$65 oil is coming (maybe)
A top analyst expects crude prices to start plummeting. If you don't believe it, you're not the only one, and a few stocks look good if you're in the skeptics' camp.
This guy you have got to read!
"The match has struck, the fuse has been lit, and four or five years from now OPEC producers are going to be drinking their own oil and choking on it," says Tony Kolton, the founder and president of Logical Information Machines, a provider of research to most of the world's major energy-trading companies for two decades”.
Speculators unmasked
Kolton, a specialist in the history, composition and psychology of the energy market, believes that speculators were without question behind the run-up of prices to $147 per barrel in July and that government threats to expose and punish their behavior spooked them out of their positions in a hurry.
Now this is a guy after my on heart, alright Tony Kolton! I have said this since 1973. My statement has been they like drinking tea and can substitute oil for it!
But I don’t believe the prices are going to change to help conditions for this fall and winter.
If we have storms that could effect (perceived effect) supply or Russia keeps up with their antics and screw with that oil flow though Georgia, or any number of reasons that the speculators can come up with.
http://articles.moneycentral.msn.com/Investing/SuperModels/CouldOilPlungeTo65ABarrel.aspx
I want my reads to look over this one. Thank goodness more have been picking up the banner and the facts keep coming out. This one is called the American Solutions, give it a gander.
http://www.americansolutions.com/actioncenter/petitions/?Guid=54ec6e43-75a8-445b-aa7b-346a1e096659
And finally Nancy seems to be back peddling on some issues. Seems she changes with the weather. Her comments;
Pelosi won't limit vote to offshore drilling
Carla Marinucci, Chronicle Political Writer
(08-14) 19:07 PDT -- House Speaker Nancy Pelosi on Thursday firmly rejected the idea of a House vote solely on the issue of offshore oil drilling, calling it "a hoax on the American people" backed by oil companies.
Instead, she said, she wants Congress to tackle a compromise comprehensive energy plan that would include alternative energy sources and curtailing tax breaks for oil companies.
"You want to drill? We want the royalties for the American people, and we want that to pay for renewable energy resources," the San Francisco Democrat said in an interview for KQED television's weekly news show, "This Week in Northern California." "We want to connect all that together."
Pelosi said she wants to end what she called the failed energy policies supported by "two oilmen in the White House," referring to President Bush and Vice President Dick Cheney, former oil company executives.
"They want us to do more of the same," she said. "So they've come up with this gimmick, this hoax" that says if drilling is allowed in the Arctic National Wildlife Refuge and offshore, "it's going to bring down the price at the pump."
"Ten years, 2 cents," Pelosi said, arguing that 10 years would be the time needed to reap a small benefit to most Americans. "Even the president has said it isn't a quick fix. ... I can't allow a hoax to come to the floor."
But she would consider a vote on drilling "in the context of a fuller, more comprehensive energy package" that would include ending some of the oil companies' current tax breaks.
Big Oil, she said, wants to drill and "not pass their royalties to the taxpayer. They want us to subsidize the drilling."
That's why alternative energy - solar, wind, oil released from the strategic energy supply and natural gas, which is clean and abundant - should be mandated as part of the plan, she said.
And now check out the latest verbiage from the house of Pelosi;
Pelosi receptive to considering more drilling
Email this StoryAug 16, 7:30 PM (ET)By DINA CAPPIELLO
WASHINGTON (AP) - Democrats' stance against offshore drilling has shifted more, with House Speaker Nancy Pelosi signaling on Saturday her willingness to consider opening up more coastal areas to oil and gas exploration.
In her party's weekly radio address, Pelosi said opening portions of the Outer Continental Shelf for drilling would be a part of energy legislation that House Democrats intend to put forward in the coming weeks to address oil dependence and high gasoline prices.
Lawmakers will be able to "consider opening portions of the Outer Continental Shelf for drilling, with appropriate safeguards, and without taxpayer subsidies to Big Oil," said Pelosi, D-Calif.
Just weeks ago Pelosi seemed resolved to block any votes to allow offshore drilling, in part because Californians have opposed drilling off their coasts since an oil spill off Santa Barbara in 1969. New oil drilling is only allowed now in federal waters in the western Gulf of Mexico and off Alaska.
