Why Did Oil Go Down?
- Thread starter StevieD
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- Mar 2, 2006
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Iran has agreed to negotiate with United Nations, so no sanctions right now
No hurricanes
Nigeria fairly peaceful
Iraq peaking in oil production - most since 2004
:shrug: :shrug:
No hurricanes
Nigeria fairly peaceful
Iraq peaking in oil production - most since 2004
:shrug: :shrug:
All this oil china is using is for manufacturing jobs they were handed to by us. So if you look at it they have upgraded manufacturing buildings and heating systems while our old crummy ones sit idle and use no oil. This whole oil thing is a bigger scam that the war in Iraq. They were goughing us from day one so listen up people. Get ur fillups as late as u possible can but right before the elections fill it up to the brim.
They desperately want that oil in Alaska and tried the gough trick to get it. Oh and of course the public bought it. Stevie no lie i told all my friends you vote him in for a second term, you will see three dollar gas. If his father would have beat Clinton for a second term you would have saw three dollars back then instead of the 79 cents it was under Clinton.
I saw Ann Richards last night on Larry King say she left this fiscal irresponsible pig two billion when she lost to him in Texas. He pissed it all away with his tax cuts to buy votes. It works cause people are pigeons. I like to see one of these Republicans build a surplus for once in their lives and than see a Democrat giive it all away. The problem is that its always the other way around and since the common folks no nothing and don't care about deficits its always gonna happen. They cry about property taxes but they can't figure out that when a nation is in debt states can't get any money. What they do care about is getting a three hundred dollar tax cut even tho it gets blown plus another couple of thousand, with these assholes policies.
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Stevie also Chavez in Venezula offered to send us oil because of our prices. As soon as he suggested this he became this bad man. The Fox news playbook came out and said every nasty thing know to mankind to insult him. This was a sharade because they didn't want one drop of this oil on our land. I remember that nutcase Pat Robertson calling for his death.
The difference is that Chavez treats his unfortunate very well. You can never say that about those assholes we have in charge. Greed and power.
The difference is that Chavez treats his unfortunate very well. You can never say that about those assholes we have in charge. Greed and power.
Not sure wtf you're talking about. We buy almost half of Venezuelas oil. Around 45% of their oil, off the top of my head.
light hurricane season increased supply and refining capacity as rigs and refineries neither took another hit but instead keep getting back on their feet after katrina and rita
summer demand over, supplies are high now
its not that difficult
OPEC is already cutting supply as they dont want their profits to decrease and speculators have sold
actually, if you want the truth, Cheney already has enough for retirement so he decided he would lower the prices
summer demand over, supplies are high now
its not that difficult
OPEC is already cutting supply as they dont want their profits to decrease and speculators have sold
actually, if you want the truth, Cheney already has enough for retirement so he decided he would lower the prices
About a year ago he offered to give cheap oil to poor people in our country and we sad no thanks. That is what i am talking about.
Venezuela to Provide Discounted Heating Oil and Free Eye Operations to U.S. Poor
Sunday, Aug 28, 2005 Print format
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By: Bernardo Delgado - Venezuelanalysis.com
Venezuela's President Chavez speaking to Rev. Jesse Jackson during his weekly television program.
Credit: MCI
Caracas, Venezuela, August 28, 2005 ?Venezuela?s Chavez said to visiting Rev. Jesse Jackson today that he would like Jackson to help with finding a way to provide discounted heating oil and free eye operations to poor communities in the U.S. Pointing out that Venezuela provides 1.5 million barrels of oil per day to the U.S., Chavez said, ?we would like to provide a part of this 1.5 million barrels of oil to poor communities.?
Chavez made these comments during his weekly television program Al? Presidente today, which Jackson briefly attended to speak to Chavez and the audience. Jackson is on a three-day visit to Venezuela, during which he will meet with local religious leaders, Afro-Venezuelan groups, the president of the state oil company PDVSA, President Hugo Chavez, and visit poor-neighborhoods to see Venezuela's social programs at work.
