Posted on 01/04/2007 8:32:05 AM PST by xzins
Oil prices dip below $57 a barrel as gasoline, distillate inventories rise From Associated Press January 04, 2007 11:00 AM EST NEW YORK - Oil prices slid for a second day on Thursday after the government reported that inventories of gasoline, heating oil and diesel fuel rose more than analysts expected during the last week of 2006.
Light, sweet crude for February delivery fell $1.30 to $57.02 a barrel in morning trading on the New York Mercantile Exchange, after dipping as low as $56.86. On Wednesday, the contract plunged $2.73 to $58.32 a barrel, the biggest one-day drop since Aug. 17, 2005.
Brent crude for February delivery fell $1.23 to $56.73 a barrel on the ICE Futures exchange in London.
Last week, U.S. crude inventories declined by 1.3 million barrels to 319.7 million barrels compared with the previous week, according to a report by the Energy Information Administration. Analysts on average had expected crude stocks to rise by 930,000 barrels, according to a survey by Dow Jones Newswires.
However, gasoline inventories in the U.S. swelled by 5.6 million barrels to 209.5 million barrels. Distillate inventories, which includes diesel fuel and heating oil, increased by 2 million barrels to 135.6 million barrels.
Petroleum product stocks have been rising partly due to sluggish winter demand. Distillate stocks were expected to increase by an average of 1.15 million barrels, while gasoline stocks were forecast to rise by an average of 1 million barrels.
Crude and distillate inventories are still at the upper end of the average range for this time of year.
The inventories report comes a day later than usual due to the New Year's holiday.
Heating oil futures fell more than 1 cent to $1.5734 a gallon on the Nymex, while natural gas prices rose 8.3 cents to $6.246 per 1,000 cubic feet.
read someplace yesterday about a possible drop below $2 for a brief period in the next quarter or so.
I'd still like to put OPEC out of business, though.
Coal liquefaction.
In time, nature as well as societies, change to improve conditions in a matter of sorts.
I'm with you about putting OPEC out of business and we have more than enough coal here in the US, not to mention hydrogen fuel cells with be affordable in autos in the next 7 years.
I hate to think that my heat, air conditioning, gasoline, plastics, roads I drive on, etc. help fund Islamic fascism through OPEC profits, but I honestly believe some of those profits are used for just that.
IBBF (in before Bush's fault)
As are you. And greed is good. Greed is what drives the world, economy, and innovation.
It's a vast Democrat Conspiracy coming to light!
They've been in it, hand in glove with OPEC
to attack the republicans!
It's 'OILGATE'!
Pelosi's Fault!!
Plus Nukes, More drilling,more refineries, etc, etc
SO, if you and I had the capital, technology and political influence, would we not implement a cheaper form of alternative energy to the US consumer and line our pockets with dough? I certainly would....I'd look at it more as an opportunity to stick it up the Wazzoo of OPEC and make a good income and help out country tremendously. So, in some aspects, with my desires, you're on the money!!
Your efforts would be better spent at complaining about BIG GOVERNMENT...
BTW, go check out the profit margin's of 5 hi-tech companies...then go check "Big Oil's" profit margin....
Get back to me.......
It's evident to me that our dumping enormous amounts of wealth on middle eastern nations is a tragic mistake.
I am a former opponent of nuke power. I wanted to wait until the safety of the process was a bit more sure. I figured we had plenty of alternatives: coal, US oil reserves, natural energy, hydrogen, etc.
I now believe that any danger I saw in nuke safety are insignificant in comparison to enormous oil wealth enabling radical Islamofascists to become nuclear powers. Their wielding of nuclear weaponry is a far greater security threat and "clean environment" threat than my local utility could ever imagine being.
If my building a nuke plant near here gets this nation to stop buying MidEast oil and adding to Islamofascism's nuke-bomb-seeking-ability, then THAT is the best security avenue for the US.
The writing is on the wall, get a Prius.
Absolutely. But if we had the above and bringing the product to market would not generate as much revenue and income as using the capital in another endevour, we would redirect our capital and efforts toward that.
Why? Greed.
"As are you. And greed is good. Greed is what drives the world, economy, and innovation."
Not when it comes with a "windfall profits tax" it isn't.
Get ready for the bottom to drop out on oil. The companies made their money, time to spend it. Tough to tax something when it isn't making money.
"As are you. And greed is good. Greed is what drives the world, economy, and innovation."
Not when it comes with a "windfall profits tax" it isn't.
Get ready for the bottom to drop out on oil. The companies made their money, time to spend it. Tough to tax something when it isn't making money.
"As are you. And greed is good. Greed is what drives the world, economy, and innovation."
Not when it comes with a "windfall profits tax" it isn't.
Get ready for the bottom to drop out on oil. The companies made their money, time to spend it. Tough to tax something when it isn't making money.
Get dictionary. Look up word greed. Find different word to express point.
For often, to them, greed is wanting to keep more of your own money and not have it taken by government. Amongst many other uses on their part.
Amen;
When is there going to be a coal liquification plant using Fischer-Tropsch?
That combined with 50,60, 70% of autos using diesel, nad the Islamo-nazi's can pound sand.
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