Crude Oil Prices

[Grande]

1 Year Chart;

http://i32.tinypic.com/ojijqx.jpg

[Kami]

That's just sickening. I was thinking about that on my way into work this morning. If they keep this up, no one is gonna be able to drive anywhere, BUT work. To pay for the damn gas to GET to work.:rolleye0001:

[Grande]

Current spot price;

$113.75 / bbl (All time high)

[Grande]

Oil pushes to new high above $113; gas prices also at record
By ADAM SCHRECK – 24 minutes ago

NEW YORK (AP) — Oil prices rose to new heights Tuesday, surging to almost $114 a barrel after the dollar fell and concerns mounted about global supplies. U.S. retail gasoline and diesel prices also struck new highs.

Traders honed in on a report by the International Energy Agency that said Russian oil production dropped this year for the first time in a decade. The report raised concerns about whether the key oil-producing nation will have sufficient supply to help meet increasing global demand.

"In an emotionally driven market like we've got now, it just doesn't take much in the way of a headline to prompt a psychological response," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill.

Light, sweet crude for May delivery rose as high as $113.93 a barrel on the New York Mercantile Exchange before backing off to $113.58, up $1.82 from Monday's record settlement price of $111.76 a barrel.

Meanwhile, retail gasoline prices rose to a new average national record of $3.386, according to AAA and the Oil Price Information Service. Prices were highest in California, where mid-range and higher grades are now averaging more than $4 a gallon.

Diesel prices at the pump jumped to $4.119, also a record, setting the stage for higher prices on food and other goods transported by truck, ship and rail.

Prices are widely expected to keep rising as summer approaches.

"Unfortunately, we do expect the price of gasoline and probably diesel as well are going to escalate as long as the price of oil keep moving higher," said Geoff Sundstrom, a fuel price analyst for AAA.

Oil's recent run above $100 a barrel has been largely attributed to a steadily depreciating U.S. currency because a weakening dollar prompts investors to seek a safe haven in hard commodities such as oil and gold.

Energy analyst and trader Stephen Schork described the rush into oil on the falling dollar as an automatic reflex.

"Traders on the Nymex saw the dollar take another tumble, so they did what they have been conditioned to do when the dollar falls, i.e. they bought crude oil," he wrote in his daily Schork Report.

The report from the IEA — the Paris-based energy watchdog for industrialized countries — said Russia, the world's biggest oil exporter after Saudi Arabia, averaged 10 million barrels per day from January through March, down 1 percent from 2007 and the first time production has failed to exceed previous-year figures since 1998.

Artyom Konchin, an analyst with Aton Capital, put Russia's oil supply lull down to high taxes and insufficient reinvestment into infrastructure that could increase production from existing fields.

"It's not that we don't have enough oil," he said. "We just don't have enough capital going into developing the fields."

Konchin said the fact that Russian oil accounted for roughly 12 percent of world supply makes this year's production drop "not particularly significant."

Crude prices were also supported by news of a number of disruptions to crude supplies.

Attracting the most attention was the closure of Mexico's three main oil-exporting ports on the Gulf Coast because of bad weather starting Sunday. Only one of the ports remained closed Tuesday, according to Mexico's Communications and Transportation Department.

Sundstrom said the closures were significant because they are a major source of U.S. crude.

"Certainly, it's not helpful the Mexican government has shut three ports," he said. "It just shows you how fragile the oil markets are."

Mexico's Merchant Marine issued a bulletin Tuesday morning that the Pacific oil port of Salina Cruz also had been closed because of strong wind and high waves, although that port is not a major supplier for the U.S.

In other Nymex trading, heating oil futures surged by over 5 cents to sell for $3.2588 gallon while gasoline prices rose by more than 4 cents to $2.864 a gallon. Natural gas futures spiked by 15.9 cents to $10.212 per 1,000 cubic feet.

In London, May Brent crude rose $1.70 to $111.54 on the ICE Futures exchange.

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD902EQ8O1

[SaberGal]

I went to the gas station recently and asked the clerk for $5.00 worth of gas. The clerk tooted and gave me a receipt.

[Texas53]

Our dollar is so low its hard for a snail to crawl under. Since we are dependent on 90% of our oil supply, our purchasing power is about nothing. The countries who supply are talking about making us pay in Euros.

I now have a Camry Hybrid and love it. It really does help with my gas bills. I cried when I gave up my 4Runner, but I had to.

[Grande]

I went to the gas station recently and asked the clerk for $5.00 worth of gas. The clerk tooted and gave me a receipt.

:67302:

[Ross]

Be fair now,that will only have a PROFIT of 100000skillion dollars.

[Grande]

Our dollar is so low its hard for a snail to crawl under. Since we are dependent on 90% of our oil supply, our purchasing power is about nothing. The countries who supply are talking about making us pay in Euros.

I now have a Camry Hybrid and love it. It really does help with my gas bills. I cried when I gave up my 4Runner, but I had to.

Texas,

It's only a matter of time before the Oil bourse switches over to a Euro denominated trading platform, hence the huge decline in the dollar. I actually emailed Barack Obama about this 2 years ago, here was his response at that time;

Dear William:

Thank you for writing to me about a proposed Euro-denominated Iranian oil exchange. I appreciate hearing from you, and I apologize for the delay in my response.

As you know, oil is traded principally in U.S. dollars, which does have certain benefits for the U.S. It remains unclear what effects an Iranian oil exchange would have on the world oil market, or how and when exactly this exchange would be formed. You can rest assured I will be following this issue very closely in the coming weeks, and I will certainly keep your views in mind.

Iran's nuclear program and sponsorship of international terrorism are the focus of current U.S. toward that country. We must certainly take seriously the threat Iran could pose to international peace and security. However, I am also concerned about some of the escalating rhetoric coming out of Washington. At this point, the U.S. should pursue a thoughtful and aggressive diplomatic strategy that seeks to unify the international community in order to place sufficient pressure upon the Iranian Government to halt their nuclear program.

Thank you again for writing, and please stay in touch.