Chavez had first mentioned the plan to supply discounted oil to poor communities in the U.S. last week, while in Cuba, but did not provide any details beyond that. Today he specified that it was heating oil that the Venezuelan government was looking into because this seemed the most feasible and most necessary approach. Given the high price of oil this year, heating oil is expected to reach very high levels this winter, which will be unaffordable for many poor families in the U.S.
?There is a lot of poverty in the U.S. and don?t believe that everything reflects the American Way of Life. Many people die of cold in the winter. Many die of heat in the summer,? said Chavez in explaining why Venezuela was interested in providing discounted heating oil to the U.S. poor. ?We could have an impact on seven to eight million persons,? he added.
Chavez said that he was interested in talking to Jackson about this plan, so that his organization and other U.S.-based groups might help with it. Chavez mentioned the groups TransAfrica Forum, Global Exchange, and Global Women?s Strike that could also help implement the plan.
Part of the plan was for the U.S.-based and Venezuelan state-owned oil company Citgo to provide heating oil directly to poor households. Chavez said this would not present a loss to Venezuela because the idea would be to offer the oil at a lower rate because intermediaries would not be involved. Up to 30% to 40% of the cost could be saved said Chavez. Citgo licenses 14,000 gas station franchises and 8 refineries in the U.S.
Venezuela?s ambassador to the U.S. Bernardo Alvarez, had told Chavez that the embassy has already received over 140 requests about the plan, even though it has not been formally announced yet.
Free Eye Operations
Chavez spent a large part of his Sunday talk show discussing new healthcare plans for Venezuela. Part of this discussion also involved the provision of free eye operations to people in all of the American continents, north and south. The operations Cuba would provide the bulk of the operations, with Venezuela providing the transportation.
Chavez said that of the six million operations that Cuba and Venezuela would want to organize over the next ten years, there would be slots for 150,000 U.S.-Americans per year. Each country will receive a quota. Chavez gave some examples, explaining that there would be 100,000 for Brazilians, 60,000 for Colombians, 12,000 for Panamanians, 30,000 for Ecuadorians, 20,000 for Bolivians, and 20,000 for inhabitants of the Caribbean. Chavez said that those interested in the eye operations should turn to the Venezuelan embassies in their respective countries.
The plan to provide free eye operations is part of the ?Mission Miracle,? which is one of the many new social programs that Chavez government has instituted in the past two years in Venezuela. By the end of December, 150,000 Venezuelans will have received eye operations. These operations involved operations for cataracts, myopia, pigmentary retinosis, and many others.
keep up brother
If we have to ask with election 6 weeks away? Supply and demand has not drop over night kids.
Just maybe the excuses were getting over used for high prices.
Just maybe the excuses were getting over used for high prices.
oh, I see. A shill for the commie down yonder.
Sure, 100,00 barrels of oil for the "poor" would really help americans and is a great gesture, which costs his ass nothing and gives no benefit whatsoever to us or them (people). Looks like a generous appeasing benefactor only to keep the PR campaign going so he can shout it out all over the world while in reality he helped no one and did nothing. Maybe he could spend some of that dough fixing the bridge that fell which is the direct and almost only route from the International airport to the city of Caracas? Nah, he'll give it to the Cubans, most the Caribbean and Hezbollah.
Go shill at some high school where teenagers might give a shit. ****in commie.
"Iran has agreed to negotiate with United Nations, so no sanctions right now
No hurricanes
Nigeria fairly peaceful
Iraq peaking in oil production - most since 2004
++++++++++++++++++++++++++++
If I knew how-- I'd give you one "atta girl"
Factual and to the point:clap:
Found Terry's chart quite interesting--and leaves me wondering --are there that many like Stevie that believe supply and demand is not a factor and gov is responsible or are they just polling that segment of population?
