As does most of the country.
U.S. Electric Power Industry Net Generation
Electric Power Annual with data for 2005
Posted on 01/18/2007 1:07:12 PM PST by NormsRevenge
NEW YORK - Oil prices briefly fell below $50 per barrel Thursday for the first time since May 25, 2005, after the government reported larger-than-expected jumps in crude oil and gasoline inventories.
Oil has dropped 17 percent since the end of 2006 amid weeks of mild winter weather in the U.S. Northeast, a key consumer of heating fuels, and growing energy stockpiles.
"There's no doubt that this is significant," said Phil Flynn of Alaron Trading Corp. "If you're a bull, the only thing you can hold your hat on is they didn't close below $50."
The price for a barrel of light, sweet crude for February delivery fell as low as $49.90 on the New York Mercantile Exchange but spent only a moment below the $50 threshold. It settled at $50.48, down $1.76 from Wednesday's settlement price.
Jim Ritterbusch, president of Ritterbusch & Associates, said prices could continue to fall toward $47 in the next two weeks, unless the Organization of the Petroleum Exporting Countries calls for a meeting.
"The market is still seeking a bottom," he said, "and we had another bearish element tossed at it in the form of these negative weekly statistics."
U.S. crude oil stocks rose by 6.8 million barrels to 321.5 million, according to a report by the Energy Information Administration. Analysts had been expecting an increase of just 325,000 barrels, according to a Dow Jones Newswires survey. The EIA said inventories are above the upper end of the average range for this time of year.
Gasoline inventories, meanwhile, rose by 3.5 million barrels to 216.8 million, above analysts' expectations of a 2.6 million barrel rise. Distillate fuel inventories, which include heating oil, rose by 900,000 barrels to 141.9 million barrels, compared with analysts' expectations of a 1.3 million barrel rise.
The EIA said inventories for both gasoline and distillate fuels are at or above the upper end of the average range for this time of year.
March Brent crude on London's ICE futures exchange fell $1.03 to $51.75.
Heating oil lost 2.9 cents to $1.4707 a gallon while natural gas futures rose 9 cents to $6.324 per 1,000 cubic feet.
Gasoline prices fell 2.3 cents to $1.3553 a gallon.
Earlier in the day, prices were buffeted by a recent cold spell in the Northeast U.S. and forecasts of slow demand growth from the International Energy Agency.
In lowering expectations for this year as well revising last year's figures downward, the Paris-based IEA cited mild winter weather that has crimped energy demand and weaker expectations for U.S. economic growth.
In its closely watched monthly oil market report, the energy watchdog forecast global oil demand growth this year of 85.77 million barrels a day, down 160,000 barrels a day. And it said oil demand growth last year was 120,000 barrels a day lower.
Oil powerhouse Saudi Arabia remans undeterred by crude's recent drop.
Saudi oil minister Ali Naimi, who earlier this week said he opposed calls from other OPEC members for new cuts in production, announced Thursday his country planned to increase its crude oil production capacity nearly 40 percent by 2009 and double its refining size over the next five years to keep pace with growing global demand.
Naimi blamed the sharp rise in global crude prices over the past two years mostly on "insufficient investment and rising energy demand," especially from the booming economies of Asia.
"The rise has been a wake-up call for the industry and for producers and consumers alike, who are now beginning to address deliverability problem head on," he said at an international energy conference in New Delhi.
But Yemen's oil minister, Khalid Mahfoudh Bahah, who was also attending the conference in New Delhi, said he expects oil price to average between $55 a barrel and $60 a barrel in the coming months.
Vienna's PVM Oil Associates said Naimi's opposition to further cuts for now may be a call to other OPEC members "for better compliance with the already agreed output reductions, the second of which has yet to come into effect."
OPEC has committed to a total cut in output of 1.7 million barrels per day, including a 500,000 barrel-a-day reduction set to begin Feb. 1. A survey by Dow Jones estimates OPEC has cut output by little more than half of its pledged levels. Production remains near 27 million barrels a day or about 700,000 barrels a day above OPEC's target.
___
Associated Press writers Gillian Wong in Singapore and George Jahn in Vienna, Austria, contributed to this report.
Yeah, what's u with that? I wrote Exxon and told them my business is going elsewhere till they decide to do it right.
And if the spread ever goes that much here as where you posted I'll make my own super.
Oh, and if you ever fly into Orlando - DO NOT BUY GAS AT THE CHEVRON ACROSS THE STREET FROM HERTZ. This is just north of the airport on SR 436
These idiots had regular priced at $3.50, Plus at $3.65 and Super at $3.75. And this was just a few days ago. Probably the highest in FL and exists just to ripoff the tourists.
You said --
Quick Trip reporting
Regular 1.999
Premium 2.199
Well, QuikTrip is not the lowest price in Tulsa, unfortunately. The absolute lowest price is a few blocks down S Peoria (at I-44) where there are two stations at $1.72. Specifically, they are at 61st and S Peoria. Go down and take a look, if you don't think so...
AND, one of those stations is the one I was talking about, where they had (before, when I drove in to look at the prices) a disparity of *$1.00* between their Regular Unleaded and the Premium.
