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So, eating horse is much better than cow .Even with U.S. crude averaging above $53 a barrel for the year to date, in real terms prices are still below the $80 a barrel average of 1980, after the Iranian revolution.
Oil surges to $66 a barrel
Crude reaches another historic mark after demand agency forecast, refinery snags and Iran concerns.
August 11, 2005: 12:18 PM EDT
LONDON (Reuters) - U.S. crude and gasoline futures rose to all-time highs Thursday as dealers continued to worry about gasoline supply amid refinery snags, sliding inventories and worries over Iran's nuclear ambitions.
NYMEX September crude hit a record $66 a barrel before easing to $65.55, up 65 cents. The previous intraday record of $65 was set Wednesday.
September gasoline traded up 2.87 cents to $1.925 after setting a record at $1.955 per gallon, while U.S. heating oil futures surged 2.62 cents to $1.865 after reached a record $1.903 per gallon on refinery woes.
London Brent was up 92 cents at $64.91 after touching a record $65.66.
Earlier the International Energy Agency said non-OPEC output was falling short of expectations, compounding supply concerns.
"The presence of significant headline risk, most particularly from Iran's international relations, the Atlantic hurricane season and from tightness in refining, is continuing to support prices at higher levels," said Barclays Capital.
In Vienna, the board of governors of the International Atomic Energy Agency approved a resolution demanding that Iran suspend all nuclear activities, a diplomat said.
EU diplomats said if OPEC's second biggest producer failed to comply with the resolution they would push for Iran to be referred to the UN Security Council for punitive action.
Oil prices have risen in nine of the past 11 sessions as the market has been edgy over possible disruptions to exports from Iran and Saudi Arabia, OPEC's two-largest oil producers. (Full story.)
A security threat forced the United States to shut its missions in top exporter Saudi Arabia for two days earlier this week. And OPEC's second biggest producer Iran is pushing ahead with its nuclear work in defiance of the European Union.
With the oil cartel pumping almost flat out, lead producer Saudi Arabia alone holds significant spare production capacity.
Refinery strain In the United States, where refinery problems have strained gasoline stocks during the peak demand season, BP (up $0.13 to $70.71, Research) shut several units at its Texas City refinery, a source familiar with the plant's operation said.
And ConocoPhillips (up $0.71 to $66.35, Research) Wood River refinery suffered a power problem, market trading sources said.
The news came on the heels of U.S. stock data on Wednesday that showed another fall in gasoline inventories in the world's biggest consumer.
Edward Meir of Man Energy said oil price forecasts were running the gamut. "In markets like these, it is best to let things run their course, especially given the fact that there are no resistance 'signposts' to guide us."
The International Energy Agency, adviser to 26 industrialized nations, earlier nudged up its world oil demand growth forecasts for this year and next, leaving already stretched OPEC to fill the supply void.
The IEA cut non-OPEC supply growth this year by 205,000 barrels per day, with production problems in the U.S. Gulf, Mexico, Norway and Britain accounting for most of the shortfall. Russia is also pumping less than expected.
"The extent to which (the IEA) felt compelled to cut its estimates of non-OPEC production is a bullish factor," said Deborah White, senior energy analyst at SG Commodities.
Even with U.S. crude averaging above $53 a barrel for the year to date, in real terms prices are still below the $80 a barrel average of 1980, after the Iranian revolution.
So, eating horse is much better than cow .Even with U.S. crude averaging above $53 a barrel for the year to date, in real terms prices are still below the $80 a barrel average of 1980, after the Iranian revolution.
AAA is warning of record gas prices as soon as this weekend...
ReutersNEW YORK (Reuters) - U.S. drivers, already paying the highest retail gasoline prices on record, should expect further increases at the nations pumps due to skyrocketing costs for crude oil and a flurry of recent refinery problems, the AAA motorists group said on Thursday. "We think American drivers should brace themselves for a fairly large increase, as soon as this weekend," said Geoff Sundstrom, AAA spokesman. "It could be an increase of around five cents a gallon nationwide."
Prices at the pumps are already zipping along at a record near $2.40 a gallon on average, up more than a dime from last month, according to the AAA's daily survey of 60,000 stations. But a recent surge in the cost of crude oil to $66 a barrel, and a spate of problems at the nation's refineries, from California to the Gulf Coast, will mean further steep increases in fuel prices.
"The price of crude oil is a big reason pump prices are in record high territory," said Sundstrom. "On the other hand, we have a long-term issue to resolve with regards to refining capacity. With fires and operational problems of various kinds recently, it looks like gasoline supplies have become crimped," he said.
