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Crude set to fall again...surprise increase today in energy report.
Marketwatch

Posted on 07/16/2008 7:45:33 AM PDT by LexHoskin

Fall baby fall.


TOPICS: News/Current Events
KEYWORDS: crude; energy; energyprices; gasprices; oil

1 posted on 07/16/2008 7:45:35 AM PDT by LexHoskin
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To: LexHoskin

http://www.cnbc.com/id/25694961


2 posted on 07/16/2008 7:47:28 AM PDT by neodad (USS Vincennes (CG 49) "Freedom's Fortress")
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To: LexHoskin

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 ...


3 posted on 07/16/2008 7:48:43 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running. And FREE LAZAMATAZ)
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To: LexHoskin

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 ...


4 posted on 07/16/2008 7:48:58 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running. And FREE LAZAMATAZ)
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To: LexHoskin

Pelosi must have gotten through on the phone yesterday to OPEC.


5 posted on 07/16/2008 7:51:07 AM PDT by autumnraine
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To: LexHoskin

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?


6 posted on 07/16/2008 7:51:28 AM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
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To: neodad
On Tuesday the market saw its biggest one-day fall in dollar terms since 1991, when prices tumbled after the U.S. began bombing Iraq in the first Gulf War.

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?

7 posted on 07/16/2008 7:51:41 AM PDT by bcsco (To heck with a third party. We need a second one....)
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To: Conspiracy Guy

If we tax oil company windfall profits, do they get a refund for free fall losses?


8 posted on 07/16/2008 7:53:59 AM PDT by bert (K.E. N.P. +12 . Conservation? Let the NE Yankees freeze.... in the dark)
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To: LexHoskin
Down more than $6.

Bush's fault.

9 posted on 07/16/2008 7:53:59 AM PDT by Phantom Lord (Fall on to your knees for the Phantom Lord)
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To: LexHoskin

Resuming the drop after digesting the fact that Iran’s missle launch was a bluff.


10 posted on 07/16/2008 7:54:09 AM PDT by AU72
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To: autumnraine
Pelosi must have gotten through on the phone yesterday to OPEC.

Don't laugh.

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."

11 posted on 07/16/2008 7:54:47 AM PDT by Steely Tom (Without the second, the rest are just politicians' BS.)
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To: bert

Heck no. The gummit only takes. Well they will buy votes.


12 posted on 07/16/2008 7:56:06 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running. And FREE LAZAMATAZ)
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To: LexHoskin

Please help refresh my memory, Wasn’t oil around $15 a barrel for a short period of time 2 or 3 years ago?


13 posted on 07/16/2008 7:56:10 AM PDT by marbren
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To: LexHoskin

Dollar is down today, so it may not fall to far.


14 posted on 07/16/2008 7:58:23 AM PDT by Perdogg
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To: Steely Tom

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.


15 posted on 07/16/2008 7:58:36 AM PDT by autumnraine
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To: Conspiracy Guy

What happened to Lazamataz?


16 posted on 07/16/2008 7:59:56 AM PDT by nevergore ("It could be that the purpose of my life is simply to serve as a warning to others.")
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To: marbren

Closer to 13 years ago.


17 posted on 07/16/2008 8:00:16 AM PDT by Phantom Lord (Fall on to your knees for the Phantom Lord)
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To: nevergore

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.


18 posted on 07/16/2008 8:02:40 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running. And FREE LAZAMATAZ)
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To: LexHoskin

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.


19 posted on 07/16/2008 8:02:42 AM PDT by HereInTheHeartland ("We have to drain the swamp" George Bush, September 2001)
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To: LexHoskin

Could it be tied to the talk in Congress re: speculators?


20 posted on 07/16/2008 8:03:05 AM PDT by sarasota
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To: AU72

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.


21 posted on 07/16/2008 8:05:22 AM PDT by Russ (Repeal the 17th amendment)
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To: LexHoskin
Current energy prices ...
22 posted on 07/16/2008 8:05:28 AM PDT by oh8eleven (RVN '67-'68)
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To: LexHoskin

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.


23 posted on 07/16/2008 8:07:24 AM PDT by afraidfortherepublic
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To: LexHoskin

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.


24 posted on 07/16/2008 8:08:19 AM PDT by READINABLUESTATE (Hold your nose and just do it.)
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To: Russ

Iran can only play that card so many times, especially since the world knows they doctored those pics of the missile launch.


25 posted on 07/16/2008 8:08:39 AM PDT by DonaldC
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To: LexHoskin

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.


26 posted on 07/16/2008 8:13:56 AM PDT by Reaganesque
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To: READINABLUESTATE

Speculation?


27 posted on 07/16/2008 8:15:10 AM PDT by stuartcr (Election year.....Who we gonna hate, in '08?)
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To: READINABLUESTATE
And with the congressional ban set to expire on Sept. 30th unless the democrat congress extends the ban, the market could roll. I am not holding my breath though.