Pelosi's radio remarks were the latest to hint that the energy debate in Congress is still evolving, and that Democrats are budging on the issue.
Congress left for the August recess deadlocked over how to address $4-a-gallon gasoline. Democratic proposals to tap the nation's petroleum reserve, curb oil speculation and force oil companies to drill on already leased federal lands were blocked by Republicans trying to force votes on offshore drilling.
Yet any vote on drilling is likely to force the Republicans' hand, since it will likely be packaged with unpopular proposals to tap the petroleum reserve and recoup unpaid royalties from the late 1990s to pay for renewable energy projects.
"This comprehensive Democratic approach will ensure energy independence which is essential to our national security, will create millions of good paying jobs here at home in a new green economy, and will take major steps forward in addressing the global climate crisis," said Pelosi, who criticized Republicans'"drill only" plan.
Republican leaders called Pelosi's proposal a ruse.
She "is deliberately misrepresenting the facts about our plan in order to shift attention away from the Democrats' shameful record," said House Republican leader John Boehner of Ohio. "Her new effort appears to be just another flawed plan that will do little to lower gas prices." Boehner and more than 100 House Republicans refused to depart for the summer recess in protest of Democrats' refusal to have a vote on their proposals.
The pressure to expand offshore drilling intensified last month when President Bush lifted an executive prohibition on drilling for oil and gas on the Outer Continental Shelf. A congressional ban remains in place.
Polls have shown that voters have grown more supportive of more domestic oil production as fuel prices have climbed.
Can you stand any more? What is that old soap show? “ So as the world turns” according to Nancy Pelosi.
Until the next time
JW'r
Sunday, August 17, 2008
Wednesday, August 13, 2008
What fools we are
What fools are we?
I have just checked the crude oil listings, at $114.00 a barrel. Good news? I don’t think so! We are in a recession, housing is still clasping, jobs are being lost, and the cost of everyday items is increasing.
The congress in ignoring us. Hope they are enjoying their five week vacation, and we still wait. Make no mistake; I don’t want the government to fix anything. I just want them to undue the harm they have created. Open up drilling, oil areas and natural gas. Reverse the ethanol in our fuel. I believe I have in pass blogs stated that we use more energy to make this ethanol additive than we are saving. I check at every “fill up” what my gas mileage is. I have lost an average of two miles to the gallon. I don’t go over the speed limit and keep my car up to spec through its operating cycles.
NEWS FLASH! Oil has increased $1.92 to $115.05. It seems that our crude supply is decreasing. See insert:
41 minutes ago Oil prices staged a modest rebound Wednesday, rising above $114 a barrel after the government reported a plunge in U.S. gasoline supplies and a surprise drop in crude stockpiles. In its weekly inventory report, the Energy Department's Energy Information Administration said gasoline supplies fell by 6.4 million barrels to 202.8 million barrels for the week ending Aug. 8, nearly three times more than the 2.2 million barrel drop analysts surveyed by energy research firm Platts had expected....
Well, they have found a way to drive the price back up! We are driving less, big cars are out, BUT we have a decline in supplies. This isn’t going to go away until we Drill, Drill, Drill.
Back to get Congress off their vacation!
I would like to thank my reads for their offerings. I am linking these sites. They deal with another source of;
Learn More About Gas Hydrates and, The Mallik Project.
http://energy.usgs.gov/other/gashydrates/mallik.html
http://energy.usgs.gov/other/gashydrates/gashydrates_pubs_data.html
Finally, I ask, how much more can we take before we go over the cliff?
Until the next time,
JW’r
I have just checked the crude oil listings, at $114.00 a barrel. Good news? I don’t think so! We are in a recession, housing is still clasping, jobs are being lost, and the cost of everyday items is increasing.
The congress in ignoring us. Hope they are enjoying their five week vacation, and we still wait. Make no mistake; I don’t want the government to fix anything. I just want them to undue the harm they have created. Open up drilling, oil areas and natural gas. Reverse the ethanol in our fuel. I believe I have in pass blogs stated that we use more energy to make this ethanol additive than we are saving. I check at every “fill up” what my gas mileage is. I have lost an average of two miles to the gallon. I don’t go over the speed limit and keep my car up to spec through its operating cycles.
