to 95 against the yen and 140 on the euro.

and all of this - to keep china and the US interests who have invested there, fat dumb and happy with their currency peg.

[bicyclerepair]

Keep driving those hummers! /sarcasm off

[oceanview]

its because of the move made by the south korean central bank today.

[hoot2]

"Anyone needing a complete land drilling rig or drilling equipment, please freepmail me. "

Is that with or without permits?
Environmental Impact forms too?

[Logic n' Reason]

You betcha!

[TexasCajun]

"Anyone needing a complete land drilling rig or drilling equipment, please freepmail me. "

Is that with or without permits?
Environmental Impact forms too?

Just the equipment. The things you mention plus the lease of the land, plus the mineral rights are all the responsibility of the operator (oil company). The operator then contracts a drilling company to drill the well.

The oil companies normally don't own their own drilling rigs. Big offshore projects being the exception mostly.

[Shermy]

and all of this - to keep china and the US interests who have invested there, fat dumb and happy with their currency peg.

What! You mean Chinese success isn't founded on Free Trade!?

< /sarcasm> ;)

[Truth666]

immediately at stake: how long that pattern could continue - apparently that phase finished today