Sincerely,

Barack Obama
United States Senator

[Grande3]

Nymex Crude Future $118.96 +$2.64

[KittyMom]

http://i139.photobucket.com/albums/q311/KittyMom5/helpfindthemissing/gassymbol.jpg

[Grande3]

LMAO Kitty!~

[KittyMom]

LMAO Kitty!~

My hubby sent that to me. Said it was the new international symbol for gas. Suits, don't 'cha think? :grin:

[Grande3]

Nymex Crude Future $119.73 $3.41

[Grande3]

My hubby sent that to me. Said it was the new international symbol for gas. Suits, don't 'cha think? :grin:

Perfect, thank you! LOL!

[Grande]

http://i31.tinypic.com/35i2j6a.jpg

[Texas53]

Pretty soon we're all going to have to ride horses where ever we want to go.

Personally, I think the oil countries (all of which are not friends of America -and includes the Saudi's) want to see us get on our knees and beg. Now that out $1.00 is in the toilet, they will get to see it.JMHO

[Texas53]

Crude sloshes past $122 on tight supplies, weak dollar

http://www.chron.com/disp/story.mpl/front/5756691.html

Its predicted to be above $200 per barrel within 2 yrs.

[Grande]

Retail just went to $3.79 in my neck of the woods.

[KittyMom]

http://www.11alive.com/news/article_news.aspx?storyid=115490

Last Modified: 5/7/2008 8:55:48 AM
VALPARAISO, Ind. (AP) -- A man with a guitar and a megaphone climbed atop a convenience store roof to serenade commuters with his musical protest of high gasoline prices – until police halted the impromptu concert.

Once atop the roof of the Family Express store Monday, and above pumps dispensing fuel at $3.78 per gallon, Jay Weinberg, 29, performed his ditty called "Price Gouge'n."

Dozens of supporters chanted: "I can't afford it. I'm banging on my dashboard. I can't believe they think I'm a fool."

The performance lasted about 15 minutes before three police officers arrived and arrested Weinberg on charges of trespassing and disorderly conduct. Police said he was cooperative.

The crowd, made up of Weinberg's friends and other people who just happened to be pumping gas, continued singing. Then some, including his wife, Danielle, drove to Porter County Jail to bail him out.

Weinberg left the building around 7:30 p.m. and was greeted with cheers.

[Grande]

http://i26.tinypic.com/2ntb4b4.jpg

[Grande]

Oil hits record despite supply growth
After an initial dip, crude futures settle at a record $123.53. Government report shows that crude inventories jumped more than expected and gasoline stockpiles grew.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: May 7, 2008: 3:19 PM EDT

NEW YORK (CNNMoney.com) -- Oil prices touched another record Wednesday, spiking after an initial decline on a government report that said crude and gasoline supplies were stronger than expected last week.

Light sweet crude for June delivery settled at a record high of $123.53 a barrel, up $1.69 from the previous record of $121.84 a barrel set Tuesday.

The contract reached a record trading high of $123.80 at one point during the session.

Just before the Energy Information Administration released its report, oil was up 21 cents at $122.05, then retreated as low as $120.54 before rebounding.

Crude prices for the June contract dropped off as investors reacted to the positive supply report. However, they spiked back up again as the "market realized that the numbers are not as bullish as people thought and they bought back really quickly," said Stephen Schork, publisher of the industry newsletter The Schork Report.

After any event or report, the markets need at least 20 minutes to digest the information, according to Schork.

The numbers

Crude oil inventories climbed by 5.7 million barrels from the week ended May 2. Analysts forecast a gain of 1.5 million barrels, according to a survey from Platts, an energy research firm.

At 325.6 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.

Total motor gasoline inventories rose by 800,000 barrels last week, and are in the upper half of the average range. Gasoline inventories were expected to fall 500,000 barrels.

Distillate fuel - used to make heating oil and diesel fuel - dropped by 100,000 barrels last week, and are in the lower half of the average range for this time of year. The research firm reported that distillates were expected to rise by 1.3 million barrels.

Refineries functioned at 85% of their operational capacity in the week ended May 2, a slight decline from the previous week. This is less than the usual 90% capacity for this time of year.

Crude oil so high, there is no incentive to make gas

Crude oil prices have been running up on supply disruptions in Nigeria, a key supplier of oil for the United States. Royal Dutch Shell PLC (RDS.A) said militants struck a facility owned by one of the company's joint ventures in Nigeria.

Another reason that crude oil prices have been so high is the volatile weather in the Gulf of Mexico.

"We have had a very odd season with the Gulf of Mexico, and we have had off-and-on-again shipping," said Schork.

He said oil supply levels are dependent on imports reaching their destination, and that has been hampered by thick fog in the Gulf of Mexico.

The weakening dollar has also been pushing up the price of oil. As the value of the dollar falls, oil becomes more expensive because it is traded in U.S. dollars all over the world.

According to auto group AAA's Web site Wednesday, the average price for a gallon of regular unleaded gasoline rose Wednesday to $3.618, up eight-tenths of a cent from the previous day. It is just a half-cent below the record high of $3.623 set May 1.

Even though retail gas prices are at close to record levels, the tremendously high price of crude oil has given refineries little motivation to make gasoline out of crude oil.

With wholesale gasoline prices at about $128 a barrel, that is $8 or $9 a barrel premium after paying for crude at recent prices, according to Schork. He compared that yield to the same time last year, when crude was roughly $65 a barrel and gas was $100 a barrel, yielding a $35 premium.

"That is a very small yield," said Schork. "The incentive is not there."

Gas is not profitable, and the machines that refine crude oil into retail gasoline are fatiguing, said Schork. Even if a refiner had economic incentive to make gasoline, refineries simply can't maximize output.

Looking forward

On Tuesday, the Energy Information Administration - in its monthly short-term energy outlook - said it expects higher crude prices, which will lead to higher prices for gasoline and diesel fuel.

The report said "the oil supply system continues to operate at near capacity and remains vulnerable to both actual and perceived supply disruptions."

The EIA also indicated that while world oil consumption is projected to grow in 2008, U.S. consumption will decline "as a result of the economic slowdown and high petroleum prices."

http://money.cnn.com/2008/05/07/markets/oil_eia/?postversion=2008050715

[Grande]

http://i25.tinypic.com/2s7xfet.jpg

[Grande]

Crude Oil up from just over $113/bbl on April 15th to over $124/bbl today!

[Texas53]

Crude Oil up from just over $113/bbl on April 15th to over $124/bbl today!

