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NEWS: Oil Prices Vault Higher

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posted on Nov, 3 2005 @ 09:42 PM
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Oil prices pressed higher this week, over $US60 a barrel with raised concerns of a potential cold snap in the USA even though it is unusually warm weather at present. Oil prices reached a record high of $US70.85 earlier this year after hurricane Katrina threatened oil wells in the gulf of Mexico. Forecasters are saying that unless Saudi Arabia invests in oil production, prices will rise by 50 percent before 2030.
 



finance.news.com.au
New York's main contract, light sweet crude for delivery in December, jumped $US2.03 to close at $US61.78 dollars a barrel.

In London, the price of Brent North Sea crude for December delivery surged 2.14 dollars to 60.52 dollars a barrel.

"The market is still supported by concerns that we may see a very cold winter in the United States and Europe," Sucden analyst Sam Tilley said.

He was commenting a day after the US Department of Energy said stockpiles of distillates, including heating oil and diesel, fell by 200,000 barrels in the week to October 28. Analysts had, however, forecast a larger drop of 800,000 barrels.

According to the DoE data, US crude stocks rose by 2.7 million barrels last week, well above the normal range for this time of year and above forecasts of a 2.2-million-barrel build.

Gasoline, or petrol, reserves climbed by 1.0 million barrels, overshooting market expectations of a 600,000-barrel gain.

"The crude oil market continues to rebuff attempts to push prices below 60 dollars per barrel," Barclays Capital analyst Kevin Norrish said.

"It is not a problem of availability of reserves or capital," she said.

"We need to be sure that the increase in production will be high enough and a sustained production capacity increase policy is in place. That will need sustained political will."


Please visit the link provided for the complete story.


This comes less than a week after the news that oil companies made massive profits over the last three months. Who are they kidding, how can we make the prices jump today. Massive profits while people were suffering an enduring purse emptying cues at the pumps.

Wheres the checks in place, why is this allowed to be happening. These companies just released massive massive billion dollar profits, yet say the prices of fuel has to rise. Oh no we can't cut into our profits, we will make the people pay and raise the profits more and more, profit off our profits.

I thought there was federal reserves to stop this happening. These record profits did not make news headlines as much as they should of. It was quietly said and then almost buried under other matters straight away.

Related Links
Exxon And Shell Announce Record Profits
Record Profits


[edit on 4-11-2005 by Mayet]




posted on Nov, 3 2005 @ 10:06 PM
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It still puzzles me why people cannot connect the dots. Its as though there are only two dots to connect.

Seems that the media prefers to report about mice singing than about a situation that is currently one of the greatest out there.



posted on Nov, 3 2005 @ 10:20 PM
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Good work Mayet. Thanks.

It's so obvious, so ridiculous, so much the compleat profiteering opportunity, and so much on our backs there is nothing much else to say.

Except that now, it looks like blackmail too. The message being: terminate funding to alternate energy or we'll really nail you before the transition.



posted on Nov, 3 2005 @ 10:24 PM
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And in June we will hear of record earnings of 15 gazillion dollars by the heating oil industry.



posted on Nov, 3 2005 @ 11:19 PM
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okay... first of all prices did not vault over $60.

It went up by a measley $2 after reaching $59 a level not seen since July.

Secondly the Oil companies, and I'm not trying to defend them here, are not racking up the prices. It's traded on the NYMEX. So what this was was some confident buyers investing and buying up all the $59 and $60 contracts.

Same thing happened during the hurricanes. It sent the traders into a buying mode looking for profit down the road. It touched $70.85 and then those who had already bought in the 60 dollar range saw this as their chance to take some profits and started to sell. So the price started going down.

With more than half the oil and gas production from the gulf still down and OPEC actually cutting production in October the traders speculate and say this stuff will be worth more than $60 down the road... so they buy. When the buyers take action the price goes up, when the sellers take action the price goes down.

There's more at work here than just oil companies profiteering.

[edit on 3-11-2005 by Thatoneguy]



posted on Nov, 3 2005 @ 11:48 PM
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In 2030, we won't have any oil left, so the prices will up by 50% in 2006-2007...

In 15/20 years, we will be running out of oil...



posted on Nov, 4 2005 @ 12:54 AM
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In 2030, we won't have any oil left, so the prices will up by 50% in 2006-2007...

In 15/20 years, we will be running out of oil...


Technically the world will never run out of oil. The price will eventually get too high to allow demand to continue at such high rates. And, I do believe that oil prices will be higher than 50% well before 30 years down the road. Basically, according to them, in 30 years we will see $90 oil... I think a lot closer to $90 oil than 30 years, but that all depends on how much supply enters the market



posted on Nov, 4 2005 @ 01:08 AM
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In 2 years we will be at 90$ a barrel...

