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US Oil Hits 14-Month High Above $100 A Barrel
CNBC.com ^ | July 3, 2013 | Dhara Ranasinghe

Posted on 07/03/2013 9:38:17 AM PDT by Biggirl

U.S. oil prices soared more than 2 percent to a 14-month high above $100 a barrel on Wednesday, following a decline in crude stockpiles and concerns that unrest in Egypt could disrupt oil supplies from the Middle East.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: egypt; energy; middleeast; oil

1 posted on 07/03/2013 9:38:17 AM PDT by Biggirl
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To: Biggirl

I thought the Texas boom would have figured more strongly into this.


2 posted on 07/03/2013 9:40:46 AM PDT by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: Biggirl
B T T T ! ! ! ©

3 posted on 07/03/2013 9:42:09 AM PDT by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: Biggirl

Well with Zero conducting a war on coal, what would one expect?


4 posted on 07/03/2013 9:42:54 AM PDT by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: Biggirl

where I live the price just dropped to $3.08 a gallon (KY).


5 posted on 07/03/2013 9:42:58 AM PDT by cuban leaf (Were doomed! Details at eleven.)
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To: Biggirl

Just in time for the July 4th holiday!


6 posted on 07/03/2013 9:45:41 AM PDT by snarkytart
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To: Biggirl
Instability in Egypt and Libya has bolstered crude oil prices amid concerns about the supply of oil from the Middle East.

Boy that Obama sure is doing a bang up job, ain't he?

7 posted on 07/03/2013 9:52:17 AM PDT by Obadiah (Inside of every Liberal beats the heart of a fascist yearning to reveal their true nature.)
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To: snarkytart

Your car run on crude oil?


8 posted on 07/03/2013 10:04:36 AM PDT by Caliban (Politics is war conducted by other means...)
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To: Izzy Dunne

The Texas “boom” pretty much relies of sophisticated and high unit cost extraction methods, which are not practical unless the price becomes and REMAINS more than the break-even point.

One thing this price level will do is encourage a LOT of investment in “fracking” in places where it is not yet being undertaken, and a large shift to use of compressed natural gas as motor fuel. Liquified natural gas is a much more concentrated way to haul around a supply of methane, except it has to be kept below its critical temperature of -260°F, not an easy task under most field conditions. Which makes that mode not practical for parking all day at the lot or inside a closed garage.

Now, compressed natural gas has its own set of problems, one of which is the tanks themselves. It is possible, and may someday be practical, to handle extreme pressures (THOUSANDS of pounds per square inch) in quick-fueling sites, but until then, it may be more sensible to have swap-out tanks, much like the propane tanks on your barbeque grill. The line valve is cut off, the empty tank is swapped for a full one, and once put into place, the valve opened. You pay for the difference between the weight of the full tank and its equivalent empty weight, according to the tares weight stamped on the tank.

An awful lot of infrastructure is tied up in the tanks. And all that has to be amortized some way. Tanks do have a limited lifetime before failure (which could be catastrophic).


9 posted on 07/03/2013 10:08:34 AM PDT by alloysteel (Unattended children will be given a Red Bull and a free Kazoo. Reminds me of Congress...)
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To: alloysteel
It is possible, and may someday be practical, to handle extreme pressures (THOUSANDS of pounds per square inch) in quick-fueling sites, but until then, it may be more sensible to have swap-out tanks, much like the propane tanks on your barbeque grill.

CNG vehicle fueling is not a complicated technology. It has been done for decades and the equipment has long since been standardized.

The real problem is a chicken / egg issue. Not many want to buy a CNG vehicle without convenient places to refuel. Not many want to invest in a CNG refueling system without a sufficient customer base to repay the initial cost and make a profit.

A few companies are spending money on this, but it is still very limited locations to refill.

http://www.afdc.energy.gov/fuels/natural_gas_locations.html

10 posted on 07/03/2013 11:05:24 AM PDT by thackney (life is fragile, handle with prayer)
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To: Izzy Dunne

In the past 5 year, Texas oil production has risen by nearly 1 million barrels per day.

In the same 5 years, the world oil consumption has risen by nearly 5 million barrels per day.


11 posted on 07/03/2013 11:09:26 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

How is it going to work in all these small cars that the government has been pushing with its CAFE standards?


12 posted on 07/03/2013 11:21:56 AM PDT by AmericanVictory (Should we be more like them or they more like we used to be?)
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To: AmericanVictory

I don’t understand your question.


13 posted on 07/03/2013 11:22:57 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

Where is the space for the extra tank that is used in natural gas vehicles?


14 posted on 07/03/2013 11:27:01 AM PDT by AmericanVictory (Should we be more like them or they more like we used to be?)
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To: AmericanVictory

CNG does require a larger fuel tank than gasoline. But it still beats the electric cars.

Honda makes a CNG Civic, so it can be done. But it does hurt what little storage space it had to begin with.

http://automobiles.honda.com/tools/compare/results.aspx#hondatrim=33103&comptrim2=35438&comptrim1=35428


15 posted on 07/03/2013 11:33:54 AM PDT by thackney (life is fragile, handle with prayer)
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To: Biggirl

and yet the US is now out-producing the Arab states. - what’s going on? I hate regulations but perhaps this the time to assure that US production goes first to the US and the left over wherever!! This is nuts!!

And I don’t want to hear all that malarkey about oil is a world economy - that the US can’t be taken care of first.


16 posted on 07/03/2013 11:44:07 AM PDT by elpadre (AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-hereQaeda" and its allies.)
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To: AmericanVictory
Found these pictures, thought them worth sharing on the subject.

http://alternativefuels.about.com/od/vehiclereviews/fr/06hondaGX.htmm

17 posted on 07/03/2013 11:47:05 AM PDT by thackney (life is fragile, handle with prayer)
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To: Caliban

I’m sorry doesn’t this mean gas is going to be going up?


18 posted on 07/03/2013 11:57:43 AM PDT by snarkytart
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To: Biggirl

Egypt is the cause


19 posted on 07/03/2013 1:17:23 PM PDT by Figment
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To: snarkytart

No, not necessarily....

But if you think it will buy some oil and gas stocks...play it to your advantage..

2 nice stocks under 10 a share are:

Kodak oil and gas - KOG
Hercules offshore - HERO


20 posted on 07/03/2013 2:45:34 PM PDT by Caliban (Politics is war conducted by other means...)
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