Oil Rises Over $72 A Barrel Over Hurricanes That Havent Happened. Really.

MegaRock · 21st August 2006, 22:27

WASHINGTON - Oil prices rose above $72 a barrel Monday after Iran insisted over the weekend that it will not suspend uranium enrichment and traders awaited a response from the United Nations at the end of the month.

The rising price also reflected traders' fears of potential hurricanes that could strike Gulf of Mexico production and refining facilities.

Light sweet crude for September delivery on the New York Mercantile Exchange rose $1.31 to $72.45 a barrel and heating oil futures gained 3.85 cents to $2.028 per gallon.

October Brent on London's ICE Futures Exchange gained $1.12 to $73.42 a barrel.

The U.N. Security Council passed a resolution last month calling for Iran to suspend by Aug. 31 uranium enrichment, which can be used to create the fissile core of warheads, or face the threat of economic and diplomatic sanctions.

"That's providing a little support to prices," said Thomas Bentz, a broker at BNP Paribas Commodity Futures in New York.

Iran has said it will respond by Tuesday to the U.N. incentive offer but insisted on Sunday that it would not suspend uranium enrichment altogether.

Speaking after Iran's military test-fired 10 short-range missiles, Foreign Ministry spokesman Hamid Reza Asefi said a nuclear compromise would have to be reached during future negotiations.

Elsewhere in the Middle East, a cease-fire in Israel and Lebanon was in its seventh day, although Israel on Saturday conducted a pre-dawn commando raid deep into Lebanon's eastern Bekaa Valley, prompting U.N. Secretary-General Kofi Annan to declare the Israelis in violation of the Security Council truce resolution.

Oil prices had hit a record high of $78.40 a barrel on July 14, two days after fighting erupted in Lebanon.

They fell back last week as supply fears abated after the cease-fire in Lebanon and BP PLC restored half of the production at the Prudhoe Bay oil field, which was disrupted earlier this month because of pipeline corrosion. On Friday, prices dipped below $70 a barrel during day trading for the first time in almost two months before regaining ground and closing at $71.14.

Still, PVM Oil Associates in Vienna said that the Prudhoe outage was "expected to leave its mark on U.S. crude inventories," when they are published Wednesday.

In other Nymex trading, gasoline futures fell almost 3.69 cents to $1.93 per gallon, while natural gas futures fell 10 cents to $6.63 per 1,000 cubic feet.

CaboWaboAddict · 22nd August 2006, 20:26

[pessimistic attitude]

Who really gives a rat's ass? The oil companies are gonna charge whatever they think they can get away with, so just resign yourself to the fact that as time goes by, fuel prices will rise.

Then you won't be disappointed.

[/pessimistic attitude]

MegaRock · 24th August 2006, 01:59

The funny part is that today I got an e-mail which had pictures from Dubai, UAE (remember, the ports people).

They have built a massive complex which is essentially an indoor ski resort complete with ramps, lifts and the such.

Imagine - snow skiing in the FUCKING DESERT.

Guess where all that money comes from! Our $3.00+ a gallon gas that we keep buying from those pricks. Even the SUV drivers would love to go somewhere like that. Oh, and their current gas prices are about 32 cents a gallon.

Fuck the USA, I'm going to Dubai. Their oil companies aren't screwing the hell out of them.

CaboWaboAddict · 24th August 2006, 19:32

Yeah, wait till things get really bad... then Venezuela will discover that their pipelines need maintenamce too anc stop the flow to the US.

sgtfuzzbubble011 · 24th August 2006, 21:11

I got that same email a couple weeks ago. Huge-ass indoor ski slope complete with ski lift... In the middle of the desert.

zootm · 24th August 2006, 22:18

If you don't like the price, find something better. This really isn't a matter of fairness. They don't owe you cheap oil.

Omega X · 24th August 2006, 22:46

Quote:

Originally posted by zootm
If you don't like the price, find something better. This really isn't a matter of fairness. They don't owe you cheap oil.

Yeah, its not like you can find renewable gas made from plants instead...

zootm · 24th August 2006, 23:25

The practicalities of other schemes is still up for debate. But quite frankly the whole "we're in crisis because the Middle East are meanies" attitude seems ridiculously defeatist to me.

hgnis · 25th August 2006, 03:37

The "its not my fault" syndrome. Supply-demand insecurities are not the only contributors to the situation, just the ones that get the most media attention.
Contango is another part of the puzzle.

MegaRock · 25th August 2006, 06:12

Quote:

Originally posted by zootm
If you don't like the price, find something better. This really isn't a matter of fairness. They don't owe you cheap oil.

