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Crude Oil Prices Dropping Sharply
Oil-Price.Net ^ | 05-05-2011 | Orangehoof

Posted on 05/05/2011 8:40:46 AM PDT by OrangeHoof

The price of crude oil has dropped sharply this morning with both Brent Crude and West Texas Intermediate Crude dropping over $4/barrel.

As of 11:10 EDT, Brent Crude has sunk $4.34/bl to $116.41 while WTI Crude has dropped $4.67 to $104.57/bl.


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: energypolicy; gasprices; marketforces; oil; oilprices
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To: HereInTheHeartland

Will we hear people complain about speculators and hedge funds now?
Probably not....

Why would anyone complain about them getting out of the market?


101 posted on 05/05/2011 8:59:26 PM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: Thunder90
"Blam, what’s your take on this? A temporary reprieve and some profit taking, as I think? Or a repeat of 2008? "

The government has no choice but to inflate.(IMO)

Gold and Silver Sell Offs Are Precious Metals Bull Market Investment Opportunities

102 posted on 05/06/2011 4:52:10 AM PDT by blam
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To: cva66snipe

There is one refinery in Tennessee.

Premcore Refining Group operates a 180,000 BPD facility in Memphsis.

http://eia.doe.gov/pub/oil_gas/petroleum/data_publications/refinery_capacity_data/current/table3.pdf

This is the same refinery that was the only refinery in Tennessee back in 2008.

http://eia.doe.gov/pub/oil_gas/petroleum/data_publications/refinery_capacity_data/historical/2008/refcap2008.html

Tennessee (like most states) does produce some oil; they average about 1,000 barrels per day.

http://eia.doe.gov/dnav/pet/pet_crd_crpdn_adc_mbblpd_m.htm

Tennesse uses about 209,000 barrels per day of gasoline, 29,000 bpd of jet fuel, 80,000 barrels per day of diesel, fuel oil and other distillate.

Murphy Express is owned by Murphy Oil Corporation.

http://www.murphyusa.com/about_us/

Murphy runs refineries in Meraux, Louisiana and Superior, Wisconsin. They also have a refinery in the UK.

http://www.murphyoilcorp.com/operations/marref/default.aspx


103 posted on 05/06/2011 5:10:25 AM PDT by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: cva66snipe
These two maps may help gain some perspective for the area:


104 posted on 05/06/2011 5:31:31 AM PDT by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: OrangeHoof

the price is being manipulated up and down, and those responsible for the manipulation up are responsible for the manipulation down

Obama is in the pocket of Arab Oil.


105 posted on 05/06/2011 5:57:45 AM PDT by xzins (Retired Army Chaplain & proud of it: Truly Supporting the Troops means praying for their Victory!)
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To: Deo volente
Lower crude prices usually translate into lower gasoline prices, but the effect is delayed.

The problem is that summer isn't even here yet. I think shooting Bin Laden was the Obama administration's way of lowering gas prices.

It's not like they were going to upset their cash generating environmental policies when all you have to do is kill a terrorist.

Which begs the question: how long has the administration known about Bin Laden's hideout?

106 posted on 05/06/2011 6:47:43 AM PDT by Crucial
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To: OrangeHoof

And gas (and food) prices will keep on rising.


107 posted on 05/06/2011 8:19:17 AM PDT by chessplayer
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To: OrangeHoof

Now oil is rising sharply again. The “news” (propaganda) on the economy yesterday was all negative and scary. Nearly seizing the western economy and realizing their mistake, the masters of the universe reversed the propaganda today. We’re in a recovery! ;-)


108 posted on 05/06/2011 10:41:28 AM PDT by familyop (Rome wasn't burnt in a day.)
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To: thackney
Ok I see where it was likely coming from by your map. Look at Kentucky. There is a refinery in Sommerset right off I-75 near the Tennessee line. This would be approx 40 - 50 miles at the most from the station in question. This would also likely service the area wells I was talking about along the Cumberlands. It looks like a smaller refinery which would have been able to meet Murphy's needs in this area at that time.

It had to be a close source though. Other companies like Pilot were going a lot further away for far more expensive fuel and it was hit and miss. That station had a consistent supply though when others had bags on the pumps. They were the very first in the region to lower prices substancially though and remained such till the pipeline was running again down at the farm. I think Murphy might also have a tank down at the farm in Knoxville. I drive by that tank farm at least every other week. Plenty of room to expand it especially now. That farm services about a 100 mile plus radius and several states.