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.

28 posted on 07/16/2008 8:19:10 AM PDT by Phantom Lord (Fall on to your knees for the Phantom Lord)
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To: LexHoskin
bumper-sticker
 
 

Contact your Congress critters to let them know that you are tired of high gas prices.

U. S. Senate

U. S. House of Representatives

29 posted on 07/16/2008 8:22:22 AM PDT by Salvation (†With God all things are possible.†)
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To: afraidfortherepublic

And this is after the biggest one day drop in oil prices in 17 years yesterday. Go figure.


30 posted on 07/16/2008 8:51:56 AM PDT by edhawk
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To: LexHoskin
Fall baby fall.

It fell yesterday, and my local gas prices increased 20 cents...go figure.

31 posted on 07/16/2008 8:58:56 AM PDT by Lou L
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To: Conspiracy Guy

That’s so sad! I’ll really miss his humor. (My daughter named our cat after him!)


32 posted on 07/16/2008 9:09:55 AM PDT by Marie (Why is it that some people believe everything that happens is the will of G-d - except Israel?)
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To: Salvation

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?


33 posted on 07/16/2008 9:19:44 AM PDT by atlaw
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To: atlaw

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.


34 posted on 07/16/2008 9:46:49 AM PDT by CharlesWayneCT
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To: afraidfortherepublic
unleaded reglular in this area was $4.24

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.

35 posted on 07/16/2008 9:52:20 AM PDT by RightWhale (I will veto each and every beer)
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To: CharlesWayneCT
It will reduce the price of the raw material, allowing refineries to make a profit at a lower sale price.

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.

36 posted on 07/16/2008 9:58:31 AM PDT by atlaw
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To: LexHoskin

Just wait until the MSM annnounces that the unexpected rise in inventory was false.


37 posted on 07/16/2008 10:17:50 AM PDT by Sarajevo (You're just jealous because the voices only talk to me.)
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To: LexHoskin
Impossible. The price of oil is dictated by strict rules of supply and demand. We know demand is skyrocketing in India and China, so the only way this could happen is if the Earth suddenly urped up 8 quadrillion bbl overnight. And since we hit Peak oil somewhere around January 20, 2001 at about noon, there can't possibly be any more oil. It's all a scam by Big Oil, folks. We'll be having Soylent Green by next Leninmas (formerly Earth Day).

/s

38 posted on 07/16/2008 10:18:39 AM PDT by ExGeeEye (I'm Right Guard, here to prevent B.O.)
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To: Marie

He would be honored


39 posted on 07/16/2008 11:03:57 AM PDT by Conspiracy Guy (I voted Republican because no Conservatives were running. And FREE LAZAMATAZ)
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To: Sarajevo
the unexpected rise in inventory

Any numbers? Usually the increase/decrease is insignificant but however the prices move that day is said to result from that move anyway.

40 posted on 07/16/2008 11:07:11 AM PDT by RightWhale (I will veto each and every beer)
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To: marbren; Phantom Lord

2 years ago, oil was in the 70’s.
3 years ago, oil was in the upper 50’s.

http://tonto.eia.doe.gov/dnav/pet/hist/rclc1m.htm

It was 1998~99 when oil was around $15. There was some days where it traded below $11. Even lower in some other markets.


41 posted on 07/16/2008 11:17:24 AM PDT by thackney (life is fragile, handle with prayer)
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To: RightWhale
Very small rise:


42 posted on 07/16/2008 11:18:39 AM PDT by thackney (life is fragile, handle with prayer)
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To: CharlesWayneCT
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.

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.

43 posted on 07/16/2008 11:33:16 AM PDT by Phantom Lord (Fall on to your knees for the Phantom Lord)
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To: LexHoskin
Note to Dubya

CRACK THAT WHIP ON CONGRESS!!!


44 posted on 07/16/2008 11:42:05 AM PDT by Fred (The Democrat Party is the Nadir of Nilhilism)
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To: Phantom Lord

It was $17.97 on Jan 17, 2002


45 posted on 07/16/2008 2:33:34 PM PDT by marbren
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To: thackney

Thanks for the data!


46 posted on 07/16/2008 2:36:05 PM PDT by marbren
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To: nevergore
What happened to Lazamataz?

He was a victim of recent cutbacks due to the high oil prices.

47 posted on 07/16/2008 2:38:24 PM PDT by Allegra (If you lived here, you'd be home by now.)
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To: RightWhale
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.

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.

48 posted on 07/17/2008 7:24:17 AM PDT by afraidfortherepublic
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To: afraidfortherepublic
This is all the work (non-work) of the Dems

Would that be the "Drill nothing Democrats?

49 posted on 07/17/2008 7:27:14 AM PDT by twntaipan (Dump the Drill-nothing Democrats: Lower fuel costs in the process!)
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