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  1. #1
    213th's Avatar
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    Oil above $80/barrel USD

    Oil prices climbed to a new high, above $81 a barrel, on expectations that the U.S. Federal Reserve will cut a key interest rate later Tuesday, a measure that has the potential to bolster the economy and strengthen petroleum demand in the world's largest energy consumer.
    Light, sweet crude for October delivery rose as high as $81.24 a barrel in electronic trading on the New York Mercantile Exchange. It has since retreated to $80.73, still up 16 cents midday in Europe.
    The contract settled Monday at a record close of $80.57, up $1.47.
    Investors expect the Fed to cut the benchmark federal funds rate at least to 5 percent a quarter-point reduction to ease pressure on the U.S. credit market.
    "The market will be waiting to see how much the Fed cuts interest rates and whether its statement indicates that there may be further rate cuts or not, and those will affect perceptions of the U.S. economy and the demand for oil," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney.
    "The background picture is one of tight oil markets. Data from the U.S. Energy Information Administration has shown declining oil inventories in recent weeks," Moore said. Oil inventories are falling in the U.S., but remain at record levels.
    "I don't know that there's any particular trigger for the rise in oil prices we saw last night," Moore said. "But once they started increasing, they did gather a bit of momentum of their own. I think that's why we ended up seeing oil prices rising as sharply as they did."
    Oil prices have set several new records over $80 a barrel in recent days for a number of reasons, including perceptions that problems in the U.S. subprime mortgage industry would have a minor effect on the economy. The nine-session rally reversed August's downward trend, which was based in part on concerns that subprime problems would spread, drag down the overall economy and curb demand for petroleum products.
    Beyond the economic worries, energy futures have been buffeted by supply and demand considerations in recent weeks. Last week, gasoline and oil prices jumped after Hurricane Humberto cut power to Texas, temporarily shuttering several refineries.
    Most of those facilities are now in the process of restarting. But the incident reminded investors of how quickly a hurricane can develop and disrupt energy supplies.
    "The U.S. refining system is still laboring to get back fully on its feet following the mayhem of the 2005 hurricane season," Vienna's PVM Oil Associates said Tuesday in an energy market report.
    Other factors, such as stringent specification changes, aged equipment and an increasingly complex refining system, also have contributed to outages in the past year, PVM said.
    In London, October Brent crude was down 4 cents at $76.94 a barrel on the ICE futures exchange.
    Heating oil futures fell 0.20 cent to $2.2267 a gallon (3.8 liters) while gasoline prices gained 0.37 cent to $2.0479 a gallon. Natural gas futures dropped 2.3 cents to $6.630 per 1,000 cubic feet.
    He who has the money, signs the cheques.
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  2. #2
    cashton is offline Officer First Class
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    I'm excited. I love when pump gas gets so expensive I can barely afford to leave the driveway. Thank God for take home cruisers.

  3. #3
    Trojan 42's Avatar
    Trojan 42 is offline Retired Ninja
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    Quote Originally Posted by cashton View Post
    I'm excited. I love when pump gas gets so expensive I can barely afford to leave the driveway. Thank God for take home cruisers.
    When you pay between $8-$9 a gallon, like we do, you may moan. Carry on
    To be born an Englishman, is to be a winner in the Lottery of Life.



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  4. #4
    k-9max's Avatar
    k-9max is offline K9 Officer
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    Quote Originally Posted by cashton View Post
    I'm excited. I love when pump gas gets so expensive I can barely afford to leave the driveway. Thank God for take home cruisers.

    I understand what your saying but look at it this way,
    We have a sheriff department here, actually the next county over ( Harrison County ), that doesnt have a budget to fit the rise in gas prices in.
    There guys sit on station, until they get a call, then they will go to that call, and back to the station. ( sometimes the sheriff calls them and tells then to stay home, do to gas prices )

    That my friend would suck if you ask me. But, do to the rise in fuel, they cannot afford to patrol.

    If this country WANTED to, they could lower gas down to $1.50 a gallon.
    Why wont they open up the oil fields again on the coast?????

    They have plenty in the reserve to help us out., Bt they are not???
    What does this say about our governmant. huh, doesnt take a rocket scientist to figure it out.
    there linen there own pockets by benefiting from the large oil companies.
    So much for terrorism. they are creating it here IMHO..


    OK, done with rant, this is my $0.02
    YEAH, IM THE BERRIES, AND CHERRIES IN YOUR REAR VIEW MIRROR.

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  5. #5
    213th's Avatar
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    Quote Originally Posted by k-9max View Post
    I understand what your saying but look at it this way,
    We have a sheriff department here, actually the next county over ( Harrison County ), that doesnt have a budget to fit the rise in gas prices in.
    There guys sit on station, until they get a call, then they will go to that call, and back to the station. ( sometimes the sheriff calls them and tells then to stay home, do to gas prices )

    That my friend would suck if you ask me. But, do to the rise in fuel, they cannot afford to patrol.

    If this country WANTED to, they could lower gas down to $1.50 a gallon.
    Why wont they open up the oil fields again on the coast?????

    They have plenty in the reserve to help us out., Bt they are not???
    What does this say about our governmant. huh, doesnt take a rocket scientist to figure it out.
    there linen there own pockets by benefiting from the large oil companies.
    So much for terrorism. they are creating it here IMHO..


    OK, done with rant, this is my $0.02
    He who has the money, signs the cheques.
    He who signs the cheques, makes the rules.
    He who makes the rules, has the power.
    He who has the power, has the money.

  6. #6
    Cidp24's Avatar
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    I agree, Max, but gas prices sure are validating my reasoning for another motorcycle.
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  7. #7
    cashton is offline Officer First Class
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    Oh, I understand that compared to other areas of the world, our gas is still extremely cheap. But still to us it is ridiculous and moaning makes me feel better

    That sux about the sheriff's department not even being able to patrol. Some days I wish we were in the same boat but for the community's sake I am glad we are not.

    As far as reserves, I agree. Actually the big fuel companies can cut the prices regardless. When they are reporting record profits the past couple years that sends up a red flag for me. Gas goes up $1.00 a gallon and suddenly gas companies have a record year....hummmm....makes ya wonder.

  8. #8
    Ducky's Avatar
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    The bare face fact remains that most other countries could comfortably fit inside one of our states. We measure our counties by the hundreds of square miles, and our commutes in minutes instead of miles. Many people here drive a half hour or better just to get to work, and that chews through gas fast, even if you're not driving a gas guzzler. A trip to the mall can take an hour each way. There is no 'corner market' to hop to, and unless you're ready for a five mile bike ride you can't even think about that option.

    Before too much longer, it's going to be a mark of wealth to have a house in the country, just due to the cost of getting there and back.
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  9. #9
    Trojan 42's Avatar
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    But to counter that Ducky, smaller country means more congestion. It used to take me 1 1/2 - 2 hours each way to drive to work and that was around 25 miles each way.
    To be born an Englishman, is to be a winner in the Lottery of Life.



    I've Talked the Talk and I've Walked the Walk, now I Sit the Sit!

    It's not until you look at an Ant through a magnifying glass on a sunny day, that you realise just how often they burst into flames for no reason!

 

 

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