And for the little calculation about oil reserves...

The world consumes everyday about 90 millions barrels...

And in the world, there is close to 1 000 billions of barrels. So...

1000 billions/90000 millions = 11111 days/365days = 30 years at the present consumption that will go higher and higher everyyear... so in approximately 20/25 years, we will run out of oil.

Anyway, i'm tired of those bastards so i'm selling my car.

[edit on 4-11-2005 by Vitchilo]



posted on Nov, 4 2005 @ 01:22 AM
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*Officially* it's not the companies' fault they are making record profits.

It's because the price is so high, which is a result of increased demand and lowered supply.

They need to keep up, so the price must be hightened to oil doesn't get watsed or spent on unimportant things, but there is still just as much getting bought, it's just spent wiser.

And because of higher prices, the profits are higher.

So you see, it's *officially* not the oil companies' fault.


Whether the oil production has to be this low, and whether it can be drastically increased, to lower the prices is another matter though.



posted on Nov, 4 2005 @ 03:29 AM
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Originally posted by Vitchilo
In 2 years we will be at 90$ a barrel...

And for the little calculation about oil reserves...

The world consumes everyday about 90 millions barrels...

And in the world, there is close to 1 000 billions of barrels. So...

1000 billions/90000 millions = 11111 days/365days = 30 years at the present consumption that will go higher and higher everyyear... so in approximately 20/25 years, we will run out of oil.

Anyway, i'm tired of those bastards so i'm selling my car.

[edit on 4-11-2005 by Vitchilo]


Kind of interesting that there is a school of thought with some weight behind it, apparently, that our oil is a renewable resource. I'm not posting this to argue. I'm merely saying that if this is, in factl, true, then the usage/price becomes even more of a travesty of a mockery of a sham, with "We, the People" losing and "They the Oil Companies" making the big bucks.

[edit on 4-11-2005 by sigung86]



posted on Nov, 4 2005 @ 04:30 AM
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Will the oil companies donate their extra profits due to oil price increases to some worthy causes, for example to save tens of thousands of lives in Kashmir instead of having them freeze to death in the winter.

Answer : of course not, fat wallets will rule.



posted on Nov, 4 2005 @ 08:39 AM
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Now, the interesting part is retail gasoline prices have been falling rapidly. Nearly 20 cents this week where I live in Maryland. It's down to $2.21 from $3.09 just a couple of weeks ago.

It's still higher than last year at this time, but still, what's forcing the prices down so quickly? Literally, I saw gas at 2.35 in the morning on the way to work, then 2.33 at lunch and 2.31 driving home. Day after day it's been dropping like this.

www.eia.doe.gov...
money.cnn.com...



posted on Nov, 4 2005 @ 09:50 AM
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Answers: methanol / ethanol / biodiesel / hemp-oil. Easy to obtain gas and oil replacements for fuel and plastics. And, big plus, methanol has better burning stoichiometry than most anything else, so even though it takes about twice as much to produce the same heat as gas, its more responsive at the pedal because it burns easier (it's used in Indy 500 racing, btw). Oh, and it can be made from almost any bio-waste, not just refined oils. Ethanol and biodiesel are easy to make on a small scale, and burn cleaner (ideal for rural areas). Hemp-oil is high in the hydrocarbon's that are needed for creation of plastics, and could easily substitute oil. Also, hemp is quite nutritious, but feeding the hungry of the world is another topic (I'll just leave you with these two words: hemp, quinoa)



posted on Nov, 4 2005 @ 09:52 AM
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Here's why prices will for oils will rise.

ANWR

I saw one source, not sure how credible it is, that said it was supposed to go through the senate yesterday.

We are not going to run out of oil anytime soon. We may "Peak out" in terms of production vs demand, which will cause prices to climb. The fact of the matter is oil prices doubled last year. Gas prices doubled at one point last year. Oil companies almost Doubled thier profits for the third quarter.



posted on Nov, 4 2005 @ 03:41 PM
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On the one hand, its pretty shady that the price at the pump keeps rising, supposedly because the 'costs' of oil for the oil companies is rising, but then they have record profits.


On the other hand, they're a business, its not illegal for them to charge a hell of a lot for a product and make tons of money off the rest of us.



posted on Nov, 4 2005 @ 08:57 PM
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No but its damned well time it was

I do not believe profits should be made off essential services, fuel, food, electricity and telecommunications.



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