Oil up $5/bbl on Libyan unrest.....
- Thread starter addyguy
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Start building drilling rigs everywhere in the US. Then when the sheet hits the fan the rigs will be in place and we can start the drilling process. If we wait for supply problems to develop we could be in a world of hurt till we get the drilling rigs built, and then up and running. Are the rigs in the Gulf up and running again?
Look for record profits once again from the oil companies as they report their earnings. These things seem to go hand in hand with record earnings.
Even if the United States would be awash in oil problem is we have not built a refinery in over 30 years & much of our imports are not crude oil but rather refined stuff like gasoline, diesel, heating oil, etc.
Noticed on the futures market today that prices headed upward again!
Originally Posted By: oilboy123
Start building drilling rigs everywhere in the US. Then when the sheet hits the fan the rigs will be in place and we can start the drilling process. If we wait for supply problems to develop we could be in a world of hurt till we get the drilling rigs built, and then up and running. Are the rigs in the Gulf up and running again?
Noticed on the futures market today that prices headed upward again!
Originally Posted By: oilboy123
Start building drilling rigs everywhere in the US. Then when the sheet hits the fan the rigs will be in place and we can start the drilling process. If we wait for supply problems to develop we could be in a world of hurt till we get the drilling rigs built, and then up and running. Are the rigs in the Gulf up and running again?
SrDriver
We have not needed to build another refinery. What oil companies are doing is increasing capacity and efficiency of current Refinery's.
Refinery's are running at less than 85% capacity currently.
We import very little refined product, diesel being the exception.
I suggest you read this report every Wed. at 10:30 A.M.
http://www.eia.doe.gov/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/wpsr.html
We have not needed to build another refinery. What oil companies are doing is increasing capacity and efficiency of current Refinery's.
Refinery's are running at less than 85% capacity currently.
We import very little refined product, diesel being the exception.
I suggest you read this report every Wed. at 10:30 A.M.
http://www.eia.doe.gov/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/wpsr.html
Originally Posted By: addyguy
Didn't think one country that 'only' pumps 1 mil. bbl/day would affect markets so much - imagine if this happens in Iran or Saudi Arabia???
This could be a start of some VERY uncertain times!
Neither Iran nor Saudi Arabia is immune to unrest. The Saudi king and the crown princes are all over 80 years old and all are in fragile health. And in Iran, it is only the Revolutionary Guard and its use of force that prevents a popular revolt. Many Iranians can receive TV signals from Bahrain, so they know what's happening just a few miles away across the Persian Gulf.
Forgot to mention that there are Iranian warships prepared to enter the Suez Canal, and I believe two US carrier battle groups in position in the Red Sea to block the Iranians, or to force them to stop for an inspection for banned weapons.
Didn't think one country that 'only' pumps 1 mil. bbl/day would affect markets so much - imagine if this happens in Iran or Saudi Arabia???
This could be a start of some VERY uncertain times!
Neither Iran nor Saudi Arabia is immune to unrest. The Saudi king and the crown princes are all over 80 years old and all are in fragile health. And in Iran, it is only the Revolutionary Guard and its use of force that prevents a popular revolt. Many Iranians can receive TV signals from Bahrain, so they know what's happening just a few miles away across the Persian Gulf.
Forgot to mention that there are Iranian warships prepared to enter the Suez Canal, and I believe two US carrier battle groups in position in the Red Sea to block the Iranians, or to force them to stop for an inspection for banned weapons.
Originally Posted By: TTK
Gasoline future prices up 12 cents per gallon today.
Those quotes are actually for Tuesday morning trades in Singapore. When the markets close in Singapore, they open in London... then later in New York. So you can trade oil futures around the clock, usually Sunday night until Friday afternoon US time, but the Washington's Birthday holiday put a kink in it this week.
Gasoline future prices up 12 cents per gallon today.
Those quotes are actually for Tuesday morning trades in Singapore. When the markets close in Singapore, they open in London... then later in New York. So you can trade oil futures around the clock, usually Sunday night until Friday afternoon US time, but the Washington's Birthday holiday put a kink in it this week.
Originally Posted By: ZZman
Up over $ 7.00 now.
Idiots going crazy before anything has happened to supply.
The good news is that when prices skyrocket for no reason, they generally fall fast and hard at some point.
Up over $ 7.00 now.
Idiots going crazy before anything has happened to supply.
The good news is that when prices skyrocket for no reason, they generally fall fast and hard at some point.
Originally Posted By: jim302
ZZman said:
Propane has gone up 5 cents since the unrest . The economy is about to take a hit with rising car insurance ( up about $200 for us ) , local taxes , electric bills , food prices up , gas prices up , and heating homes on the rise . Wonder if we'll see people ditching their guzzlers again and the book values taking a dive .
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Egypt is not an OPEC producing member so their problems have little effect but Libya is and there could be some price problems if Libya continues to have problems.
There is a oil pipeline and some oil tankers prefer to pass through the SUEZ . Otherwise it's a long haul around AFRICA . Let's say if the BROTHERHOOD gets total control of EGYPT they could deny or charge large amounts of money for tankers to pass through , espcially those associated with EUROPE or the U.S..IRAN had to pay $250,000(?) to get through which is a 1st since 1979 . This possibly could be a hint of whom will be in control and those they side with . They also could use that money to buy weapons for their use and to sell to other groups fighting for the cause . Not a good scenario for us , Europe , Saudi Arabia , Israel , etc..
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Originally Posted By: odie
Propane has gone up 5 cents since the unrest . The economy is about to take a hit with rising car insurance ( up about $200 for us ) , local taxes , electric bills , food prices up , gas prices up , and heating homes on the rise . Wonder if we'll see people ditching their guzzlers again and the book values taking a dive .
There is no doubt that things will be different...
It's sad that American citizens can be murdered by pirates and our elected officials have to "mull their response"....I know what my response would be.
Propane has gone up 5 cents since the unrest . The economy is about to take a hit with rising car insurance ( up about $200 for us ) , local taxes , electric bills , food prices up , gas prices up , and heating homes on the rise . Wonder if we'll see people ditching their guzzlers again and the book values taking a dive .
There is no doubt that things will be different...
It's sad that American citizens can be murdered by pirates and our elected officials have to "mull their response"....I know what my response would be.
Originally Posted By: pbm
It's sad that American citizens can be murdered by pirates and our elected officials have to "mull their response"....I know what my response would be.
Oh, certainly Secretary of State Clinton must have issued a strong objection. I mean, she objects strongly to something or other nearly every day; so wouldn't it have made sense for her to object to the killings of American citizens by Somali pirates?
It's sad that American citizens can be murdered by pirates and our elected officials have to "mull their response"....I know what my response would be.
Oh, certainly Secretary of State Clinton must have issued a strong objection. I mean, she objects strongly to something or other nearly every day; so wouldn't it have made sense for her to object to the killings of American citizens by Somali pirates?
http://finance.yahoo.com/news/Oil-prices...set=&ccode=
With this info Oil prices should fall quickly. Will they?
I doubt it.
With this info Oil prices should fall quickly. Will they?
I doubt it.
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