Skip to comments.Crude set to fall again...surprise increase today in energy report.
Posted on 07/16/2008 7:45:33 AM PDT by LexHoskin
Fall baby fall.
This is probably the result of Obammer saying he will tax the oil companies’ WINDFALL PROFTIS.
I’ll be back later I have to go catch that monkey that just flew out my ...
This is probably the result of Obammer saying he will tax the oil companies’ WINDFALL PROFITS.
I’ll be back later I have to go catch that monkey that just flew out my ...
Pelosi must have gotten through on the phone yesterday to OPEC.
After the pres said we need to drill, did the supply and demand make the price of a barrel drop so much in 24hrs, or speculation?
Gee, I thought the mantra was that middle-East wars cause prices of crude to rise. Have Pelosi, Scary Harry & Obamanuts been deceiving us? Whoud'a thunk it?
If we tax oil company windfall profits, do they get a refund for free fall losses?
Resuming the drop after digesting the fact that Iran’s missle launch was a bluff.
If the price does fall, congressional Democrats will be running to the nearest news camera to announce that "their measured strategy for oil price reduction is already showing results."
Heck no. The gummit only takes. Well they will buy votes.
Please help refresh my memory, Wasn’t oil around $15 a barrel for a short period of time 2 or 3 years ago?
Dollar is down today, so it may not fall to far.
I’m not laughing, I think Pelosi and her ilk are the reason for the OPEC’s haughty “Get over it” and mocking us so that the American people could panic and “vote Bush and Republicans out”. Of course my tin foil hat didn’t fit well.
What happened to Lazamataz?
Closer to 13 years ago.
He got banned on May 30. Looks like this time for good. I miss him but he must have gone way over the top this time.
When the speculators take the other side, and make oil race downward; I wonder how many people will be complaining about their affect on markets.
I won’t be. Push the snowball down the hill.
Could it be tied to the talk in Congress re: speculators?
It’s sad but Iran can manipulate the price of oil at will. Tomorrow they will rattle a few sabres, issue a threat to Israel and we will watch oil prices rise $10.
The price for unleaded reglular in this area was $4.24 last night — the highest I’ve ever seen — up from $4.19 the day before.
Monday President Bush lifted the executive order blocking offshore drilling. The very next day oil has the largest one day fall in price in 17 years.
Whoever says that drilling will have no impact on the price of oil is a fool. Just the talk of drilling will influence the market.
Iran can only play that card so many times, especially since the world knows they doctored those pics of the missile launch.
Hmmm, Bush lifts the ban on offshore drilling and the price of oil is plummeting. Imagine that. If we even think about creating our own supply, OPEC cuts prices and increases output. Of course, Bush will not get credit for this but, that’s the way the market works people. If Congress would drop its partisan “we can’t drill our way out of this” line, we will see prices drop even further. OPEC may be greedy, but they’re not stupid. If the world says “fine, we’ll use something else to power our cars, factories, homes and so on...” OPEC’s cash cow would shrivel up and die. They can’t afford to have that happen. But, this time, they may well have sexually penetrated the canine.
The Dems are right in a way, drilling can’t be the ONLY solution. We need to develop alternatives so we can finally say to these OPEC countries, go pound sand. And, I believe, that we are very near that day. OPEC has overplayed its hand here and they are just beginning to realize that. And if the Dems can look past their lust for power just this once, we can really bring oil prices down, for now, and give the little guy a break.
But if it does, here is what is likely to be the spin.
1) Bush and his oil buddies are forcing the price down to help John McCain and will then drive it back up to maintain their obscene windfall profits.
2) Barack Obama and the democrats are showing true leadership in the expansion of efforts to bring alternatives to market, lessening our need for foreign oil and the markets are responding to a future with less demand.
3) Supply has not increased, and any potential increase from drilling is still 10 years in the future. This drop in prices show the GOP's misguided and wrongheaded approach to oil. More supply is not needed, but additional regulatory oversight and alternative fuel development is needed. Which the GOP will not provide. Vote Barack.
Contact your Congress critters to let them know that you are tired of high gas prices.
And this is after the biggest one day drop in oil prices in 17 years yesterday. Go figure.
It fell yesterday, and my local gas prices increased 20 cents...go figure.
That’s so sad! I’ll really miss his humor. (My daughter named our cat after him!)
U.S exports of diesel fuel in April of this year averaged 387,000 barrels per day, up almost seven-fold from 59,000 barrels a day in the same month a year earlier.
U.S. gasoline exports in April of this year averaged 202,000 barrels a day, the most for the month since 1945, when America was sending fuel overseas to ease supply shortages in other countries during World War II. Gasoline exports in April 2007 were almost half at 116,000 barrels per day.
Residual fuel exports in April of this year were 377,000 barrels per day, the fourth highest level for any month, and up 10 percent from 344,000 barrels per day a year earlier.
Just curious. Given the quite evident existing supply side balance of refined product, how is an accelerated domestic drilling program going to lower U.S. refined product prices?
It will reduce the price of the raw material, allowing refineries to make a profit at a lower sale price.
No refinery can undercut any other right now, because they are barely scraping a profit out now (because of the supply glut).
Every gallon of gas has a fixed bottom price based on crude oil prices. They also have a maximum price, or at least a strong inflection point, which appears to be about $4.00. Above that people stop driving.
That’s why gas prices have not gone up as much as oil prices have. They simply couldn’t raise the price more, not enough people were willing to pay.
Wholesale gasoline is down 30 cents from a couple days ago, which was its peak. This will show up at the pump if it holds. Gasoline is over $9 in some Alaska villages such as Anaktuvik.
Only if you assume some form of government price mandate on domestic production. Otherwise, domestic production just adds marginally to existing, global supply sources, for which there is no evidence of shortage.
Just wait until the MSM annnounces that the unexpected rise in inventory was false.
He would be honored
Any numbers? Usually the increase/decrease is insignificant but however the prices move that day is said to result from that move anyway.
2 years ago, oil was in the 70’s.
3 years ago, oil was in the upper 50’s.
It was 1998~99 when oil was around $15. There was some days where it traded below $11. Even lower in some other markets.
Thats why gas prices have not gone up as much as oil prices have.
Pretty close to concrete truth.
Just do the math. 44.2 gallons of refined product (42 gallons to a barrel) out of barrel of oil. 19.5 of which is gasoline. So at the previous high range of $145 a barrel, 42 gallons of raw material was $3.45 a gallon.
Then take a state like NY, where federal, state, and local taxes on a gallon of gas are 62 cents. So before a single drop has been refined, and before a single expense has been incurred in refining, transporting, marketing, selling, etc... the raw cost is $4.07.
It was $17.97 on Jan 17, 2002
Thanks for the data!
He was a victim of recent cutbacks due to the high oil prices.
Outrageous and very unfair. This is all the work (non-work) of the Dems in Congress! BTW, gas dropped here to $4.19 overnight, which is what it was before it hit $4.24. YOu KNOW that the 8 hour blip in the price on the futures market did not really make it to the pumps -- just some folks taking advantage of bad news.
Would that be the "Drill nothing Democrats?