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Dex
Dodge Dakota
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3/03/2005
17:10:51
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 Subject: Oil $55 going to $80/barrel
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Tune up that Dakota, increase tire pressure, lighten up what you are carrying, lighten up on the heavy foot or your will be paying out the nose for gas.
There was another story of oil going to $80 if oil supply disruppted.
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Associated Press
Update 8: Oil Prices Briefly Climb Above $55 Mark
03.03.2005, 04:08 PM
Oil prices briefly surpassed $55 a barrel Thursday and settled at their highest level since late October. The recent rally - crude futures are up more than $10 since the year began - reflects concerns that the world's petroleum supply is being stretched thin by strong economic growth, though some traders are nevertheless stunned by the commodity's rapid advance.
With gasoline futures also rising, analysts said consumers should expect the average pump price, now $1.93 per gallon, to climb in the weeks ahead.
The weak dollar and the apparent unwillingness of the Organization of Petroleum Exporting Countries to pump more oil have contributed to the latest runup in crude futures, which are now 52 percent above year ago levels. However, analysts and brokers say speculative buying by hedge funds and others is magnifying the move higher.
"About the only way to explain this rally in the market is fund buying," said James Cordier, president of Liberty Trading Group in St. Petersburg, Fla. "They're pushing the market higher while producing nations are sitting on their hands and smiling ear to ear. This is incredible."
Analysts said that while crude futures could certainly rise further they do not expect prices to remain at these heights for very long. Eventually, producers and refiners seeking to lock-in future profits - and speculators looking to cash in - will sell into the market, they said.
That said, with the spring and summer driving season around the corner, analysts believe prices will remain well above $40 a barrel in the months ahead.
After climbing as high as $55.20 a barrel, light, sweet crude for April delivery settled at $53.57 on the New York Mercantile Exchange, an increase of 52 cents. The record close set on Nymex last October was $55.17, though prices would have to surpass $90 per barrel to meet the inflation-adjusted peak set in 1980.
In London, Brent crude futures rose 73 cents to $51.95 on the International Petroleum Exchange, retreating from intraday highs above $52 a barrel.
In other Nymex trading, gasoline futures rose 2.37 cents to $1.5075 per gallon. That followed an 8-cent rise the day before.
"This is especially bad news for consumers, given the fact that gasoline prices have risen from early March to the middle of May in 19 of the last 20 years," said energy analyst Peter Beutel of Cameron Hanover Inc.
The case made in support of today's high oil prices rests on the belief that the growth in petroleum demand, particularly in China but also in the United States, is being underestimated by economists. Moreover, this miscalculation, some say, comes at a time when producers are already having difficulty serving the world's 84-million-barrel-a-day oil habit, not to mention maintaining a supply cushion in the event of an unexpected disruption.
"We're going to be in an environment of high oil prices until the global economic activity starts to move back toward trend and starts to disappoint," said Lawrence Goldstein, president of the Petroleum Industry Research Foundation in New York. Goldstein believes economists and even many oil analysts are not accurately calculating "demand at the margins," referring to the extra petroleum needed for the power and transportation sectors when incomes are rising.
But Goldstein refuted the idea that the global economy has not been affected by high oil prices. "Had we not had this runup, global economic activity would have been 0.5 percent higher than we saw in 2004," he said.
The other "big picture" factor, according to PFC oil analyst Jamal Qureshi, is the decline of the dollar versus other currencies "which makes OPEC more willing to let prices test higher."
Because crude is priced in the U.S. currency, OPEC countries want to maintain buying power in Europe and other countries after they sell their barrels into the global market.
Recent signals from OPEC officials that the cartel is unlikely to cut production at its next meeting - as some had earlier suggested - have failed to calm the market.
Victor Shum, oil analyst at Texas-based Purvin & Gertz in Singapore, said this was because the incremental supply added by OPEC would be heavy, sour crude, as opposed to the light, sweet crude that is in most demand.
Other constraints in the global oil market include the low levels of fuel kept in inventory, limited refining capacity and the scant excess oil-production capacity, according to Goldstein.
Goldstein estimated that there is about 1 million barrels of spare oil production, most of it in Saudi Arabia. He said the cushion needs to grow to 2.5 million barrels, or more, to ease the market's fear of an output snag.
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mikec041
Dodge Dakota
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3/03/2005
19:40:03
| RE: Oil $55 going to $80/barrel
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I heard on TV someone spilled a qt of oil in Oregon so the price of oil is going up $15 a barrel to make up the loss.
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opinoin
Dodge Dakota
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3/03/2005
20:32:59
| RE: Oil $55 going to $80/barrel
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i dont like to be political, but you can thank "republican times" for all this!
