OPEC Has No Extra Oil Available!

HTB...

extracted from my last link,...and relating to refined gasoline profits...

Refining never has been viewed as a cash cow by the petroleum industry, which complains about meager profits, hefty environmental costs and too much government regulation.

But with gasoline prices hovering at $2 a gallon for much of this year, the country�s largest oil companies and independent refiners reported soaring profits from refinery operations in second quarter earnings this week.

Exxon Mobil Corp., the world�s largest publicly traded oil company, posted record profits of $5.79 billion Thursday, and the Royal Dutch/Shell Group of Cos. saw its earnings rise 54 percent.

An early hint of the industry�s healthy bottom line came last week from Sunoco Inc., which reported a $217 million profit from refining related business, quadruple the total from a year ago.



[edit on 4-8-2004 by smirkley]

Well today, oil futures rebounded from yesterdays short term correction. Back to record highs.

As reported by CNBC, it appears that oil future prices are being driven by Real Demand, and not speculation from hedge funds. This coupled with Putin's retraction of yesterday's statements about Yukos, that they will not be allowing the oil giant to tap into it's money reserves.

Basically Russia is tightening their grip on Yukos, in what is appearing to be a power play within the country.

Unless something big were to change soon, look upward to the sky.

BTW, oil seems to be the hot topic on CNBC again, and is being implicated in the whole of markets as they move. This is bothersome, and possibly recessionary?


It will be interesting how the Fed reacts, as it is expected he will raise rates another 25 basis points, and how this will factor in.

what makes us humans, our ability to adapt, oil will run out sooner or later well them we should consider other sources of energy hydro electric, nuclear, solar, and win: up:

yes! There are other sources of energy. But the problem is... To build these infrastructures "YOU WILL NEED OIL!" not only for the trucks or machinery who will be used to build them. But also, oil, comes in the fabrication of plastic part, rubber.... Also remember that most electronic and parts for whatever comes mainly from China, India and all those poor country where cheap labor attract coorporations. But these guys will be the first to feel the oil shock. Therefore putting an halt to all export! Bye Bye Nikes running shoes and all these product build on the other side of the ocean. Do a test at home. Take everything you like, then check where it was made. Take off anything that is imported. You may have an american car, but lot's of parts are built oversea.

To be able to go through the oil crunch, we should keep the existing oil for goods production only. Transportation would have to rely on something else. But in the land of SUVs that is almost impossible. Especially if we go through a major reccession. Wich compagny will still exist to make them? Wich compagny will survive the crash?

Oil is an addiction. just like a drug addict, the problem is not running out of dope. The problem is knowing that you have none or barely any left. what happen then? Well you stop sharing for one. Second you might have to fight over the remaining drug. And as a junky, even if you know you have little left, you still continue to consume the same dosage each time. even though you know you have to rationalise it. Once you take the last shot, your buzz will be the worst badtrip you ever experienced. Cause then you will go crazy to find anything. Some succeds and manage to find another small stash, or better, steal it from another one. Just imagine this... Fill up a stadium with junkies. First you provide the dope to everyone. After a while they get used to it and are addicted. Now your supplier tell you there ain't enough dope to fill the demand in the stadium. You will have to cut some in their next shot. It start with one junky not having his shot. So far so good, the crowd is still happy. Except for one. Cut 2 guys and what happen? Well they are most likely to unite to go steal some from somebody else. So after a while, how many depraved do you think it takes to start a total chaos in the stadium? The stadium being the earth in comparison, no exit doors.