No hurricanes
Nigeria fairly peaceful
Iraq peaking in oil production - most since 2004
++++++++++++++++++++++++++++
If I knew how-- I'd give you one "atta girl"
Factual and to the point:clap:
Found Terry's chart quite interesting--and leaves me wondering --are there that many like Stevie that believe supply and demand is not a factor and gov is responsible or are they just polling that segment of population?
Oil Price Manipulation: Taking from the Poor to Give to the Rich
Friday September 15, 5:03 am ET
Phil Davis submits: How much is too much? Someone is stealing from you! Every week you are overpaying for gasoline, and I can prove it in a way that is so simple even Congress can understand.
When oil was $30 a gallon (way back in 2003?when dinosaurs still roamed the earth) gas was $1.52 (avg), and ExxonMobil Corp. (NYSE: XOM - News) made $21b in profits on $246b in sales?not too shabby!
So since they were doing OK financially, we can assume they knew what they were doing price-wise and, as an ?integrated oil company,? they were able to process that oil and deliver it right to your gas tank all under one great corporate umbrella. The same corporate umbrella, by the way, that the Supreme Court of 1911 dissolved into 34 companies in order to protect the American people from this sort of price gouging.
Now I?m not going to pretend to know all of Exxon?s costs, but obviously they were able to refine and deliver oil for a nice profit by charging you just $1.52 a gallon. We do know that a barrel of oil in 2003 cost an average of $28, and there are 42 gallons in a barrel, so that?s $0.66 per gallon that we will say is something they can?t control (forgetting the fact that they own or lease the land, the equipment, the people and the production facilities that get oil out of the ground for an average of $8 per barrel).
Now here?s where I?ll start going slow so our legislators can follow. If oil, the main ingredient in gasoline, cost $0.66, and gasoline can be profitably delivered for $1.52, then that means all of Exxon?s costs were less than $0.86. In fact, that $0.86 they charged included an operating income (pre-tax) of $32b, or 13%.
That profit, by the way, is after paying salaries. Take Lee Raymond, the ex-CEO for example. He was paid an average of '$50m a year for running Exxon, but, when it came time to retire, all the company could do for him was give him a check for $140m?not even a gold watch!
Now when oil goes up to $64 a barrel, like it is today, and Exxon, Chevron Corp. (NYSE: CVX - News), ConocoPhillips (NYSE: COP - News), BP PLC (NYSE: BP - News) testify and swear (oh sorry, they refused to be sworn in) to you that gas prices are not their fault, ask this very simple question:
When oil costs $0.66 a gallon, you add $0.86 and gas is $1.52. But now oil is $1.52 a gallon, and gas is selling for $2.60. Did refining and distribution costs increase to $1.08?
The truthful answer is?apparently not. Exxon?s operating income last quarter was $18.5b on $99b in sales, or 18.6%, a 43% increase in margins at the expense of the American consumer.
There is a reason the Supreme Court broke up Standard Oil in 1911; not only is it back together now, but it is part of an oligopoly, a cartel, that controls the lifeblood of this country with virtually no oversight (as the BP debacle clearly demonstrates).
So when you are filling up at the pump this weekend, think about how much you SHOULD be paying for gas versus how much you ARE paying for gas and thank your Congressmen, especially Energy Chairman Senator Stevens of Alaska and our own beloved Vice President Cheney for the excellent work done by his apparently secret energy task force, which first met in 2001, when oil averaged $20 a barrel.
There can be no doubt as to the task force?s effect (even though we are not allowed to know who was on it or what was said), as oil climbed 25% in 2002 to average $25 for the year. Our Vice-President (former Halliburton Co. (NYSE: HAL - News) CEO) found this to be unacceptable and sprang into action, reconvening the secret society in 2002.
That must have really done the trick, because oil averaged just $27 in 2003. But by the end of that year we were well on our way to $35, and the rest is history! Having done their jobs to defend Americans right to make a decent living, free from the tyranny of taxes and regulations (providing, of course, you use the broad definition of Americans to include Oil companies, because the rest of us just got screwed), the committee did not seem to feel it necessary to meet again as oil hit $45 and $55 in ?04, $65 and $70 in ?05 and $79 in ?06.