NEWS FLASH! Oil has increased $1.92 to $115.05. It seems that our crude supply is decreasing. See insert:
41 minutes ago Oil prices staged a modest rebound Wednesday, rising above $114 a barrel after the government reported a plunge in U.S. gasoline supplies and a surprise drop in crude stockpiles. In its weekly inventory report, the Energy Department's Energy Information Administration said gasoline supplies fell by 6.4 million barrels to 202.8 million barrels for the week ending Aug. 8, nearly three times more than the 2.2 million barrel drop analysts surveyed by energy research firm Platts had expected....
Well, they have found a way to drive the price back up! We are driving less, big cars are out, BUT we have a decline in supplies. This isn’t going to go away until we Drill, Drill, Drill.
Back to get Congress off their vacation!
I would like to thank my reads for their offerings. I am linking these sites. They deal with another source of;
Learn More About Gas Hydrates and, The Mallik Project.
http://energy.usgs.gov/other/gashydrates/mallik.html
http://energy.usgs.gov/other/gashydrates/gashydrates_pubs_data.html
Finally, I ask, how much more can we take before we go over the cliff?
Until the next time,
JW’r
Saturday, August 9, 2008
oil sinks on stronger dollar
Oil sinks on stronger dollar to $115 a barrel
Taken from AP business writer
By MADLEN READAP Business Writer
(AP:NEW YORK) Oil prices dove to $115 a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating fuel demand around the world and the growing belief in the markets that commodities may have peaked.Shrugging off concerns about a sabotaged oil pipeline in Turkey, investors pulled their money out of commodities and put it back into stocks _ driving the Dow Jones industrial average up more than 300 points.
I much interject; outside influences didn’t but CAN and will affect prices here. Because it isn’t our own oil. The commodities gang tried to bet again us! It didn’t work, but how long before it does?
With energy losing its luster in the marketplace, the cost of roadside gasoline has been creeping down. The average retail price for a gallon of gasoline slipped to $3.836 Friday. That's down about a penny from Thursday, and down nearly 28 cents from the record high of $4.114 reached July 17.
"We're probably going to see gasoline at the retail level around $3.50 for Labor Day," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
My comments on the big saving; aren’t you so happy about this reduction? I am not. Start clapping when it’s down below two bucks. At this projected price a tank of fuel with cost $70.00 (20 gallon tank)
Light, sweet crude for September delivery slumped $4.82 to settle at $115.20 a barrel on the New York Mercantile Exchange. During trading, it dipped as low as $114.90. Prices for gasoline, heating oil and natural gas also dropped.
WOW! Do the math, heating oil for your homes at $3.96 a gallon, hay that’s only $792 dollars to fill your home tank. (200 gallons)
Wake up you bunch of sheep! The average household will burn about $1000.00 a month, and you will be cold. A lot of retired people SS pay check is about $1500.00 or much less. Lets see about $125.00 a week to make ends meet. With food cost soaring and other utilities, make your choices now, warm or rent, food, electricity? What is it going to be?
Many analysts have pointed to the $117-a-barrel mark for crude oil as technically significant _ a move below this level suggests, they say, that oil's recent slide is more than a brief pullback. Crude peaked at $147.27 on July 11.
"You have to remember that this market has baffled anyone who's used fundamentals or charts. But if you're a chartist, today is the death knell for the possibility of new highs in the marketplace," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.
With the dollar launching a massive rebound against the euro and yen after the European Central Bank and the Bank of England both left their benchmark interest rates unchanged, energy traders found reason to sell _ especially since the ECB indicated that there probably wouldn't be any more rate hikes to come.
Higher interest rates make a country's currency more attractive to invest in.
By the energy market's close, the euro had dropped to $1.5007 against the dollar, while the dollar rose to 110.22 yen. The British pound tumbled to $1.9193, after reaching its lowest point since November 2006.