I noticed yesterday some analyst made the statement that oil could be at $200 bbl and all of a sudden, the price blew to $123!!!!

It seems when some financial guru makes a prediction, the market goes up or down in a panic!

[Grande]

Spot price up again in early trading;

http://i31.tinypic.com/34yqjx3.jpg

[LiveLaughLuv]

Oil crosses $130 a barrel for first time
Crude prices touch fresh trading high as supply worries mount, dollar weakens.

BANGKOK, Thailand (AP) -- Oil prices rose above $130 a barrel for the first time Wednesday as supply concerns mounted and the dollar weakened.
U.S. crude for July delivery traded as high as $130.25 a barrel in electronic trading. The July contract closed at $128.98 in the floor session.

The dollar had become less of a factor as attention turned to supply and demand concerns, but that seems to have changed this week.

"We've seen an about-face turn on the dollar in the last couple of days," said Mark Pervan, senior commodity strategist at Australia & New Zealand Bank in Melbourne.

"It looked like it was starting to recover, but I think there's a less certain outlook at the minute and ... enough reason to be buying commodities as a currency hedge again."

In Tokyo's currency market, the dollar was trading in mid-103 yen level, down from the ¥104-¥105 range last week. And the euro has started to climb again against the dollar, rising above $1.57 in Asian trading.

Investors see hard commodities such as oil as a hedge against inflation and a weak dollar and pour into the future market when the greenback falls. A weak dollar also makes oil less expensive to buyers dealing in other currencies.

The June contract, which expired Tuesday, shot to a record intraday high of $129.60 before settling at $129.07 a barrel, up $2.02 from Monday. The expiration of that contract created additional volatility as traders scrambled to lock in positions.
http://money.cnn.com/2008/05/21/markets/oil.ap/index.htm?eref=rss_topstories

[LiveLaughLuv]

Who's to blame for $4 gas

Prices have surged over the past four years - and there's a bunch of reasons why.

Last Updated: May 20, 2008: 10:26 AM EDT

NEW YORK (CNNMoney.com) -- It's hard to imagine now, but in 1999 gasoline sold for 90 cents a gallon. How'd we get from there to $4 a gallon?

There is no short answer - many things happened, and together they formed a chain of events from cheap gas to $100 tankfuls.

2004: Demand pressure
One of the most common reasons cited for the price jump is supply and demand - we are using more oil, which accounts for 70% of the price of gas, and finding less of it.

Why we are finding less oil and using more of it is partly a result of the low prices during the 1990s. Those low prices - partly caused by low gas taxes in the U.S. compared to other developed nations - both encouraged rapid consumption domestically (think SUVs) and underinvestment in new production by the world's oil companies.

By the time 2004 rolled around - and developing economies around the globe roared to life - the world was left in a pinch.

"Our demand has skyrocketed, but our ability to supply that demand has stagnated," said Stephen Schork, publisher of the industry newsletter The Schork Report. Gasoline prices topped $2 a gallon for the first time ever in May of 2004, "and we've been off to the races since then," said Schork.

As demand grew and the supply of oil remained relatively flat, the difference between the amount of oil the world could produce and the amount it consumed narrowed. That meant a supply disruption from one place in the world could not be easily covered with spare oil from another part.

2005: The storm
This was illustrated in September 2005, when Hurricane Katrina knocked out a significant chunk of U.S. refining and gasoline prices spiked above $3 a gallon for the first time ever.

"It exposed how little surplus refining capacity we have in the U.S.," said James Crandell, an energy analyst at Lehman Brothers.

A new refinery hasn't been built in the United States in three decades, although capacity at existing refineries has been expanded.

2006: Hot tempers
The lack of spare supply has kept other geopolitical events in the forefront for the last few years. Iran and the spat over its nuclear program dominated the news in early 2006, and combined with Israel's invasion of Lebanon in the summer of that year to cause another spike in gas prices to over $3 a gallon.

Geopolitical events need not be shooting wars to attract attention. Analysts say general resource nationalism since 2004 is partly responsible for high oil prices.

In the past few years, Iran's Mahmoud Ahmadinejad, Russia's Vladimir Putin and Venezuela's Hugo Chavez have all become more bellicose on the world stage - in some cases, seeking a bigger share of the profit from foreign oil firms or threatening to cut off oil supplies if attacked.

Some say the Bush administration's provocation of Iran and Venezuela, coupled with a botched occupation of oil-exporting Iraq, has contributed to the geopolitical tension. But defenders say that, in the long run, the administration's actions will eventually lead to a more democratic - and thus stable - global supply.

2007: Tight supplies
New supplies of oil from non-OPEC countries were supposed to come online in 2007 and ease some of these supply bottlenecks. But problems in Kazakhstan and Russia - as well as sweeping drilling bans in the United States - mean global consumption is growing twice as fast as non-OPEC production.

Analysts say OPEC, which hold two-thirds of the world's oil reserves but sees a global economy humming along despite $130 oil, has little incentive to increase production.

2008: Speculators swarm
Strong demand, tight supplies and a volatile marketplace have attracted the interest of investors - the last main contributor to high prices.

"The speculator has seized upon this opportunity," said Schork. "They have recognized there is something fundamentally flawed in this market."

Since 2003, the number of oil contracts exchanged on the NYMEX has more than doubled, said Schork.

Money flowing into oil - and commodities in general - has been especially sharp over the last 6 months as investors look for good returns amid falling stock prices and an inflation hedge against a falling dollar.

That's helped push oil prices to nearly $130 a barrel and gasoline to an average of nearly $3.80 a gallon - smashing previous records even when adjusting for inflation.

http://money.cnn.com/2008/05/20/news/economy/gas_price_history/index.htm

[LiveLaughLuv]

Oil exec: Prices driven by 'fundamentals'
Judiciary Committee to seek answers for rising oil prices on day crude crosses $130 a barrel.

Last Updated: May 21, 2008: 11:10 AM EDT

NEW YORK (CNNMoney.com) -- Amid increasing public outcry over record-shattering oil and gas prices, senators on Wednesday hauled company executives in to testify about the recent runup.