This much is true and personally I'd love to tell them all to take their oil and shove it clean up their ass. Imagine if the entire world could tell most of the oil producing countries to kiss off. Stop using it and they lose their largest source of money. Many places have gas prices that are dirt cheap and haven't risen in decades. We pay a high price because people are stupid enough to do it.

There are alternatives but no one seems to be in a big hurry to change anything and so long as we accept that without raising hell it will continue.

zootm · 25th August 2006, 08:25

Quote:

Originally posted by MegaRock
This much is true and personally I'd love to tell them all to take their oil and shove it clean up their ass. Imagine if the entire world could tell most of the oil producing countries to kiss off. Stop using it and they lose their largest source of money. Many places have gas prices that are dirt cheap and haven't risen in decades. We pay a high price because people are stupid enough to do it.

That's kinda my point. If the prices for something are oxorbitant, people will find something else. People and markets are clever like that.

outlaw16151 · 5th September 2006, 13:03

guess yall heard the crap about the erosion in the pipeline up there in alaska, i talk to somebody at this gas station and he told me America doesnt see a damn drop of that oil, then there was this big scare about gas prices jumping up to of 3 dollars a gallon, why da hell should we pay for something we dont see, The Outlaw says those oil companies are fucking crooks, and and George W Bush has his hand in da cookie jar,
now can i get a hell yeah

www.myspace.com/outlaw16151

CaboWaboAddict · 5th September 2006, 15:32

What's this a cheerleader?

Razzinno · 5th September 2006, 22:45

Only if you pretend not to notice his myspace link.

swingdjted · 14th September 2006, 03:29

Gas prices are down right now, $2.09 at cheapest here, but I'm guessing it's conveniently happening during election campaigning season.

germain47 · 15th September 2006, 12:02

Quote:

Gas prices are down right now, $2.09 at cheapest here, but I'm guessing it's conveniently happening during election campaigning season.

Ding...Ding..Ding
And folks we have a winner!!

All too convenient isn't it?

shakey_snake · 15th September 2006, 14:53

Quote:

Originally posted by zootm
The practicalities of other schemes is still up for debate.

I dunno, I think they're helping keep present oil price from skyrocketing any higher.

Omega X · 15th September 2006, 18:52

Quote:

Originally posted by swingdjted
Gas prices are down right now, $2.09 at cheapest here, but I'm guessing it's conveniently happening during election campaigning season.

I agree.

Analysts expect the gas prices to fall to $1.17 a gallon.

swingdjted · 15th September 2006, 19:21

and then the oil party will complain to me saying

"What? You don't want the prices to drop?"

Phyltre · 15th September 2006, 21:01

There was a concerted effort, early last century, by car manufacturers to kill effective public transportation in most American cities.

It worked, and we've been on cars ever since without any good alternatives.

CaboWaboAddict · 15th September 2006, 21:02

Quote:

Originally posted by swingdjted
Gas prices are down right now, $2.09 at cheapest here, but I'm guessing it's conveniently happening during election campaigning season.

Sure thing...

You really think OPEC wants the Republicans to look good?

Closer to the truth -> OPEC heard the announcement about the find in the Gulf of Mexico. They lowered the price so we won't develop it. That way we stay dependant on them a little longer.

Mattress · 15th September 2006, 21:04

This might help explain why the prices went up for hurricanes that haven't happened yet.

It's called the oil futures market, and it basically how all oil gets traded/sold.

zootm · 16th September 2006, 00:10

Quote:

Originally posted by Mattress
This might help explain why the prices went up for hurricanes that haven't happened yet.

It's called the oil futures market, and it basically how all oil gets traded/sold.

That's kinda helpful but obviously biased. It does cover the issue here though, so it's helpful

swingdjted · 16th September 2006, 03:21

Quote:

Originally posted by CaboWaboAddict
Sure thing...

You really think OPEC wants the Republicans to look good?

Closer to the truth -> OPEC heard the announcement about the find in the Gulf of Mexico. They lowered the price so we won't develop it. That way we stay dependant on them a little longer.

While I agree this could also be part of the reason, I think it's not completely a result of opec price changes - their per-barrel prices haven't dropped nearly enough to explain a 30%+ decrease in gasoline price. I'm under the impression that the enormous markup on the final product has been temporarily reduced.

Exxon had the highest profit margin of any big business according to a news report I saw, which means the high prices overseas are only partially to blame for the bloated prices. They can easily afford to have a big temporary price drop for political reasons.

Quote:

Originally posted by Phyltre
There was a concerted effort, early last century, by car manufacturers to kill effective public transportation in most American cities.

Only the biggest cities still have a good system. Akron has busses that will take you downtown, then you get a transfer to where you want to go - full one way trip from home to destination will take around 40-100 minutes, whereas driving would take no more than 10-15. Needless to say, our public transportation isn't good enough to convince most people to use it.

