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Title: Oil Prices Climb 12% in 2 Weeks
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Published: Feb 20, 2010
Author: Chris Kahn (AP Energy Writer)
Post Date: 2010-02-20 13:18:59 by Nebuchadnezzar
Keywords: None
Views: 332
Comments: 20
Oil prices up 12 percent in 2 weeks Oil rises to near $80 a barrel; crude has surged 12 percent in 2 weeks ap y Chris Kahn, AP Energy Writer , On Friday February 19, 2010, 5:28 pm EST NEW YORK (AP) -- Oil prices are again flirting with $80 a barrel after a two-week rally fueled by promising economic reports and worries that troubles in Europe and the Middle East could eventually tighten supplies. Benchmark crude for March delivery added 75 cents to settle at $79.81 a barrel on the New York Mercantile Exchange. The price of the March contract, which ends Monday, has increased by 12 percent since Feb. 5. Most of the trading already has moved to the April contract, which added 64 cents Friday to settle at $80.06 a barrel. An extended surge in crude prices will force gasoline and other fuels higher as well. Retail gas prices already have started to increase this week, and experts predict the national average will hit $3 a gallon this summer. The rally in crude comes even though the country is still flush with very large supplies. Reports of growth in home construction, industrial production and manufacturing have boosted confidence among investors that Americans will regain their appetite for fossil fuels in the second half of the year. Meanwhile, investors continued to focus on problems with refineries in France, where workers at a refinery for oil giant Total have been striking since Jan. 12. The U.S. imports gasoline and other fuels from Europe, and concerns over disruptions in European refining have helped push energy prices higher. Also, the United Nations' International Atomic Energy Agency said Thursday that Iran may be working on a nuclear warhead, raising concerns about a military build up in the region and the availability of oil supplies from the Persian Gulf. "The fear of Iran has always been instrumental in the price run-ups of 2007 and 2008, fueling the 'what-if' scenarios that are necessary for bull runs and this year might not be different," said analyst Olivier Jakob of Petromatrix in Switzerland. Energy prices dipped earlier in the day following Thursday's Federal Reserve announcement that it will bump up the rate that banks must pay for emergency loans. The dollar soared to its highest level since May following the announcement. And crude, which is priced in dollars, tends to fall in price as the dollar rises and makes oil barrels tougher to buy for investors holding foreign money. The Fed announcement was followed by a Labor Department report Friday morning that said consumer prices excluding food and energy fell in January for the first time since December 1982. That tempered concerns about future inflation, analyst Phil Flynn said. At the pump, retail gasoline prices increased for the second day this week, adding less than a penny overnight for a national average of $2.623 a gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 11.4 cents cheaper than a month ago and 67.4 cents more expensive than a year ago. In other Nymex trading in March contracts, heating oil rose 1.83 cents to settle at $2.0699 a gallon, and gasoline added 1.65 cents to settle at $2.0857 a gallon. Natural gas gave up 12.8 cents to settle at $5.044 per 1,000 cubic feet.
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#1. To: All (#0)
So when is all that "green" energy (spit) going to kick in and relegate fossil fuels to the dust-bin of history? That is what the left has repeatedly said to us so what gives?
Goldi-Lox: You're one dumb-fucking bitch.
I topped off a few days ago for $2.459 per gallon. Now it is slightly higher.
As soon as we stop hopping into SUV's to drive the 100 yards for milk and bread...
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace As soon as we stop hopping into SUV's to drive the 100 yards for milk and bread... Yeah, we should all drive Toyota "Death Trap" Priuses so we can slam into the local grocery store at 80 mph with the gas pedal stuck. Dear Lord.
Goldi-Lox: You're one dumb-fucking bitch.
No. We should walk...
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace The Prius recall was related to its brakes IIRC.
My granny walked a lot, never having a drivers license, and she lived to 109.
Wow..... 80 dollars a barrel and rising in winter too.... after huge snow storms with two wars and god knows how many hotspots being fought overseas. Well at least it's not that 140 dollars a barrel it was a couple of years back, which we are still paying for in the higher prices of goods made during those years.