The Senate Judiciary Committee called the hearing to explore the skyrocketing price of oil, which earlier in the day crossed $130 a barrel for the first time. The committee questioned executives from Exxon Mobil (XOM, Fortune 500), ConocoPhillips Co. (COP, Fortune 500), Shell Oil Co. (RDSA), Chevron (CVX, Fortune 500) and BP (BP).

"Normal supply and demand says prices should be around $55 to $60 a barrel," said Sen. Patrick Leahy, D-Vt., chairman of the committee. "Prices should not skyrocket like this in a properly functioning, competitive market."

Congress - a House committee has set a similar hearing for Thursday - is tapping into growing public anger over rising oil and gas prices. Before the hearing even began, a heckler in the crowd shouted: "Stop ripping off the American public - bring these oil prices down."

But the oil executive said prices are being driven by global market and geopolitical forces largely beyond their control.

"We cannot change the world market," said Robert Malone, chairman and president of BP America Inc. "Today's high prices are linked to the failure both here and abroad to increase supplies, renewables and conservation."

Malone's remarks were echoed by John Hofmeister, president of Shell.

"The fundamental laws of supply and demand are at work," said Hofmeister. The market is squeezed by exporting nations managing demand for their own interest and other nations subsidizing prices to encourage economic growth, he said.

In addition, Hofmeister said access to resources in the United States has been limited for the past 30 years. "I agree, it's not a free market," he said.

Indeed, Peter Robertson, vice chairman of Chevron, said that the industry needs to make "massive investment" in oil exploration and development of new technologies.

http://money.cnn.com/2008/05/21/news/economy/oil_hearing/index.htm?eref=rss_topstories



This is just totally outrageous. I know I won't be driving as much. Gas here is already near $4.50 per gallon. I told hubby we should go back to the horse and carriage days of yore. I wouldn't mind.

The next best thing is to get a bicycle.

[Texas53]

Some Bozo on Wall Street made a comment today that gas may go high as $12 a gallon. My point: every time someone (self-proclaimed financial guru)says oil is going to go up to whatever, then the cost per barrel blows through the roof. It also doesn't help since so many countries hate the U.S. more than ever right now!

I can gut back on my driving and have. What worries me are the independent truckers who get many of the goods to our stores. When they finally have to pull the trucks over and park them because of fuel/diesel prices, then what do we do? JMHO

[Cat]

Weeks ago already, it was said on a national news report that over 400 small trucking companies have gone out of business. I wonder how many it is now.
:1187603408.CR.Mothe

[LiveLaughLuv]

Concerns about supply and weakening dollar help oil prices maintain upward surge.


Last Updated: May 22, 2008: 6:49 AM EDT

Fuel costs hurt air travelers


BANGKOK, Thailand (AP) -- Oil prices hit a record above $135 a barrel before falling back slightly in Asia on Thursday, with supply worries, rising global demand and a slumping dollar keeping crude futures on an upward track.

With gas and oil prices setting new records nearly every day, many analysts are beginning to wonder what might stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude's rally.

"The sentiment in the market is very bullish at the moment," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney. "The U.S. dollar was weaker last night, and also the U.S. EIA report showed an unexpected decline in U.S. commercial crude oil inventories, so there's a combination of factors pushing the oil prices higher."

Crude prices blew past $130 on Wednesday amid concerns about demand, supplies and a weaker dollar, and then they just kept going. The rise accelerated when the U.S. Energy Department's Energy Information Administration said U.S. crude inventories fell by more than 5 million barrels last week. Analysts had expected a modest increase.

Late afternoon in Singapore, light, sweet crude for July delivery was up $1.71 at $134.88 a barrel in electronic trade on the New York Mercantile Exchange.

The contract had earlier hit a trading record of $135.09 a barrel after rising $4.19 in the floor session Wednesday to settle at $133.17. The settlement price marked crude's largest one-day price advance since March 26.

Some analysts say crude has been boosted in recent days by especially strong demand for diesel in China, where power plants in some areas are running desperately short of coal and certain earthquake-hit regions are relying on diesel generators for power.
http://money.cnn.com/2008/05/22/markets/oil.ap/index.htm?eref=rss_topstories


Those truckers can't make a living. This is really a shame. Hell, no one can afford to take their cars anywhere. No cross country trips. Next thing will be a gas shortage, where we can only get a few gallons at time. It will be rationed next!

I picture us all fighting over gas, much like the movie with Mel Gibson and Grace Jones, Mad Max!

Someone has to do something.

[Roamer]

I don't have a link, but heard on ABC news this morning that oil prices have gone up 400 percent since Bush took office.

[LiveLaughLuv]

I don't have a link, but heard on ABC news this morning that oil prices have gone up 400 percent since Bush took office.


Here you go Roamer....



U.S. SENATOR PATRICK LEAHY

CONTACT: Office of Senator Leahy, 202-224-4242
VERMONT


--------------------------------------------------------------------------------
Oil Executives Testify Before Senate Panel



WASHINGTON (Wednesday, May 21, 2008) – Senate Judiciary Committee Chairman Patrick Leahy (D-Vt.) convened a hearing this morning to examine the explosive rise in oil prices in recent months. The hearing featured testimony from executives of five major oil companies – ExxonMobil, ConocoPhillips, Chevron, BP America and Shell.



In his opening remarks, Leahy highlighted the story of a Vermont business owner, Warren Hill, whose family settled in Vermont more than 200 years ago. Mr. Warren’s logging and trucking company has been hit especially hard by rising gas prices. This morning in Vermont, the price of a gallon of gas hit a record high of $3.77. The national average price of a gallon of gas is $3.79. The average price of a gallon of gas has more than doubled since President Bush took office in 2001.



Leahy’s opening remarks follow.



Statement Of Patrick Leahy (D-Vt.),

Chairman, Senate Judiciary Committee,

Hearing On “Exploring The Skyrocketing Price Of Oil”

May 21, 2008







The price of a gallon of gas at the pump today in Vermont reached a record $3.77. Nationwide, the average price has more than doubled since President Bush took office.



The President once boasted that with his pals in the oil industry, he would be able to keep prices low and consumers would benefit. Instead, it is his pals in the oil industry who have benefited. American consumers, and the American economy, have suffered immensely.



Today’s witnesses represent the major, vertically integrated oil companies that, collectively, made more than $36 billion in profits in just the first quarter of this year-- $36 billion in the first three months of the year.