?What?s the big deal?? you might say. ?It?s just an extra 20 or 30 cents a gallon.? That?s the beauty of this kind of theft. Like credit card thieves (or credit card companies), they can get away with overcharging tens of millions of people a few dollars each day. It?s not enough for you to complain about, but for them... Well, Exxon earned $10b last quarter alone, more money than they earned in all of 1999 when those pesky democrats were in office!
Even if you don't need the money, don't you think that the extra $292b we are spending on oil every year could be put to better use in other parts of the economy? And that's just America. On a global scale, Cheney and Bush's circle of friends are raking in $1 trillion more per year than they did in 2000?Mission Accomplished for sure!
:scared
Friday September 15, 5:03 am ET
Phil Davis submits: How much is too much? Someone is stealing from you! Every week you are overpaying for gasoline, and I can prove it in a way that is so simple even Congress can understand.
When oil was $30 a gallon (way back in 2003?when dinosaurs still roamed the earth) gas was $1.52 (avg), and ExxonMobil Corp. (NYSE: XOM - News) made $21b in profits on $246b in sales?not too shabby!
So since they were doing OK financially, we can assume they knew what they were doing price-wise and, as an ?integrated oil company,? they were able to process that oil and deliver it right to your gas tank all under one great corporate umbrella. The same corporate umbrella, by the way, that the Supreme Court of 1911 dissolved into 34 companies in order to protect the American people from this sort of price gouging.
Now I?m not going to pretend to know all of Exxon?s costs, but obviously they were able to refine and deliver oil for a nice profit by charging you just $1.52 a gallon. We do know that a barrel of oil in 2003 cost an average of $28, and there are 42 gallons in a barrel, so that?s $0.66 per gallon that we will say is something they can?t control (forgetting the fact that they own or lease the land, the equipment, the people and the production facilities that get oil out of the ground for an average of $8 per barrel).
Now here?s where I?ll start going slow so our legislators can follow. If oil, the main ingredient in gasoline, cost $0.66, and gasoline can be profitably delivered for $1.52, then that means all of Exxon?s costs were less than $0.86. In fact, that $0.86 they charged included an operating income (pre-tax) of $32b, or 13%.
That profit, by the way, is after paying salaries. Take Lee Raymond, the ex-CEO for example. He was paid an average of '$50m a year for running Exxon, but, when it came time to retire, all the company could do for him was give him a check for $140m?not even a gold watch!
Now when oil goes up to $64 a barrel, like it is today, and Exxon, Chevron Corp. (NYSE: CVX - News), ConocoPhillips (NYSE: COP - News), BP PLC (NYSE: BP - News) testify and swear (oh sorry, they refused to be sworn in) to you that gas prices are not their fault, ask this very simple question:
When oil costs $0.66 a gallon, you add $0.86 and gas is $1.52. But now oil is $1.52 a gallon, and gas is selling for $2.60. Did refining and distribution costs increase to $1.08?
The truthful answer is?apparently not. Exxon?s operating income last quarter was $18.5b on $99b in sales, or 18.6%, a 43% increase in margins at the expense of the American consumer.
There is a reason the Supreme Court broke up Standard Oil in 1911; not only is it back together now, but it is part of an oligopoly, a cartel, that controls the lifeblood of this country with virtually no oversight (as the BP debacle clearly demonstrates).
So when you are filling up at the pump this weekend, think about how much you SHOULD be paying for gas versus how much you ARE paying for gas and thank your Congressmen, especially Energy Chairman Senator Stevens of Alaska and our own beloved Vice President Cheney for the excellent work done by his apparently secret energy task force, which first met in 2001, when oil averaged $20 a barrel.
There can be no doubt as to the task force?s effect (even though we are not allowed to know who was on it or what was said), as oil climbed 25% in 2002 to average $25 for the year. Our Vice-President (former Halliburton Co. (NYSE: HAL - News) CEO) found this to be unacceptable and sprang into action, reconvening the secret society in 2002.
That must have really done the trick, because oil averaged just $27 in 2003. But by the end of that year we were well on our way to $35, and the rest is history! Having done their jobs to defend Americans right to make a decent living, free from the tyranny of taxes and regulations (providing, of course, you use the broad definition of Americans to include Oil companies, because the rest of us just got screwed), the committee did not seem to feel it necessary to meet again as oil hit $45 and $55 in ?04, $65 and $70 in ?05 and $79 in ?06.
?What?s the big deal?? you might say. ?It?s just an extra 20 or 30 cents a gallon.? That?s the beauty of this kind of theft. Like credit card thieves (or credit card companies), they can get away with overcharging tens of millions of people a few dollars each day. It?s not enough for you to complain about, but for them... Well, Exxon earned $10b last quarter alone, more money than they earned in all of 1999 when those pesky democrats were in office!
Even if you don't need the money, don't you think that the extra $292b we are spending on oil every year could be put to better use in other parts of the economy? And that's just America. On a global scale, Cheney and Bush's circle of friends are raking in $1 trillion more per year than they did in 2000?Mission Accomplished for sure!
:scared
I read someplace this week(Barron's maybe..but don't hold me to that, DTB..
) that it is MUCH easier for the refiners to make "winter" fuel than it is to make "summer" fuel, and that the EPA designates Sept thru March as the "winter" season when it comes to refining crude for gasoline.
In addition, demand for motor fuels dropped 6% in the U.S. ( a LARGE amount) when prices reached 3+ dollars a gallon this summer, thereby allowing the refiners to begin to make the change over begiining in the middle of August rather than after Labor Day as in past years.
Hum, that sure sounds like the markets are being efficient( don't tell my fellow commies that I said that, they will probably demand my membership card back...:mj07:
The brokers at the commodities exchanges are guessing that, barring any major changes; IE, hurricanes, wars, ect ect; the gasoline prices will fluctuate the next few years similiar to this years.
) that it is MUCH easier for the refiners to make "winter" fuel than it is to make "summer" fuel, and that the EPA designates Sept thru March as the "winter" season when it comes to refining crude for gasoline.In addition, demand for motor fuels dropped 6% in the U.S. ( a LARGE amount) when prices reached 3+ dollars a gallon this summer, thereby allowing the refiners to begin to make the change over begiining in the middle of August rather than after Labor Day as in past years.
Hum, that sure sounds like the markets are being efficient( don't tell my fellow commies that I said that, they will probably demand my membership card back...:mj07:
The brokers at the commodities exchanges are guessing that, barring any major changes; IE, hurricanes, wars, ect ect; the gasoline prices will fluctuate the next few years similiar to this years.
"So then, based on all of the above, we can expect cheap heating oil this winter?"
Don't know about that stevie--I am no economics wizard but logic would tell me there may be more demand for "heating" oil in winter than in summer--ya think
Don't know about that stevie--I am no economics wizard but logic would tell me there may be more demand for "heating" oil in winter than in summer--ya think
It would tell me that too dogs. So we can agree that it should be no surprise that we will need it. So, assuming we all know the cold weather is coming, as it has for quite a few years now, then the kind souls that run the oil companies should also be prepared for this.:shrug: Because if I remember last year they were obviously not prepared and the price sky rocketed.
If it's still holding or dropping after November 10th I will believe just about anything some one says. By holding I mean Mind today is $2.42. Down 63 cents in 6 weeks. That of course is $6.30 saving per each 10 gallons. That alone can spur spending on other items and give stocks a nice run. We may make some extra money in next month guys.
a little bit on natural gas prices this winter....
http://qconline.com/archives/qco/sections.cgi?prcss=display&id=305815
http://qconline.com/archives/qco/sections.cgi?prcss=display&id=305815
Another factor not mentioned is the strength of the dollar compared to other currencies. If it improves then it will certainly help in regards to gas prices.