The weak dollar had been boosting oil prices earlier this year, because dollar-denominated commodities are often used as hedges against inflation and a falling U.S. currency.
Furthermore, the central banks' actions bolstered the growing belief in the energy markets that economies around the world are slowing alongside the United States, dampening global demand for crude oil products.
"The biggest driving factor now to the downside is the fact that the U.S. economy has a lot of company right now in terms of weakening economic growth," Cordier said, pointing to both China and India.
Clean-air efforts have had a dampening effect too _ China announced in June that Beijing would remove half its cars from the roads.
Nymex front-month crude futures are down nearly 22 percent from their record high. They are still up, however, nearly 60 percent from a year ago.
Earlier this year, Americans were paying about $1.65 billion a day for gasoline at the peak of prices and demand, Kloza said. The country appears to be headed for below $1.5 billion a day now that prices are coming down and demand is slowing, he said, but he pointed out that that's still three times what Americans were paying in 2002.
Heating oil futures fell 10.56 cents to finish at $3.1280 a gallon on the Nymex, where gasoline futures fell 11.53 cents to close at $2.8874 a gallon. Natural gas futures fell 32.3 cents to settle at $8.248 per 1,000 cubic feet.
How long do you think this will even hold up?
Crude oil had risen $1.14 Thursday to close at $120.02 a barrel after Turkey's state-run news agency Anatolia said the pipeline, attacked by the separatist group Kurdistan Workers' Party, could be shut down for up to 15 days.
The pipeline can pump slightly more than 1 million barrels of crude oil per day, or more than 1 percent of the world's daily crude output. In Turkey, pipeline shareholder BP PLC and other oil companies declared what's called a force majeure after the pipeline attack, freeing them of contractual obligations to deliver crude.
__Associated Press writers Alex Kennedy in Singapore and George Jahn in Vienna
Well in summary, one of my readers has sent the link below. Remember our Congress is on a paid five week vacation, while we sit and wait. So how about using this little link and send away. About a month to go as the weather changes. We are in the storm season, will that interrupt our supplies and change this down trend?
Well, here is another chance to do something about our situation.
Click on this link to send a message to the President about the Congress(not) voting on the energy crisis. Itʼs very easy to do. We need to strike when the iron is hot.http://capwiz.com/gopusa/issues/alert/?alertid=11751481
Until the next time,
JW’r
Taken from AP business writer
By MADLEN READAP Business Writer
(AP:NEW YORK) Oil prices dove to $115 a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating fuel demand around the world and the growing belief in the markets that commodities may have peaked.Shrugging off concerns about a sabotaged oil pipeline in Turkey, investors pulled their money out of commodities and put it back into stocks _ driving the Dow Jones industrial average up more than 300 points.
I much interject; outside influences didn’t but CAN and will affect prices here. Because it isn’t our own oil. The commodities gang tried to bet again us! It didn’t work, but how long before it does?
With energy losing its luster in the marketplace, the cost of roadside gasoline has been creeping down. The average retail price for a gallon of gasoline slipped to $3.836 Friday. That's down about a penny from Thursday, and down nearly 28 cents from the record high of $4.114 reached July 17.
"We're probably going to see gasoline at the retail level around $3.50 for Labor Day," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
My comments on the big saving; aren’t you so happy about this reduction? I am not. Start clapping when it’s down below two bucks. At this projected price a tank of fuel with cost $70.00 (20 gallon tank)
Light, sweet crude for September delivery slumped $4.82 to settle at $115.20 a barrel on the New York Mercantile Exchange. During trading, it dipped as low as $114.90. Prices for gasoline, heating oil and natural gas also dropped.
WOW! Do the math, heating oil for your homes at $3.96 a gallon, hay that’s only $792 dollars to fill your home tank. (200 gallons)
Wake up you bunch of sheep! The average household will burn about $1000.00 a month, and you will be cold. A lot of retired people SS pay check is about $1500.00 or much less. Lets see about $125.00 a week to make ends meet. With food cost soaring and other utilities, make your choices now, warm or rent, food, electricity? What is it going to be?