I want these witnesses to hear about Warren Hill, whose family settled in Greensboro, Vermont, more than 200 years ago. Warren runs a logging and trucking company that he dreams of passing on to his son. But the increase in fuel prices has led him to question whether his business, which has been successful for over 30 years, can survive.



I say to our panel today: Mr. Hill wants to know how you can justify exorbitant profits on the backs of middle class, hard-working families. He deserves answers. Every member of this Committee, and of this Congress, has constituents with similar stories and similar questions.



We hear from the oil industry that the price of gas at the pump is directly related to the price of crude oil. One of our witnesses today has said that normal supply and demand indicates that the price should be somewhere around $50-$55 a barrel. As he said: “There is a disconnect.” I would like to know, and I am sure American families and small businesses would like to know why prices are so disconnected from what normal supply and demand would indicate. Why has the price of oil increased 400 percent since President Bush took office? Why has it nearly doubled in the last year? Prices should not skyrocket like this in a properly functioning, competitive market.
More at the link!

http://leahy.senate.gov/press/200805/052108b.html

[Texas53]

I will go out on a limb here and sound crazy, but maybe not. In 2001, the Middle East (terrorists) wanted to destroy American. Now in 2008, with outrageous fuel prices, our economy is tanking (that was also escalated by the debt of country and the falling value of the dollar). Without fuel (by pricing beyond the citizens means), goods cannot get across the country, emergency services will be slowed down, etc. Could it be that this is another way to destroy our country by destroying our economy?

Just a thought as crazy as it sounds. Nothing surprises me anymore.

Also has anyone noticed that when Bush went to the Saudi's earlier this year and asked for an increase in oil to help our economy, prices for oil starting going up out the roof. He went back, and guess what? Over $134 a barrel for oil!

[LiveLaughLuv]

I will go out on a limb here and sound crazy, but maybe not. In 2001, the Middle East (terrorists) wanted to destroy American. Now in 2008, with outrageous fuel prices, our economy is tanking (that was also escalated by the debt of country and the falling value of the dollar). Without fuel (by pricing beyond the citizens means), goods cannot get across the country, emergency services will be slowed down, etc. Could it be that this is another way to destroy our country by destroying our economy?

Just a thought as crazy as it sounds. Nothing surprises me anymore.

I think you are spot on with that synopsis Texas. They are out to destroy us anyway they can. I also think Bush is the problem. He does his oil business with the Bin Laden family, the Saudi's and he are too close for comfort if you ask me. That's why he can't find Osama.

[texanne]

We have all done our part to destroy our economy. We sit back and allow a government that will not impose import taxes on all the goods from abroad. They allow U.S. corporations to enjoy the benefit of being American while outsourcing jobs and production.....even our military contracts. We do nothing. We do not ask the right questions of the politicians when we get the chance. How many of you write letters to the prez and your congressional reps.? We keep hearing it is a global economy, and that it is good for us. Those of us warning everyone were voices in the wilderness...and we still are.

[gramvof14]

Don't blame those 'greedy' oil companies
As you fill your tank over the long weekend, consider what stands in the way of a lot of domestic oil development: Congress.
Put the blame where the blame belongs.


http://articles.moneycentral.msn.com/Investing/StrategyLab/Rnd17/P1/HighIQjournal20080524.aspx

[andersson33]

Don't blame those 'greedy' oil companies
As you fill your tank over the long weekend, consider what stands in the way of a lot of domestic oil development: Congress.
Put the blame where the blame belongs.


http://articles.moneycentral.msn.com/Investing/StrategyLab/Rnd17/P1/HighIQjournal20080524.aspx

Hi gramv!

I agree with this article. We do indeed have accessible oil, and I think we need to use it--while we go fast forward with alternatives development.


It only makes sense to use what we have, as I see it. We're cutting off our noses to spite our faces by being so darned environmentally correct all of a sudden.

Positive, permanent change doesn't happen overnight; it will occur, but the change will be gradual. In the meantime, I really think we need to use what we have now, as the author pointed out.


On that note: price at the pump here in southeast Wisconsin, this Memorial Day weekend: $3.99.9

:serious:

[Grande]

April 7, 2008 - $111.76
June 11, 2008 - $136.55

22% increase!

[Roamer]

They're predicting $4.50 a gallon by the 4th of July.

My daughter heard some woman on the news this morning saying truckers supported thes price hikes. I said What????? They're going broke with these prices!!! That woman should be (at the vert least) gagged!!!

[Grande]

http://i30.tinypic.com/ff24u9.jpg

[Roamer]

Went to $150 a barrel this morning, and projected to be at $7 per gallon by 2009! :thud2:

[Grande]

Current spot price;

$113.75 / bbl (All time high)

April 15 - $113.75

June 27 - $140.74

23.73% Increase!

[Kami]

They went down here to $3.98 when I went out for lunch. This morning it was $4.08.

[LiveLaughLuv]

:groan:

I thought the Saudi's were going to start producing more barrels which would bring our prices down.

I swear, this is going to put a damper on travel for eveyone with a motor vehicle.

What a damn shame.

Our President does nothing but watch that price rise. :madranting94dp:

[LiveLaughLuv]

Oil price hits a new record above $142
Dollar’s slump prompts investors to buy oil as hedge against inflation



updated 4:54 p.m. ET, Fri., June. 27, 2008
NEW YORK - Oil futures climbed to a new record near $143 a barrel Friday as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude’s stratospheric rise, will extend its decline and add to oil’s appeal.

Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.

Light, sweet crude for August delivery rose as high as $142.99 a barrel on the New York Mercantile Exchange before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.

more at the link
http://www.msnbc.msn.com/id/12400801/

[Grande]

Thursday, July 03, 2008
Oil Prices Closing In on $146 a Barrel

http://www.foxbusiness.com/story/markets/oil-prices-closing--barrel/

[LiveLaughLuv]

Biggest oil price drop in 17 years

Crude falls $6.45 a barrel - 2nd largest price drop in dollar terms - as Fed chief indicates inflation and high fuel prices will cut into U.S. demand for oil.



NEW YORK (CNNMoney.com) -- Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in U.S. demand after hearing comments from Federal Reserve Chairman Ben Bernanke.

Light, sweet crude fell $6.44 to settle at $138.74 a barrel in trading on the New York Mercantile Exchange.