Wolfgang · 20th September 2006, 01:50

Quote:

Originally posted by CaboWaboAddict
Yeah, wait till things get really bad... then Venezuela will discover that their pipelines need maintenamce too anc stop the flow to the US.

Well, you could always invade them then.

CaboWaboAddict · 25th September 2006, 17:37

^Hmmm... might not be a bad idea!

germain47 · 25th September 2006, 21:34

Ya know, Chavez did call out Bush.
High noon, in front of the refinery
Fox News circus
I'd watch!
Oops, then Chaney would be President.
Nix - Bad idea.

MegaRock · 26th September 2006, 01:11

Quote:

Originally posted by Mattress
This might help explain why the prices went up for hurricanes that haven't happened yet.

It's called the oil futures market, and it basically how all oil gets traded/sold.

Sadly this is true. It also makes you think that instead of the government going after the oil companies they should start with these jerkoffs who use any excuse like an arab sneezing in Syria as an excuse to jack up the prices of gas fifty cents overnight on the chance something might happen.

21st August 2006, 22:27	#1
MegaRock Forum King Join Date: Jun 2003 Location: Inside my water bong Posts: 6,865	Oil Rises Over $72 A Barrel Over Hurricanes That Havent Happened. Really. WASHINGTON - Oil prices rose above $72 a barrel Monday after Iran insisted over the weekend that it will not suspend uranium enrichment and traders awaited a response from the United Nations at the end of the month. The rising price also reflected traders' fears of potential hurricanes that could strike Gulf of Mexico production and refining facilities. Light sweet crude for September delivery on the New York Mercantile Exchange rose $1.31 to $72.45 a barrel and heating oil futures gained 3.85 cents to $2.028 per gallon. October Brent on London's ICE Futures Exchange gained $1.12 to $73.42 a barrel. The U.N. Security Council passed a resolution last month calling for Iran to suspend by Aug. 31 uranium enrichment, which can be used to create the fissile core of warheads, or face the threat of economic and diplomatic sanctions. "That's providing a little support to prices," said Thomas Bentz, a broker at BNP Paribas Commodity Futures in New York. Iran has said it will respond by Tuesday to the U.N. incentive offer but insisted on Sunday that it would not suspend uranium enrichment altogether. Speaking after Iran's military test-fired 10 short-range missiles, Foreign Ministry spokesman Hamid Reza Asefi said a nuclear compromise would have to be reached during future negotiations. Elsewhere in the Middle East, a cease-fire in Israel and Lebanon was in its seventh day, although Israel on Saturday conducted a pre-dawn commando raid deep into Lebanon's eastern Bekaa Valley, prompting U.N. Secretary-General Kofi Annan to declare the Israelis in violation of the Security Council truce resolution. Oil prices had hit a record high of $78.40 a barrel on July 14, two days after fighting erupted in Lebanon. They fell back last week as supply fears abated after the cease-fire in Lebanon and BP PLC restored half of the production at the Prudhoe Bay oil field, which was disrupted earlier this month because of pipeline corrosion. On Friday, prices dipped below $70 a barrel during day trading for the first time in almost two months before regaining ground and closing at $71.14. Still, PVM Oil Associates in Vienna said that the Prudhoe outage was "expected to leave its mark on U.S. crude inventories," when they are published Wednesday. In other Nymex trading, gasoline futures fell almost 3.69 cents to $1.93 per gallon, while natural gas futures fell 10 cents to $6.63 per 1,000 cubic feet. Megarock Radio - St. Louis Since 1998! Don't click this link! Corporate Radio Sucks! No suits, all rock!

22nd August 2006, 20:26	#2
CaboWaboAddict Forum Sot (Major Dude) Join Date: Mar 2004 Location: Marietta, Ga. U.S.A. Posts: 3,916	[pessimistic attitude] Who really gives a rat's ass? The oil companies are gonna charge whatever they think they can get away with, so just resign yourself to the fact that as time goes by, fuel prices will rise. Then you won't be disappointed. [/pessimistic attitude] Idiot's Advocate My site (under construction)

24th August 2006, 01:59	#3
MegaRock Forum King Join Date: Jun 2003 Location: Inside my water bong Posts: 6,865	The funny part is that today I got an e-mail which had pictures from Dubai, UAE (remember, the ports people). They have built a massive complex which is essentially an indoor ski resort complete with ramps, lifts and the such. Imagine - snow skiing in the FUCKING DESERT. Guess where all that money comes from! Our $3.00+ a gallon gas that we keep buying from those pricks. Even the SUV drivers would love to go somewhere like that. Oh, and their current gas prices are about 32 cents a gallon. Fuck the USA, I'm going to Dubai. Their oil companies aren't screwing the hell out of them. Megarock Radio - St. Louis Since 1998! Don't click this link! Corporate Radio Sucks! No suits, all rock!

