04-09-2008
| #1 |
| Sith Chef    Listens: Z92 - Mornings Join Date: May 2005 Location: CBIA Age: 38
Posts: 5,813
| Oil nears record high as U.S. inventories fall Oil jumped to more than $111 a barrel on Wednesday, within sight of a record high, after a U.S. government report showed a surprise drop in inventories in the world's top fuel consumer. U.S. crude oil stockpiles fell by 3.2 million barrels in the week to April 4 as imports declined, the U.S. Energy Information Administration said. Analysts expected a 2.2 million-barrel increase in stocks. "It's bullish across the board. A very low crude import number got us a surprise draw there," said Tim Evans, analyst at Citigroup Futures Research. "Imports are basically running behind year-ago levels." U.S. crude was up $2.50 to $111.00 a barrel by 11:07 a.m. EDT, nearing the record high of $111.80 hit on March 17. London Brent hit a record $108.77 and later pared gains to $108.10. As well as the drop in crude stockpiles, the U.S. inventory report also showed larger-than-expected declines in stocks of distillates and gasoline. Concern about diesel supply given strong demand in Europe and Asia also supported crude. London gas oil also hit a record high of $1,026.75 a tonne on Wednesday. Oil also rose in reaction to further weakness in the U.S. dollar. The dollar fell against the euro and the yen on views the Federal Reserve could cut interest rates by a substantial 50 basis points this month amid worries of a possibly severe U.S. economic downturn. A weak dollar tends to raise prices for commodities denominated in the currency by boosting non-U.S. spending power and by attracting investors seeking an inflation hedge. --- Original Article: Oil nears record high as U.S. inventories fall | Reuters News Source: World News, Business News, Breaking US & International News | Reuters.com |
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04-10-2008
| #2 |
| i ride the short bus because i'm  Listens: I don't listen Join Date: Feb 2006 Location: counciltucky
Posts: 1,280
| Re: Oil nears record high as U.S. inventories fall we really really need to work on making flexfuel cars affordable
__________________ A man melts the sands so he can see the world outside.--U2, Lemon |
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04-10-2008
| #3 |
| Always riding the ragged edge of disaster.  Listens: Z92 - Mornings Join Date: May 2005 Age: 38
Posts: 18,147
| Re: Oil nears record high as U.S. inventories fall Let this statistic sink in.... In the last 25 years the big oil companies have made 670 billion in profit... The US Government has made 1.34 TRILLION in taxes!!! And Nebraska has tacked on another 1.2 cents per gallon because they can't afford to fix their roads....
__________________ Two in the mouth is worth one in the bush. 4th place, 2008 TNTU.net college fantasy football... Bud came in 6th...  |
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04-10-2008
| #4 |
| i ride the short bus because i'm Listens: I don't listen Join Date: Feb 2006 Location: counciltucky
Posts: 1,280
| Re: Oil nears record high as U.S. inventories fall how many oil companies are there? 5 or 6 spread those profits out and the oil companies aren't making profits that are out of line
__________________ A man melts the sands so he can see the world outside.--U2, Lemon |
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04-10-2008
| #5 |
| Your Mom hates you, she told me so....  Listens: Z92 - Mornings Join Date: Aug 2005 Age: 45
Posts: 1,214
| Re: Oil nears record high as U.S. inventories fall Consider this...how many gallons of gas are used in this country?....The oil companies make about 7 cents of profit per gallon...the problem is, they are pumping oil out of the ground themselves. At a cost of around $40-$45 per barrel. They don't refine this oil...they sell it on the open market, currently making a profit of $60+ per barrel...then pay whatever the current cost of oil per barrel. That is what they are making their money off of, the oil they pump out of the ground and sell and do not refine.
__________________ I just plunked down 5 G's on Puss--ob1 |
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04-11-2008
| #6 |
| Always riding the ragged edge of disaster. Listens: Z92 - Mornings Join Date: May 2005 Age: 38
Posts: 18,147
| Re: Oil nears record high as U.S. inventories fall And the US hasn't allowed the building of any new refineries for 35 years...
__________________ Two in the mouth is worth one in the bush. 4th place, 2008 TNTU.net college fantasy football... Bud came in 6th... |
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04-11-2008
| #7 |
| i ride the short bus because i'm Listens: I don't listen Join Date: Feb 2006 Location: counciltucky
Posts: 1,280
| Re: Oil nears record high as U.S. inventories fall not in my back yard
__________________ A man melts the sands so he can see the world outside.--U2, Lemon |
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4 Weeks Ago
| #8 |
| Wanna Bet???  Listens: Z92 - Mornings Join Date: Jul 2006 Location: Plattsmeth Age: 38
Posts: 9,903
| Re: Oil nears record high as U.S. inventories fall
__________________ Time is Short Click Here, Free Naked Ladies 2007 TNTU.net Fantasy NASCAR Champion !!! |
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4 Weeks Ago
| #9 |
| Always riding the ragged edge of disaster. Listens: Z92 - Mornings Join Date: May 2005 Age: 38
Posts: 18,147
| Re: Oil nears record high as U.S. inventories fall 
__________________ Two in the mouth is worth one in the bush. 4th place, 2008 TNTU.net college fantasy football... Bud came in 6th... |
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