Nothing wrong with that. It is usually more then 100 yards anyways. Green sucks ass. What's the opposite of green. That is what I am.
Well...the oil futures market is betting on you, for sure...
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace Oh, my bad! The brakes don't work. I think they also have some electrical issues (surprise!).
Goldi-Lox: You're one dumb-fucking bitch.
Probably would have made 115 had she an Excursion with the 7.3L.
Goldi-Lox: You're one dumb-fucking bitch.
I remember the last time oil prices bottomed out and gas was $1.30 in Ft. Worth (about a year or two back), we saw gas prices start to rise while oil stayed down. The oil companies made the statement that oil prices did NOT determine gas prices. Now they say it DOES. There is still a huge surplus of oil, but refineries are slowing production to stimulate prices. The free market has nothing to with this anymore. I don't suppose we, as consumers, have any say in the matter. Be happy they don't decide to charge $20 a gallon. There's no one to stop them.
It's a little more complicated than that. The rigs switch over to capturing Natural Gas in the winter and that comes at a decrease in drilled oil. Very cold weather, like we've been having, always does this to oil prices. Also, the refineries have to produce a "winter blend" of gasoline to meet the idiotic EPA's draconian winter pollutant levels.
Goldi-Lox: You're one dumb-fucking bitch.
That's kind of like shooting yourself in the foot.
No it is admitting that cars aren't going to be powered by green beans. Oil is good.
Do you take cold showers and re use your toilet paper? Greens are for that. If one tries to push that on me I'll kick their watermelon head in. You know greens are watermelons don't you? Green on the outside but red on the inside. Gorby calls himself green now. Greens are just former and current communists that want to push the anti capitalist agenda on us that they failed to do with communism. It is just wrapping paper. I am all for a good environment and clean water and stuff. But the greens aren't the answer.
Green sucks ass. What's the opposite of green. That is what I am. That's kind of like shooting yourself in the foot. Dear Lord, tell us about your education and background in life that you can counter Stone's statement.
Goldi-Lox: You're one dumb-fucking bitch.
Oil is the LIFEBLOOD of our economy. No oil = no economy. Why is that so hard for the leftists to understand??????
Goldi-Lox: You're one dumb-fucking bitch.
This is a real man's car: Here is a car that a wuss drives: Goldi-Lox: You're one dumb-fucking bitch.
#2. To: Nebuchadnezzar (#0)
#3. To: Nebuchadnezzar (#1)
So when is all that "green" energy (spit) going to kick in and relegate fossil fuels to the dust-bin of history?
#4. To: war (#3)
So when is all that "green" energy (spit) going to kick in and relegate fossil fuels to the dust-bin of history?
#5. To: Nebuchadnezzar (#4)
#6. To: Nebuchadnezzar (#4)
#7. To: war (#5)
#8. To: Nebuchadnezzar (#0)
#9. To: war (#3)
As soon as we stop hopping into SUV's to drive the 100 yards for milk and bread...
#10. To: A K A Stone (#9)
#11. To: Fred Mertz (#6)
The Prius recall was related to its brakes IIRC.
#12. To: Fred Mertz (#7)
My granny walked a lot, never having a drivers license, and she lived to 109.
#13. To: Nebuchadnezzar (#0)
An extended surge in crude prices will force gasoline and other fuels higher as well. Retail gas prices already have started to increase this week, and experts predict the national average will hit $3 a gallon this summer.
#14. To: Abcdefg (#13)
There is still a huge surplus of oil, but refineries are slowing production to stimulate prices. The free market has nothing to with this anymore. I don't suppose we, as consumers, have any say in the matter. Be happy they don't decide to charge $20 a gallon. There's no one to stop them.
#15. To: A K A Stone (#9)
Green sucks ass. What's the opposite of green. That is what I am.
#16. To: lucysmom (#15)
That's kind of like shooting yourself in the foot.
#17. To: lucysmom (#15)
That's kind of like shooting yourself in the foot.
#18. To: lucysmom, A K A Stone (#15)
A K A Stone
#19. To: A K A Stone (#16)
No it is admitting that cars aren't going to be powered by green beans. Oil is good.
#20. To: lucysmom (#15)
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