24th August 2006, 19:32	#4
CaboWaboAddict Forum Sot (Major Dude) Join Date: Mar 2004 Location: Marietta, Ga. U.S.A. Posts: 3,916	Yeah, wait till things get really bad... then Venezuela will discover that their pipelines need maintenamce too anc stop the flow to the US. Idiot's Advocate My site (under construction)

25th August 2006, 03:37	#9
hgnis Hobbit Humper Forum King Join Date: Sep 2002 Location: banned camp Posts: 4,127	The "its not my fault" syndrome. Supply-demand insecurities are not the only contributors to the situation, just the ones that get the most media attention. Contango is another part of the puzzle. I am so important I feel the need to let it be known like a liberal discovering the internets for the first time. Uh hur hur hur. I also wash myself with a rag on a stick. Reality bites <3

24th August 2006, 21:11	#5
sgtfuzzbubble011 Join Date: Jun 2000 Posts: 60,839	I got that same email a couple weeks ago. Huge-ass indoor ski slope complete with ski lift... In the middle of the desert.

24th August 2006, 22:18	#6
zootm Forum King Join Date: Jan 2002 Location: the nether reaches of bonnie scotland Posts: 13,375	If you don't like the price, find something better. This really isn't a matter of fairness. They don't owe you cheap oil.

24th August 2006, 23:25	#8
zootm Forum King Join Date: Jan 2002 Location: the nether reaches of bonnie scotland Posts: 13,375	The practicalities of other schemes is still up for debate. But quite frankly the whole "we're in crisis because the Middle East are meanies" attitude seems ridiculously defeatist to me.

5th September 2006, 13:03	#12
outlaw16151 Junior Member Join Date: Sep 2006 Location: sheakleyville Pa Posts: 1	Oil Prices guess yall heard the crap about the erosion in the pipeline up there in alaska, i talk to somebody at this gas station and he told me America doesnt see a damn drop of that oil, then there was this big scare about gas prices jumping up to of 3 dollars a gallon, why da hell should we pay for something we dont see, The Outlaw says those oil companies are fucking crooks, and and George W Bush has his hand in da cookie jar, now can i get a hell yeah www.myspace.com/outlaw16151

5th September 2006, 15:32	#13
CaboWaboAddict Forum Sot (Major Dude) Join Date: Mar 2004 Location: Marietta, Ga. U.S.A. Posts: 3,916	What's this a cheerleader? Idiot's Advocate My site (under construction)

5th September 2006, 22:45	#14
Razzinno Piffle Producer Join Date: May 2006 Location: the secret files of my pc Posts: 2,588	Only if you pretend not to notice his myspace link.

14th September 2006, 03:29	#15
swingdjted DRINK BEER NOW (Forum King) Join Date: Feb 2006 Location: Northern West Virginia Posts: 10,064	Gas prices are down right now, $2.09 at cheapest here, but I'm guessing it's conveniently happening during election campaigning season. Don't forget to live before you die.

15th September 2006, 19:21	#19
swingdjted DRINK BEER NOW (Forum King) Join Date: Feb 2006 Location: Northern West Virginia Posts: 10,064	and then the oil party will complain to me saying "What? You don't want the prices to drop?" Don't forget to live before you die.

15th September 2006, 21:01	#20
Phyltre Forum King Join Date: Sep 2002 Posts: 2,751	There was a concerted effort, early last century, by car manufacturers to kill effective public transportation in most American cities. It worked, and we've been on cars ever since without any good alternatives.

15th September 2006, 21:04	#22
Mattress Forum King Join Date: Jun 2003 Location: Milwaukee Posts: 4,577	This might help explain why the prices went up for hurricanes that haven't happened yet. It's called the oil futures market, and it basically how all oil gets traded/sold. Besides shooting out a big blank from your buttock, you can feel as if your root chakra leaked sweet hot mucus.

25th September 2006, 17:37	#26
CaboWaboAddict Forum Sot (Major Dude) Join Date: Mar 2004 Location: Marietta, Ga. U.S.A. Posts: 3,916	^Hmmm... might not be a bad idea! Idiot's Advocate My site (under construction)

25th September 2006, 21:34	#27
germain47 Senior Member Join Date: Mar 2006 Location: by the banks of the Swannanoa River Posts: 199	Ya know, Chavez did call out Bush. High noon, in front of the refinery Fox News circus I'd watch! Oops, then Chaney would be President. Nix - Bad idea.

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