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marlow
Dodge Dakota
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3/04/2005
03:09:48
| RE: Oil $55 going to $80/barrel
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Ohhh yeah yeah, its all the republicans' fault...
As an educated American I'm going to say that the biggest problem is Asian economic growth combined with the bottle neck the OPEC cartell has on production.
If any political group is to blame it would be the Clinton administration and their anti-consumer policies. Fortunately most of their wacked out ideas failed to pass. However, Clinton successfully raised gas taxes and cut domestic oil production by 17% in a time of instability in the Middle East.
Regardless of who you are pointing fingers at, none of the politicians are doing enough.
The answer my friends is ETHANOL.
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AmsoilSponsor
DakotaEnthusiast
3/04/2005
04:23:02
|  Amsoil Wholesale Synthetic Warehouse Free Catalog
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REDUCE OUR DEPENDENCE ON FOREIGN OIL WITH AMSOIL
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Fewer oil changes means less oil used.
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Steven Roark , Amsoil Dealer , Proud Sponsor of www.DodgeDakotas.com
AMSOIL Synthetic Motor Oils, Lubricants, Filtration, and Truck Care Products
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Dan M
Dodge Dakota
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3/04/2005
06:17:46
| RE: Oil $55 going to $80/barrel
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The prices are rising because demand is growing faster than production.
In order to cut the costs, you just need to cut back on your demand (drive less and switch to synthetics). Or you can always switch to one of those nice looking hybrids! LOL!
- Dan M
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01Motorsport
Dodge Dakota
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3/04/2005
10:00:31
|  RE: Oil $55 going to $80/barrel
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The car-buying public didn't learn ANY lessons from the 1973 and 1979 shortages: 6000 pound SUVs and trucks in every neighborhood. The whole country will have to suffer for the lack of fuel economy discipline of those who could afford the $$ to be wasteful.
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guys china
Dodge Dakota
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3/04/2005
10:15:15
| RE: Oil $55 going to $80/barrel
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my dad owns a oil company i talk to him a lot about this. everyone has good points but the main reason for the high demand in oil is becuase china is rapidly developing and sucking up oil as fast as we/opec can make. i do think opec should "open the gates" a little more to try and lower the price but supposively they're 94% operational? anyone know if that is true?
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CP
Dodge Dakota
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3/04/2005
11:01:48
| RE: Oil $55 going to $80/barrel
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What the Funk does POLITICS have to do with it? Don't democrats own escalades, too? I saw a Toyota (import) Tacoma (v-8 gas hog) with a bumper sticker that said something like "bush is scary", and now the dem's who complain about outsourcing want to buy prescription medication north of the border. So "buy american" means nothing to democrats anymore unless they can blame something on republicans that each and every american (and the rest of the modern world) is responsible for. Sore losers. Go cry to Hilary, whiner. She's a crook too.
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George Bush
Dodge Dakota
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3/04/2005
12:12:48
| RE: Oil $55 going to $80/barrel
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Seems like our jobs can be outsourced freely by large corporations (who are rep. supporters) but let the little guy try to save a buck by buying Canadian drugs (which are by the way mostly made in USA anyway) and the big drug mfgs. scream bloody murder because their profits won't be as large. Sorry ass Bush started his illegal war in Iraq and the stupid mofo can't even get cheap oil prices out of the deal. Bush is the worst pres. I have seen in my lifetime by far. Yes, even worse than Jimmy Carter. And to think that some dumbasses voted for his sorry ass twice.
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Dan M
Dodge Dakota
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3/04/2005
12:44:14
| RE: Oil $55 going to $80/barrel
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Good job W! Thanks for stating the "illegal war" in Iraq. Here's a few notes on Iraq for you in the dark...
iraq has the 2nd largest oil reserves in the world with around 112 BILLION barrels, yep, that's billion with a B!
Iraq oil potential has largely been unexplored due to wars and strict dictatorial control. Sources estimate as much as 90% of iraq is unexplorered. Iraq has ~ 2,000 oil wells, Texas alone has 1+ million!! There is an potential estimate of up to 100 BILLION barrels.
output of oil from iraq is ~ 300k barrels a day, prior to desert storm it was 3.5+ million!!
experts predict iraq can sustain little shy of 3 million barrels a day out put, of which up to ~ 2.5 million can be exported.
Thanks for nothing W! We don't need iraq to have a self sustained goverment in which it can grow itself into a global economic powerhouse and use proceeds to enrish the lives of her people.
regardless if you realize it, there's politics behind every decision ever made.. little food for thought. :D
- Dan M
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who cares
Dodge Dakota
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3/04/2005
12:45:05
| RE: Oil $55 going to $80/barrel
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Political opinions are like a fart, your own is ok, it's everyone else's that stink. The best thing to do is keep it to yourself.
