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2005-07-20 Home Front: Economy
Oil Prices Fall on Rising U.S. Supplies (Also known as "Analyst don't know crap")
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Posted by mmurray821 2005-07-20 14:13|| || Front Page|| [11134 views since 2007-05-07]  Top

#1 funny comments mm. This one made me LOL and scare my dog - "More proof that the hard earned money I put into my tank is determined by someone else's daily panic attack"
Posted by 2b 2005-07-20 14:27||   2005-07-20 14:27|| Front Page Top

#2 Hey, at least some people are finding panic attacks to be a highly profitable business.

That's food for thought, at least, if you plan on reading the Peak Oil TM forums.
Posted by Phil Fraering 2005-07-20 15:01|| http://newsfromthefridge.typepad.com]">[http://newsfromthefridge.typepad.com]  2005-07-20 15:01|| Front Page Top

#3 Don't worry, they'll come up with an excuse to rally the prices up. Hurricanes in the gulf, terror threats in Kenya, refinery fire in Washington state.
They've got a million of em'.

Posted by bigjim-ky 2005-07-20 15:04||   2005-07-20 15:04|| Front Page Top

#4 analyst? Is that how it's spelled? I always thougth it was anal ass'
Posted by 2b 2005-07-20 15:10||   2005-07-20 15:10|| Front Page Top

#5 Thanks 2b.
This just in from LGF,
15 killed in protests against oil price hikes: - Violent demonstrations across the country.
Because the govenment is no longer subsidising the oil companies and the prices will rise 50-100% more. Get this quote: “This is a natural reaction because the government’s reforms are a lie and we can’t take it any more...This government is making the rich richer and the poor poorer,” said one young man in Sanaa.
hmmmm.... Maybe they should give this man a job at the DNC headquarters.
Posted by mmurray821 2005-07-20 15:17||   2005-07-20 15:17|| Front Page Top

#6 Oil prices fell by more than $1 a barrel on Wednesday after new government data showed rising U.S. supplies of diesel and heating oil and only a smaller-than-expected decline in crude oil inventories.

And as is always the case, any fall in gasoline prices will come slllllooooowly....
Posted by Bomb-a-rama 2005-07-20 15:58||   2005-07-20 15:58|| Front Page Top

#7 As usual Methane supplies are wasted.
Posted by Shipman 2005-07-20 16:06||   2005-07-20 16:06|| Front Page Top

#8 Falling prices?

$2.519 in SoCal.... today
Posted by BigEd 2005-07-20 16:14||   2005-07-20 16:14|| Front Page Top

#9 maybe we need this. Prices here are at an all-time high $2.20 for the cheap stuff. I certainly hope with the Chinese demand seeming to decline that oil prices will too.
fartngo
Posted by Deacon Blues">Deacon Blues  2005-07-20 17:27||   2005-07-20 17:27|| Front Page Top

#10 The Oil and Gas Journal.
http://ogj.pennnet.com/home.cfm
Posted by Anonymoose 2005-07-20 17:29||   2005-07-20 17:29|| Front Page Top

#11 Once Uncle Sam stops filling the Strategic Petroleum Reserve, look for prices to fall. When that happens, oil-producing countries are going to have to start slashing government spending. Or, better still, maybe they'll open the spigots, hoping to make up for the drop in prices by producing more, thereby dropping the prices even further. We'll get the last laugh yet.

Too bad Unocal has rigged the bidding in favor of Chevron. It would be sweet to sell $1 worth of assets to CNOOC for $2. I suspect that at the current bid, Chevron will find that it has overpaid for Unocal. The thing with Chevron is that it's the perennial also-ran of the oil business. I can't believe they're buying Unocal at the top of the market. I think it's pretty cool that the Chinese and the Indians have locked up production at these prices. I'm sure Indian and Chinese consumers will appreciate paying through the nose when oil prices are much lower.
Posted by Zhang Fei">Zhang Fei  2005-07-20 17:35|| http://timurileng.blogspot.com]">[http://timurileng.blogspot.com]  2005-07-20 17:35|| Front Page Top

#12 World demand for oil is growing around 2 million barells per day each year. Supply simply isn't increasing at anything like that rate. Oil will continue to increase in price until demand drops to be in line with supply increases. And that assumes supply will continue to increase. I don't know how high oil will go, but you can be sure it will go higher from here.
Posted by phil_b 2005-07-20 18:17||   2005-07-20 18:17|| Front Page Top

#13 $2.17 at the Pink Elephant* in Anchorage, Alaska.



*Carwash
Posted by Alaska Paul">Alaska Paul  2005-07-20 18:33||   2005-07-20 18:33|| Front Page Top

#14 Peak oil production in 3, 2, 1.

What's that Saudi Arabia?
No thanks, we can get camels cheaper elsewhere.

EP
Posted by ElvisHasLeftTheBuilding 2005-07-20 18:55||   2005-07-20 18:55|| Front Page Top

#15 Elvis, we have hashed the supply issue before and it is unrelated to peak oil. Bringing new oil supply online requires as much as 5 years for major projects.
Posted by phil_b 2005-07-20 19:58||   2005-07-20 19:58|| Front Page Top

#16 The higher the price of oil the fewer 2nd and 3rd world citizens can afford it, leaving more for us.
Posted by Shipman 2005-07-20 20:01||   2005-07-20 20:01|| Front Page Top

#17 I'm against doomsday scenarios but it's an undeniable fact that the world uses too much oil compared to what can be found AND exploited.

We WILL need to reduce demand as supplies aren't going up anymore.

If we don't we'll be in HUGE trouble before 2010.

Ignore temporary fluctuations...oil prices will only go one direction in the future. At the moment some "peak oil panic" may be priced in and we may not have yet reached the point but we will.

Saudi Arabia will be the tipping point when the world finds out that they can no longer deliver what they promise.

SUVs on paved highways are not sustainable.
Posted by True German Ally 2005-07-20 20:54||   2005-07-20 20:54|| Front Page Top

#18 $2.139 in Cincinnati yesterday, but it's been dropping a few pennies each day this week.
Posted by trailing wife 2005-07-20 20:55||   2005-07-20 20:55|| Front Page Top

#19 Hmmmmmm...

Question: When will President Bush's 2001 fill initiative be completed?

Answer: We expect to reach our 700 million barrel goal in August 2005. The President's directive of November 2001 directed fill at a moderate rate using royalty in kind crude oil from U.S. Outer Continental Shelf leases.
...

Strategic Petroleum Reserve Inventory for July 20, 2005
Current Inventory

Sweet: 282.6 million bbls
Sour: 414.9 million bbls
Total: 697.5 million bbls
Royalty-in-Kind: 3.3 million bbls (to be Delivered)
Note: Royalty-In-Kind deliveries are currently scheduled to extend through August 2005.

Delivery Schedule as of:
July 18, 2005

Year Month Scheduled (MB)
2005 June 2462
2005 July 2313
2005 Aug 2165

# Highest inventory - The SPR is now at its highest level and continues to grow as additional crude oil is received.

# Current storage capacity - 727 million barrels

# Current days of import protection in SPR - 59 days
(Maximum days of import protection in SPR - 118 days in 1985)

# International Energy Agency requirement - 90 days of import protection (both public and private stocks)(SPR and private company import protection - approx. 118 days)

# Average price paid for oil in the Reserve - $27.25 per barrel
Posted by mojo">mojo  2005-07-20 21:00||   2005-07-20 21:00|| Front Page Top

23:59 Kalle (kafir forever)
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