Many analysts have pointed to the $117-a-barrel mark for crude oil as technically significant _ a move below this level suggests, they say, that oil's recent slide is more than a brief pullback. Crude peaked at $147.27 on July 11.
"You have to remember that this market has baffled anyone who's used fundamentals or charts. But if you're a chartist, today is the death knell for the possibility of new highs in the marketplace," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.
With the dollar launching a massive rebound against the euro and yen after the European Central Bank and the Bank of England both left their benchmark interest rates unchanged, energy traders found reason to sell _ especially since the ECB indicated that there probably wouldn't be any more rate hikes to come.
Higher interest rates make a country's currency more attractive to invest in.
By the energy market's close, the euro had dropped to $1.5007 against the dollar, while the dollar rose to 110.22 yen. The British pound tumbled to $1.9193, after reaching its lowest point since November 2006.
The weak dollar had been boosting oil prices earlier this year, because dollar-denominated commodities are often used as hedges against inflation and a falling U.S. currency.
Furthermore, the central banks' actions bolstered the growing belief in the energy markets that economies around the world are slowing alongside the United States, dampening global demand for crude oil products.
"The biggest driving factor now to the downside is the fact that the U.S. economy has a lot of company right now in terms of weakening economic growth," Cordier said, pointing to both China and India.
Clean-air efforts have had a dampening effect too _ China announced in June that Beijing would remove half its cars from the roads.
Nymex front-month crude futures are down nearly 22 percent from their record high. They are still up, however, nearly 60 percent from a year ago.
Earlier this year, Americans were paying about $1.65 billion a day for gasoline at the peak of prices and demand, Kloza said. The country appears to be headed for below $1.5 billion a day now that prices are coming down and demand is slowing, he said, but he pointed out that that's still three times what Americans were paying in 2002.
Heating oil futures fell 10.56 cents to finish at $3.1280 a gallon on the Nymex, where gasoline futures fell 11.53 cents to close at $2.8874 a gallon. Natural gas futures fell 32.3 cents to settle at $8.248 per 1,000 cubic feet.
How long do you think this will even hold up?
Crude oil had risen $1.14 Thursday to close at $120.02 a barrel after Turkey's state-run news agency Anatolia said the pipeline, attacked by the separatist group Kurdistan Workers' Party, could be shut down for up to 15 days.
The pipeline can pump slightly more than 1 million barrels of crude oil per day, or more than 1 percent of the world's daily crude output. In Turkey, pipeline shareholder BP PLC and other oil companies declared what's called a force majeure after the pipeline attack, freeing them of contractual obligations to deliver crude.
__Associated Press writers Alex Kennedy in Singapore and George Jahn in Vienna
Well in summary, one of my readers has sent the link below. Remember our Congress is on a paid five week vacation, while we sit and wait. So how about using this little link and send away. About a month to go as the weather changes. We are in the storm season, will that interrupt our supplies and change this down trend?
Well, here is another chance to do something about our situation.
Click on this link to send a message to the President about the Congress(not) voting on the energy crisis. Itʼs very easy to do. We need to strike when the iron is hot.http://capwiz.com/gopusa/issues/alert/?alertid=11751481
Until the next time,
JW’r
Wednesday, August 6, 2008
Oil is retreating?
NEWS FLASH!
Oil prices are retreating. At this writing, crude oil is at $118.31 a barrel.
Sounds good, doesn’t it! Well, I haven’t seen the price at the pump (referring to diesel)
coming down. Now remember diesel is just a little higher on the refinement chain than
home heating oil. The last time I checked costs on that end of the fuel chain, it has not come down.
One more month and the weather starts to change. I ask again are you ready to pay the costs associated with this commodity? Up here in the Northeast it remains about the four dollars a gallon. The news media has been focusing on gasoline. Hardly a mention on the cost to heat your home.
I have been receiving mail from some of my readers. They have made available other energy sources. Wind as an energy source has been presented. I will be linking to the source for discussion. But first, I must reinforce that oil is keeping us warm and on the roads at present. There is no other fuel that can be used for our immediate needs.
Offering any other source at this time will not come about for ten years.