109 posted on 05/06/2011 2:02:44 PM PDT by cva66snipe (Two Choices left for U.S. One Nation Under GOD or One Nation Under Judgment? Which one say ye?)
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To: Crucial
"How long have they where boogieman was?"

Forever, he's never been out of touch, he was hired by us as a bagman for Afghanistan way back in the previous center when we decided to give Russia the gift of their very own Vietnam war.

ps- they also know he died a year after the Twins were blown(he had Maysfan syndrome{I think that's how it's spelled}, nobody lives very long with that).

110 posted on 05/06/2011 5:00:22 PM PDT by de.rm ('Most people never believe anything you tell them unless it isn't true."-Groucho Marx)
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To: Niuhuru

1) Bin Laden’s killing
2) Filled up all the tankers so they can’t float the oil offshore
3) The refusal of the European Central Bank to raise interest rates indicates that economic activity is still not growing at a sufficiently high rate.
4) US demand dropped

All four.


111 posted on 05/06/2011 8:44:45 PM PDT by arrogantsob
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To: familyop

I’d categorize it more as holding steady. WTI rose slightly and Brent Crude fell slightly on Friday after dropping about $10/bl each on Thursday.

Not to suggest the “masters” are asleep at the switch. They probably felt it was time for some profit-taking.


112 posted on 05/06/2011 10:28:59 PM PDT by OrangeHoof (Washington, we Texans want a divorce!)
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To: OrangeHoof
Quick, call Ted Baxter. Speculators!
113 posted on 05/06/2011 11:04:39 PM PDT by CT
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To: xzins
"the price is being manipulated up and down, and those responsible for the manipulation up are responsible for the manipulation down Obama is in the pocket of Arab Oil."

And, where is your proof of these statements? Or is it just an opinion?

114 posted on 05/07/2011 6:29:37 AM PDT by Former Proud Canadian (Slugs and Bitter Clingers Unite.)
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To: Former Proud Canadian

Event driven and events are controlled.

So, opinion + plenty of decades of experience in observing and reading events.

Can we see that political decisions have driven the price up, and that the same decision/series-of-decisions will have its own apex that will then cause the fall of oil prices?

The manipulation envisions both the up and the down.

Then there will be another decision/series-of-decisions that causes a rise, an apex, and then a fall.

Nothing hard about it at all.


115 posted on 05/07/2011 7:17:16 AM PDT by xzins (Retired Army Chaplain & proud of it: Truly Supporting the Troops means praying for their Victory!)
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To: Mr. K
BUYING OPPORTUNITY FOR SILVER

I hit it. 100 oz. coming my way.

116 posted on 05/07/2011 7:35:12 AM PDT by danielmryan
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To: danielmryan

i would have gotten 10,000 oz if i was you


117 posted on 05/07/2011 1:59:52 PM PDT by Mr. K (this administration is WEARING OUT MY CAPSLOCK KEY~!! [Palin/Bachman 2012])
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To: OrangeHoof

Prices have to drop to make their NWO boy Obama look good.


118 posted on 05/07/2011 2:08:38 PM PDT by bmwcyle (It is Satan's fault)
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To: Mr. K
i would have gotten 10,000 oz if i was you

Back in late '08, when silver was below $10, I had the idea of going down to the bank with one of those cloth briefcases to buy a 1,000 oz silver bar. It would have made for a good Youtube gag, but I couldn't find anyone to film it so I dropped the idea. It would have been funny, trying to haul out 68 punds of metal in a briefcase.

And, of course, it would have made for a great Youtube moment had the briefcase bag torn. Would have damaged the silver, though.

119 posted on 05/07/2011 4:26:09 PM PDT by danielmryan
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To: thackney; neverdem

Expect more damage and delays, shutdowns in both delivery of product, and receipts of crude, from the refineries in MS and LA affected by the flood crest moving down the Mississippi.

Obama is torn: he MUST have prices go down to avoid a 2012 defeat, but he WANTS them to go up because his philosophy of socialism and social justice HATES capitalism and most especially Texas big oil.


120 posted on 05/11/2011 12:42:10 AM PDT by Robert A Cook PE (I can only donate monthly, but socialists' ABBCNNBCBS continue to lie every day!)
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