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eddy
Dodge Dakota
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3/04/2005
13:31:24
| RE: Oil $55 going to $80/barrel
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Oil aint goin to 80 bucks a gallon. OPEC has a tight line to walk. They want price increases to fall in step with inflation, which they haven't for a few years. But at the same time they don't want to push their customers over the edge to the point where they start looking harder for other sources of crude or faster to develop alternative energy prices. I think they know if they get too greedy right now we'll find other energy sources, their markets will dry up, and in 50 years all those stinking rich royal families will see all their wealth dry up because they priced all their customers out of the market.
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towel head
Dodge Dakota
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3/04/2005
13:35:22
| RE: Oil $55 going to $80/barrel
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My butt hurts
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Bite Me
Dodge Dakota
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3/04/2005
14:43:23
| RE: Oil $55 going to $80/barrel
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CP, besides being politically not well informed, or at least not able to form good communicative sentences, also doesn't know his Toyotas. Tacoma is made in Fremont, California, and has never had a V-8 engine.
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nothing new
Dodge Dakota
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3/04/2005
14:46:11
| RE: Oil $55 going to $80/barrel
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Gas prices rise this time every year, so the oil companies can line their pockets with spring and summer vacationers' dollars. So what's different this time?
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You Been Bit
Dodge Dakota
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3/04/2005
15:08:27
| RE: Oil $55 going to $80/barrel
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Bite Me, your sentence structure also leaves something to be desired.
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CP
Dodge Dakota
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3/04/2005
15:11:04
| RE: Oil $55 going to $80/barrel
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It's true, I don't know $hit about $hitty TOYotas. Your syntax is also questionable, Mr Perfect. I wish I was as educated and perfect as you are, assface.
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You Been Bit
Dodge Dakota
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3/04/2005
15:30:33
| RE: Oil $55 going to $80/barrel
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Syntax... I love it! I'll bet he has to look up the definition of that.
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AmsoilSponsor
DakotaEnthusiast
3/04/2005
15:54:11
| Amsoil Wholesale Synthetic Warehouse Free Catalog
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Gasoline set to surge
Pump prices could shoot up about 25 cents a gallon over next few weeks to record high.
March 4, 2005: 3:11 PM EST
NEW YORK (CNN/Money) - Gasoline costs are set to rise sharply to record levels soon, energy analysts said Friday.
Prices at the pump will jump 12 cents a gallon early next week and another 12 cents by the end of the month, said Peter Beutel, president of energy tracking firm Cameron Hanover.
"Right away, nationwide, we're going to see an increase of gas prices of 12 cents," Beutel said. "We'll see it almost everywhere by Tuesday. In addition, sometime between St. Patrick's Day and the end of the month, I expect to see an additional 12 cents. This is extraordinarily bad news for the consumer."
Beutel said he isn't using a crystal ball, but monitoring wholesale gas prices, which closed at $1.5075 a gallon on Thursday up 50 cents since Christmas, according to the Oil Price Information Service. Higher retail prices are sure to follow as gas stations scramble to keep up, he said.
"I'm not forecasting these changes," said Beutel, adding that an increase of 1 cent a gallon costs consumers $38 million a day nationwide. "These changes have already occurred at the wholesale level."
Beutel said the increases are driven as oil prices rise, due to growing demand from China, India and other developing countries, as well as maintenance costs at aging American refineries, among other reasons.
An increase of 24 cents a gallon would put the average retail price of a gallon of regular unleaded at nearly $2.17 a gallon, according to the Energy Information Administration, the statistical arm of the Energy Department. An EIA survey Monday put the average price at $1.928, up 2.3 cents from a week earlier.
_________________________________________________
REDUCE OUR DEPENDENCE ON FOREIGN OIL WITH AMSOIL !!
Longer Drain Intervals = Fewer Oil Changes = Less Oil Used.
__________________________________________________
You can Request A FREE Amsoil Catalog by clicking below.
Steven Roark , Amsoil Dealer , Proud Sponsor of www.DodgeDakotas.com
AMSOIL Synthetic Motor Oils, Lubricants, Filtration, and Truck Care Products
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hehehe
Dodge Dakota
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3/04/2005
16:29:22
| RE: Oil $55 going to $80/barrel
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Looks like all the redneck bullshlt from the OT board has finally spilled over. Personally, I will be glad when oil hits $1000.00/barrel and most of you dumb fukkers are living in your gas guzzling Fagkotas.
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