The drop in oil was the largest single-day slide in dollar terms since Jan. 17, 1991, when oil fell by $10.56. On that day, President George H.W. Bush withdrew oil from the Strategic Petroleum Reserve ahead of the first Gulf War.

But in 1991, oil was trading at just $32 a barrel, so the more than $10 slide in dollar terms represented a record 33% drop. Oil fell 4.4% Tuesday, which does not even crack the top 100 price declines in percentage terms.

On Tuesday morning, Federal Reserve Chairman Ben Bernanke warned that high energy prices have helped to limit the purchasing power of U.S. households. High energy costs will remain a drag on the U.S. economy for the rest of the year, Bernanke told the Senate Banking Committee Tuesday.

That could result in businesses pushing a greater percentage of their high fuel and commodity costs through to consumers, he warned.

Immediately following Bernanke's speech, prices dropped more than $9, sinking below $136 a barrel, before recovering some.

"There's more demand destruction than people first perceived," said Neal Dingman, senior energy analyst at Dahlman Rose & Co.
http://money.cnn.com/2008/07/15/markets/oil/index.htm?postversion=2008071516&eref=rss_topstories

[SteveG]

LLL
oil down $4.14 today closing at $134.60 Dow closed at 11,239.28 and gold down to 962.70

[Texas53]

The reason oil went down today is because the Saudis really think the U.S. will start drilling again. But apparently, they don't understand how worthless our Congress is.

[SteveG]

Amazing, while oil companies are wanting to drill off shore, they currently have under lease 68 million acres, however, no drilling going on, (PBS Nightly Business Report and Nightly News w/ J. Lehrer).

I didn't see who it was but someone then piped in that oil companies are in it for profit so if there was oil on these sites they would be drilling.

Well, my simple mind wondered then why DID they lease 68 million acres of land and
why do they STILL have these leases if there is no profit to be had?

In 1998 oil was only $10.00 a barrel. TEN dollars

So supposedly, in the last ten years China's and India's economy has grown so out of portion so as to create this massive shortage and NO ONE saw it coming or happening and OUR policy makers did nothing to shore up our oil contracts so to keep our economy from suffering.

So fellow Americans who is being served by "our" Congress and policy makers?

[SteveG]

Oh, may I ask a real stupid question (watch it)?

Why do American subsidized oil companies pump oil only to sell it on the open market?

I know it's probably a very simple econ 101 answer, but why is oil sold to speculators and hedge funds.

Whats next? the worlds water supply?

Told ya it would be stupid

[LiveLaughLuv]

LLL
oil down $4.14 today closing at $134.60 Dow closed at 11,239.28 and gold down to 962.70


Crude futures climb above $130 a barrel. Recent decline has taken $16 a barrel off prices.
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Oil prices remain more than 70% higher than they were a year ago.
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SINGAPORE (AP) -- Oil climbed back above $130 a barrel Friday in Asia as news of an output cut in Nigeria helped to halt the steady decline in prices that began three days ago.

Eni SpA said Thursday that it had shut down pipelines carrying 47,000 barrels of oil a day after a "sudden drop of pressure."

A Nigerian military official said an explosion had damaged an Eni pipeline in the country's oil-rich south early Thursday, although he didn't know how severely.

"I can confirm that there was an explosion, but we don't yet know if the pipeline was vandalized or if it was an accident," Col. Chris Musa, the head of the Bayelsa State military, told The Associated Press.

Eni said in a statement that the causes of the incident were unknown but that it had already call in units to start repairs.

"A lot of the threat to Nigerian production has already been priced in, but that explosion may create some interest," said Mark Pervan, a senior commodities strategist with ANZ Bank in Melbourne.

Nigeria's major militant group - the Movement for the Emancipation of the Niger Delta - denied any involvement in the blast. Armed gangs, some with political motives, regularly attack oil installations in Nigeria's southern river delta region.

Attacks on the region's oil industry infrastructure in the past two years have slashed oil output by almost a quarter in Nigeria, Africa's top crude producer. The instability has helped push worldwide crude prices to historic highs.

Midafternoon in Singapore, light, sweet crude for August delivery was up $1.66 at $130.95 a barrel in electronic trading on the New York Mercantile Exchange.

The contract fell $5.31 to settle at $129.29 a barrel in the overnight floor session. That brought the total decline over the past three days to nearly $16.

Despite the rebound in Asian trading, oil is still down more than 10% since Monday.

Rising crude inventories and comments from Federal Reserve Chairman Ben Bernanke warning of "significant challenges" facing the U.S. economy stoked expectations this week that slowing economic activity will help cut demand for oil products, such as gasoline.

http://money.cnn.com/2008/07/18/markets/oil.ap/index.htm?eref=rss_topstories

[LiveLaughLuv]

LLL
oil down $4.14 today closing at $134.60 Dow closed at 11,239.28 and gold down to 962.70


Crude futures climb above $130 a barrel. Recent decline has taken $16 a barrel off prices.
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Oil prices remain more than 70% higher than they were a year ago.
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Pricey gas: Fewer cops, more potholes
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SINGAPORE (AP) -- Oil climbed back above $130 a barrel Friday in Asia as news of an output cut in Nigeria helped to halt the steady decline in prices that began three days ago.

Eni SpA said Thursday that it had shut down pipelines carrying 47,000 barrels of oil a day after a "sudden drop of pressure."

A Nigerian military official said an explosion had damaged an Eni pipeline in the country's oil-rich south early Thursday, although he didn't know how severely.

"I can confirm that there was an explosion, but we don't yet know if the pipeline was vandalized or if it was an accident," Col. Chris Musa, the head of the Bayelsa State military, told The Associated Press.

Eni said in a statement that the causes of the incident were unknown but that it had already call in units to start repairs.

"A lot of the threat to Nigerian production has already been priced in, but that explosion may create some interest," said Mark Pervan, a senior commodities strategist with ANZ Bank in Melbourne.

Nigeria's major militant group - the Movement for the Emancipation of the Niger Delta - denied any involvement in the blast. Armed gangs, some with political motives, regularly attack oil installations in Nigeria's southern river delta region.