So, that's exactly where the price is at -- right now -- in Tulsa (for the lowest two stations).
Regards,
Star Traveler
A P.S. to what you said...
I personally do go to QuikTrip because they are a "Top Tier Gasoline" seller.
http://www.toptiergas.com/
This is a standard (for gasoline and the proper additives) put out by the major car manufacturers, in order to keep the engines burning right with the emissions and not get those engines gummed up. Those manufacturers have said that not having the right amount of additives (and they get very specific about it, on their web pages) will lead to a fouled up engine, eventually.
So, I pretty much keep to Top Tier Gasoline..., and that is QuikTrip (for one).
Regards,
Star Traveler
Oh, one more thing... QuikTrip is down to $1.97 already -- and is headed downwards. Look for it to be even lower tomorrow (at least for QuikTrip). As I said, it's already down to $1.72 at other places.
Regards,
Star Traveler
2.07 in North, though it was 2.15 yesterday.
So, did anyone here buy any $70 put options on oil?
It seems like oil could go to $35/bbl.
Or if we have carriers and subs in the gulf to really do something; it will go to $90; at least for awhile.
I would hate to have the job of buying fuel for a large end user right now.
You asked -- "So, did anyone here buy any $70 put options on oil?"
I don't know about that, but my dad does own some oil and gas leases in Oklahoma (got them from his parents and I suppose I'll get them next)...
They just started another drilling project on one of those pieces of land in Oklahoma. We'll see what happens there. We got a "signing" bonus to sign up with the company and we'll see if they strike oil next...
Regards,
Star Traveler
Hugo Chavez has got to be in a panic. No communist utopia without $70 dollar oil to fund his workers paradise.
You said -- "PREMIUM (91 octane minimum) FUEL ONLY"
I wasn't so much talking about the requirement of owners to follow the fuel specified -- as much as I was saying that I would go to a station that had a 20-cent spread, rather than a $1.00 spread. So, if I were driving your vehicle, then I wouldn't get it at that station -- even though that particular station has the lowest price in Tulsa (for Regular Unleaded).
Regards,
Star Traveler
P.S. -- If you're concerned about your engine, you might also want to make sure it's a "Top Tier Gasoline", too --
http://www.toptiergas.com/
Gates: Iranians 'Overplaying Their Hand'
From post # 15:
From Las Vegas Sun:
****************************AN EXCERPT ************************
Asked about the prospects for military conflict with Iran, whose nuclear program is seen by the Bush administration as a growing threat to U.S. interests, Gates said, "There are many courses of action available that do not involve an open conflict with Iran - there's no need for that."
Gates said that although he had publicly advocated negotiating with Iran as recently as 2004, he now advises against that.
"Right at this moment, there's really nothing the Iranians want from us," he said. "And so, in any negotiation right now we would be the supplicant," asking Iran to stop doing such things as enriching uranium for its nuclear program.
"We need some leverage, it seems to me, before we engage with the Iranians," Gates added. "And I think at some point engagement probably makes sense."
Until the Iranians are persuaded that, despite being bogged down in Iraq, "the United States is in fact a formidable adversary, there's not much advantage for us in engaging with them," he said.
You said -- "Hugo Chavez has got to be in a panic. No communist utopia without $70 dollar oil to fund his workers paradise."
Yeah, and we also need to really go after that shale oil that they keep talking about. It's been reported that the U.S. has 50% greater reserves in shale oil, than all the known reserves in the Middle East. I say, "Go for it" -- so we can cut the Middle East out of the equation.
Regards,
Star Traveler
The article said -- "Until the Iranians are persuaded that, despite being bogged down in Iraq, "the United States is in fact a formidable adversary, there's not much advantage for us in engaging with them," he said."
Very true. Just send the nuclear bunker busters for now. Then they'll start talking...
Regards,
Star Traveler
$1.98 here in Lexington, KY. Our energy prices are among the cheapest in the country because we use coal, not oil, for our power plants.
As one who lived in Orlando until last May, I can believe it. I always avoided filling up near the theme parks for the same reason.
If you're by Oklahoma City, you might check out the prices there. They're at around $!.73 to $1.79 on the low end for many stations... (like Sinclair, Valero, 7-11, Shamrock, Murphy USA, JR's Travel Center...).
Regards,
Star Traveler
You said -- "$1.98 here in Lexington, KY. Our energy prices are among the cheapest in the country because we use coal, not oil, for our power plants."
I guess in Tulsa, it helps having two refineries right across the river from downtown. I suppose we get it "straight from the tap"...
Regards,
Star Traveler
I live right near a station that must be close to the cheapest one in all of Phoenix at 2.21 (Cave Creek and Bell). They are rather varied up to 2.39 (someone is ripping the public off).
You're right, it is close to the lowest there. I see (from GasBuddy.com) that there are three which are a couple of pennies lower, but that's it.
Don't fill up yet, I think it will be going lower in the next few days...
Regards,
Star Traveler
As does most of the country.
U.S. Electric Power Industry Net Generation
Electric Power Annual with data for 2005
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