Around 10 U.S. refineries have reported unplanned unit shutdowns since mid-July. Refineries typically become more prone to outages in late-summer as they try to keep up with strong demand. While U.S. retail gasoline prices are at a record in nominal terms, when adjusted for inflation they remain below the peak of around $3 a gallon hit in the early 1980s.
© Reuters 2005. All Rights Reserved.
Ouch!
electricity =regualted
natural gas=regulated
water=regulated
why isn't gas more regulated?
compaines with all time high profits
if they are making to much profit they could loser price
simple this is price guaaging
Actually, this is a free market it work. Perhaps you should look up the world collusion before you start throwing it around.
Cheap gas is not a cons utional right. Companies do, however, have a right to make money.
all I am saying is if you are going to regualted the price of elecrcity why cannot you regualte gas prices.
Maybe the problem is you shouldn't regulate the price of electricty either?
Maybe it wouldn't be very profitable/practical if other companies had to string their own power lines. Otherwise, there has be deregulation of electical companies and you can buy energy from a company over existing lines put up by another company.
In terms of price, I don't know how much regulation goes on. I know CP&L charges almost twice per kW/hr than GVTC, but I am not on their lines and do not think the Co-op operates on third party lines. I am currently looking into it.
Why do gas prices go higher when the oil companies up and have problems at refineries
why must we pay for their ups
It's called supply and demand.Why do gas prices go higher when the oil companies up and have problems at refineries
why must we pay for their ups
Of course, for someone who creams himself over the greatness of tu 24-7, you'd think he'd understand simple economic theory.
What ups? And how are you paying for ups? If a company has a refinery problem, I guarntee you it is costing them more money than it is making them.
Since it equates to supply and demand, I wonder how many on this board(or the country for that matter), have even considered lowering their consumption. I'll bet not too many! Thats the problem.....just pay the price and continue to . If everyone in this country would lower their consumption by 10 gallons per week, we just might see the price come down. Just a thought!
keep it in the aggie fight song thread, or get bent
you guys still lost to BAYLOR
when that refinery in florida or on the gulf coast somewhere had an accident, gas went up 15 cents the very next day in austinWhat ups? And how are you paying for ups? If a company has a refinery problem, I guarntee you it is costing them more money than it is making them.
it was a up i think, the workers' incompetence. We pay the extra gas cuz of all that. It makes sense that they're still losing more money overall in the short term because of the refinery problem.
I live 5 minutes from work in city (Dallas) where the average commute is 45 minutes. I fill up once a monthSince it equates to supply and demand, I wonder how many on this board(or the country for that matter), have even considered lowering their consumption. I'll bet not too many! Thats the problem.....just pay the price and continue to . If everyone in this country would lower their consumption by 10 gallons per week, we just might see the price come down. Just a thought!
keep it in the aggie fight song thread, or get bent
you guys still lost to BAYLOR
Why the would they cut profits?
I don't want them to cut profits. I want this country to pay for the damn oil they use, so that they'll start to use less of it. I want oil execs rolling in the money so that when there is 4 dollar gas people will actually start looking into car pooling, hybrid cars, and mass transit.
why people dont already car pool is beyond me. my mother's been carpooling for over 20 years
i take the bus to school, on a typical day, and hardly use my car at all
mass transit would be the best thing to do, in fact texas would be 3lit3 if it had a metropolis-to-metropolis train system or super japanesesque train
i don't see that stuff happening though, people are just gonna keep ing about the oil companies and using lots of gas
Then they are going to get poor as . Especially those assholes in Tahoes.
adjusted for inflation, oil would have to be over $90 a barrel to be record setting.
also, if you can't afford to drive, then take the bus...
I'm kinda with Manny on this one - when it really gets up there, the chorus for alternative energy/hybrid engines will be deafening.
cars .. .look how much fuel a Jet takes...
It's only a matter of time b4 we suck it dry (all the oil)..
Sure, and let the assholes charge any price they want. May not be terrible in competing markets, but there are areas with no alternative. Also, when California deregulated, the electricity bills skyrocketed, doubling in some areas. Free market capatilism can only be beneficial to everyone when the owning class has a conscience. Therefore, I think regulation of some resources are necessary.
In other words, the free market laws that work in every other aspect don't work for electricty? Bull . There are no exceptions to the rule of supply and demand. Thats why it is a rule.
You want to see alternative energies and energy consumption? You want to see the level of CO2 emmited by the US come down? Deregulate the prices and allow a proper free market system to raise the price and not keep it artifically low.
However, I will agree there should be compe ion in place.
actually, they don't... not any company can just build power plants. just like cable... there is only one cable company accessible to all.. grande still barely covers any of san antonio...
cecil I was just about to post something like that
basicly what happeend with electricity with enron in calfi is happening with oil
artifically the price is getting mulitpilated
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