Now with that said, I definably feel wind is a source that should be incorporated into our resources to generate energy. So below is the Pickens Plan site;
http://www.pickensplan.com/index.php
I feel the figures presented at this site to be well thought out and accurate. My only comment is we need it NOW!
In summary, we need our Congressmen and women back in session to vote on this situation to drive down the costs quickly. Everyday they delay, puts us all in harms way! Write to them NOW and tell them to do their job!
Until the next time
JW’r
Oil prices are retreating. At this writing, crude oil is at $118.31 a barrel.
Sounds good, doesn’t it! Well, I haven’t seen the price at the pump (referring to diesel)
coming down. Now remember diesel is just a little higher on the refinement chain than
home heating oil. The last time I checked costs on that end of the fuel chain, it has not come down.
One more month and the weather starts to change. I ask again are you ready to pay the costs associated with this commodity? Up here in the Northeast it remains about the four dollars a gallon. The news media has been focusing on gasoline. Hardly a mention on the cost to heat your home.
I have been receiving mail from some of my readers. They have made available other energy sources. Wind as an energy source has been presented. I will be linking to the source for discussion. But first, I must reinforce that oil is keeping us warm and on the roads at present. There is no other fuel that can be used for our immediate needs.
Offering any other source at this time will not come about for ten years.
Now with that said, I definably feel wind is a source that should be incorporated into our resources to generate energy. So below is the Pickens Plan site;
http://www.pickensplan.com/index.php
I feel the figures presented at this site to be well thought out and accurate. My only comment is we need it NOW!
In summary, we need our Congressmen and women back in session to vote on this situation to drive down the costs quickly. Everyday they delay, puts us all in harms way! Write to them NOW and tell them to do their job!
Until the next time
JW’r
Sunday, August 3, 2008
Oh where Oh where have they gone?
Oh where Oh where has the house gone? Have our legislators abandon us while the nation is in financial chaos they have abandoned there officers and went home. Nancy Pelosi, the speaker of the house has deemed it so. Nothing has or was done on the oil issue.
No vote was taken on lifting the band of drilling oil. How about that! Are you surprised? It sure didn’t have me falling all over myself. So there is one month of summer remaining. The cold will come, and do you have the funds to keep you warm this winter? Again I ask, which will it be, buy food or stay warm?
Our old, our folks on fixed incomes don’t have any decisions. Again a way of culling the population? Or coming under the thumbs of a liberal government? (Selected handouts)
My previous blog I have offered you the reader sites to get in touch with your Reps and Senators. The time is now! Not tomorrow! By my next rant, I will put together a form letter to send to the elected in Washington and remind them why they are there.
Not for there self interests, but to represent us, “the people”.
At this time, I would like to activate a link from another individual that has and is expressing views similar. I would like to introduce Mr. Craig R. Smith and his site.
http://www.oilsolution.org
Mr. Smith shows a map of the no zone. Ask our elected officials in Washington, why can’t we? The answer will astound you. And one other thing, send their answers to me, I would love to compile them. Let the rest of our population know what we have elected and sent to Washington.
Until the next time
No vote was taken on lifting the band of drilling oil. How about that! Are you surprised? It sure didn’t have me falling all over myself. So there is one month of summer remaining. The cold will come, and do you have the funds to keep you warm this winter? Again I ask, which will it be, buy food or stay warm?
Our old, our folks on fixed incomes don’t have any decisions. Again a way of culling the population? Or coming under the thumbs of a liberal government? (Selected handouts)
My previous blog I have offered you the reader sites to get in touch with your Reps and Senators. The time is now! Not tomorrow! By my next rant, I will put together a form letter to send to the elected in Washington and remind them why they are there.
Not for there self interests, but to represent us, “the people”.
At this time, I would like to activate a link from another individual that has and is expressing views similar. I would like to introduce Mr. Craig R. Smith and his site.
http://www.oilsolution.org
Mr. Smith shows a map of the no zone. Ask our elected officials in Washington, why can’t we? The answer will astound you. And one other thing, send their answers to me, I would love to compile them. Let the rest of our population know what we have elected and sent to Washington.
Until the next time
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