Attacks on the region's oil industry infrastructure in the past two years have slashed oil output by almost a quarter in Nigeria, Africa's top crude producer. The instability has helped push worldwide crude prices to historic highs.

Midafternoon in Singapore, light, sweet crude for August delivery was up $1.66 at $130.95 a barrel in electronic trading on the New York Mercantile Exchange.

The contract fell $5.31 to settle at $129.29 a barrel in the overnight floor session. That brought the total decline over the past three days to nearly $16.

Despite the rebound in Asian trading, oil is still down more than 10% since Monday.

Rising crude inventories and comments from Federal Reserve Chairman Ben Bernanke warning of "significant challenges" facing the U.S. economy stoked expectations this week that slowing economic activity will help cut demand for oil products, such as gasoline.

http://money.cnn.com/2008/07/18/markets/oil.ap/index.htm?eref=rss_topstories

[LiveLaughLuv]

LLL
oil down $4.14 today closing at $134.60 Dow closed at 11,239.28 and gold down to 962.70


Crude futures climb above $130 a barrel. Recent decline has taken $16 a barrel off prices.
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Oil prices remain more than 70% higher than they were a year ago.
Special Reportfull coverage

Oil futures: Know when to hold 'em
Pricey gas: Fewer cops, more potholes
OPEC's empty toolkit
Sizing up Iran's oil threat
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Oil's 3-day dip nears $16


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SINGAPORE (AP) -- Oil climbed back above $130 a barrel Friday in Asia as news of an output cut in Nigeria helped to halt the steady decline in prices that began three days ago.

Eni SpA said Thursday that it had shut down pipelines carrying 47,000 barrels of oil a day after a "sudden drop of pressure."

A Nigerian military official said an explosion had damaged an Eni pipeline in the country's oil-rich south early Thursday, although he didn't know how severely.

"I can confirm that there was an explosion, but we don't yet know if the pipeline was vandalized or if it was an accident," Col. Chris Musa, the head of the Bayelsa State military, told The Associated Press.

Eni said in a statement that the causes of the incident were unknown but that it had already call in units to start repairs.

"A lot of the threat to Nigerian production has already been priced in, but that explosion may create some interest," said Mark Pervan, a senior commodities strategist with ANZ Bank in Melbourne.

Nigeria's major militant group - the Movement for the Emancipation of the Niger Delta - denied any involvement in the blast. Armed gangs, some with political motives, regularly attack oil installations in Nigeria's southern river delta region.

Attacks on the region's oil industry infrastructure in the past two years have slashed oil output by almost a quarter in Nigeria, Africa's top crude producer. The instability has helped push worldwide crude prices to historic highs.

Midafternoon in Singapore, light, sweet crude for August delivery was up $1.66 at $130.95 a barrel in electronic trading on the New York Mercantile Exchange.

The contract fell $5.31 to settle at $129.29 a barrel in the overnight floor session. That brought the total decline over the past three days to nearly $16.

Despite the rebound in Asian trading, oil is still down more than 10% since Monday.

Rising crude inventories and comments from Federal Reserve Chairman Ben Bernanke warning of "significant challenges" facing the U.S. economy stoked expectations this week that slowing economic activity will help cut demand for oil products, such as gasoline.

http://money.cnn.com/2008/07/18/markets/oil.ap/index.htm?eref=rss_topstories

[LiveLaughLuv]

LLL
oil down $4.14 today closing at $134.60 Dow closed at 11,239.28 and gold down to 962.70


Crude futures climb above $130 a barrel. Recent decline has taken $16 a barrel off prices.


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Oil prices remain more than 70% higher than they were a year ago.
Special Reportfull coverage

Oil futures: Know when to hold 'em
Pricey gas: Fewer cops, more potholes
OPEC's empty toolkit
Sizing up Iran's oil threat
Awash in oil money
Oil's 3-day dip nears $16

More Videos
SINGAPORE (AP) -- Oil climbed back above $130 a barrel Friday in Asia as news of an output cut in Nigeria helped to halt the steady decline in prices that began three days ago.

Eni SpA said Thursday that it had shut down pipelines carrying 47,000 barrels of oil a day after a "sudden drop of pressure."

A Nigerian military official said an explosion had damaged an Eni pipeline in the country's oil-rich south early Thursday, although he didn't know how severely.

"I can confirm that there was an explosion, but we don't yet know if the pipeline was vandalized or if it was an accident," Col. Chris Musa, the head of the Bayelsa State military, told The Associated Press.

Eni said in a statement that the causes of the incident were unknown but that it had already call in units to start repairs.

"A lot of the threat to Nigerian production has already been priced in, but that explosion may create some interest," said Mark Pervan, a senior commodities strategist with ANZ Bank in Melbourne.

Nigeria's major militant group - the Movement for the Emancipation of the Niger Delta - denied any involvement in the blast. Armed gangs, some with political motives, regularly attack oil installations in Nigeria's southern river delta region.

Attacks on the region's oil industry infrastructure in the past two years have slashed oil output by almost a quarter in Nigeria, Africa's top crude producer. The instability has helped push worldwide crude prices to historic highs.

Midafternoon in Singapore, light, sweet crude for August delivery was up $1.66 at $130.95 a barrel in electronic trading on the New York Mercantile Exchange.

The contract fell $5.31 to settle at $129.29 a barrel in the overnight floor session. That brought the total decline over the past three days to nearly $16.

Despite the rebound in Asian trading, oil is still down more than 10% since Monday.

Rising crude inventories and comments from Federal Reserve Chairman Ben Bernanke warning of "significant challenges" facing the U.S. economy stoked expectations this week that slowing economic activity will help cut demand for oil products, such as gasoline.

http://money.cnn.com/2008/07/18/markets/oil.ap/index.htm?eref=rss_topstories

We saw the decline yesterday at the pump, 10 cents cheaper. So instead of us paying $4.59. we paid $4.49....:groan:

Still too friggin high!

[SteveG]

LLL:
You notice how it can jump up 10-15-20 cents at a time but it always goes back down a penny at a time?

[LiveLaughLuv]

LLL:
You notice how it can jump up 10-15-20 cents at a time but it always goes back down a penny at a time?


Yes I've noticed.

I'm also afraid we will never go as low as before. Americans have allowed the Saudi's to get their billions in profits. We have them spoiled.

Unless we build our own refineries, we are at the mercy of those crooks. Bush being the biggest.

I always said, he is in cahoots with the Bin Ladens, especially since he does business with Osama's family, this hunting for him is just a ruse. They know exactly where he is and do nothing due to his business ventures with his family.

[Grande]

FWIW, I just compiled and analyzed the daily price per gallon for No Lead for Jan. 1 07' through March 4, 2009 in a fairly large community in Illinois (130,000+). Sunday is clearly the best day to buy fuel. Over the aforementioned time period, the average daily retail price was as follows:

Monday $2.88
Tuesday $2.87
Wednesday $2.87
Thursday $2.91
Friday $2.86
Saturday $2.85
Sunday $2.79

Note: On average it's 11 cents cheaper a gallon on Sunday then Thursday over a 2+ year period.

Peak retail price in the area for the time period was $4.19 with a low of $1.52.

Here is the weekly gas price average from June 08' to current. Quite the decrease in avg. PPG; From $4.10 weekly avg. to $1.61 in less then 9 months!

6/8/2008 $3.92
6/15/2008 $3.99
6/22/2008 $3.91
6/29/2008 $3.98
7/6/2008 $4.08
7/13/2008 $4.10
7/20/2008 $4.05
7/27/2008 $3.97
8/3/2008 $3.80
8/10/2008 $3.79
8/17/2008 $3.76
8/24/2008 $3.69
8/31/2008 N/A
9/7/2008 $3.66
9/14/2008 N/A
9/21/2008 $3.89
9/28/2008 $3.63
10/5/2008 $3.41
10/12/2008 $3.08
10/19/2008 $2.82
10/26/2008 $2.60
11/2/2008 $2.33
11/9/2008 $2.10
11/16/2008 $1.85
11/23/2008 $1.73
11/30/2008 $1.97
12/7/2008 $1.65
12/14/2008 $1.61
12/21/2008 $1.69
12/28/2008 $1.60
1/4/2009 $1.70
1/11/2009 $1.88
1/18/2009 $1.90
1/25/2009 $1.81
2/1/2009 $1.76
2/8/2009 $1.89
2/15/2009 $1.95
2/22/2009 $1.81
3/1/2009 $1.81

[Sioux_Girl]

FWIW, I just compiled and analyzed the daily price per gallon for No Lead for Jan. 1 07' through March 4, 2009 in a fairly large community in Illinois (130,000+). Sunday is clearly the best day to buy fuel. Over the aforementioned time period, the average daily retail price was as follows:

Monday $2.88
Tuesday $2.87
Wednesday $2.87
Thursday $2.91
Friday $2.86
Saturday $2.85
Sunday $2.79

Note: On average it's 11 cents cheaper a gallon on Sunday then Thursday over a 2+ year period.

Peak retail price in the area for the time period was $4.19 with a low of $1.52.

Here is the weekly gas price average from June 08' to current. Quite the decrease in avg. PPG; From $4.10 weekly avg. to $1.61 in less then 9 months!

6/8/2008 $3.92
6/15/2008 $3.99
6/22/2008 $3.91
6/29/2008 $3.98
7/6/2008 $4.08
7/13/2008 $4.10
7/20/2008 $4.05
7/27/2008 $3.97
8/3/2008 $3.80
8/10/2008 $3.79
8/17/2008 $3.76
8/24/2008 $3.69
8/31/2008 N/A
9/7/2008 $3.66
9/14/2008 N/A
9/21/2008 $3.89
9/28/2008 $3.63
10/5/2008 $3.41
10/12/2008 $3.08
10/19/2008 $2.82
10/26/2008 $2.60
11/2/2008 $2.33
11/9/2008 $2.10
11/16/2008 $1.85
11/23/2008 $1.73
11/30/2008 $1.97
12/7/2008 $1.65
12/14/2008 $1.61
12/21/2008 $1.69
12/28/2008 $1.60
1/4/2009 $1.70
1/11/2009 $1.88
1/18/2009 $1.90
1/25/2009 $1.81
2/1/2009 $1.76
2/8/2009 $1.89
2/15/2009 $1.95
2/22/2009 $1.81
3/1/2009 $1.81


Bah yours is way cheap compared to ours.

[SteveG]

The Canadian oil sands were reported to be able to supply the entire worlds demand for 100 years.

The Montana / North Dakota shale has a reported supply of 100 years.

A new oil field in the middle east has a reported supply of 50 years.

250 years of oil supply for the world and that doesn't include the largest oil reserve in the world in Saudi Arabia and all the other oil all over the world being pumped already.

If it was based on supply and demand, oil would still be at $10. a barrel and gas would be a buck or less

http://www.worldnetdaily.com/?pageId=61488

http://www.nextenergynews.com/news1/next-energy-news2.13s.html

http://www.nytimes.com/2006/09/05/business/05cnd-oil.html

http://www.bloomberg.com/apps/news?pid=20601086&sid=aBUoYKhu7PWk

THERE IS NO OIL SHORTGAGE

Only the fear of a loss of profits if alternative fuels are implemented

[LiveLaughLuv]

3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation—25 Times More Than 1995 Estimate—
Released: 4/10/2008 2:25:36 PM

Contact Information:
U.S. Department of the Interior, U.S. Geological Survey
Office of Communication
119 National Center
Reston, VA 20192

Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.

A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compared to the agency's 1995 estimate of 151 million barrels of oil.

3 to 4.3 Billion Barrels of Oil in North Dakota and Montana

Technically recoverable oil resources are those producible using currently available technology and industry practices. USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.

New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes. About 105 million barrels of oil were produced from the Bakken Formation by the end of 2007.

The USGS Bakken study was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol as required by the Energy Policy and Conservation Act of 2000.

The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest "continuous" oil accumulation ever assessed by the USGS. A "continuous" oil accumulation means that the oil resource is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences. The next largest "continuous" oil accumulation in the U.S. is in the Austin Chalk of Texas and Louisiana, with an undiscovered estimate of 1.0 billions of barrels of technically recoverable oil.


much more at the link:
http://www.usgs.gov/newsroom/article.asp?ID=1911



Look at the date this was published...why are we not using our own resources for oil instead of being dependent on foreign oil....Something is wrong with the folk who "run" this country...:eyebrow1qb:


:45024: