http://www.bloomberg.com/apps/news?pid=20601087&sid=aOPLpIWyxhR4&refer=worldwide

"They want to catch the market's attention "

I call MAJOR BULL%$%$%$%$ on this one. :smash:

Record oil company profits on a lower price. WHO started this recession...and whose going to prolong it. :wall:

Meanwhile the turban boys gotta keep building 2 mile high buildings with gold friggin sinks. :smash:

does this mean???

Quote
[Given the rapid deterioration in the flow of economic data]

:hs: there's nothing restricting the flow of DATA....:rtfm:

that is hogwash :point: or spam soup if you will...
~
now certainly, there has to be some reductions in output of oil if the demand is down worldwide because they must have limited storage capacity just like any other product on the market.
~
trying to get the markets attention....pfff and notice that the summit meeting is scheduled way before president Obama takes office and cannot attend...

Makes ya wonder how much of the high prices last summer were due to speculators and not supply and demand.

I saw a report last week that said the oil companies need gas to stay around $3.00 so they can keep doing exploratory work.:smash:

aint that a kick in the teeth Mac.

Wasn't OPEC created to regulate the supply of oil coming from the middle east and keep market prices from getting too low?

-spence

Wasn't OPEC created to regulate the supply of oil coming from the middle east and keep market prices from getting too low?

-spence


How do you define too low?

Nebe's translation of 'catch market's attention' is 'to take attention away from other sources of energy'

I saw a report last week that said the oil companies need gas to stay around $3.00 so they can keep doing exploratory work.:smash:

thats Crap...

they ALREADY know where it is !!!!!

How do you define too low?

Low enough to keep profits up and the price from fluxuating too much.

It is their oil after all.

-spence

Oil's realistic price right now is 50 a barell..... and a wooden metal lip swimmer is $14 :D

that's complete nonsense

scientists at Amherst figured out how to make oil
out of wood products (just recently)

a non lethal form of e- coli bacteria has been modified to make oil out of sugar.... and we can grow sugar quite easily

we have figured out how to make oil out of corn stalks

we have figured out how to make oil out of algae

we have figured out how to make oil out of manure

just read yesterday that a new discovery
(a little off topic) :topic: for solar panels
that makes them receive light from any ANGLE
making them 96% effective will be ready in 3 years

all these "discoveries" (technologies) and the changes in policy to drill now...everywhere... will continue to drive the price down, at least i hope... anyways...

:happy: time to get a motor home :jump1:

$10 darters nebe :rotf2:

Oil's realistic price right now is 50 a barell..... and a wooden metal lip swimmer is $14 :D

:bsod:

$40 a barrel oil. Take that OPEC. Expect them to cut 2-3 million barrels a day now.

If this keeps going you could very well see $1.50 gas again in your life.

http://www.ft.com/cms/s/0/a7aae3a0-b5ad-11dd-ab71-0000779fd18c.html

Indicted woohooo :happy: let the fun begin

How many of you locked locked into high heating oil for the season, before it started to drop like a rock??

not me but my dad said alot of his friends in Maine did. They're going to get murdered this year. He's paying $2.29 yesterday for heating oil.

MASS ENERGY here..

not me but my dad said alot of his friends in Maine did. They're going to get murdered this year. He's paying $2.29 yesterday for heating oil.

MASS ENERGY here..

I thought most of those "lock in" deals only lock in on the maximum price. When I locked in the first year I had oil, I only paid the max price if oil was at that price or higher. When it went lower, I paid the lower price.


Side note, there's 2 million barrells of oil on a tanker being held by pirates right now in Somalia. They're negotiating to release it when the Saudi government meets their asking price. I wonder if that amount of oil affects the pricing?

I thought most of those "lock in" deals only lock in on the maximum price. When I locked in the first year I had oil, I only paid the max price if oil was at that price or higher. When it went lower, I paid the lower price.


Side note, there's 2 million barrells of oil on a tanker being held by pirates right now in Somalia. They're negotiating to release it when the Saudi government meets their asking price. I wonder if that amount of oil affects the pricing?

I think that type of contract is normally only offered first year - after that you may what you locked in at. I locked into a deal where I pay $.50/gallon over what the wholesale price.

2m barrels isn't a whole lot.

I think that type of contract is normally only offered first year - after that you may what you locked in at. I locked into a deal where I pay $.50/gallon over what the wholesale price.

2m barrels isn't a whole lot.

I didn't realize that it was for the first year only. After my first year, I shopped around and went with whoever had the best price. I may try to lock in now with a new company if I can get a plan like the original one I had.

I can see it now, "U.S. Oil producers go to Capitol Hill to ask for 300 billion dollar bail out to get through to 2012"

"Oil company execs forecast use of all available cash reserves by January 2010"

"No gas supply will lead to mass failure of national economy and threaten national security"

We are on the highway to hell.

LOWEST in 3.5years, WHOLESALE hit just above $1 a gallon today..

http://www.ft.com/cms/s/0/9d41a448-c0b7-11dd-b0a8-000077b07658.html

Brent crude oil, the European benchmark, hit an intraday low of $45.30.

The options market continues to price a large likelihood that oil prices could sink as low as $40 in the next two months. But traders said there were early signs of a price bottom, with some investors buying options contracts that would be profitable if oil prices recover. Much will depend on Opec’s meeting on December 17 in Oran, Algeria, where the cartel is expected to cut output by 1m-1.5m barrels a day.

Now lets hope Propane follows suit. naaah these vermin got me by the balls :nailem::nailem:

add friggin diesel and heating oil

diesel is STILL 2.549 gas is 1.72

so they lowered the opec output today and oil dropped to $40 again..


Interesting commentary on the massenergy site today.


Average Prices for Mass Energy Members:
December 17, 2008
If you pay:
20-30 Days = $2.041 Range Hi = 2.14 Low = $1.91
5-10 Days = $1.984 Range Hi = $2.04 Low = $1.86
COD = $1.978 Range Hi = $2.04 Low = $1.86
Budget = $1.989

Why is heating oil more expensive than gasoline? We hear this question now and again since heating oil is cheaper to refine than gasoline, there are no federal taxes and historically heating oil has generally been the same or less than retail gasoline. Analysts suggest that the introduction of high sulfur diesel further segmented the distillate market and Europes commitment to diesel as a transportation fuel and heating oil as a heat source (since it doesn't have huge stores of natural gas) along with the strong Euro has allowed U.S. refiners to garner higher prices by exporting these products. It was even worse last year as incentives in India and China apparently made it cheaper to use lighter diesel fuel than heavier (4 or 6 oil not 2 like heating oil) products thus magnifying further the price compared to historic standards. Unless the Euro crashes and we eliminate regular heating oil as a category and start using Ultra-low sulfur exclusively to cut down on the segmentation this trend is expected to continue for the foreseable future.

Diesel is still 2.499.

That commentary confirms what I said to you a while ago Bill about the low sulfur fuel having to do with the high price...

Diesel is still 2.499.

"There's just so much oil in inventory out there right now," said Michael Lynch, president of Strategic Energy & Economic Research. "Nobody wants to buy this stuff."

That commentary confirms what I said to you a while ago Bill about the low sulfur fuel having to do with the high price...

It's crap all around.
I should just buy a